U.S. stocks fell, after benchmark indexes climbed to records, while Treasuries rose before the government releases its monthly jobs report. The euro weakened as the region’s central bank said it’s prepared to take action to head off deflation.
National Australia Bank Ltd., the country’s largest lender by assets, said Chief Executive Officer Cameron Clyne will retire in August and be replaced by Andrew Thorburn, the head of its New Zealand unit.
Asia’s benchmark stock gauge headed toward its highest close in two weeks, reversing earlier losses as utilities advanced. Tencent Holdings Ltd. dropped as regional Internet shares sank on concern valuations are too high.
President Barack Obama said the U.S. and its European allies stand united against Russian attempts to redraw Ukraine’s boundaries, while warning that indifference would ignore the lessons from two world wars.
Macquarie Group Ltd., Australia’s biggest investment bank, expects its full-year earnings to rise as much as 45 percent to the highest since 2008 as the outlook for its fixed-income, currencies and commodities unit improved.
Investors are the most bearish on Australian stocks since 2007 after last month’s rally pushed up valuations by the most since April and the central bank signaled a reluctance to add stimulus to the economy.
Asian stocks rose, with the regional benchmark index posting a two-week advance, as the yen capped its steepest weekly decline this year after the Bank of Japan boosted lending programs and U.S. manufacturing expanded.