U.S. stocks are rebounding from a seven-day decline that erased $1 trillion from equity prices and coincided with a 15% drop in West Texas Intermediate crude between Dec. 5 and Dec. 16. S&P 500 energy producers tumbled 8% over the stretch.
Monsanto Co. (MON), the world’s largest seed company worth $64 billion, recently explored a takeover of $34 billion Swiss rival Syngenta AG (SYNN) in a transaction that would have allowed the U.S. firm to move its tax location to Switzerland.
American mutual funds are scouring Europe for bargains, snapping up Dutch oil drillers, French drugmakers and Swiss food producers on speculation the region’s rally is just beginning as the U.S. bull market ages.
U.S. stocks gained while Treasuries trimmed an earlier advance as the House voted to temporarily suspend the the federal debt limit. The yen climbed for a third day after the Bank of Japan deferred new monetary stimulus.