Currencies

• EUR/USD The euro rose from a three-week low versus the dollar as optimism growth in Europe is accelerating overshadowed concern the region's debt crisis will worsen.
  • The euro advanced to $1.4223 as of 1:57 p.m. in Tokyo from $1.4192 yesterday in New York, when it declined to $1.4172.


• USD/JPY looked better bid in Asia following broad USD strength and commodity weakness overnight.
  • From an early Tokyo low of 80.90, USD/JPY moved up some more to 81.35.


• GBP/USD opened the Asian session at 1.6360 after selling off sharply during the US session when commodities crashed off and gave the USD a boost.
  • The GBP/USD whipped between 1.6355/80 for most of the Asian morning session.

Commodities

• Gold and silver advanced as Europe's sovereign-debt crisis showed no signs of abating and global inflation accelerated, urging demand for precious metals as a store of value.
  • Immediate-delivery gold gained as much as 0.4 percent to $1,506.60 an ounce and traded at $1,504.88 at 10:49 a.m. in Singapore.
  • Silver futures swung between a gain of 1.1 percent and a loss of 1.3 percent before trading at $35.46.

• Oil advanced from a three-day low in New York and volatility increased to a more than two-year high as traders bet yesterday's 5.5 percent slide was excessive.
  • Futures climbed as much as 1.5 percent, after dropping on an unexpected increase in gasoline stockpiles and a drop in demand.
  • Crude for June delivery gained as much as $1.44 to $99.65 a barrel in electronic trading on the New York Mercantile Exchange and was at $99.56 at 11:52 a.m. Singapore time.

Equities

• U.S. stocks slumped yesterday, giving the Standard & Poor's 500 Index its biggest decline since March, as commodities tumbled amid a strengthening dollar and concern that accelerating global inflation may slow economic growth.
  • The S&P 500 dropped 1.1 percent to 1,342.08 at 4 p.m. in New York.
  • The Dow Jones Industrial Average slid 130.33 points, or 1 percent, to 12,630.03.


• European stocks climbed for a second day as better-than-estimated results from A.P. Moeller-Maersk A/S to Hermes International SCA boosted confidence in the economic recovery.
  • Maersk jumped the most in eight months as the owner of the world's largest container line said net income surged 85 percent and Hermes gained 3.3 percent after sales increased as consumers purchased more luxury watches and fragrances.
  • The U.K.'s FTSE 100 Index dropped 0.7 percent to 5,976.00.
  • France's CAC 40 Index advanced 0.1 percent to 4,058.08 and Germany's DAX slid 0.1 percent to 7,495.05.


• Asian stocks fell as commodity prices tumbled amid concern that China will further tighten monetary policy.
  • Japan's Nikkei 225 Stock Average fell 0.6 percent.
  • Hong Kong's Hang Seng Index retreated 0.8 percent.

Sources: Bloomberg, FT