U.K. stocks rose, following four weeks of gains, as European Central Bank President Mario Draghi said an expanded asset-purchase program could include government bonds. The FTSE 100 Index gained 17.6 points, or 0.3 percent, to 6,671.97 at the close in London, after earlier losing as much as 0.6 percent. The Dow Jones industrial average rose 13.01 points, or 0.07 percent, to 17,647.75, the S&P 500 gained 1.5 points, or 0.07 percent, to 2,041.32, a record closing high. The Nasdaq closed lower, dropping 17.54 points, or 0.37 percent, to 4,671.00, weighed down by Google, which fell 1.5 percent to $546.64. Japanese shares led a tentative recovery in Asian markets on Tuesday, drawing some support from two U.S. blockbuster acquisitions and anticipation of more European monetary stimulus. A day after shock data showing Japan slipping into recession had rattled financial markets, Japans Nikkei rose 1.7 percent, erasing about a half of Mondays 3.0 percent fall. Investors sold the euro on prospects of further easing by the ECB, preferring to hold dollars as the U.S. Federal Reserve is expected to raise rates next year. The euro (EUR) eased to $1.2467 from a 2 1/2-week high of $1.2580 hit the previous day. The dollar (USD) traded little changed at 116.58 yen (JPY), near a seven-year high of 117.06 struck in the wake of Mondays shocking GDP data. The Australian dollar also benefited from investors turning away from the euro zone and Japan in search of higher yields. The Aussie (AUD) rose 0.2 percent to $0.8725. In commodities trading, Oil prices sagged as recession in Japan, the worlds fourth largest crude importer, added to oversupply worries. But prices managed to hover above four-year lows as Russia and Venezuela appeared to be coordinating a price defense plan. U.S. crude futures were down 31 cents at $75.34 per barrel but off Fridays four-year low of $73.25. Gold held a retreat from the highest level in two weeks after the dollar strengthened and energy prices dropped, curbing demand for the metal as an investment. Bullion for immediate delivery traded at $1,186.35 an ounce at 12:20 p.m. in Singapore from $1,186.57 yesterday. The metal yesterday rose to $1,194.38, the highest price since Oct. 31, before erasing gains to end 0.2 percent lower. Corn fell for a third day in the longest retreat this month as U.S. farmers accelerated harvesting of an unprecedented crop in the world’s top grower. The contract for March delivery lost as much as 0.5 percent to $3.8875 a bushel on the Chicago Board of Trade and was at $3.8975 by 10:56 a.m. in Singapore.
Posted on: Tue, 18 Nov 2014 08:46:08 +0000
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