The euro rose to a two-week low against the dollar, almost reaching the maximum values ​​of the session, helped by weak U.S. data. Note that another worrying sign for the manufacturing sector after yesterday's business activity index, was published today by the Commerce Department report, which reflected a much larger-than-expected drop in new orders for manufactured durable goods in March. The report showed that orders for durable goods fell by 5.7% in March after a revised 4.3% rise in February. And with the seasonally adjusted total orders for durable goods in March totaled 216.28 billion. Economists had expected orders decreased by 2.8% compared with 5.6% growth, which have been registered in the previous month. Orders for durable goods excluding transportation equipment in the U.S. in March fell 1.4%. Orders for durable goods excluding defense value of the goods in the United States in March decreased by 4.7%. In addition, it was reported that orders for durable goods excluding transportation equipment in the U.S. in February revised to -1.7% from -0.5%.

It is also worth noting that the news from Italy point to the fact that the newly elected President Napolitano requested E. Lehto (try) to form a new coalition government, in order to break the political deadlock in the country, which is observed since the last elections held in late February.

The British pound retreated from the maximum values ​​of today's session after a disappointing report of the Confederation of British Industry (CBI) on retail sales. According to the data, the volume index of retail sales in March is -1, and the index of expectations for sales in March fell to a yearly low -6. In addition, a separate report showed that the number of mortgage approvals for house purchase in the UK rose in March, was slightly below forecasts of experts.

According to the report, the number of approved applications for mortgage loans increased at the end of last month at 31,227, up from 30,579 in February. Note that many economists predicted that the value of this index will increase to 31400.Krome addition, the data showed that the amount of net debt, which is pledged to the banks fell following last month by 0.1%, while the bulk of the unsecured loans decreased by 1.6% over the same period. In the Confederation of British Industry also noted that gross mortgage loans made in March 7.60 billion pounds, down from the last monthly average.

The New Zealand dollar rose after the central bank of New Zealand kept interest rates unchanged at 2.5%. Commenting on the decision, the head of the RBNZ Graeme Wheeler said the decision to leave rates unchanged was due to the fact that inflation has remained low-key, and economic growth is picking up. In addition, Wheeler said that the central bank will keep interest rates at the same level until the end of the year, as indicated in the March statement on monetary policy.

Meanwhile, the head said that inflation this year is expected to remain close to the lower boundary of the medium-term target range of 1-3 percent. We also recall that, according to official figures, in the first quarter consumer price index increased by 0.9 per cent per annum. However, the central bank seemed to be concerned about the high rate of inflation in housing prices in some regions, despite the fact that prices have increased.

European stocks rose for a fourth day as companies from PSA Peugeot Citroen to Volkswagen AG posted results and speculation mounted that the region's central bank will cut rates, offsetting worse-than-estimated German business confidence data.

The Stoxx Europe 600 Index (SXXP) gained 0.7 percent to 294.63 at the close of trading.

Economists from Nomura International Plc to UBS AG and Royal Bank of Scotland Group Plc now expect the central bank to cut its key interest rate to a record low as the euro-region economy slumps.

German business confidence fell for a second month in April, a report showed today. The Ifo institute in Munich said its business climate index, based on a survey of 7,000 executives, dropped to 104.4 from 106.7 in March. The median economist forecast a decline to 106.2.

National benchmark indexes climbed in all of the 18 western European markets except Ireland.

FTSE 100 6,431.76 +25.64 +0.40% CAC 40 3,842.94 +59.89 +1.58% DAX 7,759.03 +100.82 +1.32%

Peugeot advanced 10 percent to 6.02 euros, its largest gain since Feb. 22. Europe's second-biggest carmaker reported a 6.5 percent decline in first-quarter revenue to 13 billion euros ($16.9 billion). That still beat the 12.7 billion-euro average analyst estimate, as delivery growth in China and Latin America limited the decline.

Volkswagen, Europe's biggest automaker, added 2.6 percent to 150.70 euros after reporting first-quarter profit that met analysts' estimates and retaining its 2013 earnings target. Earnings before interest and taxes fell to 2.34 billion euros from 3.17 billion euros a year earlier. Revenue declined 1.6 percent.

Storebrand ASA (STB) rose 6.5 percent to 25.21 kroner after it posted first quarter profit of 357 million kroner ($60.2 million), beating the average analyst estimate of 329.8 million kroner. Norway's second-largest insurer reported a 29 percent jump in net premium income to 11.2 billion kroner.

