Stocks, Commodities Pare Annual Loss as Euro Nears Decade Low
20.05.12
Dec. 30 (Bloomberg) -- Stocks and commodities rose, paring the first annual loss in three years, as signs the U.S. economic recovery is strengthening countered concern Europe’s debt crisis will worsen. The euro was near a decade-low against the yen.
The MSCI All Country World Index added 0.3 percent as of 8:02 a.m. in London, set for a 9.5 percent decline this year. Standard & Poor’s 500 Index futures were little changed and Treasury 10-year yields rose one basis point to 1.91 percent. The S&P GSCI Total Return Index of raw materials gained 0.3 percent as copper jumped 1.4 percent and gold snapped three days of losses. The euro slid 0.2 percent versus the yen and weakened 0.2 percent against the dollar.
Global equity markets have lost $6.3 trillion in value this year as Europe’s debt crisis and slowing economic expansion worldwide weighed on investor demand for riskier assets. Italy yesterday raised less than its maximum target at a debt auction. Data yesterday showed U.S. home sales rose more than economists forecast and jobless claims dropped over the past month to a three-year low.
Source: BusinessWeek