Stocks rise with gold as dollar falls on earnings, Fed bets

Credit Suisse

Credit Suisse Group AG lost 2.8% after the second- biggest Swiss bank posted profit that missed analysts’ estimates. Husqvarna AB tumbled 13% in Stockholm, its steepest drop ever, as the biggest maker of powered garden tools reported profit that trailed projections.

The MSCI Emerging Markets Index fell for a second day, losing 0.3%. The Shanghai Composite Index dropped 0.9% and the Hang Seng China Enterprises Index of mainland companies listed in Hong Kong slid 1.3%. The seven-day repurchase rate, a gauge of funding availability in the banking system, surged 65 basis points to 4.67%. The won weakened from a two-year high versus the dollar.

The yield on 10-year Treasury notes added one basis point to 2.51%. It touched 2.47% yesterday, the lowest since July 22.

Italy’s 10-year yield climbed four basis points to 4.15% as a report showed consumer confidence fell for the first time in five months.

Euro, Krone

The euro gained 0.2% to $1.3801 after climbing to as high as $1.3822, the strongest level since November 2011. The 17-nation currency rose 0.1% versus the yen. The dollar dropped 0.1% to 97.29 yen.

Norway’s krone advanced against all of its 16 major peers, rising 0.3% to 8.1340 per euro after the central bank left its benchmark interest rate unchanged and said the currency had depreciated since its last meeting.

The shekel declined 0.1% to 3.5230 per dollar after Finance Minister Yair Lapid said the currency is “too strong” and that he’ll work with designated Bank of Israel Governor Karnit Flug to weaken it.

Gold futures rose to $1,350.30 an ounce, a three-week high, on speculation that the Fed will maintain the pace of monetary stimulus to boost economic growth. The precious metal dropped 20% this year through yesterday, heading for the first annual decline since 2000.

West Texas Intermediate crude rose 0.3% to $97.11 a barrel, climbing from a four-month low. Futures earlier fell as much as 0.9% a day after Energy Information Administration data showed that U.S. crude output increased to the highest level in 24 years. Stockpiles climbed 6.8% to 379.8 million barrels in the five weeks ended Oct. 18, according to the EIA.

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