Euro Falls 3rd Day as Greek Financial-Aid Deal Remains Elusive

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The euro fell for a third day on speculation European finance ministers meeting in Brussels are far from an agreement to bail out Greece and preserve the currency union.

The euro dropped 0.4 percent to $1.1155 as of 5 p.m. in New York, after touching $1.1392 on May 7, the highest level since Feb. 23.

The yen gained against most of its top 16 peers on haven demand as U.S. stocks and crude fell. Japan’s currency rose 0.2 percent to 133.96 per euro, and dropped 0.3 percent to 120.11 per U.S. dollar.

Source: Bloomberg

Gold Futures Fall Amid Signs of Easing Tensions on Greek Bailout

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Gold declined for the third time in four sessions as signs of easing tensions between Greece and its creditors reduced demand for the metal as a haven.

Euro-area finance ministers welcomed progress Greece has made on meeting terms of its bailout while demanding more work before funds can be released, according to two officials. Finance chiefs gathering in Brussels will issue a statement to endorse Greece’s work on a plan to mend its economy, the officials said. Speculation that an aid deal would remain elusive boosted bullion earlier Monday.

Last week, gold rallied on mounting concern that Greece will stumble in its bid to avoid default. Prices also rose last week after a report showing limited wage gains amid increased U.S. hiring indicated the Federal Reserve can take its time in raising interest rates. Higher rates curb gold’s appeal because the metal generally offers returns only through price gains.

Gold futures for June delivery slid 0.5 percent to settle at $1,183 an ounce at 1:48 p.m. on the Comex in New York. The metal climbed 1.2 percent last week.

Source: Bloomberg

U.S. Stocks Drop as Energy Shares Retreat the Most Since January

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U.S. stocks declined, after the biggest rally in two months, as Noble Energy Inc. led energy shares to their biggest drop since January.

The Standard & Poor’s 500 Index declined 0.5 percent to 2,105.30 at 4 p.m. in New York, after closing Friday within two points of a record.

Stocks jumped the most since March on Friday after a report showed hiring bounced back in April, signaling companies are confident the economy will recover from a winter slowdown. The gain helped push the S&P 500 up 0.4 percent for the week.

Source: Bloomberg

U.S. Stocks Fall as S&P 500 Retreats After Rallying Near High

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A selloff in energy shares led U.S. stocks lower, after the biggest rally in two months left the Standard & Poor’s 500 Index near its all-time high.

Noble Energy Inc. fell 5.9 percent after agreeing to buy Rosetta Resources Inc. for $2.1 billion. Rosetta jumped 27 percent, boosting the Russell 2000 Index. Exxon Mobil Corp. lost 1.4 percent as oil prices slipped. Actavis Plc advanced 3.4 percent after posting better-than-estimated first-quarter earnings. Dean Foods Co. added 6.9 percent as earnings topped analysts’ estimates and the company boosted its outlook.

The Standard & Poor’s 500 Index declined 0.3 percent to 2,110.44 at 12:28 p.m. in New York. The Dow Jones Industrial Average slipped 56.68 points, or 0.3 percent, to 18,134.43. The Russell 2000 rose 0.5 percent, while the Nasdaq Composite Index was little changed.

Stocks jumped the most since March on Friday after a report showed hiring bounced back in April, signaling companies are confident the economy will recover from a winter slowdown. The gain helped push the S&P 500 up 0.4 percent for the week.

Source: Bloomberg

Europe Stocks Gain Third Day as Delhaize Jumps With Ahold on M&A

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Gains in retailers and miners helped European stocks post their best three-day advance since January.

Delhaize Group jumped 15 percent, the most since 2003, and Royal Ahold NV rallied 5.5 percent after reports that the companies are in early stages of merger talks. Commodity producers climbed after China’s central bank cut interest rates for the third time in six months. Airbus Group NV lost 2.1 percent following the crash of a military plane. Piraeus Bank SA and Eurobank Ergasias SA lost more than 10 percent as euro-area finance ministers met to discuss bailout aid.

The Stoxx Europe 600 Index rose 0.3 percent to 401.34 at the close of trading in London, reversing a decline of as much as 0.2 percent and climbing as much as 0.5 percent. Its retailers rose 1.5 percent as a group, while a gauge of miners rallied 1.6 percent. The drop in Airbus dragged France’s CAC 40 Index down 1.2 percent, while Greece’s ASE Index slid 2.5 percent.

The Stoxx 600 rebounded 1.4 percent last week after its biggest weekly slump of the year. It climbed the most since December on Friday, buoyed by a surprise election win for British Prime Minister David Cameron’s party and improving U.S. jobs data. The gauge closed 3.1 percent away from an April record.

Source: Bloomberg