Jeronimo Martins SGPS SA (JMT) rallied 6.8 percent to 18.10 euros, its highest price since at least February 1993, after Portugal's biggest retailer reported first-quarter revenue of 2.77 billion euros, beating the average analyst estimate of 2.71 billion euros. Earnings also exceeded analysts' forecasts as the company maintained its 2013 outlook.

France Telecom SA climbed 2.7 percent to 8.01 euros. The country's largest phone company said it will focus on cutting costs this year as competition from Iliad SA forced phone bills down. Earnings before interest, taxes, depreciation and amortization fell 9 percent to 3.12 billion euros.

Crude oil prices rose today, helped by a government report on oil stocks in the United States. Note that, according to data from the Department of Energy, last week the oil reserves rose by 947,000 barrels, while reaching a level of 388.600 million Note that according to the average estimates of experts, the oil reserves should grow by 2 million barrels. Recall that for the week that ended April 5, stocks reached 22-year high - at 388.900 million addition, it was reported that the consumption of gasoline last week rose by 0,367 million barrels per day to 8.75 million barrels per day, while the oil terminal in Cushing last week rose by 0.035 million barrels to 51.183 million barrels. Meanwhile, a report showed that U.S. distillate stocks rose by 0.097 million barrels to 115.278 million barrels, while gasoline stocks in the U.S. fell by 3.928 million barrels to 217.802 million barrels. At the same time, the U.S. Department of Energy reported that refinery utilization in the U.S. 83.5% versus 86.3% a week earlier.

In addition, we note that futures climbed as much as 1.4% on speculation that the European Central Bank cut its key interest rate to a record low next week to support growth.

Recall that the State Minister Ali al-Dabbagh said yesterday that Iraq may withdraw from the Organization of Petroleum Exporting Countries, if the group does not allow the country to increase production. It is learned that OPEC should make way for 5000000 barrels per day for the Iraqi oil exports in the future. Recall that the country is the second largest producer in the group with the extraction of 3200000 barrels per day.

The cost of the June futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 90.50 dollars per barrel, the lowest intraday level since Dec. 19.

June futures price for North Sea Brent crude oil mixture rose $1.08 to $101.53 a barrel on the London exchange ICE Futures Europe.

The U.S. dollar climbed against the most major currencies because of the better-than-expected durable goods orders. The U.S. durable goods orders rose 2.6% in March from 2.2% in February. It is the highest increase since November 2013. The projected figure was 2.2%. But later, the U.S. dollar lost its gains. The number of initial jobless claims rose 24,000 to 329,000 for the week ended April 19.

The euro declined against U.S. dollar to 1.3790 but recovered quickly. The reason for this movement were the U.S. durable goods and initial jobless claims figures.

The New Zealand dollar increased against the U.S. dollar and reached a one-week high of $0.8638. The reason for the strength of New Zealand dollar was the hike of interest rate by the Reserve Bank of New Zealand. The central bank raised its interest rate to 3.0% from 2.75%. This decision was expected by market participants. The Reserve Bank of New Zealand governor Graeme Wheeler said this move is necessary because of the inflationary pressures. The likelihood is very high that the central bank will hike interest rates again in June. But later, the New Zealand dollar lost its all gains.

The British pound traded mixed against the U.S. dollar. The better-than-expected CBI retail sales volume balance figure supported the British currency. The CBI retail sales index rose to 30 in April from 13 in March. Analysts forecasted the increase to 18. The better-than-expected U.S. durable goods orders put under pressure the British currency.

Gold prices rose today, as physical demand increased speculative buying after falling in the previous session. We also add that support the precious metal had weak economic data for Germany, which increased the chance that the European Central Bank (ECB) may lower interest rates. These German institute Ifo, published today, showed that business confidence in Germany deteriorated sharply in April, undermining hopes that the largest country in the eurozone will lead to a return of the region's economic growth. Deterioration of business prospects in all sectors of the economy has led to a drop in Ifo sentiment index the second consecutive month to 104.4 in April from 106.7 in March. Value was lower than the forecasts of economists had expected the index to be 106.2. It is said that the German economy is experiencing difficulties with the return to economic growth at the beginning of the 2nd quarter and that economic growth in 2013 could be weaker than expected.

