Euro Slumps in Worst Quarter on Record as Greek Aid Talks Stall

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The euro extended its biggest quarterly slide versus the dollar since its inception as Greece struggled to avert a default.

The 19-nation currency’s share of global reserve holdings fell to the least in 12 years amid the European Central Bank’s unprecedented monetary stimulus. That contrasts with the U.S. Federal Reserve, which is on track to raise interest rates this year for the first time since 2006.

The euro fell 0.8 percent to $1.0747 as of 3:50 p.m. in New York, after sliding 0.5 percent on Monday and losing 11 percent the past three months, the biggest quarterly drop since the shared currency began trading on Jan. 1, 1999. It declined 0.9 percent to 128.91 yen, pushing its drop since Dec. 31 to 11 percent, its biggest quarterly loss since September 2011.

The Bloomberg Dollar Spot Index, which measures the greenback against 10 major peers, added 0.1 percent to 1,201.01. That extended a ninth successive month of gains, the longest winning streak in data going back to 2004.

Source: Bloomberg

Gold’s March Loss Spurs Quarterly Decline on Fed Rate Outlook

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Gold futures fell for a second month in March, leading to a decline for the first quarter.

Futures traded mostly little changed on Tuesday, ending the day with a 0.2 percent loss after Federal Reserve Bank of Richmond President Jeffrey Lacker said there is a strong case to be made that interest rates should rise in June. Higher rates boost the appeal of assets with better yield prospects such as bonds and equities, while cutting the allure of gold, which generally offers returns only through price gains.

The metal fell 0.1 percent in the first quarter, a third straight slide. A statement from the U.S. central bank that showed policy makers cut their outlook for borrowing costs at the end of 2015 spurred a seven-session rally for gold futures through March 26. The gains fizzled after Fed Chair Janet Yellen the next day reiterated an outlook for tightening this year. The dollar climbed for a ninth consecutive month against a basket of 10 peers, curbing gold’s appeal as an alternative.

Gold futures for June delivery fell $2.10 to settle at $1,183.20 an ounce at 1:49 p.m. on the Comex in New York, posting a 2.5 percent drop for March.

Assets in exchange-traded products backed by the metal fell by 56.6 metric tons in March to 1,620.15 tons as of Monday, data compiled by Bloomberg show. The monthly drop was on pace to be the largest since December 2013.

Silver futures for May delivery dropped 0.5 percent to $16.598 an ounce. This quarter, the metal climbed 6.4 percent, the most since June.

Platinum futures for July delivery added 2.3 percent to $1,143.40 an ounce on the New York Mercantile Exchange. Prices still posted a third straight quarterly loss, the longest streak since 2011. Palladium futures for June delivery climbed 0.9 percent to $735.30 on Tuesday.

Source: Bloomberg

U.S. Stocks Trim Quarterly Gain as Health-Care, Industrials Fall

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U.S. stocks declined amid a retreat among health-care and industrial companies, trimming a ninth straight quarterly advance for the Standard & Poor’s 500 Index.

The S&P 500 lost 0.9 percent to 2,068.05 at 4 p.m. in New York, while marking its longest quarterly winning streak since 1998. The Nasdaq Composite Index, down 0.9 percent Tuesday, posted its longest quarterly winning streak ever.

The S&P 500 swung an average of 1.1 percent between its low of the day and its high in the first quarter, the widest daily moves since the second quarter of 2012, according to data compiled by Bloomberg. The gauge is still down 2.2 percent from a record on March 2 and among the worst performers in 24 developed markets this year.

Source: Bloomberg

European Stocks Close Lower on Greece Jitters

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European stock markets closed significantly lower Tuesday following mixed eurozone data and contentious Greek bailout talks, while London's main index failed to gain after an upgrade of British economic growth.

London's benchmark FTSE 100 tumbled 1.72 percent to end the day at 6,773.04 points.

Frankfurt's DAX 30 index slumped 0.99 percent to  close at 11,966.17 points, while the CAC 40 in Paris lost 0.98 percent to 5,033.64 points.

The euro fell to $1.0740 from $1.0825 late in New York on Monday.

Deflation in the eurozone eased in March, official data showed Tuesday, reducing concerns that the economy faces a dangerous spiral after four straight months of falling consumer prices.

But with a cash-strapped Greece in a bitter row with its European partners and on the cusp of tumbling out of the euro, analysts fear that a new debt crisis in the eurozone could affect the world economy.

Source : AFP

Asian Stocks Set for Best Quarter in 3 Years Amid Global Rally

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Asian stocks rose, with the regional benchmark poised for the best quarter in three years as China moved to support economic growth, sending shares higher in the U.S. and Europe and the yen tumbling against the dollar.

The MSCI Asia Pacific Index added 0.6 percent to 147.35 as of 9:01 a.m. in Tokyo, on course for a 6.9 percent quarterly advance, the most since the first three months of 2012. China’s central bank announced measures aimed at stemming a property slump after Governor Zhou Xiaochuan said at the weekend that policy makers can do more to support Asia’s largest economy. The Shanghai Composite Index surged 17 percent this year through yesterday and Japan’s Topix index added 11 percent.

The Topix gained 1.2 percent today after the yen slid 0.8 percent against the dollar on Monday. Australia’s S&P/ASX 200 Index also climbed 1.2 percent and New Zealand’s NZX 50 Index added 0.2 percent. South Korea’s Kospi index rose 0.7 percent.

Futures on the FTSE China A50 Index climbed 1.5 percent in the most recent session. Mainland stock gains this year have been fueled by expectations of central-bank policy easing, optimism the government won’t let economic growth fall below this year’s 7 percent target and as authorities reduced curbs on the property market.

Source : Bloomberg

Euro Weakens as Greek Debt Talks Cloud Outlook Amid Dollar Rally

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The euro dropped after a two-week rally on signs Greece is still a long way from reaching a deal to unlock bailout funds.

The shared currency resumed a slide that has seen it decline against most of its 16 major peers this year as the European Central Bank buys sovereign bonds to support growth and stave off deflation. That contrasts with the U.S. Federal Reserve, which is debating when to raise interest rates for the first time since 2006 amid signs of a strengthening economy.

The euro slid 0.5 percent to $1.0833 at 5 p.m. in New York. It rose 0.3 percent to 130.08 yen.

