European stocks and U.S. futures rose as the region seeks to draw additional financial support for its debt crisis. The won weakened to a two-month low after North Korean leader Kim Jong Il died.
The Stoxx Europe 600 Index gained 0.6 percent at 12:59 p.m. in London, while Standard & Poor’s 500 Index futures advanced 0.4 percent. The MSCI Asia Pacific Index slid 1.7 percent as South Korea’s Kospi index slumped 3.4 percent. The won fell against all 16 major peers. The yield on the French 10-year bond climbed five basis points and that on the German bund three basis points. Spanish two-year notes rose for a seventh day.
Euro-area finance ministers are seeking to meet a self- imposed deadline for drawing additional aid to the debt crisis through the International Monetary Fund and put together new budget rules. France is set to sell as much as 7 billion euros ($9.1 billion) of bills after Fitch Ratings last week reduced its outlook for the nation’s credit grade to negative from stable. Kim, 70, died on Dec. 17 of exhaustion brought on by a sudden illness, the official Korean Central News Agency said.
“The ratings agencies have obviously come out and said what they think, but on the other hand there’s the discussion about putting some more money into the IMF,” said Andy Lynch, a portfolio manager at Schroder Investment Management Ltd., which oversees $284 billion.
The Stoxx 600 snapped two straight weeks of losses, paring this year’s loss to 15 percent. Suedzucker AG, a maker of sugar, starch and bakery additives, climbed 3.7 percent after Goldman Sachs Group Inc. recommended the shares.
10-Year Treasuries
The gain in S&P 500 futures expiring in March signaled the U.S. stocks gauge will climb for a third day. The 10-year Treasury yield was unchanged at 1.85 percent before the U.S. auctions $35 billion of two-year notes, the first of three sales this week totaling $99 billion. The dollar strengthened against most of its 16 most actively traded peers.
U.S. online spending for the holiday season has jumped 15 percent to $30.9 billion from a year earlier, ComScore Inc. said. Consumer purchases probably rose 0.3 percent in November after increasing 0.1 percent in October, according to the median forecast of 62 economists surveyed by Bloomberg before Commerce Department figures scheduled for Dec. 23.
The MSCI Emerging Markets Index (MXEF) dropped 1.4 percent, set for the lowest closing level in three weeks. The Shanghai Composite Index (SHCOMP) lost 0.3 percent after new home prices in China dropped in 49 of 70 cities monitored by the government in November. The BSE India Sensitive Index (SENSEX) fell 0.7 percent, while Russia’s Micex Index rose 0.1 percent.
Won Weakens
South Korea’s won depreciated 1.4 percent to 1,174.80 per dollar, after declining to the weakest since Oct. 7. A government statement called on North Koreans to “loyally follow” his son, Kim Jong Un.
European finance ministers hold a conference call at 3:30 p.m. Brussels time to discuss 200 billion euros of additional funding through the IMF.
French 10-year bonds snapped a four-day gain as yields increased to 3.11 percent. The Dutch 10-year yield climbed five basis points, with the yield on the similarly dated Finnish security also five basis points higher. Spain’s two-year note yields fell 19 basis points to 3.27 percent. They have dropped 164 basis points in the past seven trading days, the longest run of declines since October 2010.
Belgium’s 10-year yield jumped nine basis points after the nation’s credit ranking was cut two steps at the end of last week by Moody’s Investors Service.
Three-month copper dropped 0.6 percent to $7,304.75 a metric ton in London and nickel slipped 0.5 percent to $18,450 a ton. Oil rose 0.2 percent to $93.70 a barrel in New York.
The Stoxx Europe 600 Index gained 0.6 percent at 12:59 p.m. in London, while Standard & Poor’s 500 Index futures advanced 0.4 percent. The MSCI Asia Pacific Index slid 1.7 percent as South Korea’s Kospi index slumped 3.4 percent. The won fell against all 16 major peers. The yield on the French 10-year bond climbed five basis points and that on the German bund three basis points. Spanish two-year notes rose for a seventh day.
Euro-area finance ministers are seeking to meet a self- imposed deadline for drawing additional aid to the debt crisis through the International Monetary Fund and put together new budget rules. France is set to sell as much as 7 billion euros ($9.1 billion) of bills after Fitch Ratings last week reduced its outlook for the nation’s credit grade to negative from stable. Kim, 70, died on Dec. 17 of exhaustion brought on by a sudden illness, the official Korean Central News Agency said.
“The ratings agencies have obviously come out and said what they think, but on the other hand there’s the discussion about putting some more money into the IMF,” said Andy Lynch, a portfolio manager at Schroder Investment Management Ltd., which oversees $284 billion.
The Stoxx 600 snapped two straight weeks of losses, paring this year’s loss to 15 percent. Suedzucker AG, a maker of sugar, starch and bakery additives, climbed 3.7 percent after Goldman Sachs Group Inc. recommended the shares.
10-Year Treasuries
The gain in S&P 500 futures expiring in March signaled the U.S. stocks gauge will climb for a third day. The 10-year Treasury yield was unchanged at 1.85 percent before the U.S. auctions $35 billion of two-year notes, the first of three sales this week totaling $99 billion. The dollar strengthened against most of its 16 most actively traded peers.
U.S. online spending for the holiday season has jumped 15 percent to $30.9 billion from a year earlier, ComScore Inc. said. Consumer purchases probably rose 0.3 percent in November after increasing 0.1 percent in October, according to the median forecast of 62 economists surveyed by Bloomberg before Commerce Department figures scheduled for Dec. 23.
The MSCI Emerging Markets Index (MXEF) dropped 1.4 percent, set for the lowest closing level in three weeks. The Shanghai Composite Index (SHCOMP) lost 0.3 percent after new home prices in China dropped in 49 of 70 cities monitored by the government in November. The BSE India Sensitive Index (SENSEX) fell 0.7 percent, while Russia’s Micex Index rose 0.1 percent.
Won Weakens
South Korea’s won depreciated 1.4 percent to 1,174.80 per dollar, after declining to the weakest since Oct. 7. A government statement called on North Koreans to “loyally follow” his son, Kim Jong Un.
European finance ministers hold a conference call at 3:30 p.m. Brussels time to discuss 200 billion euros of additional funding through the IMF.
French 10-year bonds snapped a four-day gain as yields increased to 3.11 percent. The Dutch 10-year yield climbed five basis points, with the yield on the similarly dated Finnish security also five basis points higher. Spain’s two-year note yields fell 19 basis points to 3.27 percent. They have dropped 164 basis points in the past seven trading days, the longest run of declines since October 2010.
Belgium’s 10-year yield jumped nine basis points after the nation’s credit ranking was cut two steps at the end of last week by Moody’s Investors Service.
Three-month copper dropped 0.6 percent to $7,304.75 a metric ton in London and nickel slipped 0.5 percent to $18,450 a ton. Oil rose 0.2 percent to $93.70 a barrel in New York.
