Brent crude oil prices shotup nearly 6 percent on Thursday

Good Morning,

- Oil headed for its biggestfive-day gain since 2011, boosting metals and the yen as Saudi Arabia and itsallies started bombing targets in Yemen.

- Saudi Arabia’s bombing ofShiite rebels in Yemen marks an escalation in tensions with Iran, which theworld’s largest oil exporter blames for fomenting trouble in its southern neighbor.

- U.S. stocks sell offyesterday and dollar trade under pressure on growth worries as U.S. durablegoods data disappoint. The dollar index, slipped more and was last at 96.45.

- German consumers arebecoming ever more optimistic. Following a value of 9.7 points in March 2015,the overall indicator is forecasting 10.0 points for April. Increases were onceagain recorded in both economic and income expectations as well as willingnessto buy. The tug of war in Europe over the future of Greece is currently havingno impact whatsoever on the consumer mood of Germans. Consumers con-side theGerman economy to be on clear upward trend based on a weak euro, which isboosting exports, and lower energy costs.

- Greece believes it willreach a deal on reforms with eurogroup early next week.

- Greece has until Monday toshow how it will follow through on reform commitments after the euro area ruledout speedy access to aid funds, three officials said following a conferencecall of finance ministry deputies. The euro zone’s other 18 members wereadamant on Wednesday’s call that Greece needs to deliver specific plans to seeany more bailout cash, the officials said.

- Credit Agricole on EUR/USD: TheEurozone economic outlook is improving and portfolio flows into the region seemto be on the rise again. Hopes are growing that Greece will get short-termfunding relief and investors are squaring USD-longs in the wake of the MarchFed meeting. EUR/USD could consolidate some more and EUR-volatility couldsubside in the near term. Some downside risks for EUR could linger as well. Inparticular, uncertainty about Greece should continue to haunt the singlecurrency, with concerns about the country’s debt-sustainability likely toescalate as the bailout extension draws to an end in June. Long-term risksshould still be on the downside, however, and we expect EUR/USD to hit parityin Q3 with the USD-rally resuming, as we get closer to the Fed’s first hike.

- ECB’s Governing Councilmember Jens Weidmann said Wednesday that the latest economic data support hisassessment that quantitative easing wasn't necessary to ensure price stabilityin the euro area. Weidmann also pointed to ECB staff forecasts that seeinflation returning to target by 2017 as further evidence that no furthereasing may have been required.

- The Swiss National Bank spent25.8 billion Swiss francs defending the currency late last year beforeabandoning its peg as too costly for the country's economy, it said today.

- The advantage of higheryields in the U.S. has not prompted foreign buying as investors had expected,and central banks have instead dumped Treasuries in recent months. Foreigncentral banks reduced their holdings of U.S. Treasuries last week to $2.900trillion, the lowest in a year, according to the U.S. Federal Reserve.

- Brent crude oil prices shotup nearly 6 percent on Thursday after Saudi Arabia and its Gulf Arab alliesbegan a military operation in Yemen, although Asian importers said they werenot immediately worried about supply disruptions. The strike againstIran-backed Houthi rebels who have driven the president from the country'scapital could stoke concerns about the security of oil shipments from theMiddle East. Oil prices jumped as traders saw the attacks as the latestincident in a conflict that is spiraling out of control in the world's richestoil region.

- Watch today: German consumersector Gfk's survey, US jobless claims, US services PMI.

Have a nice Day !