European Union By Noon

(Reuters) - Global stocks eked out gains on Thursday while the euro fell as data suggested Europe's debt woes were spreading and worsening a global economic slowdown, adding to investor concerns about Greece's possible exit from the euro zone. In a volatile session, investors looking for bargains initially bought equities, oil and gold, which have been beaten down this week by worries a Greece exit would deepen the euro zone debt crisis. The appetite for growth-oriented assets faded as fears about the euro zone's drag on the world economy returned. Then for a second straight day, a wave of buying emerged shortly before Wall Street's close. "The market has pulled back far enough that people are trying to assess if we've priced the worst of what's known. But with the problems in Europe ...

(Reuters) - Gold managed to recover most of the ground it lost in a brutal sell-off earlier on Wednesday even as sentiment and the euro remained fragile as European leaders met to discuss the deepening euro-zone debt crisis. Gold tested key support levels for a second time in a week as a wave of selling hit commodities, the euro and equities, before bouncing off those lows in New York afternoon trading. Money had piled into bonds and the dollar, assets considered low risk, on Wednesday ahead of a meeting of European Union leaders later in the day. The leaders are expected to discuss growth-boosting measures and the idea of a joint euro zone bond. Spot gold prices dropped as low as $1,534.25 an ounce, down over 2 percent, as the euro slumped to its weakest against the dollar in nearly ...

Sunrise Market Commentary - Fixed Income: Profit taking continued, but now concluded? - The profit taking on global core bond markets continued in the run-up to tonight's informal EU-Summit. Spanish and Italian spreads decreased significantly but yields remain at elevated levels. Today, the eco calendar is again thin and trading will again be driven by sentiment. - Currencies: Euro rebound short-lived On - Tuesday, the euro came again under pressure even as the global context was not that negative. Sentiment on risk was constructive and intra-EMU spreads narrowed, but all this didn't prevent investors to use any upticks in the single currency to further reduce exposure. The key 1.2642/24 support is again coming within reach. The Sunrise Headlines - In the final hour of ...

(Reuters) - Gold traded near intraday lows on Tuesday afternoon with selling accelerating on low volumes as the euro lost further ground ahead of a much-anticipated European summit. The pressure started on Monday after bullion failed to break through key resistance at $1,600 per ounce, sending prices below near-term technical support levels. That selling snowballed on Tuesday afternoon in New York, sending prices below $1,570 an ounce as the euro weakened with investors betting Wednesday's meeting of European leaders would do little to tackle the region's debt crisis. "The euro continued to sag. It's not going to make a decisive move until the EU summit," said James Steel, chief commodity analyst at HSBC. Weaker oil prices on news of a potential deal between Iran and the U.N. nuclear ...

The euro slid against the dollar on Monday after two days of gains, rattled by poor euro zone data and concerns that the region's debt crisis could spread to other healthier European nations after Dutch officials failed to agree on budget cuts. Analysts said sentiment toward the common currency was bearish, with most investors looking to sell it on any rally before debt auctions this week in Italy and the Netherlands. After the breakdown in budget negotiations, Dutch Prime Minister Mark Rutte said he tendered his cabinet's resignation to the Dutch queen, adding that she will consider it and had asked for the government in the meantime to keep doing whatever was in the country's interest. The budget impasse in the Netherlands could threaten its triple-A rating and weighed on the euro. A ...

Crude futures edged up on Friday on ongoing concerns about Iran and supply disruptions, improved consumer sentiment and a weak dollar, as oil prices posted a 4.2 percent gain in the first quarter. Crude futures' trading trajectory was choppy and prices jumped late in the session after the Obama administration said there is enough global oil supply to allow countries to cut imports from Iran. U.S. President Barack Obama was required by law to determine by March 30, and every six months after that, whether the price and supply of non-Iranian oil are sufficient to allow consuming nations to "significantly" cut their purchases from Iran. The law allows the U.S., after June 28, to sanction foreign banks that carry out oil-related transactions with Iran's central bank. Oil prices have been ...

(Reuters) - The euro dropped from a two-week high against the dollar and a nearly five-month peak versus the yen on Wednesday, hurt by widening interest rate differentials between safe-haven German debt and peripheral bonds, suggesting renewed euro zone worries. Italian and Spanish debt prices took a beating on concerns about Spain's slow progress in boosting its finances. The wave of Spanish and Italian bond selling benefited German Bunds, whose yields slipped back below 2 percent for the first time this week. Yields on Spain's 10-year bonds rose to a one-month high of 5.40 percent. Benchmark Italian yields climbed to 5.0 percent, a one-week peak, which reflected some anxiety and undermined the euro. "Even though U.S. yields fell today, Bund yields fell further, so the dollar is ...

(Reuters) - The euro dropped from a two-week high against the dollar and a nearly five-month peak versus the yen on Wednesday, hurt by widening interest rate differentials between safe-haven German debt and peripheral bonds, suggesting renewed euro zone worries. German Bunds rose while Italian and Spanish debt took a beating on concerns about Spain's slow progress in boosting its finances. The wave of Spanish and Italian bond selling benefited German bunds, whose yields slipped back below two percent for the first time this week. Yields on Spanish 10-year bonds rose to a one-month high of 5.40 percent. Benchmark Italian yields climbed to 5.0 percent, a one-week peak. "Even though U.S. yields fell today, Bund yields fell further, so the dollar is getting a bit of traction against the ...

(Reuters) - The dollar gained across the board on Tuesday, lifted by safe-haven demand that was driven by worries about a potential slowdown in China, which hurt both European and U.S. stocks. Global miner BHP Billiton said it saw signs that growth in iron-ore demand was flattening in China, Australia's single biggest export market. That pushed the Australian dollar down more than 1 percent. In addition, China's National Development and Reform Commission raised domestic retail energy prices, effective Tuesday, the second time in less than two months. Even though that still leaves a wide gap between international and domestic prices, investors were concerned that higher energy costs could further undermine an already slowing Chinese economy. "The dollar is gaining because of its safe- ...