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Dow Average Poised for Another Record as Euro, Pound Gain - Bloomberg

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Dow Average Poised for Another Record as Euro, Pound Gain


By Claudia Carpenter and Michael P. Regan - Mar 7, 2013

U.S. stock-index futures gained after American jobless claims declined to a six-week low, while the euro strengthened as the European Central Bank held its benchmark interest rate steady. Britains pound rebounded after the Bank of England kept its bond purchase program unchanged. Futures on the Dow Jones Industrial Average, which closed at a record high yesterday, rose 0.2 percent and S&P 500 futures gained 0.1 percent at 8:37 a.m. in New York. The euro climbed 0.5 percent to $1.3037 and the Stoxx Europe 600 Index increased 0.1 percent. The pound advanced 0.2 percent. Spains 10-year bond yield fell 10 basis points to 4.91 percent as the nation sold 5.03 billion euros ($6.56 billion) of debt. Copper added 0.3 percent. The Dow was poised to set a record for a third straight day as first-time jobless claims unexpectedly fell by 7,000 to 340,000 last week, the lowest since the period ended Jan. 19, according to Labor Department data. The ECB kept its benchmark interest rate at a record low today and its President Mario Draghi said data suggests the economy will stabilize this year. The Bank of England maintained its target for quantitative easing at 375 billion pounds ($562 billion). The Bank of Japan rejected a call for an immediate start to open-ended asset purchases. The Dow rose 0.3 percent yesterday to extend an all-time high as a private report showed fasterthan-forecast growth in jobs and the Federal Reserves Beige Book showed the economy was growing. Data tomorrow may show U.S. employers added 163,000 people to payrolls in February, a separate survey indicates.

Spain Auction
The Spanish Treasury met its maximum target at the debt auction in Madrid today. Demand for the 2018 note was 2.32 times the amount sold, up from 2.24 last month. The 10-year benchmark yield was 4.917 percent, down from 5.202 percent on Feb. 21, the Bank of Spain said. Thats the lowest yield since November 2010.

http://www.bloomberg.com/news/print/2013-03-07/euro-strengthens-spain-bonds-gain-befo... 3/7/2013

Dow Average Poised for Another Record as Euro, Pound Gain - Bloomberg

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The advance in Spanish bonds pushed the 10-year yield to the lowest since Jan. 14. Portugals 10year yield fell 17 basis points to 5.84 percent, the least since Jan. 24. U.K. 10-year bond yields rose five basis points to 2.01 percent. The euros advance lifted it from yesterdays low of $1.2965, the weakest level since Dec. 11. The 17nation currency appreciated 0.8 percent to 122.97 yen and climbed 0.2 percent to 86.52 British pence. The cost of insuring against losses on French government debt climbed after a report showed the nations unemployment rate rose to a 13-year high in the fourth quarter. Credit- default swaps on the countrys sovereign debt increased 4 basis points to 80.

Aggreko Rally
Aggreko Plc (AGK) jumped 14 percent, the most since 2002, after the worlds largest provider of mobile power supplies reported higher annual profit and forecast double digit average revenue growth over the next five years. Adidas AG climbed 4.5 percent as the second-largest sportinggoods maker forecast an increase in earnings. Aviva Plc (AV/), the U.K.s second-biggest insurer, plunged 13 percent, the most in almost four years, after cutting its second-half dividend by 44 percent. National Express Group Plc slid 10 percent as the rail and bus operators biggest investor, Elliott Advisors, sold a 9.9 percent stake.

German Orders
Copper pared gains to $7,715.75 a metric ton. German factory orders for January fell 1.9 percent in January, the Economy Ministry in Berlin said. Economists forecast a 0.6 percent gain, according to the median of 41 estimates in a Bloomberg survey. The MSCI Asia Pacific Index (MXAP) of shares fell 0.3 percent, retreating from 19-month high reached yesterday, as Chinese and South Korean stocks slumped. Chinas exports probably grew 8.1 percent last month, slowing from Januarys 25 percent gain, according to the median estimate of economists surveyed before tomorrows trade report. The Shanghai Composite Index slid 1 percent. South Koreas KOSPI (KOSPI) lost 0.8 percent, declining for the first time in three days. The MSCI Emerging Markets Index slipped 0.2 percent. Shares on the Nairobi Securities Exchange (NSEASI) jumped 1.1 percent, climbing for a sixth day. The counting of presidential votes

http://www.bloomberg.com/news/print/2013-03-07/euro-strengthens-spain-bonds-gain-befo... 3/7/2013

Dow Average Poised for Another Record as Euro, Pound Gain - Bloomberg

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continues in Kenya, with partial results showing Uhuru Kenyatta, a deputy prime minister, in the lead. To contact the reporters on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net; Michael P. Regan in New York at mregan12@bloomberg.net To contact the editor responsible for this story: Chris Nagi at chrisnagi@bloomberg.net
2013 BLOOMBERG L.P. ALL RIGHTS RESERVED.

http://www.bloomberg.com/news/print/2013-03-07/euro-strengthens-spain-bonds-gain-befo... 3/7/2013