The Stoxx Europe 600 Index (SXXP) declined 0.2 percent at 11:44 a.m. in London after earlier retreating as much as 0.7 percent. Japan’s Topix Index fell 1.9 percent and Hong Kong’s Hang Seng China Enterprises Index dropped 2.8 percent. Futures on the Standard & Poor’s 500 Index added 0.2 percent. The S&P GSCI gauge of 24 commodities lost as much as 1.6 percent as oil sank to the lowest in almost eight months. The Italian 10-year bond yield lost 10 basis points to 5.77 percent.
China’s non-manufacturing purchasing managers’ index dropped to 55.2 in May from 56.1 in April, the National Bureau of Statistics and China Federation of Logistics and Purchasing said yesterday. German Chancellor Angela Merkel came under more pressure to back new ideas to resolve the debt crisis as Spain urged European leaders to bolster efforts to protect banks. U.S. factory orders probably expanded in April, economists said before a Commerce Department report later today.
“People are more concerned about a return of their capital as opposed to a return on their capital,” said Nick Maroutsos, who oversees about $2.9 billion of assets as managing director and co-founder of Sydney-based Kapstream Capital. “The recovery is still going to continue to have fits and starts. We need something more substantial that’s going to get investors back into the market.”
Stoxx 600
The Stoxx 600 slipped, extending the gauge’s decline from this year’s high to 14 percent, as carmakers and chemical companies retreated. About two stocks dropped for every one that climbed. Novartis AG and Nestle SA fell, making the greatest contribution to the Stoxx 600’s slide. The U.K., Irish and Greek markets are closed today for public holidays.
The S&P 500 stock reversed earlier declines, indicating the U.S. equity benchmark will rebound after three consecutive declines. A Commerce Department report at 10 a.m. in Washington will show that factory orders climbed 0.2 percent in April, according to the median economist estimate in a Bloomberg survey. The measure slipped 1.9 percent in March.
The 17-nation euro was little changed against the dollar. The Spanish 10-year yield slipped five basis points, with the similar-maturity German bund yield rising three basis points to 1.20 percent, after the rate fell to a record 1.127 percent on June 1.
European Banks
Spanish Prime Minister Mariano Rajoy on June 2 added his voice to calls for a more robust “banking union” in Europe, lending his support for a centralized system to re-capitalize lenders. France’s new Finance Minister Pierre Moscovici said that aid for troubled European banks should come through the European Stability Mechanism rather than through governments.
The yield on the 10-year U.S. Treasury note increased four basis points to 1.49 percent.
Oil futures dropped as much as 2.4 percent to $81.21 a barrel in New York, the lowest price for a most-active contract since Oct. 6. Copper in New York declined as much as 2.3 percent to $3.238 a pound, the lowest since Dec. 15. The London Metal Exchange is closed today for a holiday.
Hungary’s BUX Index (BUX) slumped for the first day in three, retreating 0.6 percent, and South Africa’s benchmark FTSE/JSE (JALSH) Africa All Shares Index declined 0.3 percent. Turkey’s ISE National 100 Index fell 0.3 percent.
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