Euro falls, stocks fluctuate while Treasuries gain before ECB

Emerging Markets

The yield on Russia’s ruble bonds maturing in February 2027 declined three basis points to 7.06 percent. Euroclear Bank SA said it will start direct settlement of ruble-denominated government debt tomorrow, opening the $100 billion so-called OFZ market to foreign investors.

The MSCI Emerging Markets Index slid 0.5 percent. Malaysia’s benchmark gauge dropped 1.2 percent as speculation mounted the government will dissolve parliament for elections. The Shanghai Composite Index added less than 0.1 percent, while Brazil’s Bovespa gauge slipped 0.9 percent, Russia’s Micex Index was little changed and India’s Sensex lost 0.1 percent.

Oil fluctuated below $97 a barrel, reversing an earlier 1.7 percent slump. The S&P GSCI Index trimmed earlier losses to trade little changed. Platinum rose as much as 1.7 percent to $1,739.37 an ounce, the highest price since September 2001 on a closing basis.

U.S. natural gas futures rose as much as 1.8 as forecasters including Commodity Weather Group LLC said below-normal temperatures will sweep into parts of the U.S. Midwest in the next 11 to 15 days. Lumber climbed to a one-month high in Chicago, rising the one-day limit of $10, on mounting speculation that new construction in China is boosting demand for imported wood.

Bloomberg News

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