Dollar Climbs to 120 Yen After U.S. Housing Sales Surge

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The dollar climbed to 120 yen for the first time in a week after a jump in U.S. sales of previously owned homes backed speculation that the Federal Reserve will raise interest rates this year.

The greenback held a three-day advance against the euro before finance ministers from the currency bloc meet in Riga, Latvia, on Friday to persuade Greece to commit to economic reforms so that aid payments can be released before the country runs out of money. The European Central Bank almost doubled an increase in emergency funding to Greek banks ahead of the talks.

The U.S. currency touched 120 yen, before trading at 119.94 as of 8:47 a.m. in Tokyo from 119.91 on Wednesday. It was little changed at $1.0724 per euro, having gained 0.8 percent over the past three trading sessions.

The Bloomberg Dollar Spot Index, which tracks the currency against 10 major peers, was at 1,192.55 from 1,191.90 Wednesday.

Source : Bloomberg

Gold Futures Slump Most in Six Weeks as U.S. Home Sales Jump

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Gold futures fell the most in six weeks as signs of a recovery in the U.S. economy curbed demand for the precious metal as an alternative asset. Silver dropped to the lowest since mid-March.

Sales of previously owned homes jumped in March to the highest since September 2013, figures from the National Association of Realtors showed Wednesday. The dollar pared losses against a basket of 10 currencies, while gold dropped to a one-week low. The metal fell 2.5 percent in March as the greenback climbed for the ninth straight month.

Gold futures for June delivery fell 1.3 percent to settle at $1,186.90 an ounce at 1:50 p.m. on the Comex in New York, the biggest drop for a most-active contract since March 6. Earlier, the metal touched $1,185, the lowest since April 14.

Estimated trading for the contract was 261,646 contracts with the highest volume shortly after the housing data was related at 10 a.m.

Source : Bloomberg

U.S. Stocks Climb Toward Records Amid Rally in Coke, McDonald’s

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U.S. stocks rose toward records, with the Nasdaq Composite Index at the highest closing level since 2000, as technology shares jumped and Coca-Cola Co. and McDonald’s Corp. rallied after reporting earnings.

Coca-Cola jumped 1.3 percent as it enticed consumers to pay more for its drinks during the quarter. McDonald’s soared 3.1 percent as Chief Executive Officer Steve Easterbrook promised to give details of his turnaround plan next month. Visa Inc. and MasterCard Inc., the world’s biggest payments networks, surged the most since October on prospects for business in China.

The Standard & Poor’s 500 Index rose 0.5 percent to 2,107.93, less than 10 points from a record, at 4 p.m. in New York. The Nasdaq Composite Index increased 0.4 percent. The Dow Jones Industrial Average added 88.01 points, or 0.5 percent, to 18,037.60.

While analysts predict an earnings slump through September, they have moderated how steep that will be. They now forecast first-quarter earnings for S&P 500 companies will drop 4.3 percent, better than April 10 estimates for a 5.6 percent decline.

Source : Bloomberg

U.S. Stocks Climb Toward Records Amid Earnings; Treasuries Drop

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U.S. stocks rose amid a spate of corporate results from Coca-Cola Co. to McDonald’s Corp. Energy shares gained after oil erased losses on inventory data, while Treasuries slid on speculation interest rates will climb this year.

The Standard & Poor’s 500 Index climbed 0.3 percent at 12:47 p.m. in New York. Visa Inc. surged the most since October after China indicated the company could enter the market. Japan’s Nikkei 225 Index closed above 20,000 for the first time since 2000. Ten-year Treasury rates climbed six basis points to 1.97 percent. The yield on five-year Greek notes slumped 189 basis points to 18.94 percent. Oil added 0.2 percent to $56.74 a barrel.

Investors assessing the strength of corporate America have seen 80 percent of the S&P 500 that have reported beat profit projections, while only 48 percent have topped sales estimates. Data showing a better-than-forecast rise in existing home sales boosted speculation the Federal Reserve will raise borrowing costs this year. Greece won access to emergency funding for its banks.

Source : Bloomberg

European Shares Are Little Changed While Greek Lenders Rebound

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European stocks halted a two-day gain amid disappointing earnings releases, while Greek shares rallied after a report that the nation won access to more emergency funding for its banks.

The Stoxx Europe 600 Index slipped less than 0.1 percent to 408.99 at the close of trading in London. It earlier rose as much as 0.6 percent and fell 0.8 percent. Retailers declined 1.4 percent, falling the most among 19 industry groups.

The Stoxx 600 climbed 1.4 percent in the past two days, closing within 1.2 percent of the record it reached earlier this month. It’s rallied 19 percent this year as the European Central Bank embarked on a quantitative-easing program.

Greece’s ASE rose after closing at its lowest level since 2012. Its banks jumped 13 percent, rebounding from a record low. Piraeus Bank SA and Eurobank Ergasias SA rallied more than 21 percent.

Source : Bloomberg