Experts note that although investor confidence has not yet fully recovered from a substantial fall gold and outflow of exchange-traded funds, the demand for gold bars and coins, after all, grew up after prices fell to the lowest level in more than two years.

The data also showed that the stock of gold in the SPDR Gold Trust - the world's largest exchange-traded fund, fell yesterday by 0.68% to 1,097.19 tons from 1,104.71 tonnes on Monday, its lowest level since October 2009.

The cost of the June gold futures on COMEX today rose to 1424.10 dollars per ounce.

EUR/USD $1.2925, $1.2995, $1.3000, $1.3060, $1.3065

USD/JPY Y98.00, Y98.60, Y99.00, Y99.20, Y99.50, Y100.00

EUR/GBP stg0.8530

USD/CHF Chf0.9300

EUR/CHF Chf1.230

AUD/USD $1.0150, $1.0200, $1.0250

NZD/USD $0.8420

USD/CAD C$1.0290, C$1.0400

U.S. stock futures fell slightly as durable goods orders fell and investors watched earnings at companies from Procter & Gamble Co. to Apple Inc.

Global Stocks:

Nikkei 13,843.46 +313.81 +2.32%

Hang Seng 22,183.05 +376.44 +1.73%

Shanghai Composite 2,218.32 +33.78 +1.55%

FTSE 6,415.37 +9.25 +0.14%

CAC 3,809.55 +26.50 +0.70%

DAX 7,695.08 +36.87 +0.48%

Crude oil $89.49 +0.34%

Gold $1429.20 1.45%

Upgrades:

Downgrades:

AT&T (T) downgraded from Buy to Neutral at Citigroup

AT&T (T) downgraded from Overweight to Equal-Weight at Morgan Stanley

Other:

Apple (AAPL) reiterated at Outperform at FBR Capital, target from $525 to $500

European stocks climbed for a fourth day as commodity producers rallied with metal prices and companies including PSA Peugeot Citroen reported earnings that topped estimates.

German business confidence fell for a second month in April after winter weather hindered the recovery in Europe's largest economy. The Ifo institute in Munich said today that its business climate index, based on a survey of 7,000 executives, dropped to 104.4 from 106.7 in March. Economists forecast a decline to 106.2, according to the median of 44 estimates.

A gauge of basic resources companies rose the most of the 19 industry groups on the Stoxx 600 as base metals rebounded. Rio Tinto added 3.8 percent to 3,019.5 pence. Kazakhmys Plc surged 6.8 percent to 357.8 pence. BHP Billiton Ltd., the world's largest mining company, gained 2.2 percent to 1,819.5 pence in London.

Peugeot advanced 8 percent to 5.88 euros. Europe's second biggest carmaker reported a 6.5 percent drop in first-quarter revenue to 13 billion euros ($16.9 billion) as delivery growth abroad failed to offset a recession in its home region. Revenue still beat the 12.7 billion-euro average estimate of analyst estimates.

Jeronimo Martin increased 4.8 percent to 17.76 euros in Lisbon, its highest price since at least February 1993, after the retailer reported first-quarter revenue of 2.77 billion euros, beating the average analyst estimate of 2.71 billion euros. Earnings also beat analyst estimates as the company maintained its 2013 outlook.

FTSE 100 6,407.18 +1.06 +0.02 %

CAC 40 3,798.19 +15.14 +0.40 %

DAX 7,693.47 +35.26 +0.46 %

Germany sold E1.683bln in 30-year benchmark 2.50% July 2044 at average yield 2.16% (2.45%) and bid-to-cover 1.5 times (1.8).

Sold E0.75bln vs target E0.5-E0.75bln

- Sold E0.75bln 2.60% Sep 2023 BTPei; avg yield 2.65% (3.02%), cover 1.91 (2.96)

ITALY CTZ AUCTION RESULTS: Sold E2.5bln vs target E2.0bln-E2.5bln

- Sold E2.5bln of Dec 2014 CTZ; avg yield 1.167% (1.746%), cover 1.66 (1.43)

Asian stocks rose the most in two weeks as Japanese exporters advanced after the yen weakened overnight and higher sales of new homes in the U.S. added to recovery signs.

Nikkei 225 13,843.46 +313.81 +2.32%

S&P/ASX 200 5,102.4 +86.17 +1.72%

Shanghai Composite 2,217.56 +33.02 +1.51%

Nissan Motor Co., a Japanese carmaker that gets 79 percent of sales overseas, climbed 2.3 percent.

