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Dollar index climbs to nine-month high as commodities decline

Report out today on manufacturing

By Stephen Kirkland and Pratish Narayanan

May 15, 2013 • Reprints

Greece Upgrade

Greece’s 10-year government bonds advanced, pushing the yield below 9 percent for the first time since October 2010, after Fitch Ratings yesterday raised its grade one level to B-, citing “clear progress” on rebalancing the economy. The yield fell 96 basis points to 8.36 percent.

Three shares advanced for every two that dropped in the Stoxx 600, which traded near the highest level since June 2008. Commerzbank AG surged 15 percent, rebounding from a record low, on the first day of a rights offer to raise about 2.5 billion euros ($3.3 billion). EasyJet Plc rallied 5.6 percent as Europe’s second-largest discount airline reported a narrower first-half loss. London Stock Exchange Group Plc rose 3.6 percent as profit topped estimates.

The decline in S&P 500 futures indicated the U.S. gauge will retreat from a record. A report at 8:30 a.m. local time may show manufacturing in the New York region expanded for a fourth month in May, with the Federal Reserve Bank of New York’s general economic index rising to 4 this month from 3.1 in April, according to the median of 52 estimates in a Bloomberg survey of economists. A separate release may show U.S. factory output declined in April.

Emerging Markets

The MSCI Emerging Markets Index slipped less than 0.1 percent even as three stocks rose for every two that declined. Russia’s Micex index slid 0.6 percent while the Hang Seng China Enterprises Index of mainland companies listed in Hong Kong added 0.5 percent. India’s Sensex jumped 2.3 percent, the most in a month, after Reserve Bank of India Governor Duvvuri Subbarao said yesterday that he would “take note” of softening inflation at next month’s policy review.

Chinese corporate borrowing will probably exceed that of U.S. companies within the next two years, according to S&P. Non- financial institutions from the world’s second-largest economy will need $18 trillion of debt during the five years ending 2017, the ratings company said in a report yesterday. That’s 34 percent of the $53 trillion in bonds and loans S&P estimates will be sought globally and compares with $13 trillion forecast for U.S. companies.

Gold fell for a fifth day, the longest slump since February, losing 1 percent to $1,411.34 an ounce, and silver dropped 1.9 percent. Copper declined 1.1 percent and nickel retreated 1.2 percent. China is the biggest buyer of industrial metals. West Texas Intermediate oil was down 0.7 percent to $93.52 a barrel, the fifth consecutive decline and the longest streak since Dec. 10.

Bloomberg News

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About the Author

Copyright 2014 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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oil 6597Bloomberg 5254commodities 3439European Union 2864Standard & Poor 2008Bank of England 1529Economy 1513manufacturing 1315retail sales 850JPMorgan Chase & Co. 818Bank of America Corp. 596Stimulus 475Bank of India 218Gross domestic product 184Federal Reserve Bank of New York 181Commerzbank AG 161Mervyn King 137Fitch Ratings 114Dollar index 94Neil Jones 38London Stock Exchange Group Plc 23Duvvuri Subbarao 8EasyJet Plc 6discount airline 4

Free Newsletter Modern Trader Follow

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