Global stocks gained, with the Standard & Poor’s 500 Index climbing for a third day, as companies from Tesco Plc to Yahoo! Inc. and Intel Corp. jumped on earnings and U.S. industrial production increased. Oil and copper rose, while the pound strengthened.
The pound approached a four-year high versus the dollar as the U.K. unemployment rate fell more in the three months through February than analysts forecast, adding to signs the economy is gaining traction.
Britain’s unemployment rate dropped to a five-year low in February, underscoring the strength of the economic recovery and raising the prospect of a debate among Bank of England officials about whether to raise interest rates.
Banks identified as systemically important to the global economy face tighter rules on how much business they can do with each other as part of a push to limit the chance a single failure would drag down multiple lenders.
Senior unsecured creditors in European Union banks may be forced to take losses before public money can be injected to prop up a lender, as lawmakers vow to prevent a recurrence of the bailouts that followed the collapse of Lehman Brothers Holdings Inc.
Currency traders are more bullish on the pound that at any time in the past three years as the U.K.’s booming property market fuels speculation the Bank of England is getting closer to raising interest rates.