Gasoline climbed to the highest in almost four months and oil gained the most in a week after a refinery explosion in Venezuela killed 39 people and Tropical Storm Isaac shut rigs in the Gulf of Mexico. U.S. stock futures rose as shares of Apple Inc. rallied.
Gasoline futures jumped 3.4 percent at 7.17 a.m. in New York and oil advanced 0.9 percent. Nasdaq 100 Index futures rose 0.5 percent as Apple increased 2 percent in Germany after its $1 billion court victory over Samsung Electronics Co., which plunged the most in almost four years. The Stoxx Europe 600 Index (SXXP) was little changed and the euro appreciated against most of its major peers. Spain’s 10-year bonds snapped a three-day decline.
About 24 percent of U.S. oil production and 8.2 percent of natural gas output from the Gulf of Mexico has been halted as Isaac strengthened. Venezuela’s Amuay plant, the country’s largest refinery, was shut as firefighters tackled flames following the Aug. 25 blast. German business confidence fell for a fourth straight month, adding to signs Europe’s debt crisis is damping growth.
“The market is reacting to this temporary supply risk” for gasoline and oil, said Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt. “The temporary shutdown of refineries in the Gulf will also lower gasoline supplies.”
The S&P GSCI Index of commodities rose for the first time in three days. November-delivery soybeans rallied to a record as the worst U.S. drought in half a century hurt production in the world’s largest grower, while export demand increased. Corn gained 0.5 percent and wheat climbed 0.2 percent.
U.S. index futures gained as Apple rose to the equivalent of $679.02 a share in Europe. The company won damages over infringement of mobile-device patents Aug. 24 against Samsung, which fell 7.5 percent in Seoul. Standard & Poor’s 500 Index futures rose 0.2 percent.
The volume of shares changing hands on the benchmark Stoxx 600 was 60 percent lower than the average of the last 30 days because the U.K. market was closed for a public holiday. Q-Cells SE (QCE) surged 10 percent after South Korea’s Hanwha Group signed a deal to acquire the insolvent German producer of solar cells.
Nokia Oyj (NOK1V) also rallied 11 percent, the biggest gain on the Stoxx 600, following the Samsung ruling. The U.S. may ban sales of some Samsung handsets, potentially benefiting Nokia devices that run Microsoft Corp.’s Windows operating system.
The MSCI Emerging Markets (MXEF) Index fell 0.3 percent. Samsung dropped 7.5 percent, the most since October 2008. The Shanghai Composite Index retreated 1.7 percent as a report showed Chinese industrial company profits slipped in July. Russia’s Micex Index retreated 0.4 percent and India’s Sensex lost 0.6 percent.
The euro strengthened 0.1 percent against both the dollar the yen as German Finance Minister Wolfgang Schaeuble prepared to meet his French counterpart to discuss Europe’s debt crisis. The shared currency climbed even after the Ifo institute in Munich said its business climate index dropped for a fourth straight month in August to its lowest reading since March 2010.
The Australian dollar touched a one-month low against the U.S. currency after a report showed profits for industrial companies in China, Australia’s biggest trading partner, fell 5.4 percent in July from a year earlier. The currency weakened as much as 0.3 percent to $1.0372.
Treasuries extended gains from last week on speculation Federal Reserve Chairman Ben S. Bernanke will outline the case for further central bank action to support the economy at this week’s meeting of policy makers at Jackson Hole, Wyoming. The yield on the 10-year bond fell two basis points to 1.67 percent.
Bernanke “might fuel hopes that down the road, we could still see monetary stimulus from the Fed,” Vasu Menon, head of content and research for wealth management at Oversea-Chinese Banking Corp. in Singapore, said in a Bloomberg Television interview.
The yield on Spain’s 10-year bonds fell three basis points to 6.39 percent, outperforming similar-maturity German bunds, which were little changed.
Gold for immediate delivery gained as much as 0.4 percent to a four-month high of $1,676.90 an ounce. Silver climbed 0.2 percent, a sixth straight advance that was its longest-winning streak since January. Copper futures in New York were up 0.3 percent. The London Metal Exchange was closed because of the U.K. holiday.
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