Japan’s currency declined for the first time in four days versus the dollar as haven demand fell after China’s central bank said the government can do more to support growth. The yen dropped 0.8 percent to 120.07 per greenback.

Greek Prime Minister Alexis Tsipras sought to rally a consensus in parliament for his effort to secure bailout funds after his proposals to bolster the nation’s finances failed to satisfy his European creditors.

Source : Bloomberg

Gold Futures Slump Most in Three Weeks as Investor Demand Wanes

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Gold fell the most in three weeks on signs that investors are balking at the metal even after a recent rally.

Hedge funds cut their net-long position to the lowest since December 2013 and are holding the most short wagers since records begin in 2006, U.S. government data show. Global assets in exchange-traded products backed by gold dropped 56.6 metric tons in March, the most in 15 months. Prices rallied in the previous two weeks on speculation that U.S. interest rates would rise at a slower pace than expected.

Even after Federal Reserve policy makers cut their outlook for where borrowing costs will be by year-end, investors are betting that officials will still lift benchmark rates from near zero fast enough to prevent inflation from surging as the economy rebounds. Gold has historically been used as a hedge against higher consumer prices.

Gold futures for June delivery dropped 1.3 percent to settle at $1,185.30 an ounce at 1:40 p.m. on the Comex in New York, the biggest drop since March 6.

A core measure of consumer prices, which excludes food and fuel, rose 1.4 percent in February from a year earlier, Commerce Department figures showed Monday.

Source: Bloomberg

U.S. Equities Extends Quarterly Advance Amid Corporate Mergers

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U.S. stocks rose, extending a quarterly advance, amid corporate mergers and optimism central banks will support global growth.

The Standard & Poor’s 500 Index advanced 1.2 percent to 2,086.22 at 4 p.m. in New York, maintaining its longest streak of quarterly increases since 1998. With a 0.2 percent advance on Friday, the index completed its first back-to-back gain after 28 days, the longest drought since 1994.

Federal Reserve Chair Janet Yellen said Friday that the central bank will probably raise rates this year, with subsequent increases taking place gradually, without following a predictable path. China’s central bank chief said the government can do more to support growth in the world’s second-largest economy.

First-quarter profits for S&P 500 companies are forecast to decline for the first time since 2009. Companies will see a contraction of 5.8 percent for the three-month period, according to economist estimates compiled by Bloomberg. Earnings growth forecasts for the quarter were positive as recently as January, the data show.

Source: Bloomberg

Europe Stocks Rise Most in Three Weeks on Central-Bank Optimism

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European stocks rose the most in almost three weeks, poised for their best quarter since 2009, amid optimism central banks will continue to support global growth.

The Stoxx Europe 600 Index rose 1.1 percent to 399.84 at the close of trading, extending gains after data showed pending sales of U.S. homes rose more than forecast in February. The benchmark gauge on Friday trimmed its worst weekly loss of the year, buoyed by health-care shares. It’s up 17 percent in 2015.

China’s central bank governor said on Sunday the government can do more to support growth in the world’s second-largest economy. Federal Reserve Chair Janet Yellen said on Friday she expects the central bank to start raising rates this year, with subsequent increases taking place gradually.

Source : Bloomberg

Minyak Kembali Turun untuk Hari Kedua Akibat Buntunya Pembicaraan Nuklir Iran

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Minyak turun untuk hari kedua pasca pembicaraan antara pemerintah Iran dan diplomat negara barat guna membahas kesepakatan nuklir yang dapat menyebabkan ekspor minyak hari negara-negara islam meningkat, ini menambah banjirnya pasokan minyak global.

Minyak berjangka turun sebesar 1.9 persen di New York. Pejabat kedua negara dijadwalkan mengadakan pertemuan senin pagi di Swiss terkait pencabutan sanksi terhadap Iran dan batas-batas yang dikenakan terkait program nuklir. Produsen minyak OPEC telah menimbun minyak, Barclays Plc dan Societe Generale SA memprediksi akan menjadi yang pertama yang akan dijual ke luar negeri jika kesepakatan tercapai.

Potensi Iran untuk meningkatkan pengiriman telah meningkatkan spekulasi bahwa surplus pasokan minyak global akan memburuk pasca Organisasi Negara Pengekspor Minyak (OPEC) menolak mengurangi pasokan. Iran, sebagai negara produsen minyak terbesar kelima OPEC, bisa meningkatkan ekspor sebesar 1 juta barel per hari jika sanksi dicabut, Menteri Perminyakan Bijan Namdar Zanganeh mengatakan pada 16 Maret lalu.

Minyak West Texas Intermediate untuk pengiriman Mei turun sebanyak 92 sen menjadi $47,95 per barel di perdagangan elektronik di New York Mercantile Exchange dan berada di level $48,15 pukul 10:40 pagi waktu Singapura. Kontrak WTI telah turun sebesar $ 2,56 menjadi $48,87 pada hari Jumat pekan lalu, penurunan terbesar sejak 26 Februari lalu. Volume perdagangan semua berjangka sekitar 18 persen di bawah moving average 100-hari. Harga minyak telah turun sebesar 9,7 persen tahun ini. (izr)

Sumber: Bloomberg

Gold Declines as Investors Weigh Rates Outlook, Dollar Advances

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Gold dropped for a second day after Federal Reserve Chair Janet Yellen said that she expects interest rates to rise this year in the world’s biggest economy, boosting the dollar for a third day. Silver retreated.

Bullion for immediate delivery fell as much as 0.2 percent to $1,195.91 an ounce and was at $1,197.50 at 8:44 a.m. in Singapore, according to Bloomberg generic pricing. While the metal lost 0.5 percent on Friday to snap the longest run of gains since 2012, it is still set to post the first quarterly rise since June. Gold in Shanghai dropped for a second day.

Gold rose to a three-week high on March 26 as Saudi Arabia headed a coalition of 10 Sunni-led nations attacking Shiite rebels in Yemen, spurring haven demand on concern the conflict may disrupt oil supplies. Yellen said Friday that she expects the central bank to raise rates this year, and that subsequent increases will be gradual without following a predictable path. Short holdings in gold climbed for a seventh week to a record, Commodity Futures Trading Commission data showed.

