Gold Set for Largest Monthly Fall in Two Years as Dollar Gains

---

Gold held declines, heading for its biggest monthly drop in two years as the U.S. economy expanded at a faster pace in the second quarter, bolstering expectations of a rate rise this year and boosting the dollar.

Bullion for immediate delivery was little changed at $1,089.29 an ounce at 8:36 a.m. in Singapore, according to Bloomberg generic pricing. It’s down 7.1 percent this month after last week falling to $1,077.40, the lowest since February 2010.

The dollar maintained gains, set for its best month since January as speculation firmed that the Federal Reserve will boost interest rates at its next meeting. Increasing rates curbs the appeal of gold as the metal doesn’t pay interest or give returns like competing assets such as equities and bonds.

Gold for December delivery, the contract with the most open interest, was little changed at $1,088.40 an ounce on the Comex in New York. Silver for immediate delivery fell 0.1 percent to $14.7372 an ounce. Platinum fell 0.1 percent to $989.03 an ounce. Palladium was little changed at $622.42 an ounce.

Source: Bloomberg

Dollar Rises to Four-Month High as U.S. Economy Gains Strength

---

The dollar surged to a four-month high as a report showed the U.S. economy grew in the first half of the year, a day after the Federal Reserve took a step closer to raising interest rates.

The U.S. currency strengthened against all of its 16 major peers as data showed the world’s biggest economy expanded at a faster pace in the second quarter and eked out a gain at the start of the year.

The Bloomberg Dollar Spot Index, which tracks the greenback versus 10 of its major peers, gained 0.3 percent to 1,211.54 at 3:29 p.m. in New York. It reached the highest since March, when it rose to a record in data going back to 2004.

The U.S. currency gained for a third straight day against both the euro and the yen, rising 0.5 percent to $1.0929 against the euro and 0.2 percent to 124.15 yen.

Source: Bloomberg

Asian Stocks Gain, Paring July Loss, Ahead of China Factory Data

---

Asian stocks rose as investors weighed earnings reports in Japan ahead of manufacturing data that may provide a clue to the strength of China’s economic growth.

The MSCI Asia Pacific Index gained 0.2 percent to 141.08 as of 9:07 a.m. in Tokyo. The gauge is on course to decline 0.9 percent this week and 3.5 percent in July, which would be its worst monthly drop this year. China discloses July factory output on Saturday, after a private report showed manufacturing unexpectedly fell to a 15-month low in the month. Today is the busiest day of Japan’s earnings season, with more than 310 Topix companies scheduled to post results.

Japan’s Topix index gained 0.2 percent. Sony Corp. profit tripled in the first quarter as a renewed focus on sensor chips and video games begins to pay off for an electronics maker that posted losses in six of the past seven years. The Nikkei 225 Stock Average slid 0.1 percent, dragged down by its heaviest-weighted companies, Fast Retailing Co. and Fanuc Corp.

Australia’s S&P/ASX 200 Index added 0.1 percent. South Korea’s Kospi index rose 0.4 percent and New Zealand’s NZX 50 Index added 0.1 percent.

Futures on Hong Kong’s Hang Seng Index and contracts on the Hang Seng China Enterprises Index both rose 0.1 percent. FTSE China A50 Index futures added 0.8 percent in Singapore.

Source : Bloomberg

Japanese Stocks Rise as Investors Await Busiest Day of Earnings

---

Japanese stocks rose, with the Topix index set to cap a monthly increase, as investors await company results on the busiest day in the earnings season. Shippers and refineries led gains.

The Topix index climbed 0.2 percent to 1,650.72 as of 9:02 a.m. in Tokyo, headed for a weekly loss of 0.3 percent and a gain of 1.2 percent in July. The Nikkei 225 Stock Average lost 0.2 percent to 20,488.75. More than 300 companies in the Topix will report quarterly results Friday, including the nation’s three largest banks.

Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc. report after the close of markets. Of the 598 firms that have reported so far this season, 59 percent exceeded profit expectations, an improvement from the 48 percent that beat forecasts in the previous quarter, according to data compiled by Bloomberg. Sales were also stronger, with 60 percent coming in above estimates, up from 55 percent last quarter.

Japanese core consumer prices rose 0.1 percent in June from a year earlier, beating estimates for no change, a government report showed Friday. Separate data showed the jobless rate ticked up to 3.4 percent. Economists estimated the rate would remain at 3.3 percent.

Futures on the Standard & Poor’s 500 Index slid 0.1 percent after the underlying measure finished little changed on Thursday. U.S. gross domestic product rose at a 2.3 percent annualized rate from April through June after a revised 0.6 percent advance the prior three months that wiped out a previously reported drop, Commerce Department data showed Thursday in Washington.

Source: Bloomberg

U.S. Stocks Little Changed as Mondelez Offsets Facebook, P&G

---

U.S. stocks were little changed as better-than-estimated earnings from Mondelez International Inc. helped offset results that disappointed from Facebook Inc. and Procter & Gamble Co.

The Standard & Poor’s 500 Index increased less than 0.1 percent to 2,108.75 at 4 p.m. in New York, after falling as much as 0.6 percent. The gauge rebounded above its average prices during the past 50 and 100 days.

A report today showed gross domestic product rose at a 2.3 percent annualized rate, and a revised 0.6 percent advance in the first quarter wiped out a previously reported contraction. Consumer spending grew more than projected. Separate data showed applications for unemployment benefits rose last week after reaching a four-decade low, consistent with a stronger labor market.

The Federal Reserve yesterday appeared to move a step closer to raising interest rates after policy makers expressed satisfaction with an improvement in labor markets, keeping alive speculation borrowing costs may rise in September without being definitive about the timing.

Source: Bloomberg

Dollar Rises Near 4-Month High as Fed Moves Toward Raising Rates

---

The dollar rose to almost a four-month high after the Federal Reserve moved a step closer to raising interest rates amid improvements in the labor market.

The Bloomberg Dollar Spot Index, which tracks the currency versus 10 of its major peers, rose 0.3 percent to 1,207.66 at 5 p.m. in New York. The gauge climbed to 1,212.78 on July 24, the highest level since March.

The dollar is up 7.7 percent this year among 10 developed-nation currencies tracked by Bloomberg Correlation-Weighted Indexes.

Source: Bloomberg

Oil Climbs Most in Three-Weeks After U.S. Crude Supplies Decline

---

Oil advanced the most in three weeks in New York after U.S. crude stockpiles unexpectedly decreased as production and imports declined.

