Currencies

• EUR/USD The 17-nation euro failed to rally versus its U.S. counterpart before a European Central Bank meeting today.
  • The dollar traded at $1.3331 per euro as of 1:25 p.m. in Tokyo from $1.3348 in New York yesterday.
  
  

• USD/JPY The yen advanced against the dollar as a decline in U.S. stock futures supported demand for the haven currencies.
  • It was at 76.75 yen around 7:30 a.m. London time from 76.79 yen.
  
  

• GBP/USD The pound fell against the dollar after a government report showed U.K. economic growth slowed more than analysts forecast last quarter, adding pressure on the central bank to keep interest rates low.
  • GDP rose 0.1 percent from the first quarter, lower than the 0.2 percent previously published, the Office for National Statistics said yesterday in London
  • Sterling was trading at $1.5405 around 7 a.m. London time.

Commodities

• Gold Precious metals snapped higher as mostly optimistic outlook in equities and commodities markets sent investors who had bet prices would fall back to the market.
  • The contract for October delivery rose $25.60, or 1.6%, to settle at $1,640.30 a troy ounce on the Comex division of the New York Mercantile Exchange.

• Oil traded near a four-day high in New York as investors bet that shrinking crude stockpiles and signs of economic recovery indicate more demand for fuel.
  • Inventories fell 4.7 million barrels, an Energy Information Administration report showed.
  • Crude for November delivery was at $79.55 a barrel, down 14 cents, in electronic trading on the New York Mercantile Exchange at 1:40 p.m. Singapore time.Crude for November delivery rose as much as $2.79 to $78.46 a barrel and was at $77.85 at 11:50 a.m. Singapore time.

Equities

• US Stocks rallied as economic data topped estimates and investors speculated Europe will act to contain the region's debt crisis.
  • The S&P 500 advanced 1.8 percent to 1,144.03 at 4 p.m. New York time.
  • The Dow Jones Industrial Average added 131.24, or 1.2 percent, to 10,939.95.


• European stocks rebounded on Wednesday as policy makers were reported to be poised to help recapitalize the European banking sector in an effort to reduce uncertainty that has blighted markets in the midst of the euro-zone sovereign debt crisis.
  • The U.K.'s FTSE 100 closed up 3.2% at 5102.17.
  • Germany's DAX increased 4.9% to 5473.03 and France's CAC-40 closed 4.3% higher at 2973.90.

• Asian stocks rose as better-than-expected U.S. economic data and optimism European leaders will contain the region's debt crisis boosted the earnings outlook for exporters.
  • Sony Corp. (6758), Japan's No. 1 exporter of consumer electronics, advanced 3.4 percent in Tokyo.
  • The MSCI Asia Pacific Index rose 2.6 percent to 110.17 as of 12:42 p.m. in Tokyo.
  • Japan's Nikkei 225 (NKY) Stock Average gained 1.6 percent.
  • Hang Seng Index climbed 4.1 percent.

Sources: Bloomberg, FT