BLOOMBERG Euro slips with U.S. futures on Greece as treasuries gain - U.S. equity-index futures slid and Treasuries rallied as the euro traded near a more-than 11-year low after Greek voters handed victory to a party thats pledged to renegotiate the terms of an international bailout. Asian stocks dropped with crude oil and industrial metals. Standard & Poors 500 Index futures sank 0.6 percent by 3:30 p.m. in Tokyo and the yield on 30-year Treasuries fell to a record. The 19-nation euro dropped to as low as $1.1098, the lowest since September 2003, before paring declines. The MSCI Asia Pacific Index (MXAP) lost 0.3 percent. U.S. crude declined 1.2 percent and nickel slid 2.2 percent in London. Chinas yuan headed for its biggest two-day drop since 2008 versus the dollar. Oil slides to near 6-year low; Saudi Arabia holds firm despite supply glut - Oil fell to the lowest level in almost six years as signs that Saudi Arabias new king will maintain its production policy and rising U.S. crude stockpiles bolstered speculation that a global glut will persist. Futures dropped as much as 2.7 percent in New York, extending a 6.4 percent slide last week. King Salman Bin Abdulaziz, who took over after the death of King Abdullah on Jan. 23, pledged to maintain the policies of his predecessor in a speech on Saudi national television. U.S. inventories climbed to 383.5 million barrels last month, the highest level for December since 1930, the American Petroleum Institute reported. Oil slumped almost 50 percent last year as the Organization of Petroleum Exporting Countries resisted calls to cut output even as the U.S. pumped at the fastest pace in more than three decades. Saudi Arabia, the worlds biggest exporter, has chosen not to reduce supply and count instead on lower prices to stimulate demand, according to Mohammad Al Sabban, an adviser to the kingdoms petroleum minister from 1988 to 2013.
Posted on: Mon, 26 Jan 2015 08:41:49 +0000
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