Currencies

• EUR/USDThe euro weakened against most of its major counterparts before European leaders begin a two-day summit in Brussels today to discuss Greece's financing needs as the nation struggles to stave off default.
  • The single currency dropped for a second day against the dollar on prospects Greek Prime Minister George Papandreou will face difficulty in getting parliamentary approval next week for a package of budget cuts and asset sales.
  • The euro dropped to $1.4305 as of 1:21 p.m. in Tokyo from $1.4357 in New York yesterday.


• USD/JPY The dollar climbed against 13 of its 16 major peers after the Federal Reserve damped speculation of additional stimulus at a policy meeting yesterday.
  • The dollar gained to 80.46 yen from 80.29 yen.


• GBP/USD Sterling was weaker against 15 of 16 major counterparts yesterday.
  • Sterling depreciated 0.6 percent to $1.6146 and was trading even lower today around 1.6045 at 7:30 a.m. London time.

Commodities

• Gold Commodities dropped after the Federal Reserve reduced its growth and employment forecasts for the world's biggest economy, worsening the outlook for demand.
  • Gold for immediate delivery fell 0.1 percent to $1,546.75 an ounce.

• Oil declined for the first day in four in New York as investors speculated U.S. fuel demand may weaken after the Federal Reserve lowered its economic growth outlook for world's biggest crude-consuming nation.
  • An Energy Department report showed U.S. oil stockpiles fell less than forecast and inventories at Cushing, Oklahoma, increased for the first time in four weeks.
  • Oil for August delivery declined as much as $1.41 to $94 a barrel in electronic trading on the New York Mercantile Exchange and was at $94.31 at 2:45 p.m.

Equities

• U.S. stocks declined, after the Federal Reserve lowered its forecast for economic growth and said it plans to finish its $600 billion bond-purchase program this month as scheduled.
  • Adobe Systems Inc., the world's largest maker of graphic- design software, retreated 6.3 percent after reporting lower- than-expected Europe sales.
  • The Standard & Poor's 500 Index lost 0.7 percent to 1,287.14 at 4 p.m. in New York.
  • The Dow Jones Industrial Average dropped 80.34 points, or 0.7 percent, to 12,109.67 yesterday.


• European stocks declined as Royal Philips Electronics NV tumbled on deteriorating demand for lighting and consumer electronics.
  • Philips plunged the most in more than two years it forecast "low single-digit" sales growth at its lighting business.
  • The U.K.'s FTSE 100 fell less than 0.1 percent.
  • Germany's DAX Index lost 0.1 percent, while France's CAC 40 slid 0.2 percent.


• Asian stocks decreased after the U.S. Federal Reserve lowered its growth forecast for the world's biggest economy and amid concern China will raise interest rates.
  • There is a high concern over the global impact of a slowing U.S. economy, a possible Greek default and China's steps to curb inflation.
  • The MSCI Asia Pacific Index sank 0.7 percent to 131.09 as of 2:07 p.m. in Tokyo.
  • Japan's Nikkei 225 Stock Average rose 0.1 percent and Hong Kong's Hang Seng Index slid 0.8 percent.

Sources: Bloomberg, FT