BLBG:Europe Stocks Halt Drop as Asia Shares Gain; Silver Falls
Most European stocks rose, German bonds gained and gold fell for a third day, approaching a three-week low. Emerging-market currencies fell after U.S. data damped optimism for extended Federal Reserve stimulus and a typhoon swept across the Philippines.
The Stoxx Europe 600 Index added less than 0.1 percent to 322.94 at 10:10 a.m. in London. Standard & Poor’s 500 Index futures were little changed. The Germany’s 10-year bond yield dropped two basis points to 1.74 percent. The Indian rupee sank 1.4 percent. The Philippine peso lost 0.9 percent and stocks in the nation fell the most in six weeks. Gold slid 0.4 percent to $1,283.84 an ounce. Brent rose for a second day after talks to curb Iran’s nuclear program ended without a resolution.
U.S. payrolls rose by almost twice as much as economists projected, according to a Labor Department report on Nov. 8. Data the following day showed China’s industrial production unexpectedly accelerated. Super Typhoon Haiyan headed for Vietnam after killing as many as 10,000 people in the Philippines.
“Markets are going to be worried about how quickly the U.S. is going to start removing some of its stimulus program, but I think overall economic data are being supportive of equity markets,” said Stephen Halmarick, head of investment markets research in Sydney at Colonial First State Global Asset Management, which oversees about $160 billion.
Lonmin Climbs
Two shares gained for each one that fell in the Stoxx 600, which has risen for the past five weeks. Volume was 17 percent below the 30-day average. Lonmin Plc rallied 6.3 percent as the world’s third-largest platinum producer reported profit that exceeded analyst estimates.
RSA Insurance Group Plc sank 12 percent after suspending three top executives at its Irish unit and saying 2013 results will miss projections. British Sky Broadcasting Group Plc, which has aired top English soccer games since the Premier League’s inception in 1992, retreated 7.7 percent for the biggest drop in two years as BT Group Plc won the rights to broadcast UEFA’s Champions League and Europa League tournaments.
The Philippine Stock Exchange Index fell 1.4 percent, the most since Sept. 30. The peso traded at 43.585 per dollar, headed for the lowest close since Sept. 17. Typhoon Haiyan was located 156 kilometers (97 miles) east-southeast of Hanoi, according to the U.S. Navy Joint Typhoon Warning Center at Pearl Harbor. Vietnam’s VN Index gained 0.5 percent.
The Hang Seng China Enterprises Index of mainland companies listed in Hong Kong rose for the first time in five days, adding 1.9 percent. China’s industrial production increased 10.3 percent last month from a year earlier, the nation’s statistics bureau said Nov. 9, exceeding the 10 percent median estimate in a Bloomberg survey of economists.
Thai Protests
The Thai baht dropped 0.5 percent per dollar. Police tightened security around the nation’s parliament on concern protesters will gather during an amnesty vote today.
“Some local factors like the typhoon and the political problems are short-term negatives,” said Yuji Kameoka, chief currency strategist in Tokyo at Daiwa Securities Co., Japan’s second-largest brokerage. “The improved U.S. data boosted appetite for the dollar as that probably led to some speculation the Fed’s tapering will begin sooner.”
The Bloomberg-JPMorgan Asia Dollar Index, which tracks the region’s 10 major currencies excluding the yen, fell 0.3 percent to the lowest level since Oct. 1. The U.S. currency was little changed against the yen, at 99.08. It slipped less than 0.2 percent to $1.3390 per euro.
Tehran Meetings
The S&P GSCI gauge of 24 commodities advanced 0.1 percent, as Brent, gasoline and natural gas climbed. International Atomic Energy Agency chief Yukiya Amano is leading inspectors to Tehran for negotiations after Iran’s talks in Geneva with the United Nations Security Council and Germany ended without an agreement on curbs to Iran’s nuclear program, keeping supply limits of oil from Iran. Gold declined to $1,282.85 an ounce, the third consecutive decline.
Brent advanced 0.1 percent to $104.90 a barrel. U.S. natural gas gained 0.1 percent, the fifth consecutive advance and the longest streak since March. Colder-than-normal weather will blanket Chicago to New York through Nov. 17, according to the U.S. Climate Prediction Center in College Park, Maryland. About 49 percent of U.S. households use natural gas for heating, government data show.
Italy’s 10-year yield dropped three basis points to 4.11 percent and Spain’s declined two basis points to 4.09 percent. The U.S. government bond market was closed for Veteran’s Day.
----With assistance from {Adam Haigh} in Sydney and {} in Tokyo, {Claudia Carpenter}, Paul Dobson, {} and Michael Shanahan in London. Editors: , Stuart Wallace
To contact the reporters on this story: David Yong in Singapore at dyong@bloomberg.net; Stephen Kirkland in London at skirkland@bloomberg.net
To contact the editor responsible for this story: Stuart Wallace at swallace6@bloomberg.net
