Back to the inflation trade

Commodity Movers

Zinc and aluminum climbed at least 0.7 percent as 19 of 24 commodities tracked by the S&P GSCI Index advanced. Natural gas erased earlier gains to drop 3.6 percent while crude oil increased 0.2 percent.

Zinc rose 0.8 percent after falling 6.6 percent the past 10 days, the longest streak since at least 1989. Lead jumped 0.9 percent.

Greek bonds gained after two officials with knowledge of discussions being held by European authorities said the next handout to the country may include extending the maturity on rescue loans to 50 years and cutting the interest rate on some previous aid.

Trading volumes in the Stoxx 600 were 9 percent greater than the 30-day average, data compiled by Bloomberg show. The gauge fell 1.8 percent in the three days through yesterday.

Swatch Group AG climbed 3.9 percent, the most in a year, after the biggest maker of Swiss watches posted full-year profit that beat analysts’ projections. RSA Insurance Group Plc gained 4.7 percent after brokerages from Barclays Plc to Raymond James Financial Inc. upgraded their ratings on the U.K. insurer following the appointment of former Royal Bank of Scotland Group Plc Chief Executive Officer Stephen Hester.

Panasonic Jumps

Hargreaves Lansdown Plc, the U.K.’s biggest retail broker, fell 10 percent after its operating-profit margin declined. Konecranes Oyj, a Finnish maker of lifting equipment, lost 4.4 percent after its order book fell to an almost three-year low.

Panasonic Corp. jumped the most since at least 1974, climbing 19 percent after Japan’s biggest maker of consumer electronics posted third-quarter profit that was 68 percent higher than the average estimate in a Bloomberg survey of analysts.

Emerging Markets

The MSCI Emerging Markets Index slipped 0.1 percent. The gauge has fallen 8.6 percent this year. Russia’s Micex advanced 1 percent, rebounding from the lowest level since Dec. 5, and South Korea’s Kospi gained 0.2 percent, rallying from a five- month low. Taiwan’s Taiex slid the most in 10 months, dropping 2.3 percent, as trading resumed following the Lunar New Year holiday.

The 10-year Spanish yield fell four basis points to 3.72 percent. The rate on similar-maturity Italian securities declined two basis points to 3.76 percent. Portugal’s 10-year yield dropped six basis points to 4.99 percent.

The yen gained 0.2 percent to 101.43 per dollar, having touched 100.76 yesterday, the strongest level since Nov. 21. Japan’s currency appreciated 0.2 percent to 137.19 per euro.

<< Page 2 of 2

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

comments powered by Disqus
Check out Futures Magazine - Polls on LockerDome on LockerDome