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BLBG: Stocks Rise Globally as Pound Weakens, Credit Risk Falls
 
Shares rose around the world as political tensions eased, while the pound weakened to a four-month low after U.K. inflation slowed more than economists had forecast. Measures of European corporate credit risk fell to the lowest in six weeks.

The MSCI All-Country World Index advanced 0.2 percent by 10:26 a.m. in London. The Stoxx Europe 600 Index rallied 0.4 percent while Standard & Poor’s 500 Index futures (SPX) and Nasdaq 100 Index contracts each rose 0.2 percent. Russian equities climbed for an eighth day while Hong Kong’s Hang Seng closed at a six-year high. Sterling weakened against all 16 of its major peers. The Markit iTraxx Europe index of credit-default swaps on 125 investment-grade companies fell to the lowest since July 7.

The Red Cross is close to a safe-passage plan for a Russian aid convoy intended for Ukraine after truce talks stalled. U.K. inflation was 1.6 percent in July, compared with a forecast of 1.8 percent. Home Depot Inc., TJX Cos. and Medtronic Inc. report earnings today. U.S. housing starts data is expected to show a rebound in July while inflation is forecast to show a slowdown in June. The Federal Reserve tomorrow releases the minutes of its last meeting before central bankers meet in Jackson Hole, Wyoming, this week.

“The perceived easing of tensions between Russia and Ukraine has certainly lifted sentiment,” Richard Hunter, head of equities at Hargreaves Lansdown Plc in London, said in an e-mail. “Housing starts and inflation data later today may well add to the current optimism that the U.S. economic recovery is firmly on track.”

The Stoxx 600 rose 1.2 percent yesterday, closing at its highest level of the month and has rebounded 3.2 percent from its low on Aug. 8. The European gauge trades at 15.1 times estimated earnings compared with 13.7 for the MSCI Asia-Pacific Index and 16.5 times projected earnings for the Standard & Poor’s 500 Index.

Maersk, ThyssenKrupp

A.P. Moeller-Maersk A/S rose 4.8 percent after the owner of the world’s largest container-shipping line raised its full-year profit forecast. ThyssenKrupp AG gained 2 percent after a report that Germany’s largest steelmaker will dispose of some businesses.

BHP Billiton Ltd. fell 4 percent after reporting that full-year underlying profit rose less than analysts had forecast. The world’s biggest miner also said it will spin off a company that will include assets from aluminum smelters to South African energy.

The volume of Stoxx 600 shares changing hands today was 26 percent lower than the 30-day average, according to data compiled by Bloomberg.

U.S. Futures

Futures on the S&P 500 expiring in September rose today after the index gained 0.9 percent yesterday, the most in more than a week. The gauge closed 0.8 percent away from its record. About 76 percent of S&P 500 companies that have posted results this season have beaten analysts’ estimates for profit, while 65 percent exceeded sales projections, according to data compiled by Bloomberg.

The Nasdaq 100 advanced 0.8 percent yesterday, completing its biggest four-day gain since May and closing at its highest level since September 2000.

The MSCI AC Asia Pacific Index (MXAP) rose 0.7 percent today, the most in more than a week, after ending little changed yesterday.

The pound declined 0.5 percent to $1.6644 after falling to $1.6634, the lowest since April 8.

Emerging Markets

The MSCI Emerging Markets Index added 0.5 percent, heading for the highest close since January 2013. Benchmark gauges in South Korea, Taiwan and Hungary gained at least 0.9 percent.

Russia’s Micex rose 0.8 percent to a one-month high. The ruble weakened 0.2 percent per dollar a day after the central bank widened the ruble’s trading band as part of a plan to float the currency by year-end.

Ukraine’s central bank raised its overnight refinancing rate to 17.5 percent from 15 percent. The hryvnia slid 0.9 percent and the Ukrainian Equities Index also lost 0.9 percent while the yield on the government’s July 2017 Eurobond fell three basis points to 10.09 percent.

The Shanghai Composite Index gained 0.3 percent, advancing for a third day to an eight-month high. The Hang Seng China Enterprises Index (HSCEI) of mainland companies listed in Hong Kong also added 0.3 percent.

The cost of insuring against losses on corporate debt declined, with the Markit iTraxx Europe decreasing one basis point to 59.5 basis points, the lowest since July 7.

The Markit iTraxx Crossover Index linked to 60 companies with mostly high-yield ratings dropped five basis points to 248 basis points, the lowest since July 30.

Yields on investment-grade corporate bonds in euros held at a record low of 1.39 percent, according to Bank of America Merrill Lynch index data.

Oil, Wheat

West Texas Intermediate oil futures climbed as much as 0.7 percent to $97.05 a barrel in New York. Crude stockpiles probably fell by 1.75 million barrels to 365.3 million last week, a Bloomberg News survey showed before a report from the Energy Information Administration tomorrow.

Brent added 0.2 percent to $101.74 a barrel today after sliding to the lowest price in almost 14 months yesterday as Kurdish and Iraqi forces regained control of Iraq’s largest dam, stalling an advance by militants.

Wheat for December delivery declined 1.1 percent to $5.4925 a bushel on the Chicago Board of Trade. Prices fell 1.6 percent yesterday, the biggest decline in almost a week. Corn slipped 1.1 percent to $3.6725 a bushel.

Gold gained 0.1 percent to $1,299.76 an ounce in London trading. Copper added 0.2 percent to $6,918.50 a metric ton on the London Metal Exchange, with aluminum climbing 0.8 percent to $2,036.50 a ton.

Bonds, Currencies

A report at 8:30 a.m. in Washington will show U.S. housing starts increased at a 965,000 annual pace in July, faster than the 893,000 rate in June, according to the median estimate of economists surveyed by Bloomberg.

Yields on 10-year U.S. Treasuries were little changed at 2.39 percent today, after snapping a three-day drop in New York to rise five basis points. Australian notes due in a decade yielded 3.40 percent, up six basis points, or 0.06 percentage point.

Rates on 10-year New Zealand government debt climbed three basis points to 4.16 percent after declining about 11 basis points over the past three trading days.

The kiwi dropped to 84.40 U.S. cents in a third day of losses, touching 84.26, the weakest intraday level since Aug. 13. New Zealand’s government cut its forecast for economic growth and projected smaller budget surpluses as it opened the books a month before a general election.

To contact the reporters on this story: Emma O’Brien in Wellington at eobrien6@bloomberg.net; Nick Gentle in Hong Kong at ngentle2@bloomberg.net; Rob Verdonck in London at rverdonck@bloomberg.net

To contact the editors responsible for this story: Emma O’Brien at eobrien6@bloomberg.net; Nick Gentle at ngentle2@bloomberg.net; Stuart Wallace at swallace6@bloomberg.net Nick Gentle
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