Athens - Arabstoday
Stocks rose for a third day and Italian bonds gained after Greece completed its debt swap. The dollar strengthened and commodities advanced before a U.S. payrolls report and as Chinese inflation slowed. The Stoxx Europe 600 Index added 0.2 percent at 9:55 a.m. in London. Standard & Poor’s 500 Index futures slipped 0.1 percent. The dollar appreciated 0.4 percent against the euro, snapping two days of weakness. The yield on the Italian 10-year bond declined 12 basis points to 4.68 percent. The S&P GSCI gauge of commodities climbed 0.2 percent.The Greek government said it reached its target in the biggest sovereign restructuring in history, with a 95.7 percent participation rate among investors after it received approval to activate collective action clauses. China’s consumer prices rose at the slowest pace in almost two years. American companies probably added 210,000 jobs in February, economists said before a Labor Department report today. “One more chapter in the Greek debt saga is nearing its end,” said Andreas Koutras, partner of In Touch Capital Markets in London. “This does not solve the numbers problem in Greece. It gives, however, political impetus to the process.” The Stoxx 600 (SXXP) has risen for three days, paring this week’s retreat to 1 percent. London Stock Exchange Group Plc rallied 7.8 percent, the most in more than eight months, after agreeing to buy a majority stake in LCH.Clearnet Group Ltd. for 463 million euros ($612 million). Lagardere SCA, France’s largest publisher, tumbled 7.6 percent after its 2012 outlook prompted analysts to cut profit targets. Bull Market The S&P 500 (SPX) has climbed for two days, trimming this week’s decline to 0.3 percent. Texas Instruments Inc. slipped 0.6 percent in German trading as the world’s largest maker of analog semiconductors reduced its first-quarter sales and profit forecasts. Today is the three-year anniversary of the bull market in U.S. stocks that followed the global financial crisis. The S&P 500 has rallied 102 percent from its 12-year low on March 9, 2009, while the MSCI All-Country World Index jumped 91 percent. The dollar appreciated 0.3 percent against the yen, rose 0.2 percent versus the pound and advanced 0.4 percent against the Swiss franc. The euro depreciated 0.2 percent against the yen and fell 0.2 percent versus the pound. The MSCI Emerging Markets Index (MXEF) advanced 0.8 percent, paring this week’s drop to 1.8 percent. The Shanghai Composite (SHCOMP) and the Hang Seng China Enterprises Index (HSCEI) of Chinese stocks listed in Hong Kong both advanced 0.8 percent. The BUX Index (BUX) jumped 1.1 percent in Budapest. The BSE India Sensitive Index (SENSEX) rose 2.2 percent as trading resumed after yesterday’s holiday. Soybeans jumped 1 percent to $13.52 a bushel before the U.S. Department of Agriculture monthly crop report. Copper advanced 0.6 percent and New York oil gained 0.2 percent to $106.82 a barrel.