Gold for June delivery lost 0.3 percent to $1,196.80 on the Comex. Bullion of 99.99 percent purity lost 0.3 percent to 239.80 yuan a gram ($1,200.10 an ounce) on the Shanghai Gold Exchange.

Silver for immediate delivery dropped 0.2 percent to $16.9194 an ounce and is set to climb 7.6 percent this quarter. Platinum was little changed at $1,136.75 an ounce, heading for a third straight quarterly loss. Palladium declined 0.3 percent to $739.25 an ounce, set for a quarterly drop.

Source : Bloomberg

Chinese Shares Advance on Stimulus Bets; Oil Drops, Dollar Gains

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Chinese shares jumped amid speculation the government will do more to support growth and as more mainland funds were allowed to trade Hong Kong equities. Oil slid a second day and the dollar was stronger against most peers.

The Hang Seng China Enterprises Index surged 2.8 percent by 11:03 a.m. in Tokyo, and the Hang Seng Index advanced 1.2 percent as regulators expanded access to the city’s exchange link with Shanghai. MSCI Asia Pacific Index was little changed with Standard & Poor’s 500 Index futures. The greenback climbed 0.1 percent against the euro and the Australian and New Zealand currencies weakened 0.4 percent. U.S. crude oil fell 1 percent, extending Friday’s 5 percent rout.

China’s central bank chief said that the nation’s growth rate has tumbled “a bit” too much and that policy makers have scope to respond, underscoring forecasts for further monetary easing in the world’s second-largest economy. Talks on Iran’s nuclear program resume Monday amid speculation that an accord to ease sanctions could mean a resumption of oil shipments, further swelling global supply. Reports on personal spending and income are due in the U.S.

“Confirmation that further stimulus in China is likely might have some positive announcement impact and help calm market nerves but in the long run is likely to be outweighed by concerns that growth in China’s economy continues to soften,” Ric Spooner, a chief market analyst at CMC Markets in Sydney, wrote in an e-mail to clients.

China has room to act with both interest rates and “quantitative” measures, People’s Bank of China Governor Zhou Xiaochuan said in remarks at the Boao Forum for Asia, an annual conference on the southern Chinese island of Hainan.

Source : Bloomberg

Hong Kong Stocks Open 0.99 % Higher

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Hong Kong shares opened 0.99 percent higher Monday after gains on Wall Street that snapped a four-day losing streak.

The benchmark Hang Seng Index added 241.26 points to 24,727.46.

In mainland China the benchmark Shanghai Composite Index gained 0.67 percent, or 24.83 points, to 3,715.93.

The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.29 percent, or 5.61 points, to 1,941.20.

Source : AFP

China Stock-Index Futures Rise on PBOC Easing Signal, Silk Road

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China’s stock-index futures rose after President Xi Jinping announced details of his Silk Road plan, and the central bank said the nation’s growth rate has tumbled “a bit” too much and policy makers have scope to respond.

Futures on the CSI 300 Index expiring in April, the most active contract, advanced 1.2 percent to 4,013.40 as of 9:25 a.m. local time. The Shanghai Composite Index added 0.2 percent to 3,691.10 on March 27, taking its quarterly gain to 15 percent. The CSI 300 Index rose 0.6 percent. Hong Kong’s Hang Seng China Enterprises Index slipped for a fourth day, losing 0.2 percent, while the Hang Seng Index was little changed. The Bloomberg China-US Equity Index jumped 1 percent.

Zhou’s remarks follow signs that China slowed further in the first quarter, after recording its weakest expansion since 1990 last year. The economy expanded 6.28 percent in February from a year earlier, Bloomberg’s monthly growth tracker shows, and the government’s official factory reading due Wednesday likely worsened, according to economists surveyed by Bloomberg.

Source : Bloomberg

Dollar Gains Amid Higher Yields as Traders Look Past Fed Views

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The dollar’s fighting its way back after the Federal Reserve sent it reeling last week with cuts to its projections for interest rates, inflation and growth.

The greenback gained the most in a week as Treasury yields rose from six-week lows after jobless claims dropped to the lowest level since mid-February. The yen advanced to the strongest level in more than a month as Saudi Arabia and its allies bombed targets in Yemen, increasing demand for haven assets. The Canadian dollar led gains as the price of crude oil rose on concern supplies could be interrupted.

The Bloomberg Dollar Spot Index, which tracks the U.S. currency against 10 major peers, appreciated 0.3 percent to 1,189.11 as of 4:18 p.m. New York time after sliding as much as 0.6 percent.

The yen gained 0.3 percent to 119.17 per dollar and reached 118.33, the strongest level since Feb. 20. The Canadian dollar gained 0.4 percent to C$1.2473 versus the greenback.

Benchmark U.S. 10-year Treasury yields added seven basis points, or 0.07 percentage point, to 1.99 percent, according to Bloomberg Bond Trader data. They touched 1.85 percent Wednesday, the lowest level since Feb. 6.

Source : Bloomberg

Gold Pares Gains After Yemen Air Strikes Rattle Markets

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Gold pared gains after hitting a 3-1/2-week high on Thursday, after a knee-jerk reaction to escalating tensions in the Middle East knocked stocks and drove investors into assets viewed as lower-risk, such as bullion and German bonds.

Silver rose nearly 3 percent to the highest level in more than five weeks before coming off its highs.

Stock markets worldwide were knocked lower and oil prices jumped after Saudi Arabia and its allies conducted air strikes in Yemen that fueled worries Middle East energy shipments may be put at risk. Wall Street later recovered.

The dollar was down earlier against the euro but recovered in New York trading on the view central bank policy was more favorable for the U.S. currency.

Spot gold reached a peak of $1,219.40 an ounce, before retreating to trade up 0.6 percent at $1,195.25 at 2:47 p.m. EDT (1847 GMT). U.S. gold for April delivery settled up $7.80 an ounce at $1,204.80.

Gold was heading for a seventh session of gains, its longest winning streak since August 2012.

Source : Reuters

S&P 500 Erases Gain in 2015; Treasuries Fall as Gold, Crude Rise

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U.S. stocks fell for a fourth day in the longest slide since January, as declines in transportation shares overshadowed a rebound in technology companies. Treasuries tumbled amid weak auction demand, while oil advanced as Saudi Arabia bombed targets in Yemen.

