Gold Rise Stalls as Equity Rally Damps Demand for Haven Assets

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Gold is losing momentum after the best month in three years as gains in the equity market curbed demand for haven assets.

Prices settled little changed Thursday and are down 3.4 percent since reaching a five-month high in late January. The MSCI All-Country World Index of shares rose for a fourth straight session, after posting losses in January and December.

Gold futures for delivery in April slipped 0.1 percent to settle at $1,262.70 an ounce at 1:41 p.m. on the Comex in New York. Prices are heading for a second straight weekly loss, after jumping 8 percent in January.

Gold has risen 6.6 percent this year, boosted by concern that Greek debt negotiations will undermine the region™s financial stability. The European Central Bank said Wednesday that it will no longer accept junk-rated collateral from Greece, citing doubt over the government™s commitment to previous reform pledges.

Silver futures for March delivery fell 1.1 percent to $17.196 on the Comex, snapping four sessions of gains.

Source : Bloomberg

Euro Rebounds as Greece Retains Funding Access After ECB Limits

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The euro strengthened, recovering most of Wednesday™s loss, as Greek banks will get emergency funding after the European Central Bank put restriction on loans to the nation™s financial system.

The currency gained versus most of its major peers as the ECB will allow the Greek central bank to provide as much as 59.5 billion euros ($68 billion) in emergency funding for the country™s lenders, a euro-area central-bank official familiar with the decision said Thursday. The decision comes after the ECB shut off a key avenue for Greek banks™ funding Wednesday, citing doubts that the country™s newly elected government will conclude its aid program.

Source : Bloomberg

U.S. Stocks Erase 2015 Losses Amid Deals, Oil Rally; Bonds Fall

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U.S. stocks rose, with benchmark indexes erasing losses for the year, as Pfizer Inc. announced a $17 billion deal and energy producers climbed with crude. Treasuries fell, while the euro strengthened as investors assessed negotiations on Greece™s bailout.

The Standard & Poor™s 500 Index added 1 percent at 4 p.m. in New York, capping a recovery from a 3.1 percent slide in January. The yield on 10-year Treasuries advanced six basis points to 1.81 percent. Greek 10-year yields were little changed at 9.69 percent after erasing an earlier surge. The euro strengthened 1.2 percent to $1.1484. West Texas Intermediate crude rose 4.2 percent to settle at $50.48 a barrel. Natural gas futures slid to a 31-month low in New York.

Applications for U.S. unemployment benefits hovered around levels that are typically associated with an improving job market, data showed a day before the government releases its monthly labor report. Pfizer agreed to buy Hospira Inc., the biggest provider of injectable drugs and infusion technology. The first direct talks between Greece and Germany since a new anti-bailout government took power in Athens last week yielded no agreement on how to narrow their differences.

Source : Bloomberg

U.S. Stocks Rise on Pfizer Deal, Oil Rally; Treasuries Decline

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U.S. stocks rose, with benchmark indexes briefly erasing losses for 2015, as Pfizer Inc. announced a $17 billion deal and energy producers climbed with crude oil. Treasuries fell, while the euro strengthened as investors assessed bailout negotiations among Greece and European leaders.

The Standard & Poor™s 500 Index added 0.8 percent at 12 p.m. in New York. The yield on 10-year Treasuries advanced six basis points to 1.81 percent. Greek 10-year yields were little changed at 9.69 percent after erasing an earlier surge. The euro strengthened 0.8 percent to $1.1431. West Texas Intermediate crude rose 6.7 percent to $51.67 a barrel, while natural gas futures slid to a 29-month low in New York.

Pfizer agreed to buy Hospira Inc., the biggest provider of injectable drugs and infusion technology. Applications for unemployment benefits hovered around levels that are typically associated with an improving job market. The first direct talks between Greece and Germany since a new anti-bailout government took power in Athens last week yielded no agreement on how to narrow their differences. The encounter came hours after Greece lost a critical funding artery when the European Central Bank restricted loans to its financial system.

Source : Bloomberg

European Stocks Close at 7-Year High; Greek Shares Drop on Talks

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Stocks in Europe closed at their highest level in more than seven years. Greek shares fell amid concern over talks between the nation™s government and European leaders.

The Stoxx Europe 600 Index added 0.1 percent to 372.51 at the close of trading, erasing intraday losses of as much as 0.6 percent as energy shares advanced. The ECB restricted loans to Greece, a decision that will raise financing costs for the nation™s banks and increase oversight by policy makers. The Greek ASE Index slid 3.4 percent as lenders slumped.

Following the ECB™s move, the government in Athens held onto demands to end austerity. German Finance Minister said after a meeting with his Greek counterpart that they œagreed to disagree, signaling no compromise. Optimism that Greece™s new government will soften its anti-austerity stance had sent the Stoxx 600 higher earlier this week, with the ASE posting its biggest three-day rally since 1991.

The Stoxx 600 has surged 8.8 percent this year after the ECB announced a bond-buying plan that included sovereign bonds. The volume of Stoxx 600 shares changing hands was 5.3 percent greater than the 30-day average, data compiled by Bloomberg show.

Source : Bloomberg