Europe Stocks Rise as Dollar Weaker; Precious Metals Gain

09 july 2014

Customers shop at a clothing store in Haikou, Hainan Province. Consumer-price inflation in China slowed last month, data today showed. Photographer: Brent Lewin/Bloomberg

European stocks rose after the regional benchmark gauge’s biggest drop in two months, and gold climbed while the ruble led gains against the U.S. dollar before Federal Reserve minutes and a Treasury auction. Palladium headed for the highest close in more than 13 years.

The Stoxx Europe 600 Index added 0.2 percent by 8:13 a.m. in London, after a 1.4 percent loss yesterday, and futures on the Standard & Poor’s 500 Index were little changed. Hong Kong’s Hang Seng Index slid 1.6 percent as casino operators and developers dropped. Russia’s ruble climbed 0.5 percent. Gold added 0.4 percent and palladium traded at $873.28 an ounce. The yield on 10-year Japanese government notes hit the lowest since April 2013.

Global equities retreated the last three days after total world market capitalization hit a record $66 trillion last week. Internet stocks including Twitter Inc. drove U.S. declines yesterday on concern they have risen too far too fast, while minutes of the Federal Reserve’s June meeting are due today. Consumer-price inflation in China slowed last month, data today showed, while a measure of factory-gate prices fell by the least in more than two years. Indonesians vote for a new president today.

Source: http://www.businessweek.com/news/2014-07-08/asian-futures-slip-amid-valuation-concerns-copper-climbs

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