Gasoline climbed to the highest in four months after a refinery explosion in Venezuela killed 39 people and Tropical Storm Isaac shut rigs in the Gulf of Mexico. Apple Inc. (AAPL) rallied after winning a patent lawsuit, helping push U.S. technology stocks higher.
Gasoline futures jumped 1.3 percent to $3.1193 a gallon at 9:58 a.m. in New York and climbed as high as $3.2050. The Nasdaq 100 Index rose as much as 0.5 percent to above its highest closing level in 12 years as Apple increased 2 percent following its $1 billion victory over Samsung Electronics Co., which plunged the most in almost four years. The Standard & Poor’s 500 Index fluctuated near 1,411. The Stoxx Europe 600 Index (SXXP) added 0.2 percent and the euro rose versus 10 of 16 major peers. Spain’s 10-year bonds halted a three-day drop.
Fire rises over Amuay refinery near Punto Fijo, Venezuela on Saturday. Photographer: Daniela Primera/Associated Press
Aug. 27 (Bloomberg) -- Eugen
Weinberg, head of commodities research at Commerzbank AG, talks about
the outlook for oil, precious metals and agricultural commodities.
He speaks from Frankfurt with Guy Johnson on Bloomberg Television's
"The Pulse." (Source: Bloomberg)
Soybeans are harvested near Rojas, Argentina. Photographer: Diego Giudice/Bloomberg
“Gasoline is high because details about the Venezuelan refinery outage are unknown,” Alexander Poegl, an analyst at JBC Energy GmbH in Vienna, said by phone today. “Gasoline and oil prices are reacting to Tropical Storm Isaac, which is shutting in oil output and refineries as it strengthens into a hurricane.”
The S&P GSCI Index of commodities rose for the first time in three days. November-delivery soybeans rallied to a record as the worst U.S. drought in half a century hurt production in the world’s largest grower, while export demand increased. Corn and wheat were little changed after rallying earlier.
Apple Victory
The S&P 500 on Aug. 24 snapped a six-week rally, its longest since January 2011. Apple rose today after a U.S. jury on Aug. 24 found that Samsung Electronics Co. infringed on six of its mobile-device patents. Samsung tumbled almost 7.5 percent in South Korea, its biggest drop since 2008.Hertz Global Holdings Inc. surged 12 percent. After more than half a decade of trying, Hertz struck a deal to buy Dollar Thrifty Automotive Group Inc. for about $2.6 billion in cash and secure its place as the No. 2 player in the U.S. car-rental market. Dollar Thrifty climbed 7.4 percent.
The volume of shares changing hands on the benchmark Stoxx 600 was 60 percent lower than the average of the last 30 days because the U.K. market was closed for a public holiday. Q-Cells SE (QCE) surged 15 percent after South Korea’s Hanwha Group signed a deal to acquire the insolvent German producer of solar cells.
Nokia Rallies
Nokia Oyj (NOK1V) rallied 6.7 percent, the biggest gain in the Stoxx 600, following the Samsung ruling. The U.S. may ban sales of some Samsung handsets, potentially benefiting Nokia devices that run Microsoft Corp.’s Windows operating system.The MSCI Emerging Markets (MXEF) Index fell 0.4 percent. The Shanghai Composite Index retreated 1.7 percent as a report showed Chinese industrial company profits slipped in July. Russia’s Micex Index and India’s Sensex lost at leasth 0.6 percent.
The euro strengthened 0.1 percent against the dollar and yen as German Finance Minister Wolfgang Schaeuble prepared to meet his French counterpart to discuss Europe’s debt crisis. The shared currency climbed even after the Ifo institute in Munich said its business climate index dropped for a fourth straight month in August to its lowest reading since March 2010.
The Australian dollar touched a one-month low against the U.S. currency after a report showed profits for industrial companies in China, Australia’s biggest trading partner, fell 5.4 percent in July from a year earlier. The currency weakened as much as 0.3 percent to $1.0372.
Bernanke Watch
Treasuries extended gains from last week on speculation Federal Reserve Chairman Ben S. Bernanke will outline the case for further central bank action to support the economy at this week’s meeting of policy makers at Jackson Hole, Wyoming. The yield on the 10-year bond fell one basis point to 1.68 percent.Bernanke “might fuel hopes that down the road, we could still see monetary stimulus from the Fed,” Vasu Menon, head of content and research for wealth management at Oversea-Chinese Banking Corp. in Singapore, said in a Bloomberg Television interview.
Bernanke -- returning this week to the scene of a 2010 speech that foreshadowed a second round of quantitative easing - - probably will disappoint investors looking for him to signal new stimulus, economists said.
Jackson Hole
Bernanke probably won’t use his Aug. 31 speech to suggest a third round of bond buying is at hand, according to economists including Michael Feroli at JPMorgan Chase & Co. and James O’Sullivan from High Frequency Economics. Members of the Federal Open Market Committee -- who meet next on Sept. 12-13 --are closely monitoring unemployment and other data and have been divided about whether to spur expansion. The U.S. economy also remains beholden to political decisions made in Washington and in Europe, which is struggling to contain its debt crisis.The yield on Spain’s 10-year bonds fell three basis points to 6.39 percent, outperforming similar-maturity German bunds, which were little changed.
Gold for immediate delivery advanced as much as 0.4 percent to a four-month high of $1,676.90 an ounce before erasing gains. Spot silver climbed 0.2 percent, a sixth straight advance that was its longest streak since January. Copper futures in New York were down 0.2 percent. The London Metal Exchange was closed because of the U.K. holiday.
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