The Standard & Poor’s 500 slipped 0.2 percent at 4 p.m. in New York, erasing advances in 2015. The gauge fluctuated between gains and losses throughout the session after earlier losing as much as 0.8 percent. The Stoxx Europe 600 Index lost 0.9 percent. The yield on 10-year Treasury notes added eight basis points to 2 percent. The Bloomberg Dollar Spot Index strengthened 0.3 percent. U.S. crude climbed for a fifth day, and gold added 0.7 percent to pace gains among metals.

The S&P 500 has tumbled 2.5 percent this week, leaving it 0.1 percent for the year, as poor data from manufacturing to housing raised concern that growth may be slowing at the same time analysts forecast the first contraction in quarterly profit since 2009. Yemen has emerged as the latest ground for a proxy fight between Iran and Saudi Arabia, the world’s top oil exporter.

Source : Bloomberg

European Shares Tumble for a Second Day Amid Middle East Tension

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European shares posted their biggest two-day slump in almost three months amid increased tension in the Middle East.

The Stoxx 600 slid 0.9 percent to 394.54 at the close of trading, as Saudi Arabia and its allies bombed rebels in Yemen. Shares pared losses of as much as 1.8 percent in the final hour of trading. The measure is on course for its largest weekly fall this year after climbing within 0.4 percent of a record. A gauge of energy producers reversed earlier gains as concerns over increased instability in the Middle East outweighed higher oil prices. A measure of auto stocks posted the only advance.

The Stoxx 600 rallied 18 percent this year through the end of last week on optimism that stimulus from the European Central Bank will revive the region’s economy. The attack on Shiite rebels in Yemen marks an escalation in tensions with Iran, which the world’s largest oil exporter blames for fomenting trouble in its southern neighbor. Oil climbed 3.1 percent, paring earlier gains of as much as 6.6 percent.

Airlines declined amid higher oil prices. International Consolidated Airlines Group SA slipped 3.4 percent, Deutsche Lufthansa AG retreated 2.9 percent and Air France-KLM Group lost 1.3 percent.

U.S. Stocks Little Changed as Tech Rebound Offsets Airline Slump

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U.S. stocks were little changed after erasing an early decline as a rebound in technology shares offset a drop in transportation companies amid crude oil’s five-day rally.

Technology shares rose 0.4 percent, even as SanDisk Corp. plunged 17 percent amid a lower first-quarter revenue projection. International Business Machines Corp., Apple Inc. and Intel Corp. added more than 1 percent. American Airlines Group Inc. and Delta Air Lines Inc. lost at least 1.1 percent as oil climbed 3.2 percent to a two-week high.

The Standard & Poor’s 500 Index fell less than 0.1 percent to 2,060.88 at 12:07 p.m. in New York, after falling as much as 0.8 percent earlier. The Dow Jones Industrial Average slipped 8.01 points to 17,710.53. The Nasdaq Composite Index declined 0.2 percent, after its biggest drop in 11 months yesterday.

Source : Bloomberg

Dollar Declines as Post-Fed Adjustment Continues for Traders

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The dollar declined as unexpectedly weak economic data has investors adjusting their outlook in the wake of last week’s Federal Reserve meeting.

Orders for durable goods dropped in February, extending the greenback’s losses after it slid the most in more than three years last week as the Federal Open Market Committee cut projections for future rates, inflation and growth. A gauge of expected currency swings has jumped during the past month.

The dollar weakened 0.4 percent to $1.0970 per euro as of 5 p.m. in New York, and dropped 0.2 percent to 119.49 yen. The euro added 0.2 percent to 131.08 yen.

The Bloomberg Dollar Spot Index, which tracks the U.S. currency against 10 major peers, slid less than 0.1 percent to 1,185.46 after tumbling 2.2 percent last week, the biggest weekly decline since October 2011.

Source : Bloomberg

Gold hits 2-1/2 Week High as German Data Lifts Euro

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Gold hit 2-1/2-week highs on Wednesday, rising for the sixth straight session as upbeat German sentiment data helped drive the euro higher against the dollar, and as expectations for an imminent U.S. interest rate rise receded.

The euro was up 0.4 percent versus the U.S. currency after a survey on German business morale fueled expectations that a euro zone economic recovery is strengthening, extending gains after U.S. durable goods data missed expectations.

Spot gold was up 0.3 percent at $1,196.35 an ounce by 2:52 p.m. EDT (1852 GMT), having earlier touched its highest since March 6 at $1,199.70. U.S. gold futures for April delivery settled up $5.60 an ounce, or by 0.5 percent, at $1,197.

Spot silver was up 5 percent at $16.96 an ounce after rising to a five-week high at $17.11.

Source : Reuters

Nasdaq Composite Falls Most Since April as Tech Shares Tumble

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U.S. stocks fell, sending the Nasdaq Composite Index down the most in eleven months, as a selloff in semiconductors spread to the broader market.

The Nasdaq Composite lost 2.4 percent at 4 p.m. in New York, the biggest drop since April 10. The Standard & Poor’s 500 Index fell 1.5 percent to 2,061.18, below its average price for the past 50 days.

The S&P 500, the Dow and the Nasdaq Composite Index this week came within 1 percent of their records amid speculation the Federal Reserve won’t rush to raise rates. Wednesday’s drop wiped out the Dow’s 2015 gains.

While the S&P 500 is among the worst-performing developed-market indexes this year, it is still headed for its ninth consecutive quarterly advance, with a 0.2 percent increase. That would be the longest winning streak since 1998. The gains pushed equity valuations to the highest in about six years.

Source : Bloomberg

Europe Stocks Post Worst Drop in Two Months After Nearing Record

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European stocks posted their worst drop in more than two months, after nearing a record on Tuesday.

The Stoxx Europe 600 Index slipped 1.1 percent to 397.95 at the close of trading, as all but two of 19 industry groups slid. Technology shares posted the worst performance, extending losses as U.S. peers also fell. ARM Holdings Plc and ASML Holding NV lost more than 5.5 percent.

