Gold Reclaims $1,100 as it Logs 3 Session Winning Streak

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Gold futures finished higher Monday, breaking above $1,100 an ounce Monday, as comments from Federal Reserve Vice Chairman Stanley Fischer suggested the U.S. central bank may not hike interest rates in September as the market has assumed.

Gold traders have been anticipating an interest-rate hike for to Bloomberg TV Monday morning delivered a shot in the arm to gold and other precious metals, including silver. Gold, which offers investors no interest payments, could lose some of its appeal to higher-yielding assets.

For December delivery, gold futures picked up $10, or 0.9%, to settle at $1,104.10 an ounce, coming off its highs of $1,108.50 of the session but still solidly higher.

In other metals, October platinum climbed $27.60, or 2.9%, to wrap up the session at $989.80 an ounce, while September palladium tacked on $9.30, or 1.6%, to end at $606.20 an ounce.

Source : MarketWatch

Dollar Falls From Near 4-Month High as Commodities Halt Slump

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The dollar fell from almost a four-month high as crude oil prices and other commodities halted a slump.

The greenback slipped a third day, its longest streak of losses in two months. Speculation cooled that the Federal Reserve is close to consensus to raise interest rates next month, even as central-bank officials struck a positive tone on progress in the U.S. economy. Currencies of commodity-producing nations pared losses linked to weak Chinese trade data.

The Bloomberg Dollar Spot Index slipped 0.3 percent to 1,208.06 as of 2:45 p.m. in New York. The measure touched a four-month high on Aug. 7.

Crude oil prices rose 2.4 percent to $44.92 a barrel in New York after touching the lowest level since March. The Bloomberg Commodities Index added 2.4 percent, snapping a three-day drop.

Source : Bloomberg

Asian Stocks Gain a Third Day as U.S. Shares Jump, Oil Rebounds

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Asian stocks rose for a third day after U.S. equities jumped by the most since May and commodities maintained their rebound from a 13-year low.

The MSCI Asia Pacific Index gained 0.4 percent to 141.99 as of 9:02 a.m. in Tokyo. An advance in crude oil on Monday helped pull the Bloomberg Commodity Index up from its lowest level since 2002, while mine disruptions bolstered copper and excessive rain improved the outlook for crop prices. The rebound colored speculation over inflation, with Federal Reserve Vice Chairman Stanley Fischer saying stubbornly slow price growth in the U.S. won’t persist.

Japan’s Topix index rose 0.5 percent after climbing to an eight-year high on Monday. South Korea’s Kospi index jumped 0.8 percent. Australia’s S&P/ASX 200 Index gained 0.3 percent. New Zealand’s NZX 50 Index fell 0.1 percent. Markets in Hong Kong and China have yet to start trading.

The Shanghai Composite Index jumped 4.9 percent on Monday, the most in a month, amid speculation the government will accelerate mergers among state-owned enterprises. President Xi Jinping mentioned state-owned enterprise reform on several occasions recently, which may signal top-level design ideas for SOE reform have been formed, China International Capital Corp. analysts led by Hanfeng Wang wrote in a report.

Futures on the Standard & Poor’s 500 Index were little changed. The underlying measure climbed 1.3 percent on Monday after Warren Buffett’s Berkshire Hathaway Inc. agreed to buy Precision Castparts Corp. and commodities-related shares rallied.

Source: Bloomberg

Japan’s Nikkei 225 Headed for Two-Decade High Amid Global Rally

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Japanese equities rose, with the Nikkei 225 Stock Average on course for its highest close in almost two decades, as global shares rallied amid a rebound in commodity prices.

The Nikkei 225 added 0.5 percent to 20,912.43 as of 9:01 a.m., heading for its highest closing level since December 1996. The Topix index advanced 0.6 percent to 1,700.66, on course for its highest close since July 2007, as all but four of its 33 industry groups advanced. The Bloomberg Commodity Index jumped the most since February as U.S. oil advanced 2.5 percent and copper rallied 2.6 percent, sending U.S. stocks higher by the most since May.

Crude on Monday climbed from its lowest settlement price in almost five months as Chinese oil imports rose to a record in July. Overseas purchases by China increased to 30.71 million metric tons in July, higher than December’s level of 30.4 million tons, a previous monthly record.

Futures on the Standard & Poor’s 500 Index were little changed after the underlying measure jumped 1.3 percent on Monday in New York. Materials stocks climbed the most this year as copper rallied from a six-year low. The metal has lost 16 percent this year on prospects for rising global output and slower demand in China, the biggest user. The Stoxx Europe 600 Index added 0.7 percent.

Source: Bloomberg

U.S. Stocks Rise Amid Berkshire Deal as Commodities Shares Rally

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U.S. stocks rose, with equities rising the most in three months, after Warren Buffett’s Berkshire Hathaway Inc. agreed to buy Precision Castparts Corp. and commodities-related shares rallied.

The Standard & Poor’s 500 Index gained 1.3 percent to 2,104.13 at 4 p.m. in New York, its biggest gain since May.

China’s stocks posted their biggest gain in a month amid speculation the government will accelerate mergers of state-owned enterprises to bolster economic growth. Investors also speculated China will act to prop up growth following a wider-than-expected drop in exports.

The S&P 500 dropped 1.3 percent last week while the Dow posted its longest losing streak in four years, amid a slump in media and biotechnology shares and as Apple Inc. fell into a correction. The S&P 500 has trailed most developed-market gauges this year, while speculators’ appetite for stock-market volatility has reached a nine-year high. The gauge closed Monday 1.3 percent below its May record.

Source : Bloomberg