Currencies

• EUR/USD The dollar fell against the euro for a fourth day before data forecast to show U.S. existing home sales grew at a slower pace, adding to evidence the Federal Reserve will need to maintain stimulus for longer.
  • The dollar dropped to $1.4293 per euro as of 1:26 p.m. in Tokyo from $1.4250 in New York yesterday.


• USD/JPY The U.S. currency dropped against 15 of its 16 major counterparts after Goldman Sachs Group Inc. lowered its forecasts for the greenback, citing poor growth prospects for the world's largest economy.
  • The dollar fetched 81.59 yen from 81.68 yen.


• GBP/USD The pound fell as minutes from the Bank of England's May 5 meeting showed the majority of policy makers warned against raising borrowing costs and a report revealed unemployment claims rose.
  • Jobless benefit claims increased by 12,400 from March to 1.47 million, the Office for National Statistics said today in London.
  • The pound was 0.7 percent lower at $1.6144 as of 4:22 p.m. in London.

Commodities

• Gold may advance for a second day as further signs of a global economic slowdown and protracted sovereign-debt concerns in Europe spurred demand for precious metals as a store of value.
  • Immediate-delivery gold traded little changed at $1,497 per ounce at 12:42 p.m. in Singapore after gaining as much as 0.3 percent to $1,500.82.
  • Gold for June delivery in New York was also little changed at $1,497 an ounce.

• Oil traded near the highest in more than a week in New York after a government report showed an unexpected drop in U.S. crude inventories on increased refinery operating rates and supply disruptions.
  • The Energy Department said stockpiles slipped 15,000 barrels last week to 370.3 million.
  • Crude for June delivery was at $100.09 a barrel, down 1 cent, in electronic trading on the New York Mercantile Exchange at 1:26 p.m. Singapore time.

Equities

• U.S. stocks stocks rose, snapping a three- day drop, as the Federal Reserve signaled continued low interest rates, commodities rebounded and earnings at companies including Dell Inc. beat analyst estimates.
  • Dell, the world's second- largest computer maker, jumped 5.4 percent as corporate spending helped the company withstand a slump in consumer demand.
  • The Standard & Poor's 500 Index rose 0.9 percent to 1,340.68 at 4 p.m. in New York yesterday.
  • The Dow Jones Industrial Average added 80.60 points, or 0.7 percent, to 12,560.18.


• European stock climbed, snapping the longest losing streak in two months, as Land Securities Group Plc led gains in property companies and basic-resource producers rallied with commodities.
  • Land Securities surged the most in almost two years after the U.K.'s largest real-estate investment trust reported earnings that topped estimates.
  • U.K.'s FTSE 100 Index rallied 1.1 percent.
  • Germany's DAX Index advanced 0.7 percent.


• Asian stocks dropped, with the key regional index reversing earlier gains, after Japan reported its economy shrank more than estimated last quarter and Gartner Inc. said Samsung Electronics Co.'s first quarter market share fell.
  • The MSCI Asia Pacific Index dropped 0.3 percent to 134.73 as of 2:48 p.m. in Tokyo, erasing earlier gains.
  • The Nikkei 225 Stock Average dropped 0.5 percent and Hong Kong's Hang Seng Index climbed 0.3 percent.

Sources: Bloomberg, FT