Europe’s benchmark gauge closed 0.7 percent away from its 2000 record on Tuesday, up 18 percent for the year amid European Central Bank stimulus. That pushed the Stoxx 600 to the highest valuation based on projected profits in at least 10 years, relative to its own history and to the Standard & Poor’s 500 Index, data show.

Source : Bloomberg

Nasdaq Composite Falls Most in Two Weeks as Tech Shares Tumble

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U.S. stocks fell, sending the Nasdaq Composite Index down the most in two weeks, as technology tumbled and investors sold the quarter™s biggest winners.

Intel Corp., International Business Machines Corp. and Microsoft Corp. fell the most in the Dow Jones Industrial Average. Kraft Foods Group Inc. soared 39 percent after Warren Buffett™s Berkshire Hathaway Inc. teamed with 3G Capital to acquire the food company and merge it with ketchup maker H.J. Heinz.

The Nasdaq Composite lost 1.6 percent at 12:27 p.m. in New York, its third straight slide and longest since January after climbing to within 20 points of its dot-com-era record. The Standard & Poor™s 500 Index slipped 0.9 percent to 2,073.81. The Dow declined 189.14 points, or 1.1 percent, to 17,822.00.

While the S&P 500 is among the worst-performing developed-market indexes this year, it is still headed for its ninth consecutive quarterly advance, with a 0.7 percent increase. That would be the longest winning streak since 1998. The gains pushed equity valuations to the highest in about six years.

Source : Bloomberg

Aust dollar hits two-month high

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Better economic figures out of the US have failed to deter the Australian dollar, which rallied to a two-month high overnight.

At 7am (AEDT), the local currency was trading at US78.76c, up from US78.67c on Tuesday.

The Australian dollar bounced as high as US79.38c overnight, its highest level since January 28.

That was despite strong economic data out of the US, where core inflation ticked up to 1.7 per cent and sales of new homes climbed to their fastest pace in seven years.

Bank of New Zealand strategist Kymberly Martin said the local currency reached its peak around the time the US inflation data were released, despite the figures being stronger than market expectations.

Source : MarketsSpectator

Gold Advances to Two-Week High on U.S. Interest-Rate Outlook

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Gold rose to the highest in two weeks amid speculation that U.S. policy makers will hold off on raising interest rates until later this year.

Federal Reserve Chair Janet Yellen signaled last week that the central bank is in no hurry to raise rates after the Fed dropped a pledge to be patient on tightening. Higher borrowing costs cut gold’s allure because the metal generally offers returns only through price gains.

The dollar touched the lowest in two weeks against a basket of 10 currencies after Fed Vice Chairman Stanley Fischer said on Monday that while higher rates will probably be warranted by before the end of the year, policy makers want to be “reasonably confident” that inflation is rising toward their 2 percent goal.

On the Comex in New York, gold futures for April delivery rose 0.3 percent to settle at $1,191.40 an ounce at 1:39 p.m. Earlier, the price reached $1,194.50, the highest for a most-active contract since March 6.

Holdings in exchange-traded products backed by gold climbed on Monday for the first time in a month.

Source : Bloomberg

U.S. Stocks Decline as Dollar Rises With Treasuries; Metals Gain

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U.S. stocks dropped while the dollar strengthened as data on consumer prices showed signs inflation is perking up. Treasuries advanced after the sale of two-year notes was characterized as good by firms obligated to bid.

The Standard & Poor’s 500 Index lost 0.6 percent at 4 p.m. in New York, its 25th day without consecutive gains, the longest stretch since 2001. The Nasdaq Composite Index erased earlier gains to finish lower by 0.3 percent. The Stoxx Europe 600 Index climbed 0.4 percent. The Bloomberg Dollar Spot Index added 0.2 percent. The yield on 10-year Treasuries fell four basis points to 1.87 percent. U.S. crude added 6 cents to settle at $47.51 a barrel. Gold rose to a two-week high while copper increased for a fourth day.

The cost of living in the U.S. climbed 0.2 percent in February, as fuel costs stabilized. Fed policy makers are looking for inflation to accelerate and close in on their 2 percent target as they weigh the timing of the first rate increase since 2006. Purchases of new homes in the U.S. unexpectedly rose in February to a seven-year high. A $26 billion sale of two-year notes was rated a ‘4’ by five of the Fed’s primary dealers.

Source : Bloomberg

Banks Push European Stocks Higher With Stoxx 600 Nearing Record

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Lenders led a rally in European stocks, sending the Stoxx Europe 600 Index near a record.

Spain’s Banco Santander SA and Italy’s Intesa Sanpaolo SpA climbed more than 1.5 percent, while France’s Societe Generale SA added 2.5 percent. Deutsche Lufthansa AG lost 1.6 percent as Germanwings, its low-cost subsidiary, operated a plane that crashed in southern France.

The Stoxx 600 advanced 0.3 percent to 402.49 at the close of trading in London, reversing an earlier drop of as much as 0.5 percent as data showed that euro-area business activity expanded faster than forecast. For Germany, a composite index the manufacturing and services industries rose to 55.3 in March from 53.8 in February, marking a 23rd month of growth. The Stoxx 600 ended 0.7 percent away from a record reached in 2000.

European shares have rallied 18 percent this year, with the Stoxx 600 closing at its highest level since 2000 last week, as the European Central Bank started a quantitative-easing program and speculation increased that the Federal Reserve won’t rush to raise rates.

Source : Bloomberg

U.S. Stocks Fluctuate, Dollar Rises With Treasuries; Metals Gain

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U.S. stocks fluctuated, the dollar advanced and Treasuries rose as investors assessed the outlook for higher interest rates after consumer prices fell short of the Federal Reserve’s inflation target.

The Standard & Poor’s 500 Index fell 0.1 percent at 12:42 p.m. in New York. The Nasdaq Composite Index approached an all-time high as Netflix Inc. and Google Inc. paced gains in technology shares. The Stoxx Europe 600 Index climbed 0.4 percent. The Bloomberg Dollar Spot Index added 0.2 percent, while the yield on 10-year Treasuries slipped one basis point to 1.89 percent. West Texas Intermediate crude fluctuated near $47.50 a barrel. Gold rose 0.1 percent.

