S&P 500 Futures Rise With Miners; Oil Erases Gains, Euro Drops

An increase in U.S. stock-index futures pointed to a rebound in the Standard & Poor’s 500 Index after a three-day drop, with European shares erasing losses amid a rally in mining companies. Crude oil erased intraday gains.

The Stoxx Europe 600 Index recovered as Glencore Plc led a gauge of miners to the biggest gain on the equity benchmark. Currencies of commodity-producing nations strengthened, with Australia’s dollar leading gains after an unexpected pickup in employment. The euro, Swedish krona and rand weakened against the dollar. The U.K. pound traded near a two-week high before a Bank of England policy decision. The cost of insuring corporate debt rose for a third day and reached a seven-week high.

The Stoxx 600 added 0.2 percent at 10:38 a.m. in London, after earlier falling as much as 0.9 percent. The euro declined against most of its 16 major peers as French economic data provided a timely reminder of the challenges facing the region’s policy makers. South Africa’s rand fell 0.3 percent, reversing earlier gains. It sank to a record low on Wednesday as President Jacob Zuma fired the nation’s finance minister. West Texas Intermediate fell 0.2 percent to $ 37.10 a barrel.

Source: Bloomberg

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Euro Faces Payrolls After Draghi Fueled Biggest Advance Since 2009

The euro clung to its biggest jump since 2009 as investors awaited a U.S. payrolls report that will be a key input for the Federal Reserve as it considers tightening policy this month for the first time in almost a decade.

The single currency surged 3.1 percent versus the dollar Thursday as the European Central Bank’s decision to boost stimulus 360 billion euros ($ 393 billion) and cut the deposit rate fell short of some analysts’ forecasts. Two-thirds of economists in a Bloomberg survey had predicted an increase in the pace of purchases.

The common currency was little changed at $ 1.0923 as of 6:42 a.m. in London from Thursday, when it soared to $ 1.0981, the strongest since Nov. 3. It bought 134.03 yen after jumping 2.5 percent to 134.13 in New York.

Source: Bloomberg

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