Gold Rises for First Time in Three Days on Global Easing Efforts

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Gold futures rose for the first time in three days as signs that money supplies will increase in Europe and Asia revived investor demand.

Holdings in the SPDR Gold Trust, the biggest exchange-traded fund backed by the metal, climbed 0.5 percent last week, the most since August. Money managers raised their bullish wagers for a third straight week, the longest expansion since July, government data showed Dec. 5.

While European Central Bank policy makers refrained from increasing asset purchases at a meeting last week, President Mario Draghi pledged to assess the need for more stimulus early next year. China last month lowered interest rates to spur economic growth, while Japan has expanded its unprecedented stimulus program.

Gold futures for February delivery climbed 0.4 percent to settle at $1,194.90 an ounce at 1:56 p.m. on the Comex in New York. The price extended gains in electronic trading after the close as the dollar fell against the euro and U.S. equities dropped as much as 1 percent.

Source : Bloomberg

Gold Rise for First Time in Three Days After Bullish Bets Climb

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Gold rose for the first time in three days after speculators boosted bullish bets on the precious metal to a three-month high.

Futures for February delivery climbed 0.3 percent to $1,194.10 an ounce on the Comex by 8:54 a.m. in New York. Bullion for immediate delivery rose 0.1 percent to $1,194.06, according to Bloomberg generic pricing.

The cost of lending the metal turned positive on Dec. 5 for the first time in six weeks, as the U.S. jobs data reinforced expectations for higher interest rates next year and lifted the U.S. dollar. Bullion futures slid 1.4 percent after the report.

Source: Bloomberg

Japan Stocks Fall as Yen Strengthens, Oil Drops to Five-Year Low

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Japanese stocks fell after the yen strengthened and oil prices dropped to a five-year low, weighing on exporters and energy shares.

The Topix index declined 0.7 percent to 1,437.40 as of 9:03 a.m. in Tokyo, falling from a seven-year high and headed for its first loss in December. The Nikkei 225 Stock Average lost 0.7 percent to 17,810.31. The yen traded at 120.73 per dollar after rallying 0.6 percent yesterday, the most since Oct. 15.

The yen has weakened 13 percent against the dollar this year, with losses extending after the Bank of Japan boosted stimulus measures on Oct. 31. In contrast, the Federal Reserve ended its third round of bond purchases in October amid a mounting recovery in the worlds largest economy.

A report yesterday showed Japan is in a deeper recession than initially estimated, with the economy shrinking an annualized 1.9 percent in the third quarter, more than the 1.6 percent drop estimated last month.

Source: Bloomberg

Asian Stocks Follow U.S. Shares Lower as Oil Slides, Yen Gains

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Asian stocks fell, after U.S. shares dropped the most in almost seven weeks, as oil extended its decline and a stronger yen weighed on Japanese exporters.

The MSCI Asia Pacific Index slid 0.3 percent to 139.70 as of 9:06 a.m. in Tokyo after adding 0.1 percent yesterday. Japans Topix index decreased 0.7 percent after the yen added 0.6 percent against the dollar yesterday. Brent crude and West Texas Intermediate slumped to five-year lows.

South Koreas Kospi index slipped 0.1 percent. Australias S&P/ASX 200 Index sank 0.7 percent, while New Zealands NZX 50 Index was little changed. Markets in China and Hong Kong are yet to open. The Shanghai Composite Index yesterday topped 3,000 for the first time since 2011 as brokerages surged on bets the world-beating stock rally will continue.

WTI slipped 0.2 percent to $62.93 a barrel today after dropping 4.2 percent yesterday to its lowest since July 2009 amid concern hedge funds and other money managers bet too much on rising prices. Both Brent and WTI tumbled 18 percent in November as OPEC decided to maintain its output target.

Source : Bloomberg

U.S. Stocks Retreat From Record as Energy Shares Lead Declines

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U.S. stocks slid, pulling benchmark indexes down from records, with energy producers leading declines as oil dropped to the lowest level since 2009.

Exxon Mobil Corp. and Chevron Corp. declined more than 2.3 percent to pace losses in 42 of 43 energy companies in the Standard & Poors 500 Index. McDonalds Corp. lost 3.8 percent, the most in two years, after same-store sales trailed analysts estimates. Cubist Pharmaceuticals Inc. jumped 35 percent as Merck & Co. agreed to acquire the maker of antibiotics.

The S&P 500 fell 0.7 percent to 2,060.47 at 4 p.m. in New York, its worst loss in almost two months. The Dow Jones Industrial Average slid 105.03 points, or 0.6 percent, to 17,853.76. The Russell 2000 Index of smaller companies dropped 1.3 percent.

U.S. stocks began their biggest retreat of the day, a 0.4 percent tumble that began at 12:09 p.m. in New York and lasted 10 minutes, as a handful of large trades in the S&P 500 e-mini contract hit the market. Four transactions in sizes ranging from 300 to 470 contracts occurred between 12:10:41 and 12:13:28 p.m., according to data compiled by Bloomberg.

Source : Bloomberg