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European stocks fell for a second day after Spain sold fewer bonds than its maximum target and the Federal Reserve damped expectations of more monetary stimulus for the U.S.

Spain sold 2.6 billion euros ($3.4 billion) of bonds, near the minimum target, and borrowing costs rose in its first auction since the country said public debt will surge to a record this year. The Treasury had set a range of 2.5 billion euros to 3.5 billion euros for the sale.

The European Central Bank left its benchmark interest rate unchanged at a record low of 1 percent. The euro-area’s economic outlook remains subject to “downside risks,” President Mario Draghi said at a press conference in Frankfurt.

Euro-area retail sales declined 0.1 percent from January, when they rose a revised 1.1 percent, the European Union’s statistics office in Luxembourg said today. Euro-area services and manufacturing output contracted for a second month in March. A composite index based on a survey of purchasing managers in both industries dropped to 49.1 from 49.3 in February, London-based Markit Economics said today. That’s above an initial estimate of 48.7 on March 22. A reading below 50 indicates contraction. In Germany, factory orders rose 0.3 percent in February, the Economy Ministry in Berlin said today.

National benchmark indexes fell in all of the 18 western European markets, led by Sweden’s OMX 30 Index, which tumbled 3.6 percent. France’s CAC 40 Index dropped 2.8 percent, the U.K.’s FTSE 100 Index slipped 2.5 percent and Germany’s DAX Index retreated 3 percent.

Volvo lost 4.8 percent to 93.65 kronor after ACT Research said preliminary Class 8 truck orders in North America for March were 20,000 units, the second consecutive month that orders came in “below expectations.”

U.S. sales of cars and light trucks rose to a 14.4 million seasonally adjusted annual rate, falling short of the 14.5 million median estimate of analysts.

Peugeot SA plunged 5.6 percent to 10.80 euros, Renault SA slipped 4.5 percent to 37.27 euros, and Porsche SE retreated 2.3 percent to 43.50 euros.

BTG gained 2.6 percent to 347.10 pence after the company said sales for the year ended March 31 would reach as much as 195 million pounds ($309 million), more than previously forecast, because of higher-than-expected royalties from two drugs.

Ferrovial SA, Spain’s largest builder by market value, added 2.2 percent to 8.41 euros after Bank of America reiterated its buy recommendation on the shares and said Spain’s new tax rules won’t hurt the company.

The euro lost the most in almost a month against the dollar after demand declined at a Spanish bond auction, adding to concern the region is struggling to overcome its sovereign-debt crisis. Spain sold 2.59 billion euros of bonds today, less than its maximum target of 3.5 billion euros, the central bank said. Demand for notes maturing in 2015 was 2.41 times the amount allotted, down from 4.96 at the previous sale of the maturity in March. It also sold securities due in 2016 and 2020. The 17-nation currency weakened after the European Central Bank kept its benchmark rate at a record low and President Mario Draghi said the economic outlook remained subject to “downside risks.”

Sterling rallied as U.K. services growth accelerated last month and house prices increased. The pound rose against most of its major peers before the Bank of England meets tomorrow. Sterling gained 0.6 percent to 82.68 pence per euro after a gauge of U.K. services activity based on a survey of purchasing managers increased to 55.3 from 53.8 in February. A separate report showed house prices climbed 2.2 percent in March from the previous month, Lloyds Banking Group Plc’s Halifax division said.

The yen and dollar strengthened versus all their most- traded counterparts amid demand for the relative safety of the nations’ debt.

U.S. stocks fell, with the Standard & Poor’s 500 Index headed for this year’s second-worst decline, as the Federal Reserve signaled it may refrain from more monetary stimulus.

Stocks extended losses today after a report showed service industries in the U.S. expanded less than forecast in March as orders grew at the slowest pace in three months. The Institute for Supply Management’s non-manufacturing index dropped to 56 from a one-year high of 57.3 in February. Readings above 50 signal expansion, and economists projected 56.8 for the gauge, according to the median estimate.

Employment increased by 209,000 for the month after a revised 230,000 gain in February, figures from ADP Employer Services showed today.

Dow 13,039.82     -159.73        -1.21%, Nasdaq       3,056.51       -57.06 -1.83%, S&P 500    1,395.68         -17.70 -1.25%

Financial shares fell the most among 10 groups in the S&P 500, dropping 1.9 percent. Bank of America (ВАС) slumped 3.2 percent to $9.19 while JPMorgan Chase (JPM) declined 3 percent to $44.07.

SanDisk sank 9.3 percent, the most in the S&P 500, to $45.40 after predicting revenue in the quarter that ended April 1 of about $1.2 billion. That compared with an earlier forecast for sales of $1.3 billion to $1.35 billion. Gross margin, a measure of profitability, will be less than the company’s previous prediction of 39 percent to 42 percent, SanDisk said.

GE, the maker of jet engines, power generation equipment, health-care imaging equipment and locomotives, fell 1.4 percent to $19.68. Moody’s lowered its rating on the company one level to Aa3 and its rank on GE Capital Corp. two steps to A1 because of “heightened risk” from its finance unit. Moody’s previously assigned ratings of Aa2 to both entities.

Chevron Corp. (CVX), the second-biggest U.S. oil producer, slipped 1.7 percent to $105.28, while Transocean Ltd., the biggest operator of offshore drilling rigs, dropped 2.8 percent to $52.16. A Brazilian federal prosecutor sued the two companies for 20 billion reais ($11 billion) over a second oil spill at the Frade field off the nation’s coast. Prosecutors filed a 20 billion-reai lawsuit last year following the first spill at project -- a 3,000-barrel leak in November

Oil dropped for a second day amid rising crude stockpiles and speculation the Federal Reserve may refrain from more monetary stimulus to boost the U.S. economy.

Futures slipped as much as 1.2 percent in New York, extending yesterday’s drop. An American Petroleum Institute inventory report after the market closed showed an increase in crude supplies three times larger than analysts expect a separate report from the Energy Department to show later today. Federal Reserve minutes from a March policy meeting showed it plans to hold off from increasing monetary accommodation unless economic expansion falters.

U.S. crude inventories increased 2.5 million barrels in the week ended March 30 to 355.9 million, the highest since August, according to the today’s Energy Department data. The industry-funded API yesterday said supplies gained 7.8 million barrels, the most since Dec. 23.

Oil for May delivery declined to $101.08 a barrel in electronic trading on the New York Mercantile Exchange. Brent oil for May settlement on the London-based ICE Futures Europe exchange fell as much as 81 cents, or 0.7 percent, to $124.05 a barrel. The European benchmark contract was at a premium of $21.31 to New York futures, compared with $20.85 yesterday, the widest closing level since October.

Gold prices down on the background of strengthening of the dollar after the publication of minutes of the March meeting of the U.S. Federal Reserve.

Minutes of the March FOMC meeting, released Tuesday, showed that only two out of 10 voting members of the Federal Open Market Committee sees the need for additional monetary stimulus.

Investor interest in gold in recent weeks has decreased because of good economic performance of the United States. So, today's employment report showed that in March the number of payrolls in the U.S. private sector has grown stronger than analysts predicted, indicating that recovery of the labor market of the world's largest economy.The employment rate increased by 209 thousand against 230 thousand in February, as shown by ADP. More active growth of new jobs may lead to increased wages, it is necessary to maintain consumer spending, which accounts for 70% of the U.S. economy.

In