24 November 2011 Market outlook

Currencies

• EUR/USD The dollar was 0.3 percent from a seven-week high against the euro before a German report that may show a gauge of business confidence dropped for a fifth month, increasing the allure of the U.S. currency as a haven.
  • The U.S. currency traded at $1.3363 per euro as of 10:16 a.m. in Tokyo from $1.3342 in New York yesterday when it reached $1.3320, the highest since Oct. 6.

• USD/JPY The yen rose against most of its 16 major counterparts before a German report forecast to show a gauge of business confidence dropped for a fifth month, increasing the allure of the Japanese currency as a haven.
  • The Japanese currency climbed 0.3 percent to 77.09 per dollar

• USD/CAD Canada’s dollar slid to the lowest level in seven weeks versus its U.S. counterpart after Germany’s failure to get the full amount of bids in a debt auction sparked a selloff in higher-yielding assets.
  • Canada’s currency, also known as the loonie, dropped 1 percent to C$1.0486 per U.S. dollar at 5 p.m. in Toronto after falling to C$1.0498, its weakest level since Oct. 5.

Commodities

• Oil climbed in New York as declining crude stockpiles in the U.S. countered concern that Europe’s worsening debt crisis will threaten the region’s economy.
  • Crude for January delivery rose as much as 50 cents to $96.67 a barrel in electronic trading on the New York Mercantile Exchange.

Equities

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• European Stocks declined, with the benchmark Stoxx Europe 600 Index posting its longest losing streak since August, as Germany failed to attract sufficient bids at an auction of benchmark 10-year bunds.
  • The Stoxx 600 declined 1.3 percent to 220.31 at the close in London, for a fifth day of losses.
  • France’s CAC 40 Index slipped 1.7 percent.
  • The U.K.’s FTSE 100 Index slid 1.3 percent.

• US stocks slumped, sending the Standard & Poor’s 500 Index down for a sixth straight day, as the cost of insuring European government debt against default rose to a record on concern the region’s crisis is worsening.
  • The S&P 500 slid 2.2 percent to 1,161.79 at 4 p.m. New York time, the lowest since Oct. 7.
  • The Dow Jones Industrial Average fell 236.17 points, or 2.1 percent, to 11,257.55.