Singapore is encouraging companies to expand in China to tap rising consumption in the world’s second-largest economy as President Xi Jinping sustains efforts to reduce his country’s reliance on investment and exports.
West Texas Intermediate fell for a second day amid estimates that U.S. crude supplies expanded for an 11th week. Brent slipped as maintenance at a North Sea export terminal and Chinese economic data spurred speculation Asian demand will slide.
The Standard & Poor’s 500 Index climbed to a record as consumer and technology shares rallied while Treasuries fell after manufacturing data boosted optimism in the economy. Emerging-market stocks rose and oil tumbled.
The Chinese steel industry’s ability to survive 1 billion yuan ($161 million) of losses per month without more defaults is under threat as a slump in iron ore and the yuan undermines a key source of financing.