Gold Price Closes at Lowest Level in About 5 Years

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Gold futures finished lower on Wednesday, settling at their lowest levels in roughly five years, as intensifying worries about the impact of a rate hike weighs on the precious metal. December gold , -0.37% closed $3.60, or 0.3%, lower at $1,084.90 an ounce, marking the lowest settlement for a most-active contract since early 2010, according to FactSet data.

Source : Marketwatch

Oil Tumbles to Two-Month Low as U.S. Inventories Seen Increasing

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Oil closed at the lowest level in more than two-months as U.S. industry data showed crude supplies expanded for the world’s biggest consumer, compounding a global surplus.

West Texas Intermediate futures dropped 2.9 percent. Inventories increased by 6.3 million barrels last week, the American Petroleum Institute was said to report Tuesday. Energy Information Administration data on Thursday is projected to show that stockpiles rose 1.3 million barrels, according to a Bloomberg survey.

Oil has slid about 45 percent the past year amid signs the global glut will be prolonged and the Organization of Petroleum Exporting Countries continues to pump above its target. WTI has traded between $42 and $51 since August when it touched a six-year low of $37.75. The EIA boosted its estimate for U.S. output in 2015, while Iraq has loaded as many as 10 tankers in recent weeks to deliver crude to American ports.

WTI for December delivery fell $1.28 to close at $42.93 a barrel on the New York Mercantile Exchange. It was the lowest settlement since Aug. 27. The contract touched $42.62, the lowest intraday level since Oct. 27. The volume of all futures traded was 26 percent above the 100-day average at 2:50 p.m.

Brent for December settlement declined $1.63, or 3.4 percent, to end the session at $45.81 a barrel on the London-based ICE Futures Europe exchange. It was the lowest close since Aug. 26. The European benchmark crude was at a $2.88 premium to WTI.

Source : Bloomberg

U.S. Stocks Decline Amid Selloff in Retailers, Merger Activity

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U.S. stocks slipped in quiet trading during the Veterans Day holiday, with merger news and a selloff in retail shares sparked by results from Macy’s Inc. capturing the spotlight.

Macy’s slumped the most in more than six years following a cut in its profit forecast, turning the tables on retailers after they ranked among yesterday’s leaders. Apache Corp. tumbled more than 7 percent after rebuffing a buyout offer from Anadarko Petroleum Corp. Molson Coors Brewing Co. rallied as it stands to benefit from the mega-merger between Anheuser-Busch InBev NV and and SABMiller Plc.

The Standard & Poor’s 500 Index fell 0.3 percent to 2,074.93 at 4 p.m. in New York, after swinging between gains and losses.

The S&P 500 has rebounded more than 11 percent after its first correction in four years, and came within 1 percent last week of a record reached in May. A measure of market volatility had its biggest drop ever in October, with equities posting their strongest month since 2011 as central banks worldwide pledged to support growth.

Markets have since leveled off as investors assess the potential impact of interest rates that could be higher in the U.S. as soon as next month. Traders are now pricing in a 68 percent chance of a rate increase at the Federal Reserve’s next meeting in December, up from 56 percent a week ago before a stronger-than-expected October jobs report.

As the earnings season draws to a close, 74 percent of S&P 500 members that have reported beat profit expectations, while only 44 percent topped sales projections. Analysts now predict a 3.8 percent drop in profits for companies in the index, an improvement on estimates for a 7.2 percent slide at the start of the season. Cisco Systems Inc., Nordstrom Inc., Kohl’s Corp. and Viacom Inc. are among companies scheduled to report on Thursday.

Source : Bloomberg

U.S. Shares Fluctuate as Investors Weigh Economy, Rate Prospects

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U.S. stocks fluctuated, after the Standard & Poor’s 500 Index yesterday ended a four-day losing streak, as investors continued to weigh whether the economy is growing enough to handle higher interest rates as soon as next month.

Home security company ADT Corp. jumped 5.1 percent to lead industrials after its quarterly results beat analysts’ estimates. The tables have turned on retailers after they ranked among yesterday’s leaders. Macy’s Inc. slumped the most in more than six years following a cut in its profit forecast. Energy shares sank along with oil prices as crude flirted with a two-month low amid ample stockpiles.

The S&P 500 rose 0.2 percent to 2,085.20 at 12:32 p.m. in New York, erasing an earlier 0.3 percent retreat. The Dow Jones Industrial Average added 29.39 points, or 0.2 percent, to 17,787.60. The Nasdaq Composite Index gained 0.5 percent as Amazon.com Inc. and Facebook Inc. advanced more than 1.6 percent. Bond markets are closed today in observance of the Veterans Day holiday.

The S&P 500 ended Tuesday up 0.2 percent after a session of fluctuations. The gauge has rebounded after its first correction in four years, coming within 1 percent last week of a record reached in May. A measure of market volatility had its biggest drop ever in October with equities posting their strongest month since 2011 as central banks worldwide pledged to support growth.

Source: Bloomberg

European Stocks Advance as M&A, Earnings Buoy SABMiller, Henkel

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European stocks climbed, resuming a rally that had stalled earlier this week, amid deal activity and earnings reports.

SABMiller Plc gained 1.9 percent after Anheuser-Busch InBev NV made a formal offer to buy it for about $107 billion. AB InBev added 2.2 percent. Carlsberg A/S climbed 6.2 percent after reporting profit that beat estimates and announcing job cuts to reduce costs. Henkel AG climbed 6.7 percent after raising its annual earnings projection.

The Stoxx Europe 600 Index added 0.7 percent at the close of trading, after rising as much as 1.2 percent. The benchmark gauge has rebounded 12 percent from a September low, helped by European Central Bank President Mario Draghi’s comments last month that officials will consider additional stimulus in December.

The Stoxx 600 is rising today, after a rally lost steam earlier this week amid worsening data from China and the prospect of higher U.S. rates. The gauge is heading for its best annual performance since 2013.

Among other shares active on corporate news, TalkTalk Telecom Group Plc jumped 13 percent after its sales beat estimates. Banca Popolare di Milano Scarl advanced 6.5 percent on better-than-forecast net income.

Source: Bloomberg