U.S News

US Stock futures advance, following the S&P second weekly drop – Euro Ministers agree Cyprus has met conditions for a bailout

Financial shares climb - Bank of America Corp. and Citigroup Inc. added 1%. Dell gained 3.5%.

 

Asian News

Asian stocks rose – Cyprus Bailout and a profit at China Petroleum topped forecast

Sony Corp. gained 3.1% as the yen weakened

 

European News

European stocks climbed – rebounding from a weekly loss. Vodafone rallied to highest price since summer 2012. The Sunday Times reported that the mobile-phone operator held talks with Verizon to sell its stake in Verizon Wireless for $135 billion.

 

Currencies

The euro erased a gain versus the dollar after touching the highest level in more than a week on concern political wrangling about the deal to bail out Cyprus has undermined faith in Europe financial system. The euro weakened 0.2% to $1.2964 as of 8:24 a.m. in New York, after reaching $1.3048, the strongest level since March 15.

 

Commodities

West Texas Intermediate crude rose to the highest in a month as Cyprus agreed on an international bailout, allaying concern that Europe’s debt crisis will worsen. WTI narrowed its discount to Brent to the least since July.

WTI for May delivery rose as much as 98 cents to $94.69 a barrel in electronic trading on the NYME the highest since Feb. 21, and was at $94.48 as of 12:18 p.m. London time. The volume of all futures traded was 27% below the 100-day average for the time of day.

Brent for May settlement was at $108.32 a barrel, up 66 cents, on the London-based ICE Futures Europe exchange.

 

Sayyed Hussain