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BLBG: U.S. Stocks Fluctuate as Apple Gains Before Fed; Yen Weakens
 
Japan central bank may spend $265 billion to boost economy
Technology shares advance as Apple jumps on earnings
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American equities fluctuated as Apple Inc.’s results lifted technology shares, while a plunge in crude oil sent energy producers lower. The yen weakened on stimulus optimism, while Treasuries rose as investors awaited the Federal Reserve’s policy decision.
Tech shares in the S&P 500 Index climbed to a 16-year high as the world’s most valuable company jumped on signs its cheaper iPhone model is catching on. Coca-Cola Co.’s sales miss weighed on shares of consumer shares, while earnings lifted the Stoxx Europe 600 Index to a third day of gains. Japan’s currency slid for the first time this week on speculation stimulus will boost demand for higher-yielding assets at home and abroad. Crude slid toward $42 a barrel in New York.
A monthlong advance in global equities has faltered as corporate results continue to paint a muddled picture on the state of the worldwide economy. Recent economic data in the U.S. have beaten forecasts by the biggest margins since December 2014, while Japan is expected to boost stimulus to jumpstart its flagging economy. Economists estimate the Fed will keep borrowing costs unchanged at a decision due at 2 p.m. New York time.
“The market is treading water waiting for the Fed announcement and digesting earnings. Traders not taking positions in front of the Fed is probably holding us back,” said Ernie Cecilia, chief investment officer at Bryn Mawr Trust Co., which oversees $8.5 billion in Bryn Mawr, Pennsylvania. “With some of these large consumer companies like Coke and McDonald’s, these are two stocks which have performed really well. So when a stock like that misses expectations, they’ll take it down dramatically.”
Stocks
The Nasdaq 100 Index climbed 0.6 percent percent at 11:01 a.m. in New York, while the S&P 500 slipped 0.2 percent and the Dow Jones Industrial Average was little changed.
Apple rallied after saying iPhone demand picked up and forecasting fourth-quarter sales that may exceed analysts’ estimates. European suppliers Dialog Semiconductor Plc and AMS AG climbed at least 4 percent. Twitter Inc. tumbled 9.7 percent after giving a third-quarter revenue forecast that trailed projections. Coca-Cola Co. dropped 2.9 percent on second-quarter sales that trailed analysts’ estimates. McDonald’s Corp. headed for its biggest two-day slide since August.
In Europe, earnings set the tone for trading, with LVMH Moet Hennessy Louis Vuitton SE jumping after the world’s biggest luxury-goods maker reported stronger demand for its champagnes and cognacs. PSA Group surged, leading a gauge of automakers to the best gain among industry groups, after the maker of Peugeot and Citroen cars reported a jump in first-half earnings.
Deutsche Bank AG slid after saying profit was almost wiped out by a slump in trading revenue and costs tied to job reductions. BASF SE fell 2.8 percent after reporting quarterly profit that missed analysts’ estimates.
The Shanghai Composite Index slid 1.9 percent after the 21st Century Business Herald reported the country’s banking regulator is considering tightening curbs on the $3.6 trillion market for wealth management products.
Egyptian stocks rallied the most in the world, surging 5 percent, after the government said it’s negotiating an International Monetary Fund loan to help revive the economy.
Currencies
The yen weakened 1 percent to 105.71 per dollar, after advancing 1.4 percent in the previous two days. Prime Minister Shinzo Abe said his total program will amount to 28 trillion yen ($265 billion), with some unspecified part coming in a supplementary budget for 2016.
The Bloomberg Dollar Spot Index, a gauge of the greenback against 10 major peers, rose 0.2 percent following Tuesday’s 0.3 percent drop. The dollar pared gains after a government report showed durable goods orders fell more than expected in June while orders for business equipment rose for the first time in three months.
The pound weakened versus the euro even as a report showed U.K. economic growth was stronger than expected in the second quarter, accelerating to 0.6 percent from 0.4 percent in the first. The data predated the June 23 referendum that resulted in the shock decision to leave the European Union and recent surveys suggest the vote delivered an immediate and sharp blow to business and consumer sentiment.
“The fact that the pound fell tells you that the market is seeing right through this,”said Gavin Friend, a strategist at National Australia Bank Ltd. in London. “It sees it as a historical number with expectations of weakness to come. That’s quite indicative of the way the market is now looking through anything that’s good.”
The pound slipped 0.1 percent to $1.3115. Friend sees the sterling sliding to $1.25 by the end of the year.
Bonds
Treasuries were little changed, with the yield on two-year notes at 0.75 percent. The rate on benchmark 10-year notes fell two basis points to 1.54 percent.
The U.S. is scheduled to sell 15 billion dollars of two-year floating-rate notes on Wednesday, a day after an auction of U.S. five-year notes drew the weakest demand since 2009. This week’s auctions have signaled investor demand is waning with yields near record lows and odds of a Fed rate increase this year close to 50 percent, based on futures trading.
Commodities
Copper fell 0.7 percent, leading most industrial metals lower following reports on Chinese curbs on wealth-management products. Zinc and lead each slid 1 percent.
Oil fell in New York after a government report showed U.S. crude inventories unexpectedly rose, halting the longest streak of declines on record. Crude stockpiles climbed by 1.67 million barrels, the Energy Information Administration report showed. West Texas Intermediate for September delivery was down 1.1 percent to $42.46 a barrel
Gold rose 0.6 percent to $1,328.70 an ounce.
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