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United States News Title: Stocks, Commodities Advance as Dollar, Treasuries Retreat Feb. 16 (Bloomberg) -- Stocks rose around the world as improved earnings at Barclays Plc and faster-than-estimated growth in New York manufacturing spurred optimism the global economic recovery will be sustained. Oil and metal prices advanced as the dollar weakened. The Standard & Poor’s 500 Index climbed 0.8 percent at 10:10 a.m. in New York and the MSCI World Index increased 0.8 percent. Barclays soared as much as 9.7 percent, the most since April. Copper rose to a three-week high and nickel advanced to the highest price since August, while oil rallied 3 percent to above $76 a barrel. Treasury 10-year notes fell, sending their yield up three basis points to 3.72 percent. Barclays doubled its profit in 2009, providing further evidence that government efforts to underpin the financial industry are working after banks worldwide recorded $1.7 trillion in losses and writedowns. The Federal Reserve Bank of New York’s general economic index rose to 24.9 this month, higher than anticipated, from 15.9 in January. The Fed’s index showed the fasted growth in manufacturing in four months. “Corporate earnings have provided some positive news, which helped to improve sentiment,” said Neil Jones, head of hedge-fund sales at Mizuho Corporate Bank Ltd. in London. “You will need fresh bad news to fuel further risk-aversion trade, which in my view has gone too far lately.” The S&P 500 extended last week’s advance, its first in more than a month. U.S. markets were closed yesterday for the Presidents’ Day holiday. The Dollar Index, which tracks the U.S. currency against those of six major trading partners, dropped 0.2 percent to 80.176. Earnings Season Forty-five companies in the benchmark gauge for U.S. stocks are scheduled to release results this week, including Hewlett- Packard Co., Kraft Foods Inc. and Wal-Mart Stores Inc. More than 350 companies in the S&P 500 have reported fourth-quarter earnings since Jan. 11, and about 76 percent have beaten analysts’ estimates, according to data compiled by Bloomberg. The S&P GSCI Index of 24 commodities climbed 2.5 percent, as zinc, silver, lead and gold advanced at least 1 percent. Copper for delivery in three months increased 2.2 percent to $7,018 a metric ton and nickel jumped 2.6 percent to $19,850 a ton. Gold for immediate delivery rallied as much as 1.7 percent to $1,119.65 an ounce, the highest price since Jan. 19. Bookings of metals from aluminum to zinc for shipments out of warehouses registered with the London Metal Exchange picked up this year, according to Michael Widmer, metals strategist at Bank of America-Merrill Lynch in London. Nickel has increased 16 percent since the beginning of last week as planned transfers rose to the highest levels since Feb. 12. European Stocks Europe’s Dow Jones Stoxx 600 Index climbed for the sixth time in seven days, rising 0.3 percent. BHP Billiton led basic- resource shares higher, gaining 2.3 percent in London. The world’s largest mining company was upgraded to “buy” from “hold” at ING Groep NV. The MSCI Asia Pacific Index rose 0.5 percent. Westpac Banking Corp., Australia’s second-biggest lender, jumped 6.2 percent in Sydney as first-quarter profit climbed. OneSteel Ltd. surged 5.6 percent after the steelmaker said demand is improving. Greek stocks and bonds fell as European finance ministers, meeting in Brussels, prepared to force the country to find more ways to pare its budget deficit. Greek Bonds, Stocks Greek bonds tumbled, with the yield on the benchmark 10- year note rising 28 basis points to 6.54 percent. The ASE Index of stocks fell 1.7 percent, the biggest decline among Europe’s major equity benchmarks. Credit-default swaps on Greek government bonds rose 15.5 basis points to 370, according to CMA DataVision prices, signaling deteriorating perceptions of the country’s creditworthiness. European finance ministers signaled yesterday that Greece may need to step up efforts to cut its deficit rather than rely on a bailout by fellow euro-member nations. “The risk of disappointment is high as officials take the view that giving Greece a lifeline until March is the best way forward and imposing sanctions should not be ruled out,” Kenneth Broux, a senior market economist at Lloyds Banking Group Plc in London, wrote in a client note today. “There is no word on a plan B if the efforts to cut public spending are rated unsatisfactory.” The Micex Index in Russia, the world’s biggest energy exporter, climbed 2.3 percent, the steepest advance among global benchmark equity indexes. The MSCI Emerging Markets Index of shares in 22 developing nations climbed 0.7 percent to the highest level in almost two weeks. The euro snapped four days of losses against the dollar, rising 0.4 percent, on speculation the declines spurred by Greece’s financial turmoil were exaggerated. The Australian dollar strengthened versus all of its 16 most-traded peers after minutes of the central bank’s Feb. 2 meeting indicated policy makers are more likely to raise interest rates next month if the economy improves.
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