Bloomberg Morgan Stanley’s Matthew Hornbach called this year’s Treasury market rally. Now he’s revising his forecasts and is more bullish than just about anyone else. Ten-year U.S. yields will fall more than 50 basis points, or 0.5 percentage point, to 1 percent in the first quarter of 2017, according to Hornbach, the firm’s head of global interest-rate strategy in …

  Bloomberg Oil held near $45 a barrel as U.S. industry data showed a drop in crude stockpiles, paring a surplus in the world’s largest fuel consumer. Futures were little changed in New York after dropping 1.3 percent Tuesday to a two-month low. Inventories declined by 2.3 million barrels last week, the American Petroleum Institute was said to report. While …

  Bloomberg Anglo American Plc, the second-best performer on the FTSE 100 Index this year, cut its annual target for copper output after heavy snow at operations in Chile. The shares slumped the most in more than three weeks. Production will be 570,000 to 600,000 metric tons this year, down from a forecast of as much as 630,000 tons, as …