The European Central Bank’s bond- buying plan will be reviewed by the European Union’s highest court as German judges temporarily put aside their doubts about the program credited with quelling the region’s debt crisis.
Spanish and Italian government bonds advanced for a second week on speculation the European Central Bank will remain supportive of sovereign debt, even as it refrained from adding stimulus and faced a legal challenge.
The euro fell for the first time in three days against the dollar as Germany’s top court questioned a rescue plan for debt crisis-hit euro-area nations and asked Europe’s highest judges to rule on its legality.
U.S. stocks capped the best two-day rally since October and Treasuries rose as the unemployment rate slid to the lowest since 2008, fueling speculation the economy can weather reductions in monetary stimulus. Crude, gasoline and heating oil led commodity gains.