U.S. Stocks Fluctuate Amid Greece Negotiations as Energy Slides

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U.S. stocks fluctuated, after equities Tuesday reached their highest level this year, as energy and utility companies fell while Germany and Greece met for debt negotiations.

Energy shares in the Standard & Poor™s 500 Index lost 0.6 percent as oil prices declined for a second day. Pier 1 Imports Inc. tumbled 23 percent after cutting its full-year forecast. PepsiCo Inc. increased 2 percent as fourth-quarter profit topped estimates even as currency headwinds eroded sales. Rite Aid Corp. added 9.8 percent after agreeing to buy EnvisionRX for about $2 billion.

The S&P 500 Index fell less than 0.1 percent to 2,067.99 at 12:23 p.m. in New York. The benchmark gauge rallied 1.1 percent Tuesday to approach an all-time high reached Dec. 29. The Dow Jones Industrial Average declined 29.54 points, or 0.2 percent, to 17,839.22 Wednesday. The Nasdaq 100 Index climbed 0.4 percent.

Source : Bloomberg

European Stocks Decline as Investors Await Greek Talks Outcome

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European stocks declined amid investor concern that Greek Finance Minister Yanis Varoufakis won™t reach an agreement on new bailout terms at a meeting with his euro-area counterparts in Brussels.

The Stoxx Europe 600 Index fell 0.2 percent to 372.04 at the close of trading, after earlier losing as much as 0.5 percent. The yield on three-year Greek notes jumped 125 basis points to 20.76 percent, while the ASE Index lost 4 percent, the most among 18 western-European markets. Benchmark equity indexes in Spain and Portugal slid at least 1.3 percent.

German Finance Minister Wolfgang Schaeuble late Tuesday damped hopes of a compromise at today™s 5:30 p.m. emergency meeting, saying there are no plans to discuss a new agreement. Still, Greek Prime Minister Alexis Tsipras said there is œno way back for his government, and he wants a new accord that won™t subject his people to more pain.

Greece is seeking support for a 10 billion-euro ($11.3 billion) bridge plan to stave off a funding crunch and buy time to win an easing in austerity terms from creditors. Any deal would require a softening of Germany™s stance.

Source : Bloomberg

Gold dips as firmer dollar offsets euro zone concerns

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Gold prices eased on Tuesday as a rise in the dollar offset the supportive impact of concerns over Greece's future in the euro zone and fears over escalating violence in Ukraine, which hurt risk appetite.

A 0.2 percent rise in the dollar against its currency basket led gold to stall after the previous day's rise, preventing a steeper recovery from Friday's three-week low.

Spot gold was down 0.4 percent at $1,233.52 an ounce at 3:18 p.m. EST (1618 GMT), while U.S. gold futures for April delivery settled down $9.30 an ounce at $1,232.20.

This largely overrode concerns about the economic health of the euro zone, as nervousness grew over Greece potentially withdrawing from the euro and the conflict in Ukraine mounted, weighing on global markets on Tuesday. Investors will now monitor a Greece-dominated meeting of euro zone finance ministers on Wednesday.

Euro-priced gold stood just below 1,100 an ounce on Tuesday. They hit their highest since April 2013 at 1,156.14 euros on Jan. 26.

The probability of Greece leaving the euro zone has risen several notches as Prime Minister Alexis Tsipras has taken an increasingly hard line over government debt.

European Commission President Jean-Claude Juncker told Greece not to expect the euro zone to bow to Tsipras' demands in a growing confrontation that has rattled financial markets and prompted U.S. and Canadian pleas for calm and compromise.

On the main physical markets for gold, premiums over spot prices on the Shanghai Gold Exchange contracted slightly ahead of next week's Lunar New Year holiday, MKS said in a note on Tuesday, but remained between $2.50-3.50, showing demand has emerged at lower levels.

Among other precious metals, silver was down 0.6 percent at $16.91 an ounce. Platinum was down 0.5 percent at $1,207.25 an ounce, while palladium was down 1.2 percent at $767.70 an ounce.

Source : Reuters

Gold Futures Slip as Greece Offers Compromises on Debt Talks

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Gold slipped as concerns over the standoff between the new Greek government and creditors eased even as China showed signs of demand before Lunar New Year holidays.

Greece offered compromises ahead of an emergency meeting with its official creditors on Wednesday as German Chancellor Angela Merkel remained unyielding over terms of the country™s bailout conditions. Gold rose 4.4 percent this year, partly as concerns that Greece could be forced out of Europe™s common currency increased the metal™s haven appeal.

Asian gold buying pushed volumes on the Shanghai Gold Exchange to the highest since April 2013. The start of the Lunar New Year is considered an auspicious time to buy gold, and with markets closed during the festival that begins next week, purchases are brought forward to allow stocking.

Bullion for April delivery was 0.4 percent lower at $1,236.50 an ounce at 8:19 a.m. on the Comex in New York. Futures trading volume was 36 percent lower than the average for the past 100 days for this time of day. Gold for immediate delivery traded at $1,236.42 in London, according to Bloomberg generic pricing.

The odds of a Federal Reserve interest-rate increase as early as June rose on Feb. 6 after a government report showed payroll gains in January capped the biggest 3-month increase in 17 years. Rising rates dent the appeal of gold as it tends to offer returns only through price gains.

Holdings in exchange-traded products backed by gold increased for a fourth session on Monday to 1,678.2 metric tons, the highest in four months, according to data compiled by Bloomberg.

Source: Bloomberg