Gold Rises for Second Day as Economic Woes Ease Fed Rate Concern

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Gold rose a second day, extending a rebound from a three-month low, on speculation that economic risks from China and Greece will prompt the Federal Reserve to delay raising U.S. interest rates.

All but one member of the Federal Open Market Committee “indicated that they would need to see more evidence that economic growth was sufficiently strong” before raising rates, Fed minutes released Wednesday showed. Higher rates curb bullion’s appeal because it doesn’t pay interest or give returns like other assets such as bonds and equities.

Gold dropped in the past four quarters, the longest slump since 1997, on the prospect of higher rates. The minutes showed Fed concerns that turbulence overseas poses a risk for U.S. expansion. The International Monetary Fund on Thursday cut its forecast for global growth in 2015.

Gold for immediate delivery rose 0.2 percent to $1,160.73 an ounce at 1:47 p.m. in New York. Prices climbed 0.3 percent on Wednesday after touching $1,147.36, the lowest since March 18.

The IMF in cutting its forecast cited a weaker first quarter in the U.S. and warned that financial-market turmoil from China to Greece clouds the outlook. Chinese stocks have tumbled in recent weeks, and Greece is struggling to reach a deal with European creditors to stay in the euro area.

Source : Bloomberg

Gold Rises for Second Day as Economic Woes Ease Fed Rate Concern

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Gold rose a second day, extending a rebound from a three-month low, on speculation that economic risks from China and Greece will prompt the Federal Reserve to delay raising U.S. interest rates.

All but one member of the Federal Open Market Committee “indicated that they would need to see more evidence that economic growth was sufficiently strong” before raising rates, Fed minutes released Wednesday showed. Higher rates curb bullion’s appeal because it doesn’t pay interest or give returns like other assets such as bonds and equities.

Gold dropped in the past four quarters, the longest slump since 1997, on the prospect of higher rates. The minutes showed Fed concerns that turbulence overseas poses a risk for U.S. expansion. The International Monetary Fund on Thursday cut its forecast for global growth in 2015.

Gold for immediate delivery rose 0.6 percent to $1,165.72 an ounce by 9:57 a.m. in New York. Prices climbed 0.3 percent on Wednesday after touching $1,147.36, the lowest since March 18.

The IMF in cutting its forecast cited a weaker first quarter in the U.S. and warned that financial-market turmoil from China to Greece clouds the outlook. Chinese stocks have tumbled in recent weeks, and Greece is struggling to reach a deal with European creditors to stay in the euro area.

Source: Bloomberg

Japan Stocks Rise Amid China Rebound as Greece Submits Proposal

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Japanese stocks rose as Greece submitted a bailout proposal similar to that mooted by creditors and futures signaled Chinese markets will rebound for a second day.

The Topix added 0.5 percent to 1,587.61 as of 9:01 a.m. in Tokyo, paring its biggest weekly loss in nine months to 3.9 percent. The Nikkei 225 Stock Average lost 0.1 percent to 19,834.47.

The yen weakened 0.2 percent to 121.60 per dollar after yesterday declining 0.5 percent from its strongest level in seven weeks as demand dropped for haven assets after China stocks rebounded. Chinese shares have slumped more than 23 percent the past two weeks, with losses at the start of the week igniting a wave of risk aversion.

E-mini futures on the Standard & Poor’s 500 Index jumped 0.8 percent after the underlying measure added 0.2 percent in New York on Thursday.

The government of Greek Prime Minister Alexis Tsipras sought a three-year bailout loan of at least 53.5 billion euros ($59.2 billion), in a last-ditch effort to keep the country in the euro. The proposal is similar to the one presented by creditors last month.

Source : Bloomberg

U.S. Stocks Advance After China Rebounds; Greek Deadline Looms

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U.S. stocks advanced, after Chinese equities rebounded the most since 2009 and the Greek government faced a deadline for an economic plan to secure a new bailout.

The Standard & Poor’s 500 Index climbed 0.2 percent to 2,051.27 at 4 p.m. in New York, after falling 1.7 percent to a four-month low yesterday.

The S&P 500 climbed as much as 1.4 percent today before giving up more than half its gains to trade near its average price during the past 200 days. Apple’s 1.9 percent slide weighed on the major indexes.

Source: Bloomberg

U.S. Stocks Gain Amid Global Rally After China Equities Rebound

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U.S. stocks rose, with the Standard & Poor’s 500 Index climbing from a four-month low, as Chinese equities rebounded the most since 2009 and optimism grew that a Greek debt crisis won’t spread.

The S&P 500 climbed 0.7 percent to 2,061.64 at 12:20 p.m. in New York, after earlier rising as much as 1.4 percent. The Dow Jones Industrial Average advanced 132.32 points, or 0.8 percent, to 17,647.74. The Nasdaq Composite Index rose 0.9 percent.

Greece has until midnight Thursday to present European leaders with a plan that includes spending cuts in exchange for fresh aid. Its government extended capital controls through Monday. European leaders will meet on Sunday to decide their response to the proposals.

In China, stocks halted a rout to post the biggest gain since 2009 amid volatile trading. Regulators banned major stockholders from selling stakes, with more than half the country’s listed companies suspended from trading.

Source : Bloomberg