U.S. Stocks Fall as Crude Slides; European Shares Rise on Greece

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U.S. stocks declined from records as oil dropped below $50 a barrel. The dollar strengthened against emerging-market currencies before Federal Reserve Chair Janet Yellen addresses Congress this week.

The Standard & Poor™s 500 Index slid 0.3 percent at 12:47 p.m. in New York after closing at an all-time high on Friday. The Stoxx Europe 600 Index added 0.7 percent, while Portugal™s 10-year rate reached 2.118 percent, below its U.S. equivalent. The dollar strengthened, while the ruble slid 3.6 percent in offshore trading after Moody™s Investors Service downgraded Russia to junk. Oil lost 3.2 percent in New York.

Major U.S. equity benchmarks closed at records Friday after Greece reached a deal to extend the terms of its bailout. Investors will watch Yellen™s semi-annual testimony to Congress starting Tuesday for clues on the timing of an interest-rate increase. A report Monday showed sales of existing U.S. homes fell more than forecast last month. European equities gained on the Greek deal.

Source: Bloomberg

Europe Stocks Extend 2007 High After Greek Agreement; HSBC Falls

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European stocks climbed for a fifth day after Greek creditors agreed to extend the nation™s bailout funds.

The Stoxx Europe 600 Index added 0.7 percent to 385.08 at the close in London. The FTSE 100 Index surpassed a record close in intraday trading before falling as much as 0.4 percent as lower-than-projected profit at HSBC Holdings Plc dragged the stock lower. The U.K. gauge ended little changed.

The Stoxx 600 reached its highest level since October 2007 after advancing for a third week, the longest stretch since the start of December, on optimism Greece and its creditors would agree on a deal. The nation™s bailout terms were extended by four months, and Greece needs to complete by the end of the day a list of policies in return for the continued funding. Finance chiefs will then decide whether the proposals go far enough or trigger another round of emergency negotiations this week.

The nation™s ASE Index slipped 4.5 percent last week. The Greek market was closed on Monday for a holiday. Ireland™s ISEQ Index, the Dutch AEX Index and the OMX Copenhagen 20 Index climbed the most among 18 western-European markets on Monday.

Source: Bloomberg

Asian Stocks Rise as Gold Holds Losses on Greece Deal; Oil Falls

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Asian stocks climbed, with Japan™s Nikkei 225 Stock Average building on a 15-year high, and gold held losses as investors await progress on Greece™s bailout extension agreed Feb. 20. Oil fell in New York.

The Nikkei 225 gained 0.8 percent by 9:20 a.m. in Tokyo, while Australia™s S&P/ASX 200 Index added 0.4 percent following a fifth straight weekly gain. Futures on the Standard & Poor™s 500 Index were little changed after the U.S. gauge closed at a record. The euro was little changed, while gold traded at $1,202.41 an ounce following a 0.4 percent retreat Friday. Oil in New York dropped after sliding 4.6 percent last week.

The government in Athens has until the end of Monday to complete a list of policies in return for a four-month extension of bailout funds after talks concluded late on Feb. 20. Bank of Japan Governor Haruhiko Kuroda addresses parliament after minutes of its January meeting were released. Officials in Kiev said pro-Russia rebels in Ukraine™s east continued to attack troops, while a bomb killed two people at a rally in the city of Kharkiv.

Source : Bloomberg

Japan Stocks Rise as Investors Watch Progress on Greek Debt Deal

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Japanese stocks rose, led by precision instrument makers, as investors await progress on an agreement among euro-area finance ministers on Greece™s bailout program.

The Topix advanced 0.6 percent to 1,508.76 as of 9:01 a.m. in Tokyo, on course to rise for a seventh day, its longest winning streak since early December. All but three of its 33 industry groups gained. The Nikkei 225 jumped 0.9 percent to 18,487.61, on course for its highest close since April 2000.

After talks in Brussels between officials from the 19 euro members concluded late on Feb. 20 with an agreement to extend bailout funds for four months, the government in Athens now has until the end of Monday to complete a list of policies in return for the continued funding. Finance chiefs will then decide whether the proposals go far enough or trigger another round of emergency negotiations this week.

Futures on the Standard & Poor™s 500 Index were little changed after the underlying gauge added 0.6 percent to a record close on Feb. 20 in New York on optimism about the Greek deal.

The Greek reform measures are still subject to validation by the International Monetary Fund, the European Central Bank and the European Commission, the institutions collectively known as the troika which Prime Minister Alexis Tsipras vowed not to recognize.

Bank of Japan Governor Haruhiko Kuroda is scheduled to appear in Japan™s parliament from 10:40 a.m. local time. Policymakers agree that Japan™s economy is gradually picking up, according to minutes of the central bank™s January meeting released today.

Source : Bloomberg