Aug. 22 (Bloomberg) -- European stocks advanced, with the Stoxx Europe 600 Index rebounding from a two-year low, while U.S. equity-index futures erased earlier declines following a four- week slump. The yen and Swiss franc weakened, gold rallied to a record, while Brent oil sank. The Stoxx 600 climbed 0.6 percent as of 8:43 a.m. in London, reversing an earlier drop of 0.8 percent. Standard & Poor’s 500 Index futures rose 0.7 percent after losing as much as 1 percent and gaining as much as 0.8 percent. Treasury 10-year notes slid for the first time in a week. The yen and franc retreated against most major peers on concern Japan and Switzerland will take steps to weaken their currencies. Gold jumped as much as 2.3 percent. Brent crude tumbled 2.5 percent. The four-week rout has wiped out more than $8 trillion in global equity values and dragged the MSCI All-Country World Index down 19 percent from its May 2 high. Central bankers from around the world will meet in Jackson Hole, Wyoming, this week amid record-low yields on U.S. Treasuries that show traders expect Federal Reserve Chairman Ben S. Bernanke to signal a third round of asset purchases to boost the faltering recovery. “We’re at a point where the alarm bells are sounding,” Nick Maroutsos, who oversees the equivalent of about $4 billion at Sydney-based Kapstream Capital, said in a Bloomberg Television interview. “There needs to be a stop-gap put in the market, so that people can have some sort of confidence that the Fed officials, as well as government officials, are standing by their side to help them through this.” ‘Bouncing’ Near Bottom The Stoxx 600 fell on Aug. 19 to the lowest level since July 29, 2009. The gauge plunged 18 percent in the past four weeks. Eni SpA, the Italian oil company that was the biggest foreign producer in Libya, gained 5 percent, pacing a rally among energy companies after rebel figures reached the capital Tripoli. Global stock markets are “bouncing along the bottom” after tumbling 16 percent in the past four weeks, and will start to gain as inflation accelerates, said Templeton Asset Management’s Mark Mobius. The Fed hasn’t given up supporting the economy by printing money and buying more Treasuries, said Mobius, the executive chairman of Templeton Asset’s emerging markets group. Futures expiring in September swung between gains and losses after S&P 500’s four-week losing streak. The gauge fell 1.5 percent to 1,123.53 on Aug. 19 and a closing level of 1,090.88 would bring the index to a 20 percent decline since April 29, meeting the common definition of a bear market. Bernanke’s Options Bernanke told Congress on July 13 that the Fed must “keep all the options on the table” if the economy appeared in danger of stalling or if the threat of deflation looked like it was going to re-emerge. The Fed bought about $1.7 trillion of government and mortgage-related debt in its first round of quantitative easing, or QE1, between December 2008 and March 2010, and purchased $600 billion of Treasuries between November 2010 and June through QE2. Data due on Aug. 26 may show the economy grew at a 1.1 percent annual pace in the second quarter, down from the 1.3 percent estimated last month, according to the median estimate in a Bloomberg News survey. “The last thing Bernanke wants to be is behind on deflation,” Todd Martin, Asia equity strategist at Societe Generale SA, said in a Bloomberg Television interview. “We’re getting to the point now where the Fed could potentially act.” Yields on 10-year Treasuries climbed two basis points to 2.08 percent, after reaching a record low of 1.97 percent on Aug. 18. Treasury 30-year yields were little changed at 3.39 percent. The government is scheduled to auction $35 billion of two-year notes tomorrow, the same amount of five-year debt on Aug. 24 and $29 billion of seven-year debt on Aug. 25. Treasury Yields Barclays Plc said 10-year yields indicate traders have priced in $500 billion to $600 billion of Treasury purchases by the Fed. Citigroup Inc. said current rates can only be justified by more central-bank bond buying, or assuming the economy will shrink 2 percent. The cost of protecting corporate bonds in Japan and Australia from default increased, with the Markit iTraxx Japan index rising 1.5 basis points to 141.5 basis points, Deutsche Bank AG prices show. The index, which fell to as low as 133.5 on Aug. 18, is on course for its highest close since March 31, CMA prices in New York show. The Markit iTraxx Australia index added one basis point to 164, Credit Agricole CIB prices show. The benchmark risk indicator is set for its highest level since July 23, 2009, according to CMA. Odds of Intervention The yen fell to 76.75 per dollar from 76.55 on Aug. 19 in New York, after the Nikkei newspaper reported Japanese officials are prepared to intervene in the foreign-exchange market if the nation’s currency continues to advance. It rose to a post-World War II record of 75.95 on Aug. 19. “The odds of Bank of Japan intervention definitely have increased this week,” said Khoon Goh, head of market economics and strategy at ANZ National Bank Ltd. in Wellington. “At current levels, there’s certainly going to be a lot of angst in the Ministry of Finance, and the pressure will be on for them to intervene in the currency markets once again.” The Swiss franc slid to 78.65 centimes against the dollar from 78.51. The Swiss National Bank earlier this month cut borrowing costs to zero and increased bank sight deposits almost sevenfold, while leaving the door open for additional measures. Gold, Oil Gold for immediate delivery climbed 1.8 percent to $1,885.25 an ounce after earlier reaching an all-time high of $1,894.80. Cash silver jumped 2 percent to $43.75 an ounce, up for a seventh day. Platinum rallied as much as 1.3 percent to $1,899.26 an ounce, the highest price since July 2008. Crude for September delivery declined 0.1 percent to $82.22 a barrel on the New York Mercantile Exchange, following a four- week slump. The more active October contract retreated 0.1 percent to $82.32. Brent oil for October settlement sank 2.5 percent to $105.93 a barrel on the London-based ICE Futures Europe exchange, narrowing its premium to U.S. oil from a record amid speculation Libyan leader Muammar Qaddafi’s regime is crumbling, paving the way for a recovery in the country’s crude production. Rebels said they captured two of Qaddafi’s sons and U.S. President Barack Obama said the fight against the Libyan leader was at a “tipping point.” About three shares decreased for every one that climbed on the MSCI Asia Pacific Index, which slumped 1.2 percent. The gauge completed a four-week, 14 percent losing streak on Aug. 19, driving valuations down to 12 times estimated earnings, the lowest level since November 2008. Japan’s Nikkei 225 Stock Average slid 1 percent, and Australia’s S&P/ASX 200 Index lost 0.5 percent. Hong Kong’s Hang Seng Index dropped 1.4 percent while the Kospi Index retreated 2 percent. South Korea’s economy is facing increasing risks to growth and inflation because of the global market turmoil, Finance Minister Bahk Jae Wan said. To contact the reporter on this story: Shiyin Chen in Singapore at [email protected] To contact the editor responsible for this story: Richard Dobson at [email protected]
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