Inventories fell 4.2 million barrels last week, Energy Information Administration data show. An 850,000-barrel gain was forecast by analysts surveyed by Bloomberg before the report. Crude production declined to a two-month low. Imports of both crude and fuels slipped in the week ended July 24.

Crude in both New York and London entered a bear market in the past week on signs the global surplus will be prolonged as Iran bids to restore output after its nuclear accord. Leading members of OPEC are pumping oil at record levels. Concern that turmoil in China’s stock market will reduce demand in the country has weighed on commodities.

West Texas Intermediate for September delivery rose 81 cents, or 1.7 percent, to settle at $48.79 a barrel the New York Mercantile Exchange. It was the biggest gain since July 9. Prices are in a bear market after having lost more than 20 percent from their closing peak this year on June 10.

Source: Bloomberg

U.S. Stocks Gain Amid Earnings as Fed Says Jobs, Housing Improve

---

U.S. stocks rallied for a second day, as earnings topped forecasts and the Federal Reserve said the labor and housing markets are improving.

The Standard & Poor’s 500 Index rose 0.7 percent to 2,108.47 at 4 p.m. in New York, after climbing above its average prices during both the past 50 and 100 days.

The labor market “continued to improve, with solid job gains and declining unemployment,” the Federal Open Market Committee said in a statement today, while also noting the housing sector “has shown additional improvement.”

Chair Janet Yellen is guiding the Fed toward its first rate increase in almost a decade as the nation approaches full employment. She has said the Fed is likely to tighten this year if the economy continues to improve as she expects, with market speculation focused on a move as soon as September.

Yellen has emphasized that the timing of rate liftoff is less important than the subsequent pace of increases, which she said would be gradual.

Greece’s debt crisis and recent turmoil in China’s stock market had raised concerns about global growth and added to speculation that the Fed may further delay a rate increase.

Earlier this month, Yellen told lawmakers that raising rates prematurely could derail the recovery. Waiting too long, on the other hand, might force the Fed to tighten at a faster pace to keep the economy from overheating.

Source: Bloomberg

U.S. Equities Advance Amid Earnings Reports Before Fed Decision

---

U.S. stocks advanced, after equities’ biggest gain in two weeks, amid better-than-estimated results from Gilead Sciences Inc. to General Dynamics Corp. before the Federal Reserve’s decision on monetary policy.

Gilead gained 3.3 percent as quarterly results exceeded estimates and it raised its sales forecast. General Dynamics and Northrop Grumman Corp. jumped more than 4.7 percent after the defense contractors lifted their profit outlooks. Twitter tumbled 13 percent as its top executives struck a critical tone on user growth. Akamai Technologies Inc. lost 5.1 percent after earnings missed expectations.

The Standard & Poor’s 500 Index gained 0.5 percent to 2,103.28 at 12:10 p.m. in New York, above its average price during the past 50 days. The Dow Jones Industrial Average added 98.21 points, or 0.6 percent, to 17,728.48. The Nasdaq Composite Index rose 0.2 percent.

Investors are awaiting the Fed’s policy statement for signs on when it will move to raise borrowing costs. Economists forecast the central bank will hold rates steady in a decision at 2 p.m. in Washington. Fed Chair Janet Yellen has emphasized that the timing of rate liftoff is less important than the subsequent pace of increases, which she said would be gradual.

Source: Bloomberg

European Stocks Advance for Second Day on Earnings, M&A Boost

---

European stocks had their biggest two-day gain in two weeks as companies from Bayer AG to PSA Peugeot Citroen reported better-than-estimated earnings and deals activity intensified.

Bayer and Peugeot rose more than 3.9 percent. GlaxoSmithKline Plc climbed 3.5 percent after the U.K.’s biggest drugmaker posted second-quarter profit that declined less than analysts had estimated. Barclays Plc added 1.8 percent and Numericable-SFR SAS added 3 percent as profit rose. Italcementi SpA surged 49 percent as HeidelbergCement AG said it will buy it. The German company lost 6.3 percent.

The Stoxx Europe 600 Index gained 1 percent to 394.01 at the close of trading in London. It rose for the first time in six days on Tuesday amid earnings that topped projections and takeover activity. Dealmaking is on track for the busiest third quarter on record, with volume set to surpass $1 trillion.

Quintain Estates & Development Plc jumped 22 percent after a Lone Star Funds affiliate agreed to purchase it. Solvay SA slipped 3 percent after agreeing to acquire Cytec Industries Inc. for $5.5 billion.

Source: Bloomberg

USD/JPY: Bulls fighting for control post Japan’s retail sales

---

The US dollar remains better bid versus its Japanese counterpart in early moves, with USD/JPY heading towards previous highs, as the yen remains undermined despite the latest Japan’s retail sales figures coming in a touch better than market forecasts.

USD/JPY little changed post Japan’s data

Currently, the USD/JPY pair trades flat at 123.58, supported above key 123.50 levels. USD/JPY is seen struggling near the mid-point of the 123 handle at Tokyo open as bulls strive to keep the upper hand following the release of above estimates Japanese retail sales data.

Retail sales in the world's third-largest economy rose an annual 0.9% in June, beating expectations for a 0.5% rise but still slowing sharply from a 3% spike in May. The report comes after the government recently downgraded its forecasts for consumer prices.

USD/JPY Technical Levels

To the upside, the next resistance is located 123. 85 (July 26 High) levels and above which it could extend gains 124.12 (July 24 High) levels. To the downside immediate support might be located at 123.01 (July 27 Low) below that at 122.57 (July 3 Low) levels.

Source:FxStreet

Dollar Rises Versus Yen as Easing China Rout Lifts Risk Demand

---

The dollar rose for the first time in four days versus the yen as a selloff in Chinese stocks and commodities slowed, lifting demand for riskier assets.

The greenback gained against the euro as U.S. stocks and yields on government bonds climbed as the Federal Reserve holds a two-day meeting to consider raising interest rates. The dollar rose 0.3 percent to 123.56 yen as of 5 p.m. in New York, and gained 0.3 percent to $1.1060 per euro. The Bloomberg Dollar Spot Index, which tracks the greenback versus 10 major peers, was little changed at 1,203.84.

New Zealand’s dollar rose 1.3 percent to 66.87 U.S. cents. The Australian dollar added 1 percent.

