Author: E.L. & C. Baillieu Stockbroking - by Andrew Thain
HEADLINES
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- Speculation that U.S. central bankers are set to unveil additional stimulus measures lifted the Standard & Poor's 500-stock index for the fourth session in a row, as tensions eased across Europe's financial markets.
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- A Spanish debt auction that yielded results deemed slightly better than expected drove a stock-market rally in Madrid and delivered relief more broadly for European markets.
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- U.S. crude oil futures prices rose Tuesday along with the euro and global stock markets as investors look to the Federal Reserve rate setting meeting for further stimulus measures.
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- Gold prices fell on Tuesday for the first time in eight days as buyers stayed on the sidelines ahead of a US Federal Reserve policy meeting that could signal new monetary stimulus, a move that would likely power the metal's recent rally.
US MARKETS
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Speculation that U.S. central bankers are set to unveil additional stimulus measures lifted the Standard & Poor's 500-stock index for the fourth session in a row, as tensions eased across Europe's financial markets.
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The S&P 500 rose 13.20 points, or 1%, to 1357.98 on Tuesday, giving the benchmark its longest winning streak since May.
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The Dow Jones Industrial Average tacked on 95.51 points, or 0.8%, to 12837.33, closing just short of its fourth triple-digit gain in six sessions.
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Materials stocks led Tuesday's rally. Financials followed closely behind after federal housing regulators said they were revising guidelines that could reduce lenders' risks of having to buy back soured mortgages.
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Bank of America jumped to lead the Dow's advance. Microsoft, also a Dow component, jumped after the software company unveiled its Surface tablet computer that will compete with Apple's iPad.
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The Nasdaq Composite rose 34.43 points, or 1.2%, to 2929.76. The technology-heavy Nasdaq rose for the fourth session in a row, its longest streak of gains since February.
EUROPEAN MARKETS
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A Spanish debt auction that yielded results deemed slightly better than expected drove a stock-market rally in Madrid and delivered relief more broadly for European markets.
The Stoxx Europe 600 index closed up 1.6% at 248.27, its third consecutive increase. The U.K.'s FTSE 100 finished 1.7% higher at 5586.31, Germany's DAX ended up 1.8% at 6363.36 and France's CAC-40 rose 1.7% to 3117.92.
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Elsewhere, Spain's IBEX-35 surged 2.7% to 6693.90, Italy's FTSE Mib added 3.4% to 13,445.46 and Greece's ASE gained 3.3% at 600.07.
ASIAN MARKETS
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Asian stocks ended mixed Tuesday, as investors shifted their attention back to Spain's financial woes, overriding Monday's post-election cheer from Greek election results.
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Borrowing costs in Spain surged with yields hitting 7.13% on 10-year Spanish government bonds Monday, exceeding the 7% point at which other troubled European countries? Greece, Portugal and Ireland?lost access to the debt markets.
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In company news, Tsingtao Brewery dropped 7.8% in Hong Kong following news that major shareholder Chinese tycoon Chen Fa-shu offloaded 32 million shares, as the stock traded near it 52-week high.
AUSTRALIAN MARKETS
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The Australian sharemarket has closed lower as investors move their attention from Greece to Spain and upcoming meetings of the US central bank and leaders of the European Union.
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It is hoped that the US Federal Reserve at a meeting on Wednesday will undertake new stimulus measures to boost the flagging US economy in the wake of a recent string of weak data.
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The benchmark S&P/ASX200 index fell 13.6 points, or 0.3 per cent, to 4123.3, while the broader All Ordinaries index shed 16.5 points, or 0.4 per cent, to 4167.4 points.
OIL
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U.S. crude oil futures prices rose Tuesday along with the euro and global stock markets as investors look to the Federal Reserve rate-setting meeting for further stimulus measures.
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Light, sweet crude for July delivery recently rose gained $0.76 per barrel, or 0.91% to $84.03.
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Oil prices were boosted early in the trading session by gains in the euro, which recently traded at $1.2689 from $1.2575 Monday. Investors are holding on to slim hopes that the U.S. central bank will enact a new round of monetary stimulus as it begins its two-day meeting Tuesday.
METALS
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Gold prices fell on Tuesday for the first time in eight days as buyers stayed on the sidelines ahead of a US Federal Reserve policy meeting that could signal new monetary stimulus, a move that would likely power the metal's recent rally.
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Bullion snapped a seven-day winning streak, which was underpinned by safehaven bids on signs of a worsening euro zone debt crisis. Spain on Tuesday had to pay a euro-era record price to sell short-term debt, underlying that the region's troubles run much deeper than Greece.
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Spot gold was down 0.5 per cent at $US1,620.31 an ounce by 3:04 p.m. EDT (1904 GMT). Prior to Tuesday, the metal had gained around 3 per cent during its seven-day winning streak.
Andrew Thain of Baillieu
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