Gold Futures Cap Longest Rally in Six Months as Euro Plummets

Gold futures capped the longest rally in more than six months as Switzerland™s decision to decouple its currency from the euro roiled currency markets, boosting demand for the metal as a haven. The Swiss National Bank unexpectedly scrapped its three-year policy of capping the Swiss franc against the euro, one week before European policy makers meet to discuss new stimulus. The Bloomberg Dollar Spot Index, which tracks the U.S. currency...

Oil Advances as OPEC Forecasts Slower Growth in U.S. Supply

Oil advanced in New York and London after OPEC said that a slump in prices will start to erode U.S. supply growth this year. West Texas Intermediate futures gained 1.7 percent in New York, erasing an earlier decline of 2.7 percent. The rate of U.S. supply growth will be slower than previously forecast, OPEC said, as companies curb drilling activity and cut spending plans. U.S. output surged to 9.19 million barrels a day last week, the...

Asia Stocks Fall as Japan Shares Dragged Lower by Yen Strength

Asian stocks fell, led by Japanese shares, after the yen and gold climbed as the Swiss central bank™s unexpected scrapping of its currency cap spurred a flight to haven assets.The MSCI Asia Pacific Index declined 0.1 percent to 138.59 as of 9:00 a.m. in Tokyo, before markets opened in Hong Kong and China. Japan™s Topix index tumbled 1.6 percent as the yen traded near a one-month high at 116.22 per dollar, after gaining 1 percent yesterday....

U.S. Stocks Retreat as Banks, Oil Sink While Swiss Franc Surges

U.S. stocks dropped a fifth day as banks fell on earnings and Apple Inc. led technology shares lower, while crude oil resumed its retreat. The franc soared against currencies globally as Switzerland ended its exchange-rate cap, roiling European markets and fueling gains in gold. The Standard & Poor™s 500 Index was down 0.9 percent by 4 p.m. in New York, capping a five-day drop of 3.4 percent. Bank of America Corp. fell 5.2 percent...

U.S. Stocks Fall as Banks, Best Buy Slump on Corporate Earnings

U.S. stocks fell for a fifth straight day as banks and Best Buy Co. slid amid corporate earnings to overshadow gains in mining companies. Bank of America Corp. and Citigroup Inc. fell at least 2.5 percent as both banks reported a drop in fourth-quarter profit as revenue from fixed-income trading declined. Best Buy tumbled 13 percent as the largest electronics retailer warned that...