Source: Bloomberg

Japanese Stocks Rise Amid Signs China Stabilizing Ahead of Fed

---

Japanese stocks rose for the first time in four days after signs of stability in Chinese markets triggered a rebound in global equities as investors await a Federal Reserve update on U.S. monetary policy.
The Topix index climbed 0.5 percent to 1,637.23 as of 9:01 a.m. in Tokyo, with all but four of its 33 industry groups rising. The Nikkei 225 Stock Average added 0.4 percent to 20,408.54. The MSCI All Country World Index snapped a five-day losing streak on Tuesday.
Futures on the Standard & Poor’s 500 Index rose less than 0.1 percent. The underlying U.S. measure increased 1.2 percent on Tuesday after the Shanghai Composite Index pared losses of as much as 5.1 percent to close 1.7 percent lower. Strong earnings from Pfizer Inc. to Ford Motor Co. also pushed U.S. shares higher. Strength in equity markets helped crude oil rebound from a four-month low.
The Topix traded at 15.6 times estimated earnings on Tuesday, compared with a multiple of 17.7 for the S&P 500.
Japanese retail sales fell 0.8 percent in June from May, less than economists’ forecasts for a 0.9 percent drop, a government report showed Wednesday.
Source: Bloomberg

Saham Asia Naik Untuk Pertama Kalinya di Enam Hari Terakhir

---

Saham Asia naik untuk pertama kalinya dalam enam hari terakhir, setelah naiknya saham AS dan Eropa, karena investor menunggu data terbaru terkait kebijakan moneter dari Federal Reserve.

Indeks MSCI Asia Pacific Index naik 0,4% menjadi 140,85 pada 09:02 pagi di Tokyo. Laba yang lebih baik dari estimasi pada Pfizer Co Ford Motor Co serta akksi merger antara perusahaan-perusahaan Eropa memicu reli di luar Asia pada Selasa, dengan indeks saham global menghentikan penurunan lima hari nya. Pedagang akan mengkaji pernyataan pasca pertemuan The Fed pada Rabu, karena para otoritas menilai kekuatan pertumbuhan ekonomi di tengah jatuhnya harga komoditas dan gejolak keuangan-pasar China.

Indeks Topix Jepang naik 0,5%. Fanuc Corp merosot 0,8% di Tokyo setelah menurunkan perkiraan keuntungan setahun penuh karena permintaan penurunan pada industri teknologi informasi.

Indeks S & P / ASX 200 Australia menguat 0,4% dan Indeks Kospi Korea Selatan naik 0,8%. Indeks NZX 50 Selandia Baru sedikit berubah.(yds)

Sumber: Bloomberg

U.S. Stocks Halt Worst Slide Since January on Earnings, China

---

U.S. stocks rose, ending their longest losing streak since January, amid better-than-forecast earnings and as Chinese equities pulled back from a selloff.

The Standard & Poor’s 500 Index increased 1.2 percent to 2,093.26 at 4 p.m. in New York, as the gauge climbed to its average price during the past 100 days.

Chinese equities lost 1.7 percent today, after sinking as much as 5.1 percent. Shares tumbled 8.5 percent Monday amid weaker-than-expected economic data and concern that a three-week rally sparked by unprecedented government intervention is unsustainable.

The S&P 500 fell 2.9 percent in the previous five sessions as a Chinese stock rout spurred concern about the nation’s economic growth and some corporate earnings disappointed. The index has declined for four of the last five weeks and is up 1.5 percent this month, after nearly erasing its July gain yesterday.

Source: Bloomberg

Dollar Retreats From Four-Month High Before Feds Announcement

---

The dollar retreated following its longest weekly rally of 2015 as a selloff in stocks and commodities fueled concern global growth will sag as the U.S. considers raising interest rates.

The U.S. currency weakened against most major peers amid renewed questions about whether the U.S. faces enough inflation pressure to warrant an increase in borrowing costs. The Federal Reserve meets this week to consider when to tighten monetary policy for the first time since 2006.

The Bloomberg Dollar Spot Index, which tracks the currency against 10 major peers, declined 0.4 percent to 1,204.57 at 5 p.m. in New York, after rising to 1,212.78 on Friday, the highest since March 19. The gauge gained for the past five weeks, the longest stretch this year.

The dollar weakened 1 percent versus the euro to $1.1088. It earlier reached $1.1129 per euro, its weakest since July 13. The U.S. currency fell 0.5 percent to 123.25 yen.

Source: Bloomberg

Gold Near Five Year Low as Investors Take First Net-Short Position

---

Gold traded near a five-year low as speculators were net-short the metal for the first time ever.

Bullion for immediate delivery slipped 0.4 percent to $1,094.92 an ounce at 2:35 p.m. in New York, according to Bloomberg generic pricing. The shift in New York gold futures and options came as speculators increased their bearish wagers to the highest since the U.S. government data begins in 2006.

Prices sank 3.1 percent last week, the most since March, on mounting speculation that U.S. interest rates will climb this year, curbing the metal’s appeal because it doesn’t pay interest like competing assets. Citigroup Inc. lowered its three-month forecast on Monday, while Macquarie Group Ltd. on Friday said gold has lost its appeal as a commodity and as an alternative to currencies. The Bloomberg Dollar Spot Index rose for five straight weeks.

Spot gold touched $1,077.40 on Friday, the lowest since 2010. Speculators held a net-short position of 11,345 contracts in the week ended July 21, according to U.S. Commodity Futures Trading Commission data.

Source: Bloomberg

Asian Stocks Fall as China Rout Triggers Drop in Global Equities

---

Asian stocks dropped after a rout in Chinese equities drove global shares lower.

The MSCI Asia Pacific Index declined 0.7 percent to 139.94 as of 9:04 a.m. in Tokyo, extending its five-day fall to 3.7 percent. The Shanghai Composite Index plunged the most in eight years on Monday, intensifying concern government efforts to prop up shares are unsustainable. The turmoil bolstered speculation the Federal Reserve will keep U.S. interest rates lower for longer.

Japan’s Topix index declined 1.2 percent as the yen held three days of gains to trade at 123.27 per dollar. South Korea’s Kospi index retreated 0.6 percent and Australia’s S&P/ASX 200 Index slid 0.4 percent. New Zealand’s NZX 50 Index lost 0.3 percent.

After the 8.5 percent slide in the Shanghai Composite, the Standard & Poor’s 500 Index declined 0.6 percent at the close in New York on Monday, falling for a fifth day. European stocks sank 2.2 percent and emerging-market shares lost 2 percent.

Source: Bloomberg

Japanese Stocks Follow Global Equities Lower After Chinese Rout

---

Japanese stocks fell after a rout in Chinese markets drove global equities lower, damping investor demand for firms that rely on China for sales.

