By Stephen Kirkland and Inyoung Hwang - Dec 9, 2011 10:00 PM GMT+0700
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Traders work on the floor of the New York Stock Exchange in New York. Photographer: Jin Lee/Bloomberg
Dec. 9 (Bloomberg) -- Steve Brice, chief investment strategist at Standard Chartered Plc in Singapore, talks about the outlook for gold prices. Brice also discusses China's economy, stocks and investment strategy. He speaks with John Dawson on Bloomberg Television's "On the Move Asia." (Brice spoke before China announced its consumer price index data for November. Source: Bloomberg)
Stocks rose, erasing a weekly loss for the Standard & Poor’s 500 Index, the euro gained and Treasuries fell as Europe planned to boost its rescue fund and tighten budget rules and U.S. consumer confidence topped estimates.
The S&P 500 climbed 1 percent at 9:57 a.m. in New York. The Stoxx Europe 600 Index added 1 percent. The euro increased 0.2 percent to $1.3369 after climbing as much as 0.7 percent. The 10-year Italian bond yield rose four basis points to 6.49 percent, trimming an earlier increase of 23 points.
Leaders holding all-night talks in Brussels added 200 billion euros ($267 billion) to their crisis-fighting warchest and tightened anti-deficit rules, an accord hailed by European Central Bank President Mario Draghi as a “very good outcome.”
The Thomson Reuters/University of Michigan preliminary index of consumer sentiment for December rose to 67.7 from a final November reading of 64.1. The gauge was projected to rise to 65.8, according to the median forecast of 73 economists surveyed by Bloomberg News.
Four stocks gained for each that declined in the Stoxx 600. UniCredit SpA of Italy and Deutsche Bank AG led financial companies higher, advancing at least 4.9 percent. Alcatel-Lucent SA, France’s largest telecommunications-equipment supplier, climbed 5.4 percent as Sanford C. Bernstein & Co. upgraded the shares.
The U.S. trade deficit shrank 1.6 percent to $43.5 billion, smaller than projected, from $44.2 billion in September, Commerce Department figures showed. Purchases from overseas fell to the lowest level since April, due almost entirely to a plunge in demand for petroleum.
DuPont Co., the world’s biggest maker of titanium dioxide, fell 5.3 percent after lowering its forecast for the current fiscal year.
To contact the reporters on this story: Stephen Kirkland in London at skirkland@bloomberg.net; Inyoung Hwang in New York at ihwang7@bloomberg.net
To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net
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