Huaneng Power International Inc. jumped 4.8 percent in Hong Kong, heading for a five-year high, as the Chinese electricity producer reported profit more than doubled.

EUR/USD $1.2925, $1.2995, $1.3000, $1.3065

USD/JPY Y98.00, Y98.60, Y99.20, Y99.50, Y100.00

USD/CHF Chf0.9300

AUD/USD $1.0150, $1.0200, $1.0250

USD/CAD C$1.0290, C$1.0400

01:00 Australia CPI, q/q Quarter I +0.2% +0.7% +0.4%

01:00 Australia CPI, y/y Quarter I +2.2% +2.8% +2.5%

03:30 Australia RBA Assist Gov Lowe Speaks

The euro was 0.2 percent from a two-week low before a German report forecast to show business confidence fell in the currency bloc's largest economy, fueling speculation the European Central Bank will cut interest rates. The Ifo institute's business climate index for Germany, based on a survey of about 7,000 executives, dropped to 106.2 in April from 106.7, according to the median estimate of economists surveyed by Bloomberg News before today's report. A German purchasing managers' index unexpectedly fell yesterday, while the Bundesbank said in its monthly report this week that the nation's recovery may be delayed.

New Zealand's dollar jumped after central bank Governor Graeme Wheeler said growth has picked up. The Reserve Bank of New Zealand left its benchmark interest rate unchanged today at 2.5 percent. The RBNZ "does not want to see financial or price stability compromised by housing demand getting too far ahead of supply," Wheeler said in a statement.

Australia's currency dropped versus all of its major peers after data showed the nation's inflation slowed. In Australia, the so-called trimmed mean gauge of core prices rose 0.3 percent in the first quarter from the previous period, the Bureau of Statistics said in Sydney today, compared with the median forecast of economists of a 0.5 percent gain.

The yen swayed between gains and losses as investors speculated whether comments from the Bank of Japan this week can weaken it to 100 per dollar for the first time in four years.

EUR / USD: during the Asian session the pair traded in a range of $ 1.2985/05

GBP / USD: during the Asian session the pair rose to $ 1.5250.

USD / JPY: during the Asian session the pair fell to Y99.15.

Change % Change Last

GOLD 1,413.40 -7.80 -0.55%

OIL (WTI) 89.34 0.15 0.17%

Change % Change Last

Nikkei 225 13,568.37 +251.89 +1.89%

S&P/ASX 200 4,966.55 +34.64 +0.70%

Shanghai Composite 2,242.17 -2.47 -0.11%

FTSE 100 6,406.12 +125.50 +2.00%

CAC 40 3,783.05 +130.92 +3.58%

DAX 7,658.21 +180.10 +2.41%

Dow +152.29 14,719.46 +1.05%

Nasdaq +35.78 3,269.33 +1.11%

S&P +16.26 1,578.76 +1.04%

(pare/closed(00:00 GMT +02:00)/change, %)

EUR/USD $1,3003 -0,45%

GBP/USD $1,5235 -0,34%

USD/CHF Chf0,9452 +1,17%

USD/JPY Y99,40 +0,10%

EUR/JPY Y129,22 -0,37%

GBP/JPY Y151,40 -0,25%

AUD/USD $1,0270 -0,01%

NZD/USD $0,8433 +0,09%

01:00 Australia CPI, q/q Quarter I +0.2% +0.7%

01:00 Australia CPI, y/y Quarter I +2.2% +2.8%

03:30 Australia RBA Assist Gov Lowe Speaks

06:00 Switzerland UBS Consumption Indicator March 1.26

08:00 Germany IFO - Business Climate April 106.7 106.4

08:00 Germany IFO - Current Assessment April 109.9 109.5

08:00 Germany IFO - Expectations April 103.6 103.0

08:30 United Kingdom BBA Mortgage Approvals March 30.5 31.2

10:00 United Kingdom CBI retail sales volume balance April 0 7

12:30 U.S. Durable Goods Orders ex Transportation March -0.5% +0.5%

12:30 U.S. Durable Goods Orders March +5.7% -2.8%

12:30 U.S. Durable goods orders ex defense March +4.5% -2.7%

13:00 Belgium Business Climate April -15.0 -14.3

13:30 U.S. Treasury Sec Lew Speaks

14:30 U.S. Crude Oil Inventories April -1.2

20:15 Canada BOC Gov Carney Speaks