The cost of living in the U.S. climbed 0.2 percent in February, as fuel costs stabilized. Prices were unchanged from a year earlier. Fed policy makers are looking for inflation to accelerate and close in on their 2 percent target as they weigh the timing of the first rate increase since 2006. Purchases of new homes in the U.S. unexpectedly rose in February to a seven-year high.

The Bloomberg dollar gauge had its biggest drop in three years last week and U.S. equities rallied after the Fed cut projections for future interest rates, inflation and growth. The S&P 500 is less than 1 percent from its latest all-time high set on March 2, while the Nasdaq Composite Index closed Monday 0.8 percent below its March 2000 record.

Source : Bloomberg

Gold at 2-week high on weaker dollar, rate expectations

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Gold firmed for the fourth straight session on Monday to its highest in more than two weeks, as the dollar extended losses and expectations rose that the Federal Reserve will hold off until at least September to raise interest rates.

Gold had dipped to a four-month low before the Fed met last week as concerns mounted over higher U.S. interest rates, which could dent demand for non-interest-bearing bullion.

Spot gold hit its highest since March 6 at $1,190.70 an ounce and was up 0.7 percent, by 3:05 p.m. EDT (1705 GMT).

U.S. gold futures for April delivery settled up $3.10 at $1,187.70 an ounce.

The dollar fell 0.9 percent against a basket of leading currencies. It came under pressure after the Fed last week downgraded its economic growth and inflation projections, signaling it is in no rush to push borrowing costs to more normal levels.

Later in the day, Fed Vice Chair Stanley Fischer said the central bank is "widely expected" to begin raising interest rates this year, though the policy path remains uncertain.

Platinum rose 1.1 percent to $1,146.75 an ounce, while silver gained 1.4 percent at $16.96 an ounce and palladium was down 0.5 percent at $772.50 an ounce

Source : Reuters

Dollar Drops as Fischer Says Rate-Increase Path Won’t Be Smooth

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The dollar extended the biggest weekly decline in three years after Federal Reserve Vice Chairman Stanley Fischer said there won’t be a “smooth upward path” for interest rates even as the first increase may be warranted before the end of 2015.

The greenback dropped against all of its 16 major peers as Fischer, in remarks at the Economic Club of New York, said subsequent rate increases will be subject to economic and geopolitical events. While policy makers undermined the dollar last week when they cut projections for higher borrowing costs, the U.S. currency still is set for a ninth month of gains as the Fed moves toward raising rates while global peers including the European Central Bank are adding to stimulus.

The Bloomberg Dollar Spot Index fell 0.9 percent to 1,183.93 at 3:46 p.m. in New York after touching 1,183.90, the lowest level since March 6. It tumbled 2.2 percent last week, the biggest weekly decline since October 2011.

The dollar weakened 1.4 percent to $1.0970 per euro, after earlier strengthening as much as 0.5 percent. It slipped 0.3 percent to 119.71 yen.

Source : Bloomberg

Japan Stocks Fall First Time in Three Days on U.S. Rate Outlook

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Japanese stocks fell for the first time in three days as the yen held two days of gains amid speculation the Federal Reserve won’t hurry to raise interest rates.

The Topix index declined 0.3 percent to 1,587.30 as of 9:02 a.m. in Tokyo, after closing yesterday at a seven-year high. More than two stocks fell for each that rose. The Nikkei 225 Stock Average lost 0.2 percent to 19,702.42. The yen traded at 119.75 per dollar after Federal Reserve Vice Chairman Stanley Fischer said there won’t be a “smooth upward path” for U.S. interest rates, even with the first increase potentially warranted by late 2015.

Global equity values climbed by more than $2.4 trillion last week as Fed policy makers signaled a more gradual pace of monetary tightening than previously estimated. San Francisco Fed President John Williams speaks to economists in Sydney Tuesday after Fischer’s comments Monday to the Economic Club of New York.

E-mini futures on the Standard & Poor’s 500 Index added 0.1 percent after the underlying equity measure lost 0.2 percent Monday in New York.

Source: Bloomberg

U.S. Stocks Slip as Transports Decline Offsets Consumer Gains

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U.S. stocks retreated after the Standard & Poor’s 500 Index climbed within four points of a record, as a drop in transportation companies offset gains in consumer shares.

The Dow Jones Transportation Average dropped after railroad Kansas City Southern cut its outlook. The Nasdaq Biotechnology Index fell 2.2 percent after setting a record Friday.

The S&P 500 slipped 0.2 percent to 2,104.44 at 4 p.m. in New York. The Nasdaq Composite Index lost 0.3 percent.

The S&P 500 and Dow are less than 1 percent from records they last reached on March 2. The Nasdaq Composite jumped on Friday to a 15-year high, almost erasing its losses since the end of the dot-com bubble. The S&P 500 rose 2.7 percent last week, with the dollar weakening, as concern eased about an interest-rate increase.

Source : Bloomberg

Europe Stocks Drop After Nearing Record With Seventh Weekly Gain

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European stocks declined, after a seventh weekly gain pushed equities near an all-time high.

The Stoxx Europe 600 Index slid 0.7 percent to 401.24 at the close of trading, paring earlier losses of as much as 1 percent. The equity gauge ended Friday within 0.4 percent of its March 2000 record close, having surpassed the forecasts of 12 strategists surveyed by Bloomberg in January. The U.K.’s FTSE 100 Index, which climbed above 7,000 for the first time last week, added 0.2 percent today.

The Stoxx 600 exceeded its 2007 peak last week on speculation the Federal Reserve won’t rush to raise rates. It has rallied 17 percent this year amid optimism that stimulus from the European Central Bank will revive the region’s economy, while a weakening euro will boost profits. The rally propelled stocks on the gauge this month to the highest price relative to estimated earnings in at least a decade.

Investors also watched ECB President Mario Draghi’s address to the European Parliament. In an opening statement, he pushed aside concerns that the ECB’s quantitative-easing plan will be hampered by a shortage of bonds available to buy.

Source : Bloomberg

Dollar Holds Losses as Investors Await Fed Speeches for Clues

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The dollar held losses against the euro and the yen as investors look to speeches by Federal Reserve officials for clues on monetary policy.

A gauge of the greenback against major peers dropped the most since October 2011 last week as banks including HSBC Holdings Plc said the currency’s surge since August is coming to an end. Officials scheduled to speak on Monday include Cleveland Fed President Loretta Mester, a non-voting member, and San Francisco Fed President John Williams, who does vote on policy.

The dollar traded at $1.0832 against the euro at 8:46 a.m. in Tokyo from $1.0821 Friday, after slumping 3 percent last week. It was little changed at 120.03 yen after sliding 0.6 percent on Friday.

The Bloomberg Dollar Spot Index fell 0.1 percent to 1,194.12, after tumbling 2.2 percent last week.

Hedge funds trimmed their bullish dollar futures positions to the least since December, according to Commodity Futures Trading Commission data. Net futures position betting on a stronger greenback versus eight major peers in this category reached a record 448,675 contracts in January.

Source : Bloomberg

Gold Extends Weekly Climb After Dollar Drops Most Since 2011

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Gold headed for the longest run of gains since October, rising for a fourth straight day, as the dollar held a weekly loss after the Federal Reserve reduced projections for U.S. interest-rate increases.

Bullion for immediate delivery rose as much as 0.4 percent to $1,187.31 an ounce and was at $1,186.68 at 8:01 a.m. in Singapore, according to Bloomberg generic pricing. The metal rallied 2.1 percent last week, rebounding from a three-month low on March 17, as the Bloomberg Dollar Index fell 2.2 percent.

Fed Chair Janet Yellen suggested last week that the U.S. central bank was in no hurry to raise rates, even as a statement after a policy meeting showed officials dropped a pledge to be patient on tightening. Traders had been exiting gold in anticipation of higher borrowing costs, which usually send investors to assets with better yield prospects such as stocks.

Fed officials on March 18 lowered their estimates for where borrowing costs will be at the end of 2015 to 0.625 percent, from December’s estimate of 1.125 percent. Gold typically trades counter to the U.S. currency.

Gold for April delivery traded at $1,186.30 on the Comex from $1,184.60 on March 20, when it capped a weekly gain.

Silver for immediate delivery increased 0.5 percent to $16.834 an ounce, extending last week’s 7 percent advance. Spot platinum added 0.1 percent to $1,140.13 an ounce, while palladium lost 0.1 percent to $776.10 an ounce.

Source : Bloomberg

Asian Stocks Extend Global Gains as Gold Climbs; Crude Retreats

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Asian stocks climbed, with the regional index extending gains at a six-month high after speculation the U.S. will hold interest rates near zero past mid-year fueled the biggest weekly surge in global equities since 2013. Crude oil declined, while gold advanced.

The MSCI Asia Pacific Index rose a fifth straight day, adding 0.6 percent by 9:19 a.m. in Tokyo as Japan’s Topix index rose 0.7 percent. Standard & Poor’s 500 Index futures climbed 0.1 percent following the gauge’s best week since the start of February. U.S. oil lost 1.2 percent, after jumping 4 percent on Friday, as Saudi Arabia said its was pumping near record amounts of crude. Gold extended its steepest weekly gain in two months. The Bloomberg Dollar Spot Index fell, bringing its two-day decline to 1.4 percent. Emerging-market currencies jumped.

Global equity values expanded by about $2.4 trillion last week as the Federal Reserve signaled a slower pace of monetary tightening than previously estimated amid a moderating economy. That knocked the greenback, with Bloomberg’s dollar gauge falling the most since 2011. China Petroleum & Chemical Corp. reported its lowest annual profit Sunday since the start of the global financial crisis amid oil’s 46 percent slump. Taiwan updates its jobless rate today and Singapore posts inflation.

Australia’s S&P/ASX 200 Index was little changed in the first 50 minutes of trade, while the NZX 50 Index dropped 0.2 percent in Wellington. The Kospi index in Seoul. Both the Nasdaq Composite Index and the Stoxx Europe 600 Index came within 0.5 percent of record highs last week.

Source : Bloomberg

Japanese Shares Head for Seven-Year High as Global Rally Resumes

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Japanese stocks rose, with the Topix index headed for a seven-year high, as the rally in global equities resumed amid expectations the Federal Reserve will be slower to raise interest rates.

The Topix advanced 0.2 percent to 1,583.14 as of 9:01 a.m. in Tokyo, poised for its highest close since November 2007, after capping a ninth straight weekly gain. The Nikkei 225 Stock Average added 0.1 percent to 19,584.73. The yen traded at 119.95 per dollar after strengthening 1.1 percent last week. More than $2.4 trillion was added to the value of global stocks in the five days through March 20 as the Fed signaled a slower pace of raising interest rates.

The Topix climbed 12 percent this year through last week, making it the best performer among developed Asian equity markets tracked by Bloomberg, buoyed by central-bank stimulus and stock buying and the $1.1 trillion pension fund’s shift from bonds into the nation’s equities. Three other Japanese public pension funds with about 30.3 trillion yen ($252 billion) said last week they will adopt similar asset-allocation targets to the Government Pension Investment Fund, according to a joint statement on their websites.

E-mini futures on the S&P 500 Index added 0.1 percent after the underlying gauge rallied 0.9 percent on Friday, while the Nasdaq Composite Index advanced to the highest level in 15 years.

Source: Bloomberg

Gold Pares Gains From Two-Week High on Renewed U.S. Rate Concern

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Gold pared gains after reaching an almost two-week high amid renewed concern that the Federal Reserve will still raise U.S. interest rates, even as policy makers cut their outlook for borrowing costs.

Fed officials dropped a pledge to be “patient” in tightening policy in a statement Wednesday, even as they lowered their projections for rates by the end of the year. The dollar rebounded Thursday, climbing as much as 1.5 percent against 10 major peers, on speculation U.S. borrowing costs will rise as other economies stick with monetary easing.

Higher rates cut gold’s allure because the metal generally offers returns only through prices gains, sending investors to assets with better yield prospects such as bonds. Holdings in exchange-traded funds backed by the metal headed for the third straight weekly loss as investors exited gold in anticipation of an increase for borrowing costs.

Gold for immediate delivery climbed 0.3 percent to settle at $1,171.18 an ounce, according to Bloomberg generic pricing. Earlier, the metal rose to $1,177.96, the highest since March 6.

Source : Bloomberg

Dollar Rallies After Fed Outlook Fuels Biggest Slide Since 2009

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The dollar rebounded from its biggest drop in six years amid speculation the Federal Reserve will still raise borrowing costs this year even after cutting its interest-rate projections.

The greenback strengthened against 13 of its 16 major peers after the Fed moved a step closer to higher rates against a backdrop of global easing, led by the European Central Bank and Bank of Japan. Fed Chair Janet Yellen wouldn’t rule out a rate increase as early as June after the central bank removed its commitment to patience on tighter monetary policy Wednesday.

The Bloomberg Dollar Spot Index, a gauge of the currency’s performance against 10 major peers, climbed 1.4 percent to 1,211.18 as of 3:05 p.m. New York time, halting a three-day drop. The gauge reached 1,222.12 on March 13, the highest level based on closing prices going back to 2004.

The U.S. currency strengthened 2 percent to $1.0644 per euro, its first advance in four days. The dollar gained 0.7 percent to 120.94 yen.

Bloomberg’s dollar gauge slumped 1.8 percent on Wednesday, the most since the Fed announced Treasury bond purchases in March 2009, as the U.S. central bank almost halved its expectations for year-end rates. The federal funds rate will be 0.625 percent by the end of 2015, according to Fed members’ estimates, versus a December forecast of 1.125 percent.

Source : Bloomberg

U.S. Stocks Slide After Fed Rally as Energy Shares Retreat

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U.S. stocks fell, after a rally Wednesday on the Federal Reserve’s policy statement, as banks retreated and energy companies fell with the price of oil.

The Standard & Poor’s 500 Index slipped 0.5 percent to 2,089.40 at 4 p.m. in New York. The Nasdaq Composite Index rose 0.2 percent after briefly climbing above the 5,000 level again.

The S&P 500 is on track to go 22 consecutive sessions without back-to-back gains, the longest since a 23-day stretch in June 2010. It never fell four days in a row in 2014.

The dollar rebounded from its biggest drop versus the euro in six years. The Bloomberg Dollar Spot Index, a gauge of the currency’s performance against 10 major peers, gained 1.4 percent, halting a three-day drop.

The S&P 500 climbed 1.2 percent yesterday after the Fed said data suggest economic growth has moderated. The central bank said higher interest rates in April are unlikely and it won’t tighten until it is “reasonably confident” inflation will return to its target and the labor market improves further.

Source : Bloomberg

European Stocks Rise to Highest Since 2000 After Fed Statement

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European stocks climbed to their highest level since 2000, as the Federal Reserve acknowledged a moderation in economic growth, fueling speculation it won’t be in a rush to raise interest rates.

Sixteen of the 19 industry groups on the Stoxx Europe 600 Index advanced, led by energy companies. Royal Dutch Shell Plc rose 1.2 percent, while Premier Oil Plc added 8.1 percent, for the biggest gain on the Stoxx 600.

The Stoxx 600 increased 0.6 percent to 400.98 at 4:30 p.m. in London. Equities climbed yesterday as U.K. shares rallied after a budget presentation and Swedish stocks jumped after a rate cut. The Stoxx 600 has surged 17 percent this year.

The Fed cut its estimate for where the benchmark U.S. interest rate will be by the end of 2015, easing concern that tighter monetary policy would curb demand for riskier assets and sending the dollar soaring.

Source : Bloomberg

U.S. Stocks Decline After Fed Rally as Energy Shares Retreat

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U.S. stocks fell, after a rally Wednesday on the Federal Reserve’s policy statement, as banks retreated and energy companies fell with the price of oil.

Transocean Ltd. and Chesapeake Energy Corp. dropped more than 5.1 percent. Citigroup Inc. and Morgan Stanley fell more than 2.4 percent. The Nasdaq Biotechnology Index rose 1.3 percent. Apple Inc. slipped in its first day in the Dow Jones Industrial Average.

The Standard & Poor’s 500 Index slipped 0.6 percent to 2,088.01 at 12:17 p.m. in New York. The Dow declined 117.16, or 0.7 percent, to 17,959.03 after rising 1.3 percent Wednesday. The Nasdaq Composite Index rose 0.1 percent after earlier approaching the 5,000 level again.

The dollar rebounded from its biggest drop versus the euro in six years. The Bloomberg Dollar Spot Index, a gauge of the currency’s performance against 10 major peers, gained 1.3 percent, halting a three-day drop.

Source : Bloomberg

Gold Climbs Most Since January as Fed Official Cut Rate Outlook

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Gold prices climbed the most since January as Federal Reserve officials said an increase for interest rates is unlikely next month and cut their outlook for borrowing costs.

U.S. economic growth has “moderated somewhat” and inflation has declined further below where officials would like it, the Federal Open Market Committee said in a statement Wednesday. The policy makers lowered their median estimate for the federal funds rate at the end of 2015 to 0.625 percent, compared with 1.125 percent in December forecasts.

In 2015, gold prices fell 1.4 percent on concern that rates would rise, cutting the appeal of the metal, which generally offers returns through price gains. The benchmark rate has been near zero since 2008.

Gold for immediate delivery climbed 1.6 percent to settle at $1,167.61 an ounce, the biggest gain since Jan. 30.

Investors had exited gold in anticipation of a nearby increase for borrowing costs, which lifts the appeal of assets with better yield prospects such as bonds and equities. About $4 billion has been wiped from the value of exchange traded funds backed by bullion in March, heading for the biggest monthly drop since September.

Source : Bloomberg

Dollar Tumbles Most Since 2009 After Fed Cuts Rate Projections

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The dollar tumbled the most in six years after the Federal Reserve slashed projections for U.S. interest rates, tempering the removal of a promise to remain “patient” on raising borrowing costs.

The greenback weakened versus most major peers as central bank officials almost halved their median estimate for the target rate this year. The dollar has been on a tear for the last six months, with traders boosting bets for further appreciation to a record high, as the Fed moves closer to tightening for the first time in almost a decade.

The Bloomberg Dollar Spot Index, a gauge of the currency’s performance against 10 major peers, slumped 1.75 percent to 1,194.89, the most since the Fed announced bond purchases in March 2009. On Friday, the index reached the highest level based on closing prices going back to 2004.

The dollar depreciated 1 percent to 120.11 yen and lost 2.5 percent to $1.0864 per euro.

Source : Bloomberg