The Topix index lost 1 percent to 1,621.82 as of 9:01 a.m. in Tokyo, with all but two of its 33 industry groups falling. The Nikkei 225 Stock Average declined 0.8 percent to 20,179.93. The yen rose the most in nearly three weeks after the Shanghai Composite Index sank 8.5 percent

The biggest crash in Chinese shares in eight years led equities lower worldwide and selling spread to the dollar as the turmoil bolstered speculation that the Federal Reserve will keep U.S. interest rates lower for longer. The yen traded 123.28 per dollar after strengthening Monday by the most against the greenback since July 8, when the previous rout in Chinese markets abated.

The decline in Chinese shares bolstered concern that demand for raw materials will slip in the world’s second-biggest economy. The Bloomberg Commodity Index fell to a 13-year low Monday, while oil extended declines in a bear market. Rising Iraqi exports and a rebound in U.S. drilling also weighed on sentiment.

Futures on the Standard & Poor’s 500 Index rose less than 0.1 percent after the underlying U.S. measure lost 0.6 percent on Monday. The Stoxx Europe 600 Index slumped 2.2 percent.

Source: Bloomberg

U.S. Stocks Drop After China Shares Selloff on Growth Concern

---

U.S. stocks fell, with equities posting their longest losing streak since January, after the biggest slump in eight years for Chinese shares amid concern over the nation’s economic growth.

The Standard & Poor’s 500 Index slid 0.6 percent to 2,067.85 at 4 p.m. in New York, after touching its average price during the past 200 days.

The S&P 500 has declined for four weeks out of five, and closed Monday 3 percent away from its May record. The benchmark measure is up 0.2 percent for the month. The bull market that already rivals anything since World War II in duration is showing signs of fatigue, as U.S. equities are being pushed along by the fewest stocks in more than 15 years.

More than 100 percent of this year’s increase in the S&P 500 is attributable to two sectors, health-care and retail. That’s the tightest clustering for an advancing year since at least 2000, data compiled by Bloomberg show.

Source: Bloomberg

EUR/USD hovers around 1.1000 – key levels

---

The shared currency extends its upward trajectory into a fifth day versus the US dollar in mid-Asia, pushing EUR/USD to fresh session highs above 1.10 handle. The major is seen picking up pace on the back of broad based US dollar weakness as weak US home sales data continue to weigh on the greenback.

EUR/USD rises from 1.0971

The EUR/USD pair trades 0.18% higher at fresh session highs of 1.1005, finally reclaiming 1.10 handle. The bid tone around the EUR/USD pair keeps growing bigger in the mid-Asian session as the European currency continues to benefit from the recent Greek optimism and broad USD weakness.

EUR/USD Technical Levels

The pair has an immediate resistance at 1.1019 (July 23 High) levels, above which gains could be extended to 1.1036 (July 15 High) levels. On the flip side, support is seen at 1.0971 (Today’s Low) below which it could extend losses to 1.0924 (July 24 Low) levels.

Source: FxStreet

Minyak Tahan Penurunan Ditengah Meningkatnya Aktifitas Pengeboran Di AS

---

Minyak tahan penurunan memasuki bear market terkait reboundnya pengeboran minyak AS menambahkan tanda-tanda bahwa produsen akan terus memproduksi minyak mentah ditengah melimpahnya pasokan global.

Minyak berjangka sedikit berubah di New York setelah mencatat penurunan 5,4% pekan lalu. Jumlah rig minyak naik 21 hingga 659, kenaikan mingguan ketiga bulan ini, menurut Baker Hughes Inc Spekulan memangkas posisi net-long pada minyak mentah West Texas Intermediate ke level terendah dalam lebih dari dua tahun terakhir, menurut Data Komisi Perdagangan Berjangka Komoditi.

Minyak WTI untuk pengiriman September berada di level $ 48,07 per barel dalam perdagangan elektronik di New York Mercantile Exchange, turun 7 sen, pada 11:06 pagi waktu Sydney. Kontrak turun 31 sen menjadi $ 48,14 pada hari Jumat, level terendah sejak 31 Maret Volume semua kontrak berjangka yang diperdagangkan adalah 27% di bawah rata-rata 100 hari. Harga telah merosot lebih dari 20% sejak mencapai level puncaknya pada bulan Juni, memenuhi definisi umum dari bear market.

Jenis Brent untuk pengiriman September adalah 3 sen lebih tinggi pada level $ 54,65 per barel di ICE Futures Europe exchange London. Harga turun 4,3% pekan lalu. Acuan minyak mentah Eropa dipeerdagangkan lebih tinggi sebesar $ 6,59 dibanding WTI.(yds)

Sumber: Bloomberg

Topix Declines Amid Commodity Slump Ahead of Japan Earnings

---

Japanese stocks fell as a commodities slump deepened and poor earnings in the U.S. heightened investor concerns ahead of the start to Japan’s earnings season.

Hitachi High-Technologies Corp. sank 9 percent after operating profit shrank. SMC Corp. fell 2.3 percent after Barclays Plc lowered its rating on the industrial-parts maker. Shippers led gains on prospects for lower fuel costs and as the Nikkei newspaper reported first-quarter profit at Nippon Yusen KK will rise 70 percent, sending shares 2.4 percent higher.

The Topix index dropped 0.8 percent to 1,642.37 at the trading break in Tokyo, with all but three of its 33 industry groups declining, after the measure fell 0.4 percent last week. The Nikkei 225 Stock Average lost 0.7 percent to 20,394.41. Oil held losses in a bear market as a rebound in U.S. drilling added to signs producers will keep pumping amid a global glut. Weak earnings in the U.S. have soured sentiment as investors await a slew of financial reports this week from Japanese companies such as Fanuc Corp., Sony Corp. and NTT Docomo Inc.

The commodities collapse that has forced crude oil into a bear market and sent gold to a five-year low isn’t showing any signs of slowing. Oil futures were little changed in New York after capping a 5.4 percent decline last week. Gold futures in New York are poised for the biggest monthly loss in two years.

Source: Bloomberg

Chinese Stocks Decline for Second Day Amid Signs of Weak Growth

---

China’s stocks fell for a second day, led by technology and industrial companies.

The Shanghai Composite Index retreated 1.5 percent at 9:34 a.m. local time, extending Friday’s 1.3 percent decline. The Hang Seng China Enterprises Index slumped 1.8 percent, heading for its lowest close since July 8.

