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Signs of a Wall Street sell-off are all over the place and the euro and oil prices fell in tandem, along with Federal Reserve's easy money policies, the market is very sensitive and S&P 500 has been trading in a narrow range, the market wlii change direction very quickly ot a risk averser , it's a time to have o pause and to be conservative .you can by some stocks which the company's commodities are less vulnerable to the economic cycle . at last , With the euro, commodities and stocks trading with extraordinary correlation, dollar will strenghen is aunknown .
Commodities Gain as Goldman Advises Buying
Commodities rallied, helping globalstocks rebound from the biggest drop in two months, afterGoldman Sachs Group Inc.
said it’s turning “more bullish” onraw materials. Benchmark government bonds declined.
Oil advanced 1.8 percent and gasoline surged 2.7 percent at10:05 a.m. in
New York. The MSCI All-Country World Index rose0.5 percent after tumbling 1.8 percent yesterday, and theStandard & Poor’s 500 Index increased 0.3 percent. The eurostrengthened 0.4 percent to $1.4102.
Germany’s 10-year bundyield added four basis points to 3.05 percent and 10-yearTreasury note yields increased one basis point to 3.14 percent.
The S&P GSCI Index of 24 commodities recouped most ofyesterday’s 1.7 percent slump as Goldman Sachs suggested buyingoil, copper and zinc, reversing last month’s call to sellcommodities, while Morgan Stanley raised its forecast for Brentcrude by 20 percent.
Greece endorsed an asset-sale plan and 6billion euros ($8.4 billion) of budget cuts to win extra aid,while European Central Bank council member
Christian Noyer saida restructuring of Greek debt would be a “horror story.”
“The risk/reward once again favors being longcommodities,”
Jeffrey Currie, head of commodities research atGoldman Sachs in London, wrote in an e-mailed report today.“Economic growth will likely be sufficient to tighten keysupply-constrained markets in the second half, leading to higherprices.”
Commodity Rally Silver, sugar and gasoline climbed more than 2.6 percent tolead an advance in 19 of 24 materials tracked by the S&P GSCIindex. Oil gained 1.8 percent to $99.48 a barrel in New York andBrent crude climbed 2.1 percent to $112.46 in London. Goldman,which correctly advised investors to sell crude oil and copperlast month before a price slump, raised its 12-month predictionfor
Brent crude to $130 a barrel from $107.
The S&P 500 rebounded from the lowest level in a month.Alcoa Inc., the largest U.S. aluminum producer, rose 0.9percent. LinkedIn Corp. slipped 1.6 percent as investorsincluding Lawrence Haverty of Gamco Investors Inc. said thehottest initial public offering in the U.S. since at least 2006may not be growing fast enough to justify its valuation.
U.S. equities maintained gains after purchases of newhouses rose in April to the highest level so far this year afterplunging to a record low two months earlier. Sales climbed 7.3percent to a 323,000 annual pace last month, figures from theCommerce Department showed. The median estimate in a BloombergNews survey of economists called for sales at a 300,000 annualrate, unchanged from the prior month. Housing prices rose from ayear earlier.
Retreat from Peak The
S&P 500 climbed to an almost three-year high on thefinal trading day of April. It then slumped 3.4 percent throughyesterday as economic data missed economists’ estimates andinvestors prepared for the
Federal Reserve to complete its $600billion bond-purchase program, known as quantitative easing or“QE,” at the end of June. Still, the benchmark has increasedabout 5 percent this year amid government stimulus measures andhigher-than-estimated earnings.
Barton Biggs, the hedge fund manager who bought stocks whenthe market bottomed in March 2009, said he remains bullish onU.S. equities and likes industrial stocks even though the globaleconomy has slowed. He favors companies such as Caterpillar Inc.and Deere & Co. because their earnings growth continues toexceed expectations and demand for farming and constructionequipment remains strong.
‘Arousing the Bears’ “The U.S. and the global economy have clearly slowedpretty significantly,” Biggs, who runs New York-based TraxisPartners LP, said in a Bloomberg Surveillance radio interviewwith
Tom Keene. “That’s arousing the bears, who believe we’regoing to slip back into a long soft patch at best or maybe evena double-dip at worst,” he said. “For a number of reasons Idon’t think that’s right.”
The Stoxx
Europe 600 Index rallied 0.5 percent, recoveringsome of yesterday’s 1.7 percent decline.
HellenicTelecommunications Organization SA (HTO) and Hellenic Postbank SAclimbed more than 4 percent as the Greek government said it willstep up plans to sell its holdings in the companies. RenewableEnergy Corp. ASA tumbled 14 percent after saying it will reduceoutput of wafers, cells and modules in response to currentmarket conditions.
Note Auction The yield on the two-year Treasury note added less than onebasis point to 0.53 percent before the U.S. sells $35 billion ofthe notes, the first of three auctions this week totaling $99billion. A government report at 10 a.m. in
Washington may showpurchases of new U.S. houses held close to a record low inApril, according to the median forecast in a Bloomberg survey of75 economists.
The MSCI Emerging Markets Index gained 0.8 percent,rebounding from its biggest slide in 11 months yesterday.Russia’s Micex Index rose 1.6 percent as OAO Gazprom, thecountry’s gas-export monopoly, climbed on an increased share-price estimate by Goldman. The Shanghai Composite Index slipped0.3 percent, leaving the gauge 9.5 percent below this year’shigh, on concern the government’s measures to curb inflation areslowing growth.
The euro strengthened 0.4 percent versus the yen. The Ifoinstitute in Munich said its German business climate index heldat 114.2 from April, compared with a projected decline to 113.7in a Bloomberg survey with 24 forecasts.
Pound, Dollar The pound weakened 0.2 percent against the Swiss francafter a report showed Britain posted its largest budgetshortfall for any April since at least 1993 as tax income felland spending climbed. Net borrowing was 10 billion pounds ($16billion), compared with 7.2 billion pounds a year earlier, the
Office for National Statistics said in
London today.
The
New Zealand dollar appreciated against all 16 of itsmost-traded peers amid the rebound in commodities and
Australia’s dollar snapped a two-day decline versus the U.S.currency. The Dollar Index fell 0.2 percent, dropping for thefirst time in three days.
Portugal’s 10-year bond yield rose 14 basis points. Theextra yield investors demand to hold the country’s debt insteadof German bunds, Europe’s benchmark government securities,increased nine basis points, or 0.09 percentage point, to arecord 6.73 percentage points.
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