a-17-month-high

Stocks, Commodities Rise on Fed’s Pledge for Low Rates; Yen, Dollar Weaken

by on March 17, 2010

By David Merritt March 17 (Bloomberg) — Stocks rose, driving the Stoxx Europe 600 Index to a 17-month high, and commodities rallied after the Federal Reserve pledged to keep interest rates at a record low and earnings in Europe beat analysts’ estimates. The yen and the dollar weakened. The Stoxx 600 advanced 1 percent at 9:02 a.m. in New York, while the MSCI Asia Pacific Index climbed 1.6 percent. Futures on the Standard & Poor’s 500 Index rose 0.3 percent. Copper and crude oil increased for a second day. The yen fell against all 16 most-traded counterparts and the dollar declined against 13. The Fed yesterday signaled the U.S. recovery isn’t strong enough to stoke inflation or justify higher borrowing costs, repeating its intention to hold the benchmark rate for an “extended period,” while the Bank of Japan doubled a lending program aimed at stoking credit growth to $222 billion. In Europe, investor confidence was boosted as earnings from UniCredit SpA and Inditex SA exceeded predictions. “Steps like these are helping grease the wheels of the recovery,” said Chris Hall , who helps manage about $3.3 billion at Argo Investments in Adelaide, Australia. “It’s clear the Fed is going to keep rates very accommodative to stimulate the growth recovery. Japan’s way is to try and make credit easier to get.” The gain in U.S. futures indicated the S&P 500 may extend a 17-month high as a report showing a bigger-than-estimated drop in wholesale prices underscored the Fed’s assessment that inflation remains subdued. Producer prices in the U.S. fell 0.6 percent in February, the Labor Department said, compared with a 0.2 percent decrease estimated on average by economists in a Bloomberg survey. UniCredit, Inditex The MSCI World Index of 23 developed nations’ stocks rose 0.5 percent. Rio Tinto Group, the world’s third-largest mining company, led basic-resource producers higher, gaining 2.2 percent in London. UniCredit, Italy’s biggest bank, surged 5.9 percent in Milan. Inditex SA, the world’s largest clothing retailer, jumped 4.8 percent in Madrid. In Asian trading, LG Electronics Inc., the world’s third-largest mobile-phone maker, gained 2.9 percent in Seoul. The MSCI Emerging Markets Index gained 1.5 percent to a two-month high. Indonesia’s Jakarta Composite Index surged 3.3 percent, the most since July, and South Korea’s Kospi Index climbed 2.1 percent, erasing this year’s losses. Qatar’s DSM 20 Index advanced 3.8 percent to the highest in more than four months after the government said domestic banks will be allowed to trade shares. Commodities Rally Copper for delivery in three months surged 1.4 percent to $7,507 a metric ton on the London Metal Exchange, leading gains in industrial metals. Crude oil advanced 0.9 percent to $82.42 a barrel in New York trading, extending yesterday’s 2.4 percent jump. Goldman Sachs Group Inc. raised its 12-month outlook for returns from commodities to 17.6 percent and said the biggest gains probably will be in crude, copper, corn and platinum. The yen dropped most against higher-yielding currencies, depreciating 1.5 percent against the South African rand and 0.7 percent versus the South Korean won. Canada’s dollar rose as much as 0.3 percent compared with its U.S. counterpart, to trade at the strongest level in almost two years. The pound strengthened as much as 0.9 percent against the dollar after U.K. jobless claims unexpectedly fell in February at the fastest pace since 1997 and minutes of the Bank of England’s March 4 meeting showed policy makers voted unanimously to maintain interest rates at a record low and keep bond purchases on hold. Greek Bonds Rise Greek bonds rose after Standard & Poor’s said yesterday it isn’t reviewing the nation’s BBB+ rating for a downgrade as the government pushes ahead with efforts to narrow its budget deficit, the biggest in Europe. The yield on the two-year note dropped 11 basis points to 4.43 percent. The cost of insuring against losses on European corporate bonds using credit-default swaps fell, with the Markit iTraxx Crossover Index of 50 mostly high-yield borrowers declining 10 basis points to 409, according to JPMorgan Chase & Co. The drop signals an improvement in investor perceptions of credit quality and sent the index close to the lowest level since Jan. 18. To contact the reporter on this story: David Merritt in London on dmerritt1@bloomberg.net .

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Stocks, Commodities Decline on Concern China, India Seeking to Cool Growth

by on March 15, 2010

By Stuart Wallace March 15 (Bloomberg) — Stocks retreated, led by emerging markets, and commodities declined on concern that China and India will seek to restrict economic growth to curb inflation. The pound and the euro weakened against the dollar. The Standard & Poor’s 500 Index, which closed at a 17-month high on March 11, lost 0.3 percent to 1,146.05 at 10:12 a.m. in New York. The MSCI Emerging Markets Index slipped 0.8 percent as the Shanghai Composite Index plunged 1.2 percent. The pound weakened against all 16 of its most-traded counterparts and the euro snapped three days of gains versus the dollar. Oil, copper, lead and nickel lost at least 1 percent. Treasury 10-year note yields were near a one-week low of 3.7 percent. Premier Wen Jiabao may take steps to cool China’s expansion and economists predict India will raise interest rates after inflation in both nations accelerated to a 16-month high. European finance ministers meet in Brussels today to discuss how to help Greece overcome its debt crisis. The U.S. Federal Reserve will detail its outlook for interest rates tomorrow. “China is between a rock and a hard place” because of the need to control inflation without hurting the recovery, Mikio Kumada , a senior market analyst at LGT Capital Management in Singapore, said in an interview on Bloomberg Television. U.S. equities retreated even after reports showed U.S. industrial production unexpectedly grew 0.1 percent in February and manufacturing in the New York region increased for an eight straight month. Declines were limited as Wal-Mart Stores Inc. climbed 2.2 percent after Citigroup Inc. recommended the shares, while PepsiCo Inc. jumped 1.5 percent on plans to boost its dividend and buy back up to $15 billion in shares. Dollar Gains The Dollar Index , which tracks the currency against those of six U.S. trading partners, ended three days of declines, rising 0.4 percent to 80.17. Futures trading shows wagers on the pound weakening against the dollar outnumber bets on a gain by eight times more than when George Soros made $1 billion on the U.K. currency’s decline in 1992. The U.S. and U.K. are “substantially” closer to losing their AAA credit ratings, with both nations spending about 7 percent of this year’s revenue on debt payments, Moody’s Investors Service said. Greece, which is trying to cut its budget deficit to 8.3 percent of gross domestic product this year from 12.7 percent last year, must repay bondholders more than 20 billion euros by the end of May. Pound, Gilts While the pound has tumbled 6.8 percent against the dollar in 2010, U.K. government bonds have gained, with the yield on the benchmark 10-year gilt falling 5 basis points to 4.04 percent today. The FTSE 100 Index of stocks has climbed 3.8 percent this year, more than the 3.1 percent increase in the S&P 500. Credit-default swaps on U.K. government debt rose almost 2 basis points to 69.2, advancing from a 3 1/2-month low of 67.5 reached on March 12, according to CMA DataVision. Contracts on Greece were little changed at 290.8 basis points. The MSCI Asia Pacific Index declined 0.5 percent. Newcrest Mining Ltd., Australia’s biggest gold producer, dropped 1.5 percent in Sydney. China Merchants Bank Co. sank 2.4 percent in Hong Kong trading after Morgan Stanley said it expects “multiple” increases in bank-reserve ratio requirements. ICICI Bank Ltd. , India’s second-largest lender, declined 1.4 percent. Egypt’s EGX 30 Index dropped 3.1 percent, the steepest retreat among benchmark equity gauges worldwide. European Stocks The Stoxx Europe 600 Index fell 0.4 percent. BHP Billiton, the world’s largest mining company, paced a retreat in basic- resources shares, falling 1 percent in London. Deutsche Telekom AG, Europe’s biggest phone company, slid 1 percent in Frankfurt as BofA Merrill Lynch Global Research downgraded the shares to “underperform.” Copper for delivery in three months fell 1.2 percent $7,355 a metric ton on the London Metal Exchange, leading declines in industrial metals. Crude oil for April delivery was down 1.9 percent at $79.69 a barrel on the New York Mercantile Exchange. Analysts surveyed by Bloomberg expect the Organization of Petroleum Exporting Countries to keep production quotas unchanged at a meeting in Vienna in two days time. To contact the reporter on this story: Stuart Wallace in London at swallace6@bloomberg.net

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U.S. Stocks Advance to 17-Month High on Economic Confidence, Paced by AIG

March 13, 2010

By Craig Trudell March 13 (Bloomberg) — U.S. stocks rose, pushing the Standard & Poor’s 500 Index to a 17-month high, as Citigroup Inc. led a rally among banks and data boosted confidence that the economic recovery is sustainable. Citigroup rallied 13 percent on speculation the U.S. government may sell its stake and after Chief Executive Officer Vikram Pandit said the bank will be consistently profitable. American International Group Inc., the bailed-out insurer, surged 22 percent after selling a division to MetLife Inc. for $15.5 billion. Home Depot Inc. and McDonald’s Corp. each rose at least 2.8 percent after U.S. retail sales unexpectedly increased in February. The S&P 500 climbed 1 percent to 1,149.99 this week. It closed at 1,150.24 on March 11, the highest level since October 2008, and has now surged 70 percent since its bear-market low on March 9, 2009. The Dow Jones Industrial Average gained 58.49 points, or 0.6 percent, to 10,624.69. “The market forecast an apocalyptic, utopian scenario one year ago, and that proved to be inaccurate,” said Stephen Wood , who helps manage $176 billion as chief market strategist for Russell Investments. “A big percentage of what we’ve seen over the last year is the market correcting this incorrect forecast. We were wrong, and we need to get back to a more accurate pricing of the current environment.” Jobs, Takeovers The S&P 500 has risen 9 of the past 11 days after reports showed the labor market and consumer confidence are improving and takeovers bolstered optimism that the economy is gaining strength. The stock index had fallen 8.1 percent between Jan. 19 and Feb. 8 on concern Greece’s budget crisis would throttle the recovery. Stocks rose this week even after inflation in China accelerated more than economists estimated, spurring speculation that the government will boost interest rates to slow the world’s fastest-growing major economy. Central banks including the Federal Reserve have kept rates low to stimulate the economy out of the worst contraction since the Great Depression. The Fed has pledged to keep its target rate for overnight loans between banks low for an “extended period.” “The endpoint of the ‘extended period’ is certainly a lot closer than it was six months ago,” Russell’s Wood said. The Fed’s next rate decision is scheduled for March 16. The central bank won’t raise rates until November, according to forecasts by economists surveyed by Bloomberg. Government Sale Citigroup advanced 13 percent to $3.97 and closed at $4.18 on March 11, the highest price since Nov. 24. Pandit said he “wouldn’t be surprised” if the government were considering a sale of its 27 percent stake. AIG soared 22 percent, the most in the S&P 500, to $34.23 after the insurer sold American Life Insurance Co. to MetLife, the bailed-out company’s second divestiture of a non-U.S. life insurance unit this month. Retailers advanced after Americans braved blizzards and overcame job concerns to propel sales in February, pointing to a broadening in growth that will help sustain the expansion. Purchases at stores unexpectedly climbed 0.3 percent, the fourth gain in five months, Commerce Department figures showed. Home Depot, the world’s largest home-improvement retailer, rose 2.8 percent to $32.45. McDonald’s, the biggest fast-food chain, climbed 2.9 percent to $65.53. McDonald’s said global sales rose 4.8 percent in February, topping some analysts’ estimates. Forecasting Gains Barton Biggs , the hedge-fund manager who recommended buying U.S. stocks in March of last year when the S&P 500 sank to a 12- year low, said American equities may rise another 10 percent to 15 percent over the next couple of months. “I’m very struck by the level of bearishness everywhere I go,” said Biggs, who runs New York-based hedge fund Traxis Partners LP. “I’m not obsessed with history. I’m bullish because I think the global economic recovery is on track and is going to be surprisingly strong. The world was falling apart in 2009. There’s been a tremendous change.” Boeing Co. climbed 2.8 percent to $69.83. The second- largest commercial planemaker said it plans to ramp up production of its 787 Dreamliner to 2 1/2 a month by August as it works toward building 10 of the composite-plastic jets each month by 2013 and reclaiming the top delivery spot next year from Airbus SAS. Cisco Systems Inc. jumped 2.7 percent to $25.88. The biggest maker of networking gear introduced an Internet router starting at $90,000 that will let Web users download movies, songs and data faster to computers and mobile devices. Sprint Nextel Co. led telephone companies to the biggest gain among 10 industries in the S&P 500. The third-largest U.S. wireless company said it will pay off debt and control expenses . To contact the reporter on this story: Craig Trudell at ctrudell1@bloomberg.net .

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Stocks in U.S. Fluctuate as Drop in Consumer Confidence Offsets Sales Data

March 12, 2010

By Rita Nazareth March 12 (Bloomberg) — U.S. stocks drifted between gains and losses a day after the Standard & Poor’s 500 Index closed at a 17-month high as a drop in consumer confidence overshadowed an unexpected increase in retail sales Declines in Walt Disney Co. and Boeing Co. dragged on the Dow Jones Industrial Average as the decrease in the Reuters/ University of Michigan preliminary consumer sentiment index signaled continuing concern over the job market. Pfizer Inc. slid 1 percent after its drug failed to halt the progression of advanced breast tumors. Supervalu Inc. surged 5.7 percent on takeover speculation. “It looks like confidence is beginning to wane,” said Michael Mullaney , who manages $9 billion at Fiduciary Trust Co. in Boston. “Confidence is going to suffer until we get real improvement on the jobs front. In addition, the stock market is a little bit extended right now. It wouldn’t surprise me if we get a minor pullback from here.” The S&P 500 rose less than 0.1 percent to 1,150.51 at 2:13 p.m. in New York. The Dow rose 8.92 points, or less than 0.1 percent, to 10,620.76. Both gauges retreated at least 0.2 percent earlier. U.S. stocks rose for a third day yesterday, sending the S&P 500 Index to the highest level since October 2008, as Citigroup Inc. led a rally in bank shares. The S&P 500 closed at a 15-month high of 1,150.23 on Jan. 19, and then plunged 8.1 percent through Feb. 8 on concern that European nations including Greece will fail to pay back debt and speculation that the Fed will need to rein in emergency stimulus measures as the economy improves. The index has since erased that loss to extend its rebound since March 9, 2009, to 70 percent through yesterday. ‘Half Full’ “The glass may be half full, but people are not quite certain they can hold on to the glass,” said Jason Pride , director of investment strategy at Glenmede Investment and Wealth Management in Philadelphia, which manages $18 billion. “ The market is jittery. Every little piece of news will make people nervous or happy. On top of that, the excess debt situation throughout the developed markets is a big headwind. That will keep economic growth at a subpar level.” Health-care stocks had the second-biggest decline among 10 groups in the S&P 500, dropping 0.4 percent collectively. Pfizer retreated 1 percent to $17.11. The world’s largest drugmaker said the cancer drug Sutent failed to halt the progression of advanced breast tumors in two studies. The company also stopped a trial of an experimental medicine to treat lung malignancy. Abbott, Citigroup Abbott Laboratories fell 2.5 percent to $54.15. The maker of the arthritis medicine Humira was cut to “sell” from “hold” at Citigroup Inc., which said the company may face “underlying profitability trouble” this year. Citigroup Inc. fell for the first time in nine days after Oppenheimer & Co. said the stock is fairly valued and under a “cloud” as long as the U.S. government remains a major shareholder. Citigroup dropped 3.7 percent to $4.03, after yesterday rising to the highest since November. Still, financial shares in the S&P 500 advanced for an 11th straight day, the group’s longest winning streak since at least 1989. United Technologies Corp. slipped 0.8 percent to $71.44. The maker of Pratt & Whitney jet engines said it expects 2010 earnings per share of $4.40 to $4.65. The average estimate of analysts surveyed by Bloomberg was $4.64 a share. Schwab, Pall Charles Schwab Corp. sank 2.4 percent to $18.65. after saying it expects first-quarter earnings to be as much as 4 cents a share lower than its fourth-quarter results. Fourth- quarter net income was 14 cents. The average estimate of analysts surveyed by Bloomberg was for a first-quarter profit of 15 cents a share. Pall Corp. slumped 4.8 percent to $38.88. The producer of filters for drugmakers and refineries forecast 2010 earnings excluding some items of $2.05 a share at most. On average, the analysts surveyed by Bloomberg estimated profit of $2.07. CF Industries Holdings Inc. lost 3.6 percent to $96.97 after Agrium Inc. said it will let its $5.43 billion offer for the fertilizer producer expire and won’t try to elect nominees to CF’s board. Separately, Yara International ASA declined to raise its $4.1 billion offer for Terra Industries Inc. , leaving the way open for rival suitor CF Industries. Terra said March 10 it favored a $4.71 billion offer from CF Industries and planned to terminate an earlier agreement with Yara unless the Norwegian company counterbid. Terra’s shares fell 1.3 percent to $46.28. Small Caps Bets against smaller U.S. stocks have reached the highest level in seven months as traders speculate the group’s record valuation will lead to declines. Investors boosted bearish bets in 2010 even as the shares rallied on signs the U.S. economy is strengthening. More than 8 percent of shares among companies in the Russell 2000 Index have been sold short, the highest level in at least a year. Benchmark indexes advanced at the start of trading after the Commerce Department said purchases at U.S. retailers increased 0.3 percent last month, compared with a 0.2 percent drop forecast in a Bloomberg survey of economists. ‘Grinding Slog’ “While I don’t have any reason to think the 2010 equity market will be as strong as 2009 was, you can probably have a reasonably close to average year,” said Stephen Wood , who helps manage $176 billion as chief market strategist for Russell Investments in New York. “There’s going to be a measureable, discernable upward bias. It’s going to be a grinding slog, but the equity market will be up higher a year from now than it is today.” A gauge of S&P 500 retailers advanced 1.6 percent. Sears Holdings Corp. and Macy’s Inc , the largest U.S. department-store companies, gained at least 1.4 percent. Monsanto Co. rose 1.2 percent to $72.46. The company, facing antitrust probes into its genetically modified seeds, may benefit from previous court rulings in which intellectual property rights trumped competition concerns, according to antitrust lawyers. Supervalu Inc. surged 5.7 percent to $16.99 on speculation the second-largest grocery chain will be acquired. RF Micro Devices Inc. advanced 4 percent to $4.92. The maker of semiconductor products rose after it was picked by CNBC’s “Mad Money” television show host Jim Cramer on potential growth and market-share gains. To contact the reporter on this story: Rita Nazareth in New York at rnazareth@bloomberg.net .

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Asian Stocks Rise on U.S. Jobs, Bank of Japan Speculation; Billabong Gains

March 4, 2010

By Shani Raja and Toshiro Hasegawa March 5 (Bloomberg) — Asian stocks rose for the fourth time in five days after U.S. jobless claims fell and the Nikkei newspaper reported that the Bank of Japan may further loosen monetary policy. Billabong International Ltd. , a surfwear maker that gets 44 percent of its revenue from the Americas, climbed 2.9 percent in Sydney. Sony Corp. , the maker of the PlayStation 3 game machine, rose 2.7 percent as a weaker yen boosted the outlook for export earnings. STX Pan Ocean Co. and Korea Line Corp., South Korea’s biggest bulk-shipping lines, advanced more than 2 percent in Seoul after an index of freight rates rose the most since July. The U.S. economy is “steadily recovering,” said Juichi Wako , a senior strategist at Tokyo-based Nomura Holdings Inc. “If implemented, the BOJ’s measures may widen a gap in the U.S.’s and Japan’s borrowing costs and halt a further appreciation of the yen.” The MSCI Asia Pacific Index advanced 0.7 percent to 120.51 as of 9:46 a.m. in Tokyo. The gauge has fallen 4.9 percent from a 17-month high on Jan. 15 on concern over budget deficits in Europe and speculation governments around the world will start withdrawing economic stimulus policies. Japan’s Nikkei 225 Stock Average climbed 2 percent and South Korea’s Kospi Index gained 0.7 percent. Australia’s S&P/ASX 200 Index rose 0.5 percent, while New Zealand’s NZX 50 Index lost 0.1 percent, even after the Treasury Department said the nation’s budget cash deficit in the seven months ended Jan. 31 was narrower than forecast. To contact the reporters for this story: Shani Raja in Sydney at sraja4@bloomberg.net . Toshiro Hasegawa in Tokyo at thasegawa6@bloomberg.net .

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Asian Shares Fall for First Time in Three Days on U.S. Consumer Confidence

February 23, 2010

By Jonathan Burgos and Shani Raja Feb. 24 (Bloomberg) — Asian stocks declined, dragging down the MSCI Asia Pacific Index for the first time in three days, as U.S. consumer confidence decreased to a 10-month low and as the stronger yen hurt Japanese exporters. Sony Corp., an electronics maker that receives 23 percent of sales from the U.S., retreated 2.4 percent in Tokyo, and Nissan Motor Co., a carmaker that gets 35 percent of revenue in North America, lost 3.1 percent. BHP Billiton Ltd., Australia’s top oil producer and the world’s largest mining company, dropped 1.8 percent after oil and metal prices fell. “The U.S. consumer confidence report has again created nervousness about the fragility of the recovery and its sustainability,” said Nader Naeimi , an investment strategist in Sydney at AMP Capital Investors, which oversees about $90 billion globally. “Nevertheless, the fundamentals remain strong and we are still seeing good earnings coming through.” The MSCI Asia Pacific Index fell 1.1 percent to 117.70 as of 9:15 a.m. in Tokyo, snapping gains of 3.2 percent in the past two days. The gauge has lost 7.2 percent from a 17-month high on Jan. 15 on concern governments will start withdrawing stimulus measures, and that Greece, Spain and Portugal will struggle to curb deficits. Japan’s Nikkei 225 Stock Average dropped 1.7 percent to 10,180.95. Australia’s S&P/ASX 200 Index declined 1.2 percent in Sydney. South Korea’s Kospi Index slipped 1 percent. Futures on the Standard & Poor’s 500 Index fell 0.2 percent. The measure retreated 1.2 percent in New York yesterday after the Conference Board’s confidence index for February decreased to the lowest level since April 2009, a report from the New York-based private research group showed. Confidence, Commodities Decline In addition, the Ifo institute in Munich said its survey of German business confidence unexpectedly fell for the first time in 11 months in February as the coldest winter in 14 years damped retail sales and construction. Crude oil for April delivery lost 1.8 percent in New York yesterday, the steepest decline in two weeks. The London Metal Exchange Index of six metals including copper and zinc dropped for a second day yesterday, slipping 2.3 percent. The dollar weakened to as low as 89.92 yen in Tokyo from 91.08 at the 3 p.m. close of stock trading yesterday. Japanese companies consider an average level of 92.90 as the dividing line between losses and profits, the Cabinet Office said on Feb. 19. To contact the reporters for this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net ; Shani Raja in Sydney at sraja4@bloomberg.net .

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Asian Stocks Fluctuate as Panasonic Declines, Woodside Rises on Oil Prices

February 7, 2010

By Shani Raja and Anna Kitanaka Feb. 8 (Bloomberg) — Asian stocks fluctuated as Japanese consumer-related companies declined following disappointing earnings, while Australian commodity producers climbed. Panasonic Corp. fell 4.9 percent in Tokyo after the electronics maker had a loss. Yamaha Motor Co., a motorcycle maker, retreated after reporting a bigger-than-forecast loss. Woodside Petroleum Ltd. , Australia’s second-biggest oil and gas producer, rose as the price of crude oil rallied. The MSCI Asia Pacific Index was little changed at 114.64 as of 9:47 a.m. in Tokyo, with about as many stocks advancing as declining. The gauge has fallen 9.5 percent from a 17-month high on Jan. 15 on concern central banks from China to India will tighten monetary policy to curb inflation. “The market is still pretty nervous,” said Chris Hall , who helps manage $3.3 billion at Argo Investments Ltd. in Adelaide, Australia. Japan’s Nikkei 225 Stock Average was also little changed. Australia’s S&P/ASX 200 Index rose 0.5 percent, as the government said it’s withdrawing guarantees on large deposits and wholesale funding on signs credit markets are recovering from the global financial crisis. New Zealand’s NZX 50 Index fell 0.1 percent in Wellington even as house prices increased for a fourth month in January. The MSCI Asia Pacific Index dropped 1.8 percent last week, a third weekly decline. That cut the average price of stocks in the gauge to 18 times estimated earnings, the lowest level since February 2009, according to data compiled by Bloomberg. S&P 500 On Feb. 5, the Standard & Poor’s 500 Index added 0.3 percent in New York, erasing an early 1.8 percent drop, on speculation the European Union would devise a solution for budget deficits in Greece and Spain. Concluding a meeting of Group of Seven finance ministers in Canada, European officials said they will help ensure Greece tackles the largest budget deficit in the region. French Finance Minister Christine Lagarde told reporters that European nations “have confirmed the substance and significance” of Greece’s plan to reduce the deficit without outside assistance. Crude oil for March delivery rose 0.9 percent today after having lost 7.8 percent in the past three days. Copper futures for March delivery climbed 0.9 percent, the first advance in four days. To contact the reporters for this story: Shani Raja in Sydney at sraja4@bloomberg.net ; Anna Kitanaka in Tokyo at akitanaka@bloomberg.net .

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