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BLBG: U.S. Stocks Fall Most in Month as Gold, Bonds Rise: Markets Wrap
Dow falls more than 100 points as energy producers slide
Investors await U.S, Japan central banks meeting this week

U.S. stocks retreated the most in a month as falling commodities prices weighed on resource producers and investors assessed the potential for political fallout from President Donald Trump’s order halting some immigration. Precious metals advanced.

Energy and materials producers led the S&P 500 Index lower, while technology shares contributed most to declines. Trump’s order opened a rift with some Republican lawmakers, fueling speculation that his pro-growth policies may be impacted. The dollar was little changed after erasing a loss, while gold added 0.4 percent. The yield on 10-year Treasury notes slipped below 2.48 percent. German price growth rose at the fastest pace in 3 1/2 years.
While protests sprung up around the U.S. Sunday, the impact of the travel ban on financial markets remained unclear as major international companies said it threatened to strangle the free flow of workers and commerce. The move drew a rebuke from some Republican lawmaker and raised concern that he may follow through with isolationist policies touted on the campaign trail. Faster-than-expected price growth in Europe prompted a sell-off in bonds on bets inflation of more than 2 percent in some parts of Germany will give the European Central Bank leeway to brake monetary stimulus sooner.

“Global risk sentiment appears to have been jolted somewhat by the weekend focus on President Trump’s moves on immigration,” according to Scotiabank strategists led by Shaun Osborne in Toronto. “The focus on U.S. political developments may restrain for now the underlying bid” for U.S. assets.

Here’s what’s coming up this week:

The Federal Reserve holds a policy meeting on Feb. 1 and the Bank of Japan convenes this week. Neither is expected to change lending rates, though the Fed’s statement will be parsed for any reading on Trump’s impact on the world’s largest economy.
Apple Inc., Facebook Inc. and Amazon.com Inc. are among the major U.S. companies due to report results. Of the 219 S&P 500 names to report so far, 73 percent have topped profit estimates. Japan will see earnings from heavy hitters including Sony Corp. and Honda Motor Co.
The first U.S. jobs report of the year is due on Feb. 3., while China manufacturing and services industry data are scheduled for Feb. 1.
Read our Markets Live blog here.


U.S. Treasury 10-year yields were little changed as Microsoft Corp. started selling new bonds with maturities ranging from three to 40 years.
European bonds fell after data showing Germany’s consumer price index accelerated to 1.9 percent from a year ago, the highest rate since July 2013. The yield on 10-year French bonds climbed three basis points to 1.1 percent. Portuguese bonds due in a decade yielded six basis points more at 4.1 percent.

The Stoxx Europe 600 Index fell 0.9 percent at 9:55 a.m. in New York.
The S&P 500 Index fell 0.8 percent, while the Dow Jones Industrial Average lost 132 points to 19,961.51.
Vodafone Group Plc led a gauge of telecommunications firms higher as it rose 2 percent after saying it’s in talks to merge its Indian unit with Idea Cellular Ltd. in a deal that would create the country’s largest cellular carrier.

The Bloomberg Dollar Spot Index was little changed after erasing losses of as much as 0.4 percent. The pound weakened 0.2 percent, extending a two-day decline.
The yen climbed 0.5 percent to 114.51 per dollar.
The South African rand fell 0.7 percent against amid speculation President Jacob Zuma is planning a cabinet reshuffle.

West Texas Intermediate crude was little changed at $53.14 a barrel.
Gold rose 0.1 percent to $1,192.13, reversing its first weekly loss in a month.
Rubber futures rallied 6.1 percent to 335.1 yen a kilogram, the highest since 2011 on concerns about tight supply of the commodity from Thailand