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Aily Arket Pdate: Quities
Aily Arket Pdate: Quities
Aily Arket Pdate: Quities
EQUITIES _______________________________________________________________________________
Switzerland Europe
USA
Gold
Gold traded near a three-month high and is headed for its best weekly gain in three months after investors
sought a hedge against declining currencies. Bullion for immediate delivery traded little changed at $1,150 an
ounce at 11 a.m. in Singapore. Gold advanced to $1,153.88 yesterday, the highest since Jan. 12, and also
reached a record 864.56 euros in the 16-nation currency. Gold has gained almost 7% the past two months as
debt worries in Greece depressed the euro and mixed economic data in the U.S. slowed the dollar’s rally.
Holdings in the SPDR Gold Trust, the biggest exchange-traded fund backed by the metal, jumped to a record
1,140.43 metric tons yesterday, according to the company’s Web site. Gold has gained 2.8 percent this week
and is heading for is best gain since the week ended Jan. 8. It reached a record $1,226.56 an ounce on Dec. 3.
Soft Commodities
Corn, unchanged in Asia trading, is poised for its first weekly increase in three on speculation that a price drop to
a six-month low was exaggerated. Futures for May delivery in Chicago have climbed 1.1% this week, trimming
the previous two weeks’ 8% drop. The price for May touched $3.435 a bushel on April 1, the lowest level in more
than six months, after the U.S. Department of Agriculture said a record 2009 harvest left corn inventories up 11%
from a year earlier and the largest for March since 1987. Corn for May delivery was unchanged at $3.4825 a
bushel on the Chicago Board of Trade at 11:20 a.m. Tokyo time after losing 2.3% yesterday on speculation that
warm, dry weather in the central U.S. will allow farmers to quickly plant the country’s biggest crop. Soybeans for
May delivery were up 0.1% at $9.4775 a bushel after declining 0.6% yesterday on prospects for increasing global
supplies. Later today, the USDA may say U.S. stockpiles as of Sept. 1, before this year’s harvest, will rise to 208.3
million bushels, according to the average estimate of 23 analysts surveyed by Bloomberg News. The
government estimate in March was 190 million. A year earlier, supplies were 138 million. Wheat for July delivery
was up 0.3% at $4.84 a bushel after losing 1.3% yesterday. Global stockpiles of wheat were forecast to jump 19%
to 196.8 million tons this year from a year earlier as output exceeds demand for a second year, the USDA said
March 10.
FX ____________________________________________________________________________________
The yen fell for a second day against the euro as signs the global economy is improving and speculation
Greece will avoid a default damped demand for the safety of Japan’s currency. The yen weakened against all
16 of its major counterparts before reports today that economists said will show German exports rebounded in
February and U.K. producer prices rose the most since December 2008. South Korea’s won rose toward its
highest in 18 months on optimism investor demand for emerging market assets is strengthening. The yen
dropped to 124.97 per euro as of 1:13 p.m. in Tokyo from 124.75 in New York yesterday, paring this week’s gain to
2.2%. Japan’s currency fell 0.2% to 93.53 per dollar. It has risen 1.1% against the greenback since April 2. The euro
was at $1.3358 from $1.3361. German exports rose 4% in February after dropping a revised 6.4% the previous
month, according to a Bloomberg News survey. The cost of goods at U.K. factory gates increased an annual
4.4% in March, from 4.1% the prior month, a separate Bloomberg survey showed.
This information is issued to qualified investors only and is not research. The information contained in this paper is based on or derived from information generally available to the
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data provided by Reuters. © EFG Financial Products AG. All Rights reserved.