Stocks recover as Treasuries gain, dollar falls

S&P edges higher...

European Yields

The yield on German 10-year bunds climbed one basis point to 1.46 percent, while Spain’s 10-year rate lost 13 basis points to 5.75 percent and Italy’s decreased five points to 5.03 percent.

The S&P GSCI gauge of 24 commodities declined 0.4 percent as wheat, nickel, gasoline and soybeans declined at least 1.5 percent, while coffee and lean hogs and sugar gained more than 2 percent.

Emerging Markets

The MSCI Emerging Markets Index added 0.1 percent for a fourth day of gains. Turkey’s benchmark index climbed 1.1 percent while Russia’s Micex Index slipped 0.4 percent for the first decline in four days.

The dollar weakened against nine of 16 major peers, while strengthening 0.9 percent to $1.0266 per Australian dollar.

The RBA’s interest-rate cut was predicted by nine of 28 economists surveyed by Bloomberg News. The ECB will probably keep its benchmark rate at a record low of 0.75 percent when council members meet on Oct. 4, according to a Bloomberg survey.

“Central bankers have revealed their hands,” said Jeremy Batstone-Carr, head of research at Charles Stanley Group Plc in London. “Open-ended monetary policy will to some extent backstop risk, and thus limit the downside. We can expect a protracted period of sideways churn in the market.”

Bloomberg News

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