Shares in Europe extended its gains for the fifth day in a row as copper climbed and the greenback strengthened before the release of the US durable goods reports.
The Stoxx Europe 600 Index advanced 0.2% higher, the longest winning-streak in almost two months, while the Standard & Poor’s 500 Index were slightly changed. The US dollar strengthened against 12 major currencies.
Analysts are predicting a rise in US durable goods in November, following its previous drop in October.
The greenback strengthened 0.1% to 104.25 yen after reaching the highest level of 104.64 yen on December 20. The US dollar gained 0.2% to $1.3675 against the 17-bloc euro and advanced 0.1% to 89.23 US cents against the Australian dollar.
The Japanese yen declined by 15% this year, according to analysts forecasts. The US dollar strengthened by 4.2%, while the euro rose 8.4% higher.
Treasures dropped to the lowest level to stocks in almost four years yesterday. The ten-year treasury yield lessened to 3.10 percentage point after the Federal Reserve’s decision to reduce its monthly bond purchases by $10 billion to a total $75 billion.
Meanwhile, the People’s Bank of China (PBoC) auctioned 29 billion yuan ($4.8 billion) into the financial system in order to end the cash crunch that’s affecting the economy.
The MSCI Emerging Market Index rose 0.2% higher, close to a two-week high. While the Hong Kong’s Hang Seng index rose 1.8%, the highest level in a month. Borsa Istanbul 100 Index gained 0.7%, picking up from the previous month’s loss of 9.5%.
Copper jumped $7,266 a metric ton; however prices are expected drop by 8.4% this year.
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