European shares advanced for a sixth
day in the longest winning streak this year as oil rose and the
dollar weakened. New Zealand’s currency declined and U.S. milk
futures climbed after an exporter said some shipments may
contain a bacteria that can cause botulism.
The Stoxx Europe 600 Index added 0.5 percent to 305.73 at 10:05 a.m. in London. Standard & Poor’s 500 Index futures were little changed after the U.S. gauge climbed to a record last week. The Bloomberg U.S. Dollar Index, which tracks the greenback against its 10 major counterparts, fell 0.2 percent and the yen gained 0.5 percent to 98.42 per dollar. New Zealand’s dollar fell at least 0.6 percent against its 16 main peers. Milk futures climbed 2 percent in Chicago and oil rose 0.5 percent. Corporate bond risk fell to a 10-week low.
Euro-area services output shrank at a slower pace than initially estimated in July, London-based Markit Economics said today before data from the U.S. that will probably show growth in service industries picked up. An index of China’s non-manufacturing sectors in July increased for the first time since March. Federal Reserve Bank of Dallas President Richard Fisher will speak today on the U.S. economy in Portland, Oregon.
“We’re finally seeing economic data picking up,” Andrea Williams, who helps oversee $76 billion as head of European equities at Royal London Asset Management, said by phone. “The U.S. is still delivering strong data and core Europe is OK. The valuation of the market is still supportive.”
The S&P 500 closed at an all-time high of 1,709.67 on Aug. 2. Berkshire Hathaway Inc. Class B shares advanced 0.9 percent in German trading as Warren Buffett’s company reported second-quarter profit that beat analysts’ estimates
A report at 10 a.m. New York time may show growth in U.S. service industries picked up in July. The Institute for Supply Management’s non-manufacturing index rose to 53.1 from June’s 52.2, according to the median forecast of 60 economists surveyed by Bloomberg. Readings above 50 signal growth.
The MSCI Emerging Markets Index advanced for a third day, climbing 0.4 percent. The Shanghai Composite jumped 1 percent. A measure of China’s non-manufacturing sector gained to 54.1 in July from 53.9 in June, government data showed Aug. 3. A services index from HSBC Holdings Plc and Markit Economics was unchanged at 51.3, a separate report showed today.
New Zealand’s dollar fell 0.6 percent to 77.90 U.S. cents, after touching 76.93, the lowest since July 8. China and Russia halted imports of some milk powder from New Zealand’s Fonterra Cooperative Group Ltd. after the largest dairy exporter warned of a contaminated ingredient. Fonterra said on Aug. 3 that three batches of the product made last year may contain the bacteria.
Australia’s 10-year bond yield declined 19 basis points, or 0.19 percentage point, to 3.61 percent. Ten-year Treasury yields were little changed at 2.61 percent, while the rate on similar-maturity German bunds was at 1.64 percent.
The cost of insuring against losses on corporate bonds declined today, with the Markit iTraxx Europe Index of credit-default swaps on 125 investment-grade companies decreasing 1.4 basis points to 94.7 basis points, the lowest since May 23.
Read More : http://www.bloomberg.com/news/2013-08-04/kiwi-sinks-on-china-ban-as-australia-stock-futures-climb.html
The Stoxx Europe 600 Index added 0.5 percent to 305.73 at 10:05 a.m. in London. Standard & Poor’s 500 Index futures were little changed after the U.S. gauge climbed to a record last week. The Bloomberg U.S. Dollar Index, which tracks the greenback against its 10 major counterparts, fell 0.2 percent and the yen gained 0.5 percent to 98.42 per dollar. New Zealand’s dollar fell at least 0.6 percent against its 16 main peers. Milk futures climbed 2 percent in Chicago and oil rose 0.5 percent. Corporate bond risk fell to a 10-week low.
Euro-area services output shrank at a slower pace than initially estimated in July, London-based Markit Economics said today before data from the U.S. that will probably show growth in service industries picked up. An index of China’s non-manufacturing sectors in July increased for the first time since March. Federal Reserve Bank of Dallas President Richard Fisher will speak today on the U.S. economy in Portland, Oregon.
“We’re finally seeing economic data picking up,” Andrea Williams, who helps oversee $76 billion as head of European equities at Royal London Asset Management, said by phone. “The U.S. is still delivering strong data and core Europe is OK. The valuation of the market is still supportive.”
Lloyds Gains
The Stoxx 600 climbed to the highest level in nine weeks as all 19 industry groups advanced. Lloyds Banking Group Plc rose 3.5 percent as the Financial Times reported that the lender plans to pay as much as 70 percent of profit as dividends by 2015. PostNL NV, the biggest Dutch postal operator, declined 7.2 percent, the most since January, after second-quarter sales missed analysts’ estimates.The S&P 500 closed at an all-time high of 1,709.67 on Aug. 2. Berkshire Hathaway Inc. Class B shares advanced 0.9 percent in German trading as Warren Buffett’s company reported second-quarter profit that beat analysts’ estimates
A report at 10 a.m. New York time may show growth in U.S. service industries picked up in July. The Institute for Supply Management’s non-manufacturing index rose to 53.1 from June’s 52.2, according to the median forecast of 60 economists surveyed by Bloomberg. Readings above 50 signal growth.
The MSCI Emerging Markets Index advanced for a third day, climbing 0.4 percent. The Shanghai Composite jumped 1 percent. A measure of China’s non-manufacturing sector gained to 54.1 in July from 53.9 in June, government data showed Aug. 3. A services index from HSBC Holdings Plc and Markit Economics was unchanged at 51.3, a separate report showed today.
Kiwi Slides
West Texas Intermediate oil rose to $107.42 a barrel. China is the biggest buyer of energy. Class III milk futures increased to $18.79 per 100 pounds.New Zealand’s dollar fell 0.6 percent to 77.90 U.S. cents, after touching 76.93, the lowest since July 8. China and Russia halted imports of some milk powder from New Zealand’s Fonterra Cooperative Group Ltd. after the largest dairy exporter warned of a contaminated ingredient. Fonterra said on Aug. 3 that three batches of the product made last year may contain the bacteria.
Australia’s 10-year bond yield declined 19 basis points, or 0.19 percentage point, to 3.61 percent. Ten-year Treasury yields were little changed at 2.61 percent, while the rate on similar-maturity German bunds was at 1.64 percent.
The cost of insuring against losses on corporate bonds declined today, with the Markit iTraxx Europe Index of credit-default swaps on 125 investment-grade companies decreasing 1.4 basis points to 94.7 basis points, the lowest since May 23.
Read More : http://www.bloomberg.com/news/2013-08-04/kiwi-sinks-on-china-ban-as-australia-stock-futures-climb.html
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