Profit at China’s industrial companies dropped 0.3 percent in June from a year earlier, the statistics bureau said Monday, after data Friday showed a private gauge of manufacturing in the nation unexpectedly declined in July to the lowest level in 15 months.

Source: Bloomberg

Chinese Stock-Index Futures Drop Before Industrial Profits

---

Indeks saham berjangka China turun sebelum dirilisnya laba perusahaan industri mereka.

Indeks CSI 300 berjangka untuk pengiriman Agustus menurun 1,8 persen pada 09:17 pagi waktu setempat. Indeks Shanghai Composite turun 1,3 persen menjadi 4,070.91 pada Jumat kemarin, memangkas  kenaikan  minggu kemarin sebesar 2,9 persen. Sementara Indeks  Hang Seng China Enterprises juga turun sebesar 1,3 persen pada Jumat lalu.

Keuntungan sektor  industri di bulan Juni akan memberikan petunjuk lebih lanjut tentang kekuatan ekonomi setelah pada awal Jumat lalu PMI membaca dari indeks Caixin Media dan Markit Economics. Flash PMI berada di level 48,2 pada Juli, turun sebesar 49,4 dari bulan sebelumnya. Estimasi median pada  survei Bloomberg adalah untuk menaikan ke level 49,7.(mrv)

Sumber: Bloomberg

Oil Trades Near Three-Month Low as U.S. Crude Storage Hub Swells

---

Oil traded near the lowest price in three months after U.S. government data showed crude supplies at the nation’s biggest storage hub increased the most since April.

Futures were little changed in New York after falling 3.1 percent on Wednesday, the most since July 6. Stockpiles at Cushing, Oklahoma, the delivery point for U.S. benchmark oil, rose for a third week through July 10, according to the Energy Information Administration. The full impact of higher Iranian exports won’t be felt until 2016 as the nuclear deal is implemented, banks including Goldman Sachs Group Inc. predict.

Oil rebound from a six-year low has faltered amid speculation a global glut will persist as U.S. drillers return rigs to fields and Iran seeks to regain market share. While total U.S. crude inventories declined last week, supplies remain almost 100 million barrels above the five-year average for this time of the year, according to the EIA.

West Texas Intermediate for August delivery was at $51.70 a barrel in electronic trading on the New York Mercantile Exchange, up 29 cents, at 10:27 a.m. Sydney time. The contract slid $1.63 to $51.41 on Wednesday, the lowest close since April 9. The volume of all futures traded was about 4 percent below the 100-day average. Prices are 3 percent lower this year.

Brent for August settlement, which expires Thursday, was 40 cents higher at $57.45 a barrel on the London-based ICE Futures Europe exchange. It fell $1.46 to $57.05 on Wednesday. The European benchmark crude was at a premium of $5.64 to WTI. The more-active September contract rose 38 cents to $57.50.

Source : Bloomberg

Dollar Bulls Accelerate Charge as Yellen Provides Rates Spur

---

The dollar headed for its longest stretch of weekly gains since March after Federal Reserve Chair Janet Yellen reiterated the U.S. is on track to raise interest rates this year.

The U.S. currency was set for its biggest weekly gain in almost two months versus the euro after the Greek parliament voted to accept further austerity required for a new bailout, clearing one obstacle to higher U.S. borrowing costs. The New Zealand dollar plunged to a six-year low after whole milk powder prices slumped at an auction. The Aussie remained lower with its Canadian peer after the Bank of Canada cut rates.

The Bloomberg Dollar Spot Index, which tracks the U.S. currency against 10 of its major peers, was at 1,202.17 as of 9:17 a.m. in Tokyo, after closing at 1,200.76 on Wednesday, the highest since April 13. It has risen 1.1 percent this week.

The greenback traded at $1.0933 per euro from $1.0950 in New York. It added 0.1 percent to 123.89 yen.

The U.S. currency may gain to $1.02 per euro and to 130 yen by Dec. 31, Fujiki said.

Source : Bloomberg

Asian Stocks Rise as Greek Lawmakers Approve Austerity Measures

---

Asian stocks rose after Greek lawmakers passed a bailout agreement that keeps the country in the euro for now as the European Central Bank weighs whether to pump more money into Greece.

The MSCI Asia Pacific Index gained 0.2 percent to 143.71 as of 9:03 a.m. in Tokyo. Greece’s parliament endorsed the bailout without the support of Prime Minister Alexis Tsipras’s Syriza bloc, as riot police tussled with protesters outside. The new austerity measures are a precondition for as much as 86 billion euros ($94 billion) in aid. Federal Reserve Chair Janet Yellen was upbeat on the economy and repeated that the Fed will probably raise its main interest rate this year.

China economic growth proved resilient in the second quarter as policy makers stepped up support and a stock market boom since soured spurred services. Industrial output in June rose 6.8 percent, while fixed-asset investment increased 11.4 percent in the first half, beating estimates, the National Bureau of Statistics data also showed. Retail sales increased 10.6 percent in June, topping a median forecast of 10.2 percent.

Source : Bloomberg

Topix Climbs as Greece Approves Bailout, Investors Weigh Yellen

---

Japan Topix index rose as Greek lawmakers passed a bailout agreement that keeps the country in the euro and investors weighed comments from Federal Reserve Chair Janet Yellen on the timing of rate increases.

The Topix climbed 0.5 percent to 1,654.80 as of 9:01 a.m. in Tokyo, headed for a fifth day of gains. The Nikkei 225 Stock Average advanced 0.6 percent to 20,592.59. The yen fell 0.1 percent to 123.89 per dollar after weakening 0.3 percent on Wednesday. Greece’s vote puts the onus on the ECB and other euro-region governments to deploy more emergency funds that will help Greek banks re-open. Yellen was upbeat on the economy and repeated that the Fed will probably raise its main interest rate this year.

Futures on the Standard & Poor 500 Index added 0.1 percent. The underlying equity measure slipped 0.1 percent on Wednesday.

Source : Bloomberg

U.S. Stocks Slip as Greek Debates Debt; Bonds Rise, Loonie Falls

---

U.S. stocks halted the longest rally since January as protesters clashed with police in Athens while Greece’s parliament debated a bailout package. Treasuries rose as comments from the Federal Reserve fueled speculation interest rates won’t rise rapidly this year.

The Standard & Poor’s 500 Index fell 0.1 percent at 4 p.m. in New York. The gauge traded little changed for most of the session following a 3 percent rally over four days. The yield on 10-year Treasury notes lost five basis points to 2.35 percent. Canada’s dollar tumbled after the central bank cut its benchmark rate, sparking a rout in commodities currencies.

