European stocks climbed to the highest level in almost five years as earnings by companies from Societe Generale SA to Allianz SE beat estimates. The euro rallied after German factory orders unexpectedly increased, while Australia’s dollar weakened as the central bank cut interest rates.
U.K. government bonds fell, pushing 10-year yields to the most in six weeks, as a gauge of employment confidence rose to a six-month high, weakening the case for the Bank of England to resume asset purchases.
Coutts & Co. scaled back gold holdings as prices fell through $1,600 an ounce, saying that a return to the peak isn’t likely unless there’s a crisis in the Middle East, a weaker dollar or a jump in inflation.
A surplus of tankers competing to ship 2 million-barrel cargoes of Middle East oil contracted to the lowest since January as demand for the vessels strengthened in the world’s biggest crude-loading region.
The cost of insuring European corporate debt fell to the lowest in three years as credit markets rallied after the Reserve Bank of Australia followed the European Central Bank in cutting interest rates.
The Topix Index climbed the most in a month, erasing losses from the 2008 collapse of Lehman Brothers Holdings Inc., as Japanese markets reopened from a holiday during which the yen slid and U.S. jobs data beat estimates.