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The Stoxx Europe 600 Index rose 0.3 percent to a two-month high at 7:25 a.m. in New York and Germany’s DAX Index (DAX) gained for a 10th day. West Texas Intermediate crude fell 0.2 percent to $73.94 a barrel after Saudi Arabia’s oil minister said markets will stabilize. Belgium’s 10-year yield fell below 1 percent for the first time, while the euro halted a two-day gain.
U.S. data on initial jobless claims, durable goods, consumer confidence, home sales and personal spending are due today before the Thanksgiving holiday. Oil ministers from
the 12 nations in OPEC meet in Vienna tomorrow after Venezuela, Saudi Arabia, Mexico and Russia yesterday failed to agree to reduce supplies.
“There’s still a lot of money around which could be invested back into equities,” said Benno Galliker, a trader at Luzerner Kantonalbank AG in Lucerne, Switzerland. “As long as central banks are pushing stocks, there is really a big support beneath this move.”
Thomas Cook
The MSCI All-Country World Index rose 0.1 percent for a fifth daily gain, the longest streak since July.After sliding for two days, a gauge of Stoxx 600 miners climbed, while energy producers fell. Thomas Cook Group Plc sank 20 percent after reporting earnings that missed analysts’ estimates and announcing its chief executive officer would leave.
Futures (SPX) on the S&P 500 expiring in December were little changed after the index slipped from a record. Hewlett-Packard Co. dropped 1.4 percent in early New York trading after the computer maker reported quarterly sales that fell short of projections. Deere & Co. is reporting earnings.
The MSCI Asia Pacific Index (MXAP) climbed 0.3 percent, a fourth straight increase.
Analysts are split over whether OPEC will lower output in response to the crash in prices. U.K. natural gas fell 0.7 percent, reversing an eighth day of gains. Prices had increased on forecasts for colder weather and as supply from fields in Norway remain reduced as outages continued.
Government Bonds
Yields on 10-year government bonds in the euro-area touched the least on record, with Austria at 0.897 percent and Spain (GSPG10YR) at 1.916 percent.The difference in rates on Germany’s two- and 10-year securities reached 77.2 basis points, the lowest level since 2008, before the nation auctions 4 billion euros ($5 billion) of the longer-dated securities today. Treasury 10-year note yields fell to 2.24 percent, the least since Oct. 27.
The euro slipped 0.2 percent to $1.2452 and dropped 0.4 percent to 146.64 yen.
The cost of insuring European corporate debt fell to the lowest levels in two months. The Markit iTraxx Europe Index of credit-default swaps on investment-grade companies fell for a sixth day, declining one basis point to 58, according to data compiled by Bloomberg. The high-yield benchmark dropped 8.5 basis points to 326.
The MSCI Emerging Markets Index advanced 0.2 percent, led by health care and technology stocks.
Ruble Weakens
The Hang Seng China Enterprises Index (HSCEI) of mainland companies listed in Hong Kong jumped 2.5 percent and the Shanghai Composite Index (SHCOMP) gained 1.4 percent, climbing 6.3 percent in five days. Shares gained on prospects for private investment and speculation of more stimulus measures after the central bank last week unexpectedly cut interest rates for the first time in two years.The ruble weakened 1.4 percent, extending yesterday’s slide, as Brent crude declined. The Micex (INDEXCF) slipped 0.1 percent. The yield on the 10-year local-currency OFZ bonds rose eight basis points to 10.37 percent.
Russia’s Finance Ministry is offering 5 billion rubles in August 2023 bonds and 5 billion rubles in May 2016 bonds.
Stocks in the Gulf region fell, with Saudi Arabia’s Tadawul All Share Index sliding 1.7 percent and Dubai’s DFM General Index losing 2.5 percent.
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