Gold slips as Greek crisis knocks euro

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Gold prices fell on Tuesday as the prospect that Greece would default on a repayment to the International Monetary Fund knocked the euro against the dollar, and as investors remained wary over the metal's longer-term prospects.

The chairman of the Eurogroup said it was too late to extend Greece's existing bailout and that the country's stance toward its creditors and euro zone partners would have to change before a new program could be agreed.

Spot gold fell 1.2 percent to the lowest since June 5 at $1,166.35 an ounce, but was down 0.7 percent at $1,171.05 at 2:58 p.m. EDT. It was on track to close the second quarter down 1 percent, its fourth straight quarterly fall.

U.S. gold futures for August delivery settled down $7.20 an ounce at $1,171.80.

Source : Reuters

Oil Pares Monthly Drop as Traders Weigh Greek Bailout Deadline

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Oil pared its first monthly decline since March in New York after an official said the European Union contacted Greece to detail how a last-minute bailout accord could still be reached.

West Texas Intermediate futures rose 0.7 percent, trimming their loss in June to 2.6 percent. European Commission President Jean-Claude Juncker contacted Greek Prime Minister Alexis Tsipras Monday with the proposal, according to an EU official who asked not to be identified because the talks were private. U.S. and European diplomats meeting in Vienna said a comprehensive nuclear agreement with Iran can be reached within days, extending talks beyond a Tuesday deadline.

West Texas Intermediate for August delivery advanced 43 cents to $58.76 a barrel in electronic trading on the New York Mercantile Exchange at 11:24 a.m. London time. The contract declined $1.30 to $58.33 on Monday. Total volume was about 43 percent below the 100-day average for the time of day.

The U.S. benchmark crude has advanced 23 percent since the end of March, poised for the first quarterly gain in a year, and is up 10 percent in 2015.

Source: Bloomberg

Asian Stocks Advance After Steepest Monthly Drop Since September

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Asian stocks rose, after the regional benchmark gauge posted its biggest monthly drop since September, as energy and materials shares led gains.

The MSCI Asia Pacific Index climbed 0.1 percent to 146.38 as of 9:01 a.m. in Tokyo. The measure slid 3.4 percent in June, leaving it little changed for the quarter, as Chinese equities in Hong Kong slumped. The city’s stock market is closed Wednesday for a holiday.

An official report on China’s manufacturing industry for June will show the quickest expansion since October, while a private factory gauge will signal a fourth month of contraction, according to economists surveyed by Bloomberg before data Wednesday. Greece missed a deadline for repaying $1.7 billion to the IMF after bailout talks with its creditors imploded, with investors now awaiting a July 5 vote by its people on whether they support austerity measures.

Source: Bloomberg

U.S. Stocks Rebound as Europe Shares, Euro Fall Amid Greece Saga

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U.S. stocks rebounded from the biggest drop in a year as Greece made last ditch attempts to secure financing before bailout funding ends. European equities fell with the euro amid the 11th-hour wrangling, while Treasuries capped the first quarterly retreat since 2013.

The Standard & Poor’s 500 Index rose 0.3 percent at 4 p.m. in New York. It trimmed the advance in the final minutes of trading to erase a gains for the quarter and is off to its worst start to a year since 2010. The Stoxx Europe 600 Index slid 1.3 percent, capping its worst quarter since 2012. The euro lost 0.8 percent to $1.1146, paring its first quarterly advance versus the dollar since early 2014. The yield on 10-year Treasury rose three basis points after tumbling 15 basis points Monday.

Greece has until 6 p.m. New York time to make a $1.7 billion payment to the International Monetary Fund as Europe’s funding expires. The government asked for a two-year bailout program from the European Stability Mechanism, sought an extension from the IMF and asked the European Central Bank to extend emerging financing. German Chancellor Angela Merkel said there would be no negotiations until after a July 5 Greek referendum.

Source : Bloomberg

U.S. Stocks Erase Gain as Europe Shares, Euro Retreat on Greece

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U.S. stocks pared gains, while European equities fell with the euro amid 11th-hour wrangling before bailout funding for Greece ends. Treasuries rose, trimming the first quarterly retreat since 2013.

The Standard & Poor’s 500 Index fell less than 0.1 percent at 12:29 p.m. in New York, erasing a 0.8 percent gain. The gauge tumbl the most in a year Monday, leaving it lower for the past three months after nine straight quarterly gains. The Stoxx Europe 600 Index slid 1.3 percent, capping its worst quarter since 2012. The euro lost 0.8 percent to $1.1142, paring its first quarterly advance versus the dollar since early 2014. The yield on 10-year Treasury notes was little changed after tumbling 15 basis points Monday.

The Greek government asked for a two-year bailout program from the European Stability Mechanism, though the proposal didn’t include any of the economic-reform measures negotiators had sought for months. German Chancellor Angela Merkel said there would be no negotiations until after a July 5 Greek referendum. The nation has until 6 p.m. New York time to make a $1.7 billion payment to the International Monetary Fund as Europe’s funding expires.

Source : Bloomberg