Dollar Snaps Losing Streak With Yellen, Fed Leaders Set to Speak

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The dollar halted its longest losing streak in three weeks before Federal Reserve Chair Janet Yellen’s first speech since the central bank met last month.

The U.S. currency rose against the euro and the yen as Yellen prepares to address Congress on Wednesday, after indicating policy makers will review raising rates in December. Fed Vice Chairman Stanley Fischer and New York Fed President William C. Dudley also speak the same day. The euro fell for the first time in four days as European Central Bank President Mario Draghi reiterated that policy makers will consider whether to add more stimulus at their next meeting.

The Bloomberg Dollar Spot Index, which tracks the U.S. currency against 10 of its peers, added 0.1 percent as of 1:51 p.m. in New York. The greenback climbed 0.6 percent to $1.0952 per euro and 0.3 percent to 121.15 yen.

Source: Bloomberg

Gold marks longest losing streak since September

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Gold finished lower on Tuesday, as it remained weighed down by recent hints from the U.S. Federal Reserve that an interest-rate increase could come yet this year.

December gold ended down $21.80, or 1.9%, to settle at $1,114.10 an ounce, posting its worst point and percentage drop since Oct. 29, when it lost $28.80, or 2.5%. Tuesday’s decline marks the metal’s fourth consecutive decline and its longest losing streak since Sept. 25, when the precious metal went on a five-session losing streak, according to FactSet data.

Investors and analysts are watching U.S. economic data for further clues as to when the country’s first rate rise in almost a decade will come, but many believe that such numbers will provide a patchy picture going forward, keeping pressure up on the precious metal.

Source: Bloomberg

U.S. Stocks Extend Rally as Commodity Producers Continue Rebound

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U.S. stocks extended a rally, with the Standard & Poor’s 500 Index reaching a three-month high, as beaten-down commodity producers continued to pace the recovery from a third-quarter rout.

The S&P 500 rose 0.3 percent to 2,109.87 at 4 p.m. in New York, to close 1 percent below its all-time high set in May. The Nasdaq 100 Index, the first major U.S. stock gauge to retake a multiyear high established earlier in 2015, climbed 0.3 percent to finish at a record for the first time since the dot-com bubble.

The S&P 500 has rallied 13 percent since bottoming amid an August selloff that sent the benchmark into its first correction in four years. Fading concern that China’s slowdown will spread, optimism for further stimulus from central banks overseas and better-than-expected U.S. corporate earnings results have all have a hand in propelling the recovery.

As the Fed boosted prospects of an interest-rate increase last month, investors continue to look to data to gauge whether the world’s largest economy can withstand higher borrowing costs. A report today showed factory orders slipped more than expected in September, while the prior month’s decline was steeper than previously reported. That comes a day after separate data showed manufacturing activity remained stuck in neutral in October.

Source : Bloomberg

European Stocks Climb for Second Day, Led by Oil Shares

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European equities extended a rally that has helped them recoup about half the losses from a summer rout, buoyed by gains in energy and commodity producers.

Oil-and-gas stocks had the best gains among industry groups, following crude higher. Tullow Oil Plc jumped 18 percent amid optimism for production from its Ghana partner. Glencore Plc and Anglo American Plc rose 3.2 percent or more. Standard Chartered Plc fell 6.7 percent after posting a surprise loss and saying it will raise 3.3 billion pounds ($5.1 billion) in a rights offer. UBS Group AG slid 4.3 percent after postponing a profitability target.

The Stoxx Europe 600 Index added 0.4 percent at the close of trading, reversing earlier losses of as much as 0.3 percent. It rose yesterday after euro-area and U.S. manufacturing data beat estimates.

The Stoxx 600 has climbed 12 percent since a Sept. 29 low, including last month’s best gain since 2009, as European Central Bank President Mario Draghi’s said policy makers will consider additional easing in December. Draghi speaks in Frankfurt after European markets close today.

Among other stocks moving on corporate news, TDC A/S and Dufry AG gained 3.8 percent or more after reporting quarterly earnings that beat estimates.

Volkswagen AG lost 1.5 percent after U.S. regulators said their testing found some models including Porsche have equipment to alter emissions systems, allegations the carmaker denied. Porsche Automobil Holding SE lost 1.2 percent.

PostNL NV tumbled 20 percent after forecasting a drop in annual earnings, citing regulatory measures and higher restructuring costs.

Source: Bloomberg

U.S. Stocks Gain With Dollar, Treasuries Fall on Fed Rate Bets

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U.S. equities erased losses to extend a 10-week rally, while Treasuries fell to a six-week low amid rising prospects for higher interest rates this year.

Energy shares led gains in European and U.S. equities, sending oil producers to the highest levels since at least August as oil climbed past $47 a barrel in New York. The sector was the worst performer during the summer swoon. Confidence that global growth is firming damped speculation for additional European stimulus before Wednesday testimony from Fed Chair Janet Yellen and October labor data later in the week.

The S&P 500 rose 0.2 percent at 11:50 a.m. in New York, 1.1 percent from its all-time high. The Nasdaq 100 added 0.1 percent, on pace to close at a record. The Dow Jones Industrial Average added 0.5 percent after yesterday erasing its loss for the year. The nine-week rebound in U.S. stocks came as the Fed kept rates pinned near zero and earnings from major tech companies topped estimates.

Time Warner Inc., Allergan Plc and Facebook Inc. are among more than 100 S&P 500 companies releasing results this week. Energy shares in the S&P 500 rallied a fifth day, touching the highest level since July. King Digital Entertainment Plc jumped after the maker of Candy Crush Saga agreed to a $5.9 billion takeover offer from Activision Blizzard Inc. Fitbit Inc. fell after announcing plans to sell additional shares.

Oil and gas producers gained the most among the Stoxx Europe 600 Index’s 19 industry groups, leaving the gauge higher by 0.4 percent.

Source: Bloomberg