The Bloomberg Commodity Index lost 0.9 percent, as a rally in the dollar damped demand for assets from precious metals to oil. The Canadian dollar fell to its lowest since 2009, while the New Zealand and Australian currencies also tumbled to multi-year lows.

The S&P 500 surged 3 percent in the previous four days. The rally began as the Greek debt crisis neared a resolution and China shares stabilized after a rout. The U.S. gauge fell as much as 4 percent from its all-time high before rebounding.

Source: Bloomberg

Oil Gains a Second Day as Return of Iranian Crude Seen Gradual

---

Oil rose a second day amid speculation Iran’s export increase will be gradual after it agreed to limit its nuclear program, curbing prospects a global glut may worsen.

Futures advanced as much as 0.9 percent in New York. Iran may boost exports by 200,000 to 400,000 barrels a day in 2016 and production will likely expand the following year, according to Goldman Sachs Group Inc. Israeli Prime Minister Benjamin Netanyahu condemned the accord as a “historic mistake.” U.S. crude inventories probably declined last week, a Bloomberg survey showed before an Energy Information Administration report Wednesday.

Oil’s rebound from a six-year low in March has faltered amid economic uncertainty in China and Greece and speculation a global glut will persist. A slow return of Iranian crude could mean it arrives just in time to satisfy growing demand, rather than inflating a surplus, according to Societe Generale SA.

West Texas Intermediate for August delivery rose as much as 46 cents to $53.50 a barrel in electronic trading on the New York Mercantile Exchange and was at $53.35 at 11:21 a.m. Sydney time. The contract gained 84 cents to $53.04 on Tuesday. The volume of all futures traded was about 13 percent below the 100-day average. Prices are little changed this year.

Brent for August settlement, which expires Thursday, gained as much as 26 cents, or 0.4 percent, to $58.77 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $5.43 to WTI. The more-active September contract climbed 26 cents to $58.94.

Source : Bloomberg

Gold Steady as Investors Assess Prospects for Higher U.S. Rates

---

Gold fluctuated between gains and losses as investors await Janet Yellen’s testimony to assess the outlook for U.S interest-rate increases.

Bullion for immediate delivery rose and fell 0.1 percent, and traded at $1,156.18 an ounce at 8:37 a.m. in Singapore, according to Bloomberg generic pricing. The metal retreated for a second day to close at $1,156.06 on Tuesday.

Gold has declined 2.4 percent this year as speculation that the U.S. will raise rates boosted the dollar and curbed bullion’s appeal as an alternative investment. Federal Reserve Chair Yellen addresses Congress Wednesday after U.S. retail sales that unexpectedly fell in June damped expectations for higher borrowing costs.

Gold futures for August delivery traded at $1,154.90 an ounce on the Comex in New York from $1,153.50 on Tuesday, when prices completed a four-day decline.

Source : Bloomberg

Japan Shares Climb Before BOJ Decision as Instrument Makers Gain

---

Japan’s Topix index rose for a fourth day, following U.S. equities higher, as investors awaited a Bank of Japan policy decision. Precision-instrument and drug makers led the advance.

The Topix added 0.5 percent to 1,647.03 as of 9:18 a.m. in Tokyo after climbing 3.7 percent the previous three days. The Nikkei 225 Stock Average rose 0.5 percent to 20,482.44. The Standard & Poor’s 500 Index advanced for a fourth day on Tuesday as weak U.S. retail sales damped prospects for a September interest-rate increase.

Fed Chair Yellen addresses Congress for her semi-annual monetary policy testimony on Wednesday with traders paring rate-rise bets after a report showed sales at U.S. retailers unexpectedly dropped in June, upending optimism about the strength of the rebound in consumer spending in the second quarter.

All but two of 35 economists surveyed by Bloomberg expect the BOJ to keep policy unchanged when it concludes its two-day meeting today. More than a third of analysts in a separate survey said they don’t expect the Japanese central bank to ease more in the future.

Source : Bloomberg

Indeks Saham Asia Meningkat Jelang Rilis Data China

---

Saham Asia naik menjelang rilis data ekonomi China, mengirim indeks regional bersiap untuk mencatat penguatan terpanjang sejak April lalu di tengah rebound di pasar saham global. Obligasi dan minyak naik, sementara gandum dipimpin penurunan indeks berjangka.

Indeks MSCI Asia Pacific naik sebesar 0,4 persen pukul 09:21 di Tokyo, ditetapkan untuk penutupan tertinggi sejak 3 Juli lalu seiring indeks saham dari Jepang hingga Korea menguat setidaknya 0,4 persen. Indeks berjangka AS melemah 0,1 persen pasca rally di sana. Obligasi imbal hasil tenor 10 tahun turun menjadi 2,39 persen, sedangkan minyak naik hari kedua terkait spekulasi kesepakatan nuklir tidak akan menghasilkan aliran ekspor minyak mentah Iran. Gandum berjangka jatuh hari keempat dan jagung kembali merosot tajam tajam dalam 15 minggu terakhir.

Data produk domestik bruto China diproyeksikan mendatar pada kuartal kedua, diikuti rilis laporan penjualan ritel dan output pabrik juga pada hari ini. Langkah-langkah pemerintah China meredam penurunan di lantai bursa saham di Cina beberapa investor mengatakan ini belum berakhir. Ketua Federal Reserve Janet Yellen dijadwalkan menghadiri Kongres dengan pedagang pengupas memangkas spekulasi pasca penurunan tak terduga pada sektor penjualan ritel. Bank of Japan ulasan kebijakan moneternya.

Indeks Bloomberg Dollar Spot, yang mengukur greenback terhadap 10 mata uang utama, sedikit berubah pasca jatuh 0,2 persen pada Selasa.

Penurunan mengejutkan penjualan ritel Juni mungkin mendorong ekonom untuk menurunkan perkiraan pertumbuhan kuartal kedua seiring pengeluaran konsumen menyumbang sekitar 70 persen dari perekonomian.

Kemungkinan The Fed menaikkan suku pada pertemuan September merosot menjadi 27 persen, turun dari 35 persen pada Senin, data berjangka yang dikumpulkan oleh Bloomberg menunjukkan. Untuk Desember, kemungkinan mendaki turun menjadi 63 persen dari 69 persen. Pejabat the Fed pada bulan Juni lalu memperkirakan bank sentral akan menaikkan biaya pinjaman sebanyak dua kali tahun ini. (izr)

Sumber : Bloomberg

U.S. Stocks Gain for Fourth Day as Chipmakers, Biotech Advance

---

U.S. stocks posted for their first four-day winning streak since January, as semiconductor and biotechnology shares rallied while weaker-than-expected retail sales spurred speculation on timing for higher interest rates.

