“U.S. (MXWD) equity futures advanced, commodities climbed for a second day and the yen weakened as central bankers in the U.S. and Japan signaled no end to stimulus measures. Italian bonds rose after a debt sale and Australia’s dollar gained.
Standard & Poor’s 500 Index futures rose 0.2 percent as of 6:04 a.m. in New York, while theStoxx Europe 600 Index (SXXP) slipped 0.2 percent, after earlier rising as much as 0.6 percent. The S&P GSCI Index (SPGSCI) of 24 commodities gained 0.2 percent. The yen weakened against all 16 of its most-traded peers and the so- called Aussie jumped 0.8 percent versus the greenback. Yields on Italian 10-year debt fell six basis points.
Federal Reserve Vice Chairman Janet Yellen endorsed the Fed’s view that borrowing costs are likely to stay low through 2014, while the Bank of Japan will pursue “powerful easing” to overcome deflation, central bank Governor Masaaki Shirakawa said today. Data later today may show claims for U.S. unemployment benefits dropped to 355,000 last week. Italy sold 4.88 billion euros ($6.4 billion) of debt.
“Policy is going to remain loose for an appreciable period of time,” said Eric Wand, a fixed-income strategist at Lloyds Banking Group Plc in London. “If data doesn’t start to pick up, central banks will keep their taps open, which will support risk markets.”
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