Stocks Climb for Fourth Day as Metals Rally on China Measures, Greek Talks - Bloomberg
Stocks rose for a fourth day and metals rallied after China’s central bank cut reserve requirements for lenders. The euro and Italian bonds gained as European leaders prepared to discuss a Greek rescue.
The MSCI All-Country World Index (MXWD) added 0.6 percent to a six-month high at 12 p.m. in London. Standard & Poor’s 500 Index futures advanced 0.5 percent. U.S. markets are closed for a holiday. The euro appreciated 0.9 percent to $1.3263, and the yield on the 10-year Italian note fell nine basis points. Copper rose for the first time in seven days. Oil climbed to a nine- month high as Iran said it halted some crude exports.
Finance ministers gathering today in Brussels will try to settle remaining disputes to wrap up a 130 billion-euro ($170 billion) bailout to fend off a Greek default. The proportion of cash that Chinese lenders must set aside will be cut by half a percentage point from Feb. 24, the central bank said Feb. 18.