The Standard & Poor’s 500 Index rose 0.4 percent to 2,108.86 at 4 p.m. in New York, with the gauge surging above its average price during the past 50 days and closing at a three-week high.

A report today showed consumer purchases decreased 0.3 percent in June after a 1 percent advance in May that was smaller than previously reported, curbing optimism about the strength of the rebound in spending during the second quarter.

The S&P 500 last week fell as much as 4 percent from its all-time high, and has since recovered to trade within 1 percent of its record set in May as the Greek crisis neared a resolution and China shares stabilized. The benchmark gauge and the Dow are up 3 percent over four sessions, while the Nasdaq Composite has added 4 percent.

Source: Bloomberg

Gold Holds Drop as Greek Deal Shifts Focus to Fed’s Rate Timing

---

Gold held a drop after Greece reached a deal with creditors that could pave the way to a new bailout, damping demand for the metal as a haven asset and shifting investors’ focus to the probable timing of a U.S. interest-rate increase.

Bullion for immediate delivery was at $1,156.88 an ounce at 7:35 a.m. in Singapore from $1,157.98 a day earlier, according to Bloomberg generic pricing. The metal declined as much as 1.1 percent on Monday to $1,151.27, the lowest price since July 8, and ended 0.5 percent lower to snap three days of gains.

Gold dropped 2.3 percent this year as the Federal Reserve signaled it planned to boost rates. Fed Chair Janet Yellen maintained her call on Friday for an increase this year, and the rate-setting Federal Open Market Committee will gather at the end of this month to assess the economic recovery. While equities rallied on Monday as the Greek deal was announced, the plan may yet come unstuck as the terms require approval from Greece’s parliament this week.

Higher rates curb the appeal of bullion, which doesn’t pay interest or give returns like assets such as bonds. The Bloomberg Dollar Spot Index was little changed on Tuesday after rising 0.6 percent on Monday. An appreciating dollar tends to restrict gold’s gains.

Futures for delivery in August were little changed at $1,156.40 an ounce from $1,155.50 on the Comex in New York on Monday, when prices lost 0.5 percent. Silver for immediate delivery was 0.2 percent lower at $15.4831 an ounce.

Platinum dropped 0.3 percent to $1,031.25 an ounce, while palladium lost 0.4 percent to $658 an ounce.

Source : Bloomberg

Gold Drop a Third Day on Greece Bailout Deal, Fed Rate Outlook

---

Gold fell for a third straight session after Greece secured a deal paving the way to a new bailout and as investors weighed the timing of a U.S. interest-rate increase.

Gold futures for delivery in August fell 0.2 percent to settle at $1,155.40 an ounce at 2:04 p.m. on the Comex in New York.

The Bloomberg Dollar Spot Index, a gauge of the greenback’s strength against 10 major currencies, climbed as much as 0.7 percent, reducing the allure of bullion as an alternative asset.

Holdings in exchange-traded products backed by gold slipped for a third session on Friday, declining 1.3 metric tons to 1,585.3 tons, near the lowest since 2009.

Silver futures for September delivery fell 0.2 percent to $15.457 an ounce, the first drop in four sessions.

Platinum futures for October delivery added 0.4 percent $1,036 an ounce on the New York Mercantile Exchange. Palladium futures for September delivery climbed 1.3 percent to $658.95 an ounce.

Source: Bloomberg

Japan Shares Rise Third Day as Yen Falls on Greece Bailout Deal

---

Japanese stocks rose a third day as the yen weakened to an almost two-week low amid optimism over Greece bailout. Insurers led gains on the Topix index.

The Topix climbed 1.5 percent to 1,637.02 as of 9:01 a.m. in Tokyo after jumping 1.9 percent on Monday for its biggest advance this year. The Nikkei 225 Stock Average added 1.3 percent to 20,347.96. The yen slid 0.1 percent to 123.59 per dollar after falling 0.5 percent yesterday. Greek Prime Minister Alexis Tsipras surrendered to European demands for immediate action to qualify for up to 86 billion euros ($95 billion) of aid he needs to keep his country in the euro area.

Futures on the Standard & Poor 500 Index were little changed after the measure rose 1.1 percent on Monday to cap its steepest three-day rally this year.

The Bank of Japan begins a two-day policy meeting Tuesday, with two of 35 analysts surveyed by Bloomberg expecting an expansion of stimulus.

Source : Bloomberg

U.S. Stocks Rally After Greece Reaches Agreement With Creditors

---

U.S. stocks rose, with the Standard & Poor’s 500 Index posting its best three-day rally this year, after Greece reached an agreement with its creditors.

The S&P 500 added 1.1 percent to 2,099.52 at 4 p.m. in New York, closing near its average price during the past 50 days after the gauge earlier surged above its 100-day moving average for the first time this month.

Greek Prime Minister Alexis Tsipras surrendered to European demands for immediate action to qualify for up to 86 billion euros ($95 billion) of aid he needs to keep his country in the euro area. The Greek parliament has until Wednesday to pass into law key creditor demands including streamlining value-added taxes, broadening the tax base to increase revenue and curbing pension costs.

Source : Bloomberg

Portugal, Italy Lead Biggest European Stock Rebound Since 2011

---

European stocks extended their biggest rally since 2011, with benchmark gauges of Portugal and Italy surging more than 10 percent in four days, as Greece and its creditors reached an agreement paving the way for a new bailout.

The Stoxx Europe 600 Index rose 2 percent to 396.46 at the close of trading in London, taking its four-day increase to 6.4 percent. Portugal’s PSI 20 Index advanced 1.8 percent, and Italy’s FTSE MIB Index climbed 1 percent. Spain’s IBEX 35 Index added 1.7 percent, sending its four-day jump to 8.5 percent.

A U.S.-listed exchange-traded fund tracking Greek equities fell 3.4 percent after earlier gaining as much as 5.3 percent in New York. American depositary receipts of National Bank of Greece SA dropped 2.5 percent, reversing a 12 percent jump.

Source : Bloomberg

Oil Extends Decline as Iran Nuclear Deal Seen Exacerbating Glut

---

Oil extended its decline after its biggest weekly drop since March as investors weighed the prospects of Iran increasing crude exports in an oversupplied market.

