Currencies
The euro advanced to a six-week peak against the dollar on Monday, as investors grew confident European leaders will come up with a broad agreement to deal with the euro zone's debt crisis at a second summit scheduled for Wednesday.
European leaders neared a deal over the weekend on bank recapitalization, and euro zone officials said France and Germany were close to agreement on how to use the European Financial Stability Facility to stave off contagion in the bond market.
The U.S. dollar was shunned overall as risk appetite improved given a less pessimistic view on Europe and record third-quarter revenues at Caterpillar Inc that have underpinned U.S. stocks.
In late afternoon trading, the euro was last up 0.2 percent at $1.39211, after trading as high as $1.39570, its highest since Sept. 8.
The dollar, meanwhile, fell against the yen, trading close to the record low touched on Friday and leaving traders on alert for possible renewed intervention. It was last at 76.071, down 0.3 percent.
The growth-linked Australian dollar was up 1.0 percent at US$1.0466, aided by economic data of top trade partner China. | |
Energy
U.S. crude surged to its highest level in more than two months on Monday, outpacing gains in Brent, as volatile trade in key spreads stole the limelight from upbeat Chinese data and optimism over the euro zone.
U.S. crude jumped more than 4 percent in heavy trade that saw the front month contract trade higher than later months, flipping the curve structure into a bullish backwardation for the first time since 2008.
ICE Brent December crude rose $1.89 to settle at $111.45 a barrel, highest close since Oct. 14, having reached $111.60 and nearing front-month Brent's 100-day moving average of $111.77.
U.S. December crude rose $3.87 to settle at $91.27 a barrel, the highest close since Aug. 3. It marked a second straight session of gains and U.S. crude eclipsed the front-month 100-day moving average of $89.98. | |
Precious metals
Gold gained around 1 percent on Monday, moving in line with riskier assets rather than safe havens, boosted by hopes that European leaders were tackling the region's debt crisis and signs of resiliency over China's economy.
Spot gold was up 0.9 percent at $1,655.04 an ounce, following a 2 percent decline last week.
U.S. gold futures for December delivery settled up $16.20 at $1,652.30.
Silver was 1.1 percent higher at $31.68 an ounce.
Among platinum group metals, platinum rose 2.5 percent to $1,543.50 an ounce, while palladium climbed 4.5 percent to $638.97 an ounce. | |
Stock indices
U.S. stocks rose on Monday, as a flurry of merger activity and strong earnings from Caterpillar boosted investor sentiment and kept the three-week rally intact.
Equities have risen on hopes a resolution to Europe's sovereign debt crisis is on the horizon and a reduced likelihood of a U.S. recession after stronger-than-expected corporate results and economic data.
The Dow Jones industrial average advanced 104.83 points, or 0.89 percent, to 11,913.62. The Standard & Poor's 500 Index rose 15.95 points, or 1.29 percent, to 1,254.20. The Nasdaq Composite Index gained 61.98 points, or 2.35 percent, to 2,699.44.
The gains on Monday put the S&P 500 up nearly 11 percent for the month, putting the benchmark index on track for its best monthly performance since December 1991. |
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