U.S. Stocks Fall as Oil Tumbles, Germany Rejects Greek Proposal

U.S. stocks fell as oil prices tumbled for a second day and Germany rejected a proposal from Greece to seek an extension of its loan facilities.

The Standard & Poor’s 500 Index fell 0.3 percent to 2,093.56 at 9:32 a.m. in New York. West Texas Intermediate crude oil lost 5 percent to slip below $ 50 a barrel.

Futures advanced earlier after the European Commission said a letter by Greece’s government requesting the extension of its loan facilities could pave the way for a compromise agreement. Gains were quickly erased after a German government official said Greece’s request is not in line with agreed criteria for the euro region.

The S&P 500 was little changed Wednesday, erasing a loss as speculation that the Federal Reserve will keep rates lower for longer overshadowed a drop in energy shares. Minutes from the Fed’s latest meeting showed some policy makers argued for keeping rates low for longer amid risks facing the economy.

Source: Bloomberg

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Europe Index Futures Rise as Greece Varoufakis Visits Germany

European stock-index futures advanced, indicating equities will extend gains for a third day, as Greek Finance Minister Yanis Varoufakis visits Germany.

Futures on the Euro Stoxx 50 Index expiring in March rose 0.2 percent to 3,424 at 7:09 a.m. in London. Global stocks have erased 2015 losses this week as energy companies jumped amid speculation that crude prices may have found a bottom and as Greece softened its stance on a debt writedown.

European banks including Credit Suisse Group AG and HSBC Holdings Plc may move after Standard & Poor cut their ratings on the prospect that governments are less likely to provide aid in a crisis. Barclays Plc and Lloyds Banking Group Plc also had the long-term ratings on their holding companies reduced.

LVMH Moet Hennessy Louis Vuitton SA may be active after reporting full-year profit that missed analyst estimates.

Standard & Poor 500 Index futures lost 0.1 percent. U.S. companies added 220,000 workers in January, a report from the ADP Research Institute will show today, according to economist forecasts.

Source: Bloomberg

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