Gold Falls as Global Equities Rose on Easing Greek Debt Concerns

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Gold futures declined for the second straight day as easing concerns on Greek debt boosted global equities, reducing demand for alternative assets.

Greek Finance Minister Yanis Varoufakis proposed late on Monday to exchange existing debt for new bonds linked to economic growth. The MSCI All-Country World Index and the Standard & Poor™s 500 Index of U.S. stocks both rose as much as 1.3 percent.

Gold in January capped the biggest monthly gain in three years as concern that Greece would exit from the euro zone and signs of slowing economies outside the U.S. fueled demand for haven assets. The metal fell on Monday on concern that U.S. interest rates will increase soon.

Gold futures for April delivery fell 1.3 percent to settle at $1,260.30 an ounce at 1:51 p.m. on the Comex in New York. The metal dropped 0.2 percent on Monday.

Last year, gold posted a consecutive annual decline for the first time since 1998 as equities surged to a record and the U.S. economy gained traction.

Source : Bloomberg

Euro Rallies to Two-Week High as Greece Softens Stance on Debt

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The euro rose to the strongest level in almost two weeks as Greece™s government was said to retreat from a demand for a debt writedown, boosting optimism the region won™t face a renewed crisis.

Australia™s dollar tumbled to the weakest level since May 2009 after the Reserve Bank of Australia joined a growing number of central banks that are boosting monetary stimulus to address slowing economic growth and inflation. Denmark™s central bank sold a record amount of kroner last month to protect its peg to the shared currency, while Russia™s ruble gained.

The 19-nation euro gained 1.1 percent to $1.1470 at 12:05 p.m. New York time, after slumping last month to the weakest level since 2003. The currency added 1.1 percent to 134.58 yen.

The euro advanced versus most of its major peers after Greece™s Finance Minister Yanis Varoufakis outlined plans to swap some Greek debt owned by the European Central Bank and the European Financial Stability Facility for new securities, according to a person who attended the meeting and asked not to be identified because they weren™t authorized to speak publicly.

Source : Bloomberg

U.S. Stocks Advance as Energy Rally Extends to Broader Market

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U.S. stocks rallied for a second day, rebounding from the biggest monthly drop in a year for the Standard & Poor™s 500 Index, as a surge in energy stocks spread to the broader market.

The S&P 500 added 1.4 percent to 2,049.98 at 4 p.m. in New York, climbing above its average level for the past 50 days. The Dow Jones Industrial Average rose 304.98 points, or 1.8 percent, to 17,666.02. The gauge is up 2.9 percent over two days, the most since Jan. 8.

The S&P 500 rebounded 1.3 percent Monday as a rally in crude sparked gains in energy shares. The index lost 3.1 percent in January, the worst performance in a year, after reaching an all-time high on Dec. 29. The two-day rally has trimmed the gauge™s decline for the year to 0.4 percent.

Source : Bloomberg

U.S. Stocks Advance as Oil Extends Rally

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U.S. stocks rose, after the Standard & Poor™s 500 Index rebounded from its biggest monthly decline in a year, as oil prices rallied for a fourth day and Staples Inc. and Office Depot Inc. surged on merger speculation.

The S&P 500 added 0.6 percent to 2,032.72 at 12:18 p.m. in New York, paring an earlier advance of as much as 1 percent. The Dow Jones Industrial Average rose 156.39 points, or 0.9 percent, to 17,517.43. The Nasdaq 100 Index was little changed as biotechnology companies slumped. Trading in S&P 500 companies was 35 percent above the 30-day average.

The S&P 500 rebounded 1.3 percent Monday as a rally in crude sparked gains in energy shares. The index lost 3.1 percent in January, the worst performance in a year, after reaching an all-time high on Dec. 29.

Source : Bloomberg

European Stocks Rose as Greece Backs Down From Writedown Request

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European stocks climbed as concern that Greece would defy its creditors eased after the nation retreated from a plan to ask the euro area to write down debt.

The Stoxx Europe 600 Index rose 0.8 percent to 370.28 at the close of trading. The gauge pared gains of as much as 1.3 percent after a person familiar with the matter said Germany expects talks with Greece to drag on until the current round of aid runs out.

Greek stocks surged 11 percent, posting the best two-day gain in 24 years. Finance Minister Yanis Varoufakis proposed late on Monday to exchange Greece™s existing debt for new bonds linked to economic growth, according to a person who attended a meeting. Spain™s IBEX 35 Index and Italy™s FTSE MIB Index added at least 2.6 percent, rebounding from two-day drops.

National Bank of Greece SA and Eurobank Ergasias SA rallied at least 18 percent, pushing a gauge of Greek lenders higher. The benchmark ASE Index slid 13 percent last month, with banks tumbling to record lows, after anti-austerity party Syriza formed a new coalition government.

Source : Bloomberg