Wall Street rises, euro down ahead of ECB meet­ing

Sun.Star Pampanga - - OPINOIOPNINION -

The Bids and Awards Com­mit­tee as­sumes no re­spon­si­bil­ity what­so­ever to com­pen­sate or in­dem­nify bid­ders foe any ex­penses in­curred in the prepa­ra­tion of their bid. Bid doc­u­ments can be se­cured start­ing 8:00 A.M. to 5:00 P.M., Mondays thru Fri­days at BAC Sec­re­tar­iat, Minic­i­pal Engi­neers Of­fice, 2nd Floor, Mu­nic­i­pal Hall, Pag-asa, Obando, Bu­la­can, upon pay­ment of a

Thou­sand Pe­sos (Php10,000.00) only.

The Bids and Awards Com­mi­tee re­serves the right to re­ject any or all bids, waive any mi­nor de­fects therein and ac­cept bids con­sid­ered com­ply­ing, re­spon­sive and most ad­van­ta­geous to the gov­ern­ment. Sun•Star Pam­panga: De­cem­ber 6,7 & 8, 2016.

non-re­fund­able bid­ding fee of Ten (Sgd.) ELPIDIO U. AVENA

BAC Chair­man Oil

fu­tures snapped a four­day rally on Tues­day on signs of higher out­put while the euro slipped from a three-week high ahead of a Thurs­day meet­ing of the Euro­pean Cen­tral Bank.

Wall Street was boosted by fi­nan­cial and tele­com stocks while US Trea­sury yields held in nar­row ranges ahead of the ECB meet­ing. Ital­ian banks re­bounded.

The euro fell 0.4 per­cent to $1.072 af­ter ris­ing sharply in the pre­vi­ous ses­sion as cur­rency in­vestors fo­cused on the pos­si­bil­ity the ECB may take a hawk­ish turn, even as it is widely ex­pected to ex­tend bond pur­chases.

The S&P 500 in­dex closed higher helped by con­tin­ued strength in fi­nan­cials and telecom­mu­ni­ca­tions stocks. The S&P en­ergy sec­tor ended down slightly.

Oil prices fell sharply af­ter data showed crude out­put rose in vir­tu­ally ev­ery ma­jor ex­port re­gion and on news that Saudi Aramco had cut prices to big Asian cus­tomers. The data fol­lowed last week's first OPEC out­put cut agree­ment since 2008 and sent Brent oil fu­tures down 2.3 per­cent, to $53.66 a bar­rel af­ter set­tling at $53.93. It had risen ris­ing 18.5 per­cent in the pre­vi­ous four ses­sions. US West Texas In­ter­me­di­ate crude fu­tures fell $1.03, or 2 per­cent, to $50.69 af­ter set­tling at $50.93. WTI had risen 14.5 per­cent in the last 4 days.

"OPEC's prob­a­bly taken the price up as much as it can. Now mar­kets will look back to fun­da­men­tals - sup­ply and weekly in­ven­tory re­ports," said John Au­gus­tine, chief in­vest­ment of­fi­cer at Hunt­ing­ton Na­tional Bank in Colum­bus, Ohio.

The Dow Jones in­dus­trial av­er­age rose 35.54 points, or 0.18 per­cent, to 19,251.78, the S&P 500 gained 7.52 points, or 0.34 per­cent, to 2,212.23 and the Nas­daq Com­pos­ite added 24.11 points, or 0.45 per­cent, to 5,333.00.

The FTSEurofirst 300 in­dex had risen 1 per­cent af­ter data showed Ger­man in­dus­trial or­ders rose at their fastest pace in more than two years, stok­ing hopes that Europe's largest econ­omy is set to ac­cel­er­ate.

In Europe, Italy's week­end ref­er­en­dum re­sult was still in fo­cus, with sources telling Reuters state aid had been pre­pared for the world's old­est bank, Banca Monte dei Paschi di Siena .

Italy's FTSE MIB jumped 4.2 per­cent, more than eras­ing the pre­vi­ous day's losses, helped by a 9 per­cent re­bound in Ital­ian bank­ing stocks as in­vestors cov­ered short po­si­tions ahead of the ECB meet­ing and some bet on a re­struc­tur­ing of the sec­tor.

Longer-dated yields edged up partly af­ter the re­port on Monte dei Paschi di Siena.

"That helped re­verse some of the risk-off sen­ti­ment at the longer end of the yield curve," said Ian Lyn­gen, head of U.S. rates strat­egy at BMO Cap­i­tal Mar­kets in New York.

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