Europe Stocks Rise as Gold Retreats From Two-Month High Jun 20, 2014 European stocks rose before a report on consumer confidence, while gold retreated from a two-month high to trim a third weekly advance. Brent crude headed for a second week of increases on violence in Iraq, and industrial metals increased. A gauge of global equities surged to a record this week as Federal Reserve Chair Janet Yellen said U.S. interest rates will remain low. Commodities led by oil and gold reached a 10-month high as President Barack Obama said he’s sending U.S. military advisers to assist the Iraqi army battle an insurgency and is prepared to take more action. Finance ministers from the European Union meet today to discuss the draft 2015 budget, while a report may show consumer confidence in Europe improved. “We’re still overweight global equities,” said Kelvin Tay, chief investment officer for South Asia Pacific at UBS Wealth Management. “Where risk assets are concerned, you tend to benefit from low interest rates and from the Fed’s statement, we don’t think that interest rates are going to go up anytime soon. There is some concern that the situation in Iraq could escalate and bring oil prices up another notch.”
Posted on: Fri, 20 Jun 2014 09:31:23 +0000
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