European stocks rallied with crude oil and gold, while the dollar strengthened to a two-week high versus the yen before data on the U.S. economy. The ruble gained against the greenback for a third day.
The Stoxx Europe 600 Index increased 0.1 percent by 8:06 a.m. in London, rising for a sixth day to head for its longest winning streak since April. Futures on the Standard & Poor’s 500 Index were little changed, while a gauge of Asian shares lost 0.7 percent as commodity stocks declined. The dollar climbed for a fifth day against the yen as the Bloomberg Dollar Spot Index held near a five-year high. The ruble strengthened 3.1 percent as oil rose in New York and London. Gold rallied 0.5 percent.
A report today may show the U.S. economy expanded more than previously estimated last quarter, amid a slew of data from goods orders to home sales. A final reading on U.K. gross domestic product is scheduled after a report on economic growth in France matched estimates. Greek lawmakers will vote on the prime minister’s pick for president for a second time. The U.S. publishes oil inventories tomorrow.
“As we get into the period where the Federal Reserve starts to actually increase interest rates, we’re going to see the dollar strengthen quite significantly against the other Group of Four currencies,” Kelvin Tay, a money manager at UBS Wealth Management in Singapore, said in an interview on Bloomberg Television. “The U.S. dollar is going to be quite a strong currency in 2015.”
The benchmark U.K. share gauge rallied 0.2 percent, while an index of German equities was little changed. Greece’s ASE Index is yet to open. Intraday volatility on the measure surged last week after Prime Minister Antonis Samaras failed to win two-thirds support in parliament for his candidate to succeed President Karolos Papoulias. A second of three potential ballots is scheduled for today at noon.