Oil, U.S. Equity Futures Rise Before European Debt Crisis Talks
Oil rose, extending last week’s biggest gain in a month, and U.S. equity futures climbed as Europe’s leaders planned talks to help defuse the continent’s debt crisis. The euro was little changed.
Crude in New York rose 0.3 percent to $96.33 a barrel as of 7:14 a.m. in Tokyo. Futures on the Standard & Poor’s 500 Index added 0.1 percent to 1,417.10 after capping six weeks of gains last week, the longest stretch since January 2011. The euro traded at $1.2338.
With the single currency’s continuing crisis threatening the global economy, Jean-Claude Juncker, the Luxembourg premier who heads the group of euro-area finance ministers, is expected in Athens on Aug. 22 to discuss Greek Prime Minister Antonis Samaras’ request for a two-year extension for the country’s fiscal adjustment program. Samaras travels to Berlin and Paris on Aug. 24 and 25 after French President Francois Hollande and German Chancellor Angela Merkel meet in the German capital on Aug. 23.
Home sales and orders for durable goods probably climbed in July, signaling the U.S. is starting to strengthen after a second-quarter slowdown, economists said before reports this week. Combined purchases of new and existing houses increased to a 4.89 million annual rate from a 4.72 million pace in June, according to the median forecast in a Bloomberg survey. Bookings for long-lasting goods climbed the most this year, another report may show.
The S&P 500 rose 0.9 percent to 1,418.16 last week, bringing its gain for the year to 13 percent. The Dow Jones Industrial Average added 67.25 points, or 0.5 percent, to 13,275.20 for the week. On the last day of trading, it touched the highest level since December 2007.
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