Gold Drops for Third Time in Four Sessions on U.S. Rate Concern

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Gold futures fell for the third time in four sessions on concern that U.S. policy makers will raise interest rates amid signs of economic growth.

Sales of American Eagle gold coins by the U.S. Mint fell 11 percent last month from a year earlier. Data due Feb. 6 will probably show U.S. employers added 230,000 workers last month, according to economists surveyed by Bloomberg.

A statement from the Federal Reserve on Jan. 28 that cited œsolid U.S. growth damped speculation that the central bank would delay raising interest rates. The next day, gold tumbled 2.4 percent, the most since December 2013. The metal jumped 8 percent in January as officials in Europe and Asia announced stimulus to bolster stagnating economies.

Gold futures for April delivery fell 0.2 percent to settle at $1,276.90 an ounce at 1:58 p.m. on the Comex in New York. Aggregate volume was 33 percent below the 100-day average, according to data compiled by Bloomberg.

The metal pared losses of as much as 1 percent after the Institute for Supply Management said its manufacturing index declined to 53.5 in January from 55.1 in December, a sign weakness in overseas markets is restraining U.S. factory output.

Source : Bloomberg

Dollar Snaps 3-Day Rally on Concern Growth May Slow; Euro Gains

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The dollar fell for the first time in four days after a report showed manufacturing expanded at the slowest pace in a year, signaling the slowdown overseas is restraining U.S. growth.

The euro rose amid assurances from Greece™s leaders that the nation will abide by its financial obligations, easing concern it may lead the currency bloc back into turmoil. The Swiss franc fell after a news report said the central bank holds the exchange rate with the euro in an œunofficial corridor.

The Bloomberg Dollar Spot Index, a gauge of the currency™s performance against 10 major peers, fell 0.3 percent to 1,164.89 as of 12:06 0.m. New York time. It rallied 3.3 percent in January.

The euro gained 0.4 percent to $1.1345 and advanced 0.3 percent to 133.07 yen. The yen fell 0.2 percent to 117.29 per dollar.

Source : Bloomberg

U.S. Stocks Rise With Oil as Dollar, Bonds Sink on Factory Data

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U.S. stocks advanced as energy producers gained with crude oil and phone shares rallied. Treasuries fell, while the dollar weakened for the first time in four days after data showed that American manufacturing growth slowed.

The Standard & Poor™s 500 Index rose 1.3 percent by 4 p.m. in New York, rallying from a two-week low. Energy producers in the index gained 3 percent, while Verizon Communications Inc. climbed 2.8 percent, driving telecommunications stocks up 2.4 percent. Ten-year Treasury yields climbed three basis points to 1.67 percent. The Bloomberg Dollar Spot Index fell after three days of gains. U.S. oil added 2.8 percent, while gold retreated.

Factories expanded in January at the weakest pace in a year as orders slackened, a sign weakness in overseas markets may be restraining U.S. manufacturing. Similar data for China signaled contraction in the sector. Nike Inc. slid as data showed consumer spending dropped last month, while Exxon Mobil Corp. and Chevron Corp. added more than 2.4 percent. U.S. stocks fell in January as Treasuries had their best month since 2008.

Source : Bloomberg

U.S. Stocks Advance While Dollar, Bonds Fall Amid Factory Data

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U.S. stocks rose, following their worst month in a year, as energy shares rallied with the price of crude to overshadow data showing manufacturing growth slowed. The dollar, Treasuries and gold retreated.

The Standard & Poor™s 500 Index added 0.3 percent at 12:15 p.m. in New York, erasing an earlier drop of 0.7 percent. Energy producers in the index rose 1.6 percent. The Stoxx Europe 600 Index closed little changed after erasing a loss of 0.8 percent. The 10-year Treasury yield climbed four basis points to 1.68 percent. Spain™s 10-year rate increased seven basis points to 1.49 percent, the most since Jan. 5. The Bloomberg Dollar Spot Index fell 0.3 percent after three days of gains. U.S. oil added 2.2 percent and gold lost 0.4 percent.

Exxon Mobil Corp. and Chevron Corp. jumped more than 1.2 percent to lead energy producers higher. Factories expanded in January at the weakest pace in a year as orders cooled, a sign weakness in overseas markets is restraining U.S. manufacturing. U.S. stocks declined in January while Treasuries had their best month since 2008 amid slower-than-forecast growth and mounting concern sliding oil prices and a strong dollar will hurt corporate profits.

Source : Bloomberg

Europe Stocks Erase Losses at End of Trading Day; Futures Climb

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European stocks ended the day little changed, erasing declines in the last 1 1/2 hour of trading. Futures on the Euro Stoxx 50 Index rose.

The Stoxx Europe 600 Index advanced less than 0.1 percent to 367.28, after falling as much as 0.8 percent, as energy companies rallied the most in two weeks. Euro Stoxx 50 futures expiring in March climbed 0.7 percent at 5:03 p.m. in London.

Spain™s IBEX 35 Index fell as much as 2.6 percent on Monday amid growing concern that the nation™s anti-austerity party is gathering strength. Energized by Syriza™s victory in Greece, the leader of Podemos pledged to restructure the nation™s debt if he can convert his opinion-poll lead into election victory.

The IBEX 35 ended the day down 0.7 percent. Telefonica SA dropped 2.7 percent after El Confidencial reported it plans to sell as much as 5 billion euros ($5.7 billion) of shares.

In Italy, Prime Minister Matteo Renzi has also been a vocal opponent of budget rigor policies imposed by the European Union. His candidate Sergio Mattarella was elected as the nation™s new president this weekend. The FTSE MIB Index was little changed after declining as much as 1.1 percent and rising 0.5 percent.

Source : Bloomberg