Stocks, Euro Rise as Greece Approves Austerity Plan

Stocks advanced, rebounding from the biggest loss this year, and the euro strengthened while German bonds fell after Greek lawmakers approved austerity plans to secure rescue funds. Oil led commodities higher.

The MSCI All-Country World Index (MXWD) added 0.6 percent at 8:15 a.m. in New York.

Futures on the Standard & Poor’s 500 Index climbed 0.7 percent.

The euro strengthened 0.5 percent to $1.3263, while the yen weakened against all 16 most-traded currencies.

The yield on the benchmark 10-year bund jumped six basis points, with the 10-year Italian yield falling 13 basis points. The S&P GSCI gauge of commodities rose 0.9 percent.

U.S. Stock Futures Rise on Greek Austerity

U.S. stock futures rose, after the first weekly loss for the Standard & Poor’s 500 Index in 2012, as Greece approved austerity plans to secure rescue funds.

Bank of America Corp. and Citigroup Inc. (C) climbed more than 2.1 percent as a measure of European lenders gained.

Alcoa Inc. and Freeport-McMoRan Copper & Gold Inc. (FCX) added at least 1.3 percent as the S&P GSCI Index of commodities increased 0.9 percent.

Nvidia Corp. (NVDA) advanced 2.5 percent after the maker of graphics processors was raised at FBR Capital Markets.

Abu Dhabi Shares Fall Most in Two Weeks as Etisalat Net Misses Estimates

Abu Dhabi’s stock index fell the most in almost two weeks after full-year earnings at Emirates Telecommunications Corp., the telephone operator known as Etisalat, missed estimates. Egypt’s gauge rose.

Etisalat, the company with the heaviest weighting on the index, tumbled the most since Jan. 17.

Abu Dhabi Commercial Bank PJSC lost 0.3 percent. The ADX General Index (ADSMI) declined 0.4 percent, the most since Jan. 30, to 2,456.22 at the 2 p.m. close in the U.A.E. capital.

Emerging-market stocks fell the most in more than two months at the end of last week.

Facebook IPO to Drag Down Secondary Market

Initial public offering and the IPOs of other social-media companies will lead to a 24 percent decline in secondary transactions in 2012 as fewer big companies remain private, according to Nyppex LLC.

Deal volume will drop to $7.1 billion this year from $9.3 billion in 2011, the Rye, New York-based broker-dealer and research firm said in a report.

That follows last year’s doubling of the market from $4.6 billion in 2010.

The reversal is “based on expected exits by many of the largest consumer Web and social-media companies, and a decline in large private companies with motivated selling shareholders,” Nyppex said.

Global Stocks Decline the Most This Year as Commodities, Euro Post Losses

Global stocks fell the most this year, commodities slid and the euro weakened as a plan to help Greece avoid default threatened to unravel and U.S. consumer confidence trailed estimates.

Treasuries and costs to protect European debt rose.

The MSCI All-Country World Index (MXWD) lost 1.3 percent at 4 p.m. in New York.

The Standard & Poor’s 500 Index tumbled 0.7 percent from a seven-month high, paring a drop of as much as 1.1 percent, and the Dow Jones Industrial Average lost 89.23 points.

The S&P GSCI Index dropped 0.9 percent as 21 of its 24 commodities fell.

KSE gains 18 points on hopes of better earnings

The Karachi stock market closed in the green zone on the last trading day of the week Friday as speculations over upcoming corporate earnings announcements in blue chips triggered institutional buying.

The Karachi Stock Exchange (KSE) 100-share index gained 18.36 points or 0.15 percent to close at 12,231.60 points as compared to 12,213.24 points of the previous session.

The KSE 30-share index was up by 10.43 points to close at 11,415.20 points as compared with 11,404.77 points.

Obama Budget Projects $901B Deficit in ’13

President Barack Obama will call for raising taxes on the wealthy and boosting jobs spending as part of a fiscal 2013 budget request that envisions the deficit shrinking next year to $901 billion.

Obama is seeking $350 billion in short-term measures to create jobs, most of them repackaged from the spending and tax proposals submitted by the administration and rejected by congressional Republicans last year.

He also would raise $61 billion over 10 years from the largest financial institutions to offset the cost of the Troubled Asset Relief Program and his mortgage refinance plan.

Indian stock markets move higher

Indian stock market indices traded strong over the last two hours of trade on the back of heavy buying activity witnessed across index heavyweights.

Realty and Consumer Durable stocks witnessed maximum buying interest.

The BSE-Sensex is up by 135 points, while the NSE-Nifty is up by 37 points. BSE Mid Cap index and the BSE Small Cap index are up by 1.18% and 1.28% respectively. The rupee is trading at 49.05 to the US dollar.

Aluminium stocks are trading mixed with Hindalco trading in the green, while Nalco is trading in the red.

Toronto stock market falters as Greek party leaders begin crucial debt talks

The Toronto stock market gave up early gains late morning Wednesday with commodity stocks losing early momentum.

Meanwhile, traders hoped that Greece is close to arriving at a deal that will see it get a crucial second bailout to stave off bankruptcy.

The S&P/TSX composite index lost 28.12 points to 12,484.3 while the TSX Venture Exchange was down 2.47 points to 1,660.87. Lower prices for oil and gold helped push the Canadian dollar down 0.14 of a cent to 100.34 cents US.

U.S. markets were mainly lower with the Dow Jones industrial average down 16.16 points to 12,862.04.

Pakistani stocks drop; rupee flat; o/n rates up

Pakistani stocks ended lower on Wednesday as investors chose to cash in after the market rallied to a more than six-month high for two consecutive days, dealers said.

The Karachi Stock Exchange (KSE) benchmark 100-share index fell 0.17 percent or 21.37 points, at 12,263.25 points. The KSE-index closed at 12,284.62 points on Tuesday, its highest close since July 26, 2011.

Volume rose to 243.29 million shares, compared with 162.11 million traded on Tuesday.

“After gaining (a total) of around 3 percent in the last two trading sessions, investors opted to book profits, especially in oil and banking stocks,” said Samar Iqbal, a dealer at Topline Securities Ltd.