Futures dropped as much as 1.8 percent in New York after capping a 7.4 percent loss through July 10. Iran and world powers may announce a nuclear deal as soon as Monday after a political agreement was reached to lift a United Nations arms embargo. Prices also slid as investors eschewed risky assets amid concern Greece may be cut from the euro area.

Oil rebound from a six-year low has faltered, capping a second weekly drop on Friday, as a rout in Chinese equities and the turmoil in Greece stoke speculation demand will weaken and a global glut will persist. Prices may fall further as the world remains “massively oversupplied,” before markets tighten in 2016 when output growth outside OPEC grinds to a halt, according to the International Energy Agency.

West Texas Intermediate for August delivery lost as much as 97 cents to $51.77 a barrel in electronic trading on the New York Mercantile Exchange and was at $52.10 a barrel at 10:36 a.m. Sydney time. The contract fell 4 cents to $52.74 on Friday. Prices have decreased 2.2 percent this year.

Brent for August settlement slid as much as 92 cents, or 1.6 percent, to $57.81 a barrel on the London-based ICE Futures Europe exchange. Prices fell 2.6 percent last week. The European benchmark crude was at a premium of $5.91 to WTI.

Source : Bloomberg

Hong Kong Stocks Open 0.77 % Lower

---

Shares in Hong Kong slipped 0.77 percent in the first few minutes Monday after surging almost six percent at the end of last week as investors await the resumption of trade in Shanghai, which is witnessing severe volatility.

The Hang Seng Index eased 191.70 points to 24,709.58.

Source : AFP

Shanghai Composite Set to Open Higher as Margin Bets Increase

---

The Shanghai Composite Index is poised to open higher before trade data as traders increased margin bets for the first time since last month and more companies prepared to resume trading.

The benchmark index climbed 1.1 percent to 3,918.99 at 9:27 a.m. Futures on the CSI 300 Index expiring in July, the most active contract, gained 0.1 percent.

The Shanghai index climbed 4.5 percent to 3,877.80 on Friday, capping a 5.2 percent gain last week. The CSI 300 Index declined 5.4 percent. With more than 1,300 companies halted on mainland exchanges on Friday, trading was limited to 53 percent of the market. More companies will resume trading in Shanghai and Shenzhen on Monday, the Shanghai Securities News reported, citing data compiled by its reporter.

Hong Kong Hang Seng China Enterprises Index advanced 3.6 percent. The Hang Seng Index gained 2.1 percent. The Bloomberg China-US Equity Index, the measure of the most-traded U.S.-listed Chinese companies, added 0.3 percent in New York.

Margin traders increased holdings of shares purchased with borrowed money for the first time since the stock rout began in mid-June on Friday, with the outstanding balance of margin debt on the Shanghai Stock Exchange rising by 0.5 percent from a day earlier to 932.3 billion yuan ($150 billion).

Imports probably fell 15.5 percent in June from a year earlier, while exports may have risen 1 percent, according to a survey of 36 economists. The trade data are set to be released at 10 a.m. local time.

Source : Bloomberg

Asian Stocks Advance as Investors Weigh Progress in Greece Talks

---

Asian stocks rose, with the regional index on course for a third day of gains, as investors weighed negotiations between European leaders and Greece.

The MSCI Asia Pacific Index added 0.4 percent to 141.63 as of 9:10 a.m. in Tokyo after dropping 3.7 percent last week. E-mini futures on the Standard & Poor’s 500 Index retreated 0.5 percent, while Japan Topix index added 1.1 percent as the yen pared earlier gains.

Euro-area leaders presented Greek Prime Minister Alexis Tsipras with a laundry list of unfinished business from previous bailouts he’d pilloried in opposition and during six turbulent months in office.

China reports trade data after two days of gains in the Shanghai Composite Index, where about half of companies were halted following a recent selloff. Even after an 11 percent two-day rebound, the benchmark equity gauge is down 25 percent since June 12.

Australia S&P/ASX 200 Index declined 0.2 percent, as did New Zealand NZX 50 Index. South Korea Kospi index climbed 0.2 percent.

Source : Bloomberg

Gold Rises for Second Day as Economic Woes Ease Fed Rate Concern

---

Gold rose a second day, extending a rebound from a three-month low, on speculation that economic risks from China and Greece will prompt the Federal Reserve to delay raising U.S. interest rates.

All but one member of the Federal Open Market Committee “indicated that they would need to see more evidence that economic growth was sufficiently strong” before raising rates, Fed minutes released Wednesday showed. Higher rates curb bullion’s appeal because it doesn’t pay interest or give returns like other assets such as bonds and equities.

Gold dropped in the past four quarters, the longest slump since 1997, on the prospect of higher rates. The minutes showed Fed concerns that turbulence overseas poses a risk for U.S. expansion. The International Monetary Fund on Thursday cut its forecast for global growth in 2015.

Gold for immediate delivery rose 0.2 percent to $1,160.73 an ounce at 1:47 p.m. in New York. Prices climbed 0.3 percent on Wednesday after touching $1,147.36, the lowest since March 18.

The IMF in cutting its forecast cited a weaker first quarter in the U.S. and warned that financial-market turmoil from China to Greece clouds the outlook. Chinese stocks have tumbled in recent weeks, and Greece is struggling to reach a deal with European creditors to stay in the euro area.

Source : Bloomberg

Gold Rises for Second Day as Economic Woes Ease Fed Rate Concern

---

Gold rose a second day, extending a rebound from a three-month low, on speculation that economic risks from China and Greece will prompt the Federal Reserve to delay raising U.S. interest rates.

All but one member of the Federal Open Market Committee “indicated that they would need to see more evidence that economic growth was sufficiently strong” before raising rates, Fed minutes released Wednesday showed. Higher rates curb bullion’s appeal because it doesn’t pay interest or give returns like other assets such as bonds and equities.

Gold dropped in the past four quarters, the longest slump since 1997, on the prospect of higher rates. The minutes showed Fed concerns that turbulence overseas poses a risk for U.S. expansion. The International Monetary Fund on Thursday cut its forecast for global growth in 2015.

Gold for immediate delivery rose 0.6 percent to $1,165.72 an ounce by 9:57 a.m. in New York. Prices climbed 0.3 percent on Wednesday after touching $1,147.36, the lowest since March 18.

The IMF in cutting its forecast cited a weaker first quarter in the U.S. and warned that financial-market turmoil from China to Greece clouds the outlook. Chinese stocks have tumbled in recent weeks, and Greece is struggling to reach a deal with European creditors to stay in the euro area.

Source: Bloomberg