U.S. stock indexes held at record highs as the yen slipped to a seven-year low versus the dollar, while Brent crude oil sank to its lowest level since 2010. European stocks rose amid better-than-estimated earnings.
The Standard & Poor’s 500 Index (SPX) ended the U.S. day up 0.1 percent at a fresh high of 2,039.68, and the Dow Jones Industrial Average closed little changed at 17,614.90. The Stoxx Europe 600 Index advanced 0.4 percent in a second day of gains. The yen slid after the Yomiuri newspaper said Prime Minister Shinzo Abe may call a snap election if he scraps a planned sales-tax increase. Brent slipped 0.8 percent to $81.67 a barrel and Russia’s ruble retreated after two days of gains.
U.S. indexes are extending gains from records amid signs the economy is weathering a global slowdown and the end of the Federal Reserve’s bond-purchase program. The Treasuries market was closed today for a holiday, and equity trading volumes were below average. Vodafone Group Plc jumped the most in more than a year in London after reporting a smaller decline in service revenue than analysts predicted. Abe said in Beijing that he hasn’t yet decided on the timing of Japan’s next election.
Japan’s currency was down 0.5 percent at 115.44 per dollar after sliding as much as 1.1 percent to 116.10, the weakest intraday level since October 2007. Ten-year Japanese bonds fell, pushing the yield up four basis points, or 0.04 percentage point, to 0.49 percent.
Brent crude fell to a level not seen since October 2010, while West Texas Intermediate oil added 0.7 percent to $77.94 a barrel. U.S. crude inventories probably expanded by 1 million barrels last week according to a Bloomberg survey of analysts before a government report Nov. 13.