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BLBG: Oil Resumes Gains on Saudi Pledge as Stocks Rise; Copper Slides
 
S&P 500 advances after best weekly performance of the year
Crude futures climb above $42 while copper drops 1.9%
Oil resumed gains after Saudi Arabia said it’s ready to work with other producers to stabilize global markets. Copper slid while U.S. stocks advanced following their best weekly performance of the year.
Crude in New York climbed above $42 a barrel following a report by the Saudi Press Agency on the scope for cooperation on prices. Oil briefly pared gains after Barclays Plc said that didn’t reflect any policy shift by the biggest member of the Organization of Petroleum Exporting Countries, which is due to meet Dec. 4.
“The Saudi statement doesn’t signal a policy shift, but there are so many short positions out there, which is making the market very sensitive,” Michael Corcelli, chief investment officer of hedge fund Alexander Alternative Capital LLC in Miami, said by phone. “The market is on pins and needles.”
West Texas Intermediate crude futures rose 0.8 percent to $42.28 a barrel at 11:42 a.m. New York time. The Standard & Poor’s 500 Index gained 0.2 percent after the gauge had its biggest weekly jump of the year. Copper slid 1.9 percent, while the Bloomberg Commodity Index rose 0.2 percent after reaching levels last seen in 1999. European government bonds tumbled amid a flurry of supply scheduled for this week. The Bloomberg Dollar Spot Index added 0.3 percent.
Commodities
Saudi Oil Minister Ali al-Naimi said on Thursday the kingdom is working with members of OPEC and countries outside of the group to see a stable oil market.
Copper sank below $4,500 a metric ton for the first time since 2009. The London Metal Exchange’s index of six industrial metals has plummeted 27 percent this year, the worst annual performance since the global financial crisis in 2008. Bloomberg’s index of commodities has tumbled about 23 percent this year, dragged down by slowing demand in China and a stronger dollar.
Agricultural commodities face a new headwind after Sunday’s election of Mauricio Macri as Argentina’s president, which may unleash an estimated $8 billion in shipments of stored crops.
“Demand is still the key for commodities at the moment, and supply discipline and production cuts are uncertain,” said Helen Lau, analyst at Argonaut Securities in Hong Kong. “There’s a chance that local producers will continue to ramp up production and replace the cuts that have been made. Everyone still wants to maintain cash flow at these prices.”
Gold for immediate delivery was down 0.8 percent at $1,068.95 an ounce. Assets in exchange-traded products backed by gold have fallen to the lowest since 2009. Money managers are holding a net-short position in the metal for first time since August as their long wagers shrunk to the smallest in seven years. Zinc lost 2.9 percent, giving up gains made on Friday after Chinese smelters announced plans to cut production.
Stocks
The S&P 500 gained 0.2 percent to 2,093.70. The main U.S. equity gauge surged last week after Federal Reserve officials signaled the economy is strong enough to withstand the first rate increase since 2006, and investors grew more comfortable with the notion that borrowing costs may soon be higher. Stocks have gained in seven of the past eight weeks, boosted by raw-material, industrial and technology shares, taking the S&P 500 to within 2 percent of a record set in May.
Tyson Foods Inc. gained 9.4 percent after boosting its dividend and its profit outlook was better than some analysts expected. Pfizer Inc. fell 2.1 percent after announcing a $160 billion merger with Allergan Plc.
The Stoxx Europe 600 Index fell 0.4 percent lower and the MSCI Asia Pacific excluding Japan Index retreated 0.3 percent, with materials shares losing 0.7 percent. BHP Billiton declined 2.1 percent.
RWE AG declined 5 percent after a report that its chief executive officer is having trouble finding funding for growth. Credit Suisse Group AG dropped 2.9 percent after completing a share placement for 1.32 billion francs ($1.3 billion).
Currencies
Russia’s ruble weakened 1.2 percent and New Zealand’s dollar lost 0.8 percent. A Bloomberg gauge of 20 developing-nation currencies declined for the first time in five days, falling 0.5 percent.
“Emerging markets are under pressure as U.S. raising interest rates in December is a done deal,” said Kenix Lai, a foreign-exchange analyst at Bank of East Asia Ltd. in Hong Kong. “The dollar will get stronger while China’s economic fundamentals haven’t shown any signs of improvement.”
The euro earlier sank to a seven-month low of $1.0601 after European Central Bank chief Mario Draghi said Friday that he and his fellow bank officials “will do what we must” to boost price growth.
Emerging Markets
The MSCI Emerging Markets Index dropped 0.3 percent after the biggest weekly gain in more than a month.
The Hang Seng China Enterprises Index fell for the first time in three days, sliding 0.7 percent. Guotai Junan International Holdings Ltd. tumbled 12 percent after the brokerage said its chairman and chief executive officer can’t be contacted.
The Shanghai Composite Index declined 0.6 percent after regulators gave the green light to initial public offerings following a five-month freeze. The China Securities Regulatory Commission has restarted IPOs for five companies to list on the Shanghai stock exchange and five in Shenzhen, according to a statement on its official microblog on Friday.
Bonds
Government bonds across the euro-area fell at the start of a week of auctions of benchmark securities. The yield on Germany’s 10-year bund jumped five basis points to 0.53 percent. Italy’s 10-year rose three basis points to 1.52 percent.
Belgium started the glut with sales of 2025 and 2028 securities Monday that saw borrowing costs decline from previous auctions.
Treasuries were little changed following a two-week advance, with 10-year yields at 2.26 percent, according to Bloomberg Bond Trader data. The U.S. is scheduled to sell $26 billion of two-year notes Monday.
The likelihood of higher Fed rates by year-end is 74 percent, futures show. That’s the highest since August and up from 50 percent at the end of October. The calculation is based on the assumption that the effective fed funds rate will average 0.375 percent after the first increase.
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