Currencies

• EUR/USD The 17-nation currency weakened against a majority of its most-traded counterparts before a summit of European leaders tomorrow to resolve the region's debt crisis. The Dollar Index held onto a drop from yesterday after Federal Reserve Bank of New York President William C. Dudley said the central bank may do more to hold down borrowing costs.
  • The Dollar currency slid 0.2 percent to $1.3905.

• USD/CAD Canada's dollar touched the strongest level in a month after a report showed China's manufacturing may grow in October for the first time in four months, increasing demand for riskier assets.
  • Canada's currency advanced 0.3 percent to C$1.0030 per U.S. dollar at 5:01 p.m. in Toronto, having earlier touched C$1.0022, the strongest since Sept. 21, which was also the last time the currency traded at parity with the greenback. It weakened.

• GBP/USD The pound weakened against most of its major peers tracked by Bloomberg on concern U.K. economic growth is slowing.
  • The U.K. currency fell 0.1 percent to 121.52 yen and strengthened 0.2 percent versus the dollar to $1.5978.

Commodities

• GOLD rose for a second straight session, tracking gains in others commodities, as renewed optimism for growth in China boosted prospects for raw-material demand.
  • Gold futures for December delivery gained 1 percent to $1,652.30 an ounce at 2:21 p.m. on the Comex in New York. On Oct. 21, the precious metal jumped 1.4 percent.

• Oil rose a third day, trading at the highest in 12 weeks, on signs of improving U.S. demand and speculation Europe's leaders will agree on a fund to contain the crisis threatening the region's economic growth.
  • Crude for December delivery gained as much as 80 cents to $92.07 a barrel in electronic trading on the New York Mercantile Exchange and was at $91.92 at 12:06 p.m. Singapore time.

Equities

• US Stocks rallied, almost wiping out this year's decline in the Standard & Poor's 500 Index, amid takeover deals, higher-than-estimated earnings at Caterpillar Inc. (CAT) and progress in talks to tame Europe's debt crisis.
  • The S&P 500 increased 1.3 percent to 1,254.19 as of 4 p.m. New York time, paring its 2011 retreat to 0.3 percent.
  • The Dow Jones Industrial Average 0.66 percent, to 11,509.10.
  • The Nasdaq Composite Index gained 2.4 percent, erasing its year-to-date decline.


• The Istanbul Stock Exchanges may complete as many as 28 initial public offerings this year and needs to attract more investors to keep up with economic growth, Chief Executive Officer Huseyin Erkan said.
  • The ISE National 100 Index declined 14 percent this year through Oct. 21.

• Asian stocks swung between gains and losses as investors await the results of a European summit tomorrow where leaders are expected to hammer out details on enhancing the region's bailout fund.
  • Japan's Nikkei 225 Stock Average fell 0.7 percent today, while South Korea's Kospi Index lost 0.3 percent. Australia's S&P/ASX 200 slipped 0.6 percent. Hong Kong's Hang Seng Index rose 0.5 percent.

Sources: Bloomberg, FT