Currencies

• EUR/USD The euro fell from near a four-week high versus the dollar after German Finance Minister Wolfgang Schaeuble said bondholders must contribute a "substantial" share of a second aid package for Greece.
  • Schaeuble told European Central Bank President Jean-Claude Trichet and fellow euro finance ministers in a June 6 letter that maturities on Greek bonds should be extended seven years.
  • The euro declined to $1.4664 from $1.4691 yesterday.


• USD/JPY The yen rose against all 16 major counterparts after the International Monetary Fund said its 26 billion-euro ($38 billion) loan to Portugal involve risks, urging demand for Japan's currency as a refuge.
  • The yen gained to 79.97 per dollar at 1:55 p.m. in Tokyo from 80.09 in New York yesterday.


• GBP/USD The pound rose against the dollar as stocks advanced after European Central Bank President Jean-Claude Trichet signaled his support for Greek government bond rollovers. This lifted the demand for riskier assets.
  • The pound strengthened 0.5 percent to $1.6440 as of 4:29 p.m. in London and was trading at $1.6426 around 7 a.m. London time.

Commodities

• Gold futures fell from a five-week high as European debt concerns eased, eroding the appeal of the precious metal as a safety.
  • Gold futures for August delivery fell $3.20, or 0.2 percent, to settle at $1,544 at 1:47 p.m. on the Comex in New York. It trading at $1,541.20 around 7:30 a.m. London time.

• Oil fell in New York amid speculation OPEC will increase production quotas when it meets in Vienna even as U.S. gasoline demand weakens..
  • The Organization of Petroleum Exporting Countries will raise its output target today, according to a Gulf delegate with knowledge of the matter.
  • U.S. gasoline demand at the pump slid 2.9 percent last week.
  • Crude for July delivery dropped as much as 64 cents to $98.45 a barrel in electronic trading on the New York Mercantile Exchange and was at $98.68 at 2:59 p.m. Sydney time.

Equities

• U.S. fell a fifth day as Federal Reserve Chairman Ben S. Bernanke gave no hint of a new round of economic stimulus even as the recovery slows.
  • Cisco Systems Inc., Bank of America Corp. and Hewlett- Packard Co. lost more than 1 percent.
  • The S&P 500 retreated 0.1 percent at 1,284.94 at 4 p.m. in New York.
  • The Dow Jones Industrial average reversed a rally of as much as 89 points to close down 19.15 points, or 0.2 percent, to 12,070.81 yesterday.


• European stock declined yesterday as losses in retail shares offset gains in utility companies.
  • Tesco Plc and Home Retail Group Plc fell as a report showed U.K. retail sales declined last month.
  • The U.K.'s FTSE 100 Index rose less than 0.1 percent.
  • Germany's DAX Index added 0.3 percent, while France's CAC 40 Index climbed 0.2 percent.


• Asian stocks dropped, dragging the regional benchmark index to its lowest level in two weeks, as Federal Reserve officials from Ben S. Bernanke to William Dudley fueled concern about the sustainability of the global recovery.
  • The MSCI Asia Pacific Index fell 0.5 percent to 132.99 as of 12:27 p.m. in Tokyo.
  • Japan's Nikkei 225 Stock Average fell 0.4 percent.
  • Hong Kong's Hang Seng Index dropped 0.9 percent and China's Shanghai Composite Index retreated 0.3 percent.

Sources: Bloomberg, FT