Euro rises on recovery signs as stocks drop amid lower crude oil
By Bloomberg
The euro strengthened against all but one of its major peers on signs of growth in the region’s economy. Energy producers led European stocks lower as crude oil fell.
The euro rose 0.3 percent to $1.0955 at 9:23 a.m. London time. Oil in New York halted a three-day advance before U.S. government data that analysts forecast will show an expanding glut of crude. The Stoxx Europe 600 Index lost 0.2 percent. Standard & Poor’s 500 Index futures were little changed and Kraft Foods Group Inc. added 16 percent in early New York trading. Shanghai stocks snapped their longest winning streak in almost 23 years. Bunds and gilts rose and the ruble climbed.
German business confidence rose for a fifth month in March, according to the Ifo institute’s business climate index, and a similar measure for France matched the highest since 2011. The European Central Bank banned Greek banks from increasing holdings of short-term government debt. Orders for U.S. durable good rose in February and crude inventories climbed for an 11th week through March 20, according to Bloomberg surveys of economists before reports on Wednesday.
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