Yen Advances on Haven Demand as Oil, Stocks Drop; Krone Sinks

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The yen gained against most of its major counterparts on haven demand as the currencies of oil-producing nations plunged with crude.

A gauge of the dollar was at almost the highest level in a decade before economic data this week that may shed light on the pace of U.S. growth as the Federal Reserve considers the timing of its first interest-rate increase since 2006. Brazil™s real fell as economists cut growth forecasts. Norway™s krone, the Russian ruble and the dollar of Canada slid as oil dropped to an almost six-year low. U.S. Treasuries rose and stocks fell.

The yen rose 0.2 percent to 118.29 per dollar at 3:33 p.m. New York time after jumping 1 percent on Jan. 9. It strengthened 0.2 percent to 140.05 per euro for a third day of gains. The 19-nation shared currency was little changed at $1.1839 after descending 1.3 percent last week and touching $1.1754 on Jan. 8, the lowest since December 2005.

The Bloomberg Dollar Spot Index, which tracks the U.S. currency against 10 major peers, gained 0.1 percent to 1,142.60. It closed at 1,147.54 on Jan. 8, the highest in data going back to 2004.

Source: Bloomberg

Gold Advances to Four-Week High on Bets Fed Will Keep Rates Low

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Gold futures rose to a four-week high on speculation that the Federal Reserve will keep U.S. interest rates low for a considerable time to bolster the economy.

Average hourly earnings for all U.S. employees fell 0.2 percent in December from a month earlier, the most since comparable records began in 2006, government data showed Jan. 9. Gold priced in euros rose to the highest since September 2013 as Greece prepared for a Jan. 25 election amid speculation that the country will exit the currency bloc. Japan plans a record budget to support an economy that fell into recession.

Gold futures for February delivery rose 1.4 percent to settle at $1,232.80 an ounce at 1:41 p.m. on the Comex in New York. In electronic trading after the close, the metal reached $1,235.60, the highest for a most-active contract since Dec. 10.

Silver futures for March deliver rose 0.9 percent to $16.564 an ounce on the Comex.

Platinum futures for April delivery gained 0.9 percent to $1,241 an ounce on the New York Mercantile Exchange, after touching $1,246.60, the highest since Dec. 11. Palladium futures for March delivery climbed 1.7 percent to $814.10 an ounce, the biggest increase since Nov. 21.

Source: Bloomberg

U.S. Stocks Fall as Crude Slump Weighs on Energy Before Earning

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U.S. stocks fell, after the Standard & Poor™s 500 Index posted its first back-to-back weekly retreat since October, as the continuing selloff in crude pulled down energy shares before the start of corporate earnings.

Energy shares tumbled 2.8 percent, the most among 10 groups in the S&P 500, as crude dropped 4 percent. Tiffany & Co. lost 14 percent after the jewelry retailer lowered its annual forecast after sales declined during the holiday. SanDisk Corp. fell the most in almost six years after reporting preliminary results below its own estimates.

The S&P 500 slid 0.8 percent to 2,028.43 at 4 p.m. in New York. Losses accelerated after the market™s open as the benchmark gauge fell through its average price for the past 50 days. The Dow Jones Industrial Average lost 93.86 points, or 0.5 percent, to 17,643.51. The Nasdaq 100 Index slid 1 percent as technology shares retreated.

Source: Bloomberg

U.S. Stocks Fall as Crude Slump Weighs on Energy Before Earnings

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U.S. stocks fell, after the Standard & Poor™s 500 Index posted its first back-to-back weekly retreat since October, as the continuing selloff in crude pulled down energy shares before the start of corporate earnings.

Energy shares tumbled 2.7 percent, the most among 10 groups in the S&P 500, as crude dropped 4 percent. Tiffany & Co. lost 12 percent after the jewelry retailer lowered its annual forecast after sales declined during the holiday. SanDisk Corp. fell the most in almost six months after reporting preliminary results below its own estimates.

The S&P 500 slid 0.6 percent to 2,032.30 at 12:10 p.m. in New York. Losses accelerated after the market™s open as the benchmark gauge fell through its average price for the past 50 days. The Dow Jones Industrial Average lost 67.18 points, or 0.4 percent, to 17,670.19. Trading in S&P 500 companies was 4.8 percent above the 30-day average for this time of the day.

The index lost 0.7 percent last week, following a 1.5 percent drop the prior week, amid concern over sliding oil prices, falling U.S. wages and that the European Central Bank™s bond-buying plan won™t be enough to combat deflation.

Investors were whipsawed during the week as the S&P 500 had up and down swings of more than 1 percent on three separate days, with an average daily move of 1.3 percent for the full week. The volatility stands in contrast to 2014, when the gauge fluctuated 0.53 percent on average each day for the calmest year in U.S. stocks since 2006.

Source: Bloomberg

Europe Stocks Rise as Health-Care Companies, Greek Equities Gain

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European stocks advanced for the third time in four days, pushed higher by drugmakers and Greek equities.

The Stoxx Europe 600 Index added 0.6 percent to 339.87 at the close of trading in London, after earlier climbing as much as 1.1 percent and falling 0.4 percent. Roche Holding AG helped send health-care companies up 0.9 percent, and Greece™s ASE Index climbed 3.8 percent, completing its biggest two-day rally since November.

The broad European benchmark gauge fell 1 percent last week for a second decline, posting its worst start to a year since 2008. It fell 3.7 percent from an almost seven-year high reached Dec. 5 through Jan. 9 amid a plunge in oil prices and Greek equities before the nation holds an election on Jan. 25.

The Stoxx 600 lost 1.3 percent on Jan. 9 amid a slump in Spanish and Italian lenders. The IBEX 35 Index fell the most since September 2012 that day, closing at its lowest level since Oct. 16. At the same time, traders bought up protection should Greece™s potential exit from the euro trigger a domino drop in Spanish and Italian stocks.

Source: Bloomberg