Stocks Rise, Commodities Climb for Third Day

By Stephen Kirkland - Nov 4, 2011 7:20 PM GMT+0700

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Nov. 4 (Bloomberg) -- Amit Rajpal, a Hong Kong-based portfolio manager at Marshall Wace LLP, talks about his investment strategy for China's banks. Rajpal also discusses Europe's debt crisis and banking industry. He speaks with Susan Li on Bloomberg Television's "First Up." (Source: Bloomberg)

European stocks and U.S. index futures fell after the Group of 20 leaders failed to agree on boosting the International Monetary Fund’s resources to fight the debt crisis. Treasuries and the dollar gained.

The Stoxx Europe 600 Index lost 0.2 percent at 8:10 a.m. in New York, after gaining as much as 0.6 percent. Standard & Poor’s 500 Index futures slipped 0.1 percent as data indicated Canada lost the most jobs since 2009 last month. The yield on the 10-year Treasury fell one basis point and the Dollar Index rebounded, rising 0.2 percent. The yield on the Greek two-year note climbed 47 basis points to 102.77 percent.

Governments are awaiting further details of Europe’s own week-old rescue package before they commit cash, German Chancellor Angela Merkel said on the final day of a Group of 20 summit in Cannes, France. U.S. employers probably took on fewer workers in October, economists said before today’s Labor Department report.

Stocks gained earlier after Greek Prime Minister George Papandreou scrapped the referendum on a bailout approved by European leaders last week to avert a split in his party.

The Stoxx 600 has declined 3 percent this week, snapping a five-week winning streak.

The S&P 500 index (SPX) has gained 3.5 percent in the past two days. Groupon Inc. shares start trading today under the symbol GRPN after the biggest online-coupon provider raised $700 million in its initial public offering. LinkedIn Corp. sank 11 percent in German trading after the biggest professional- networking website reported a third-quarter loss.

A report at 8:30 a.m. in Washington is likely to show that U.S. payrolls increased by 95,000 workers last month after a 103,000 increase in September, according to the median forecast of 65 economists surveyed by Bloomberg News.

To contact the reporter on this story: Stephen Kirkland in London at skirkland@bloomberg.net

To contact the editor responsible for this story: Stuart Wallace at swallace6@bloomberg.net