Most Brazilian stocks dropped after a report showing U.S. companies added more workers than forecast rekindled speculation that the Federal Reserve will soon reduce stimulus that has boosted emerging-market assets.
Art Basel Miami Beach, the largest U.S. art fair, will offer more than $3 billion of mostly postwar and contemporary works when it opens to a select group of collectors today, a 20 percent increase from two years ago.
Palm advanced the most in almost two weeks on speculation that an increase in crude oil prices to the highest level in more than a month will boost demand for the tropical oil in biodiesel as production declines in Indonesia.
Polish government bonds are headed for their worst performance since at least 1999, at risk of their first annual loss, on concern over the timing of the U.S. Federal Reserve’s planned stimulus reduction.
Rio Tinto Group, the world’s second- biggest mining company, will cut capital spending to about $8 billion in 2015, less than half its outlay last year, as mineral producers conserve cash after prices fell.
Bill Gross’s Pimco Total Return Fund, which lost its title as the world’s largest mutual fund in October, had its seventh straight month of withdrawals in November as investors continued to flee bonds.
The Ibovespa sank the most among the world’s biggest stock gauges as Petroleo Brasileiro SA signaled it will keep subsidizing fuel prices, stoking concern that Brazil’s economic policies are hurting corporate profits.
China’s move to end a 14-month ban on initial public offerings and allow the sale of preferred shares led to a rally in financial stocks as investors bet the measures will boost fees for brokerages and ease banks’ funding.
Palm, the world’s most used cooking oil, is set to extend a bull market rally as output drops in Indonesia and biofuel mandates expand globally, said Dorab Mistry, director at Godrej International Ltd.