In Asian Equity Markets stocks outside Japan rose as Chinese shares surged on speculation the government will take steps to bolster equities. Yanzhou Coal Mining Co. soared 6.6 percent in Hong Kong, leading gains on the gauge tracking mainland shares traded in the city. Samsung Electronics Co., Asia's biggest technology company, gained 3.1 percent in Seoul as Chairman Lee Kun Hee was reported to be in a stable condition after surgery following a heart attack. DeNA Co. slumped 20 percent in Tokyo after the online-gaming network operator forecast operating profit that missed estimates. Hong Kong's Hang Seng Index surged 1.7 percent while Shanghai Composite Index soared 1.9 percent. Data on China's retail sales and industrial production for April are due tomorrow. Japan's Topix (TPX) index fell 0.2 percent. South Korea's Kospi index rose 0.3 percent, while Australia's S&P/ASX 200 Index declined 0.4 percent and New Zealand's NZX 50 Index added 0.1 percent.
In Currency Markets the euro traded near the lowest level in a month versus the dollar before speeches today by European Central Bank officials Vitor Constancio and Ewald Nowotny. The single currency held its biggest weekly decline since March after ECB President Mario Draghi signaled last week the central bank will ease next month. The yen fell after data showed Japan's current account surplus shrank more than economists forecast. An index of dollar strength headed for its highest close since May 1. The euro was little changed at $1.3764 as of 6:30 a.m. in London from May 9, when it completed a 0.8 percent weekly decline. It reached $1.3993 on May 8, the strongest since October 2011. The single currency added 0.2 percent to 140.33 yen. Japan's currency weakened 0.1 percent to 101.96 per dollar. Japanese investors sold a record amount of euro-denominated long and medium-term bonds in March, Ministry of Finance data showed today.
In Commodities Markets brent advanced for the first time in three days amid concern that increased tension in Ukraine may disrupt oil supplies from Russia, the world's biggest energy exporter. West Texas Intermediate was steady in New York. Futures rose as much as 0.4 percent in London. Ukraine's eastern regions voted yesterday in favor of secession in a referendum they organized as government troops and pro-Russian rebels clashed. The global oil market is sufficiently supplied and demand is "great," according to Saudi Arabia's Petroleum Minister Ali Al-Naimi. Brent for June settlement climbed as much as 47 cents to $108.36 a barrel on the London-based ICE Futures Europe exchange and was at $108.28 at 12:30 p.m. Singapore time. The contract slid 15 cents to $107.89 on May 9, capping a second weekly decline. WTI for June delivery was up 14 cents at $100.13 a barrel in electronic trading on the New York Mercantile Exchange. The U.S. benchmark crude was at a discount of $8.15 to Brent.
In US Equity Markets stocks rose, sending the Dow Jones Industrial Average to a record, as Internet shares rallied and retailers gained on earnings. Gap Inc. jumped 3.3 percent on an unexpected increase in April sales and Urban Outfitters Inc. rose 2.7 percent. McDonald's Corp. and Home Depot Inc. led advances in the Dow average. Apple Inc. fell 0.4 percent today. The iPhone maker is in advanced talks to acquire headphone maker and music-streaming service Beats Electronics LLC for $3.2 billion, trading, people with the knowledge of the discussions said. Finally, the DJIA finished up 0.20% at 16,583.34, the S&P 500 up 0.15% at 1,878.47, and the NASDAQ 100 up 0.43% at 3,555.70. Groupon Inc. (GRPN) and Twitter Inc. (TWTR) sank at least 15 percent to pace the week's declines among Internet stocks. Tesla Motors Inc. (TSLA) tumbled 14 percent after reporting car deliveries that trailed estimates. Whole Foods Market Inc. plunged the most in five years as profit growth stalled and the company cut its forecast.
In Bond Markets Treasury benchmark 10-year yields were less than their six-month average before reports this week economists forecast will show retail sales rose and inflation held in check. Federal Reserve Chair Janet Yellen is scheduled to speak May 15, after using comments last week to temper speculation an improving economy will accelerate an increase in interest rates. Treasury two-year notes gained last week as the remarks supported those securities most sensitive to changes in rate expectations, widening the yield gap with 30-year bonds. Benchmark 10-year yields increased one basis point to 2.63 percent as of 6:30 a.m. in London. Japan's 10-year yield was unchanged at 0.605 percent, while Australia's climbed two basis points to 3.84 percent. A basis point is 0.01 percentage point.
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