Weekend- Overseas Update

Japan banks outmuscle Chinese peers on growth abroad, IMF says
Japanese banks have been more aggressive than their Chinese peers in expanding abroad, on a larger scale and diversified their businesses, making them less vulnerable to funding issues since the global financial crisis, the IMF said in its Global Financial Stability Report that also highlighted differences in their approaches. Banks in both countries have used their strong balance sheets to seize growth opportunities overseas.

Saudi Arabia sees crude price rising as it boosts production
Saudi Arabia increased oil production in March to the highest in at least 12 years and expects crude prices to rise in the “near future,” according to oil minister Ali al-Naimi. The kingdom, which led the OPEC last year in refusing to cut output, produced 10.3m barrels a day last month and will keep pumping for now at around 10m, al-Naimi said.


Oil slumps most in 2 months as supply gain adds to record glut
Oil posted its biggest one-day slump in two months after US crude inventories jumped the most in 14 years. Brent for May settlement fell US$3.55 (6%) to US$55.55 a barrel.US stocks advance as Fed minutes show split views on rates

German factory orders drop for second month
German factory orders unexpectedly fell for a second month in February in a sign Europe’s largest economy is still prone to risks. Orders, adjusted for seasonal swings and inflation, fell 0.9% mom in February (a revised -2.6% in January), data from the Economy Ministry showed. The median estimate in a Bloomberg survey called for a 1.5% increase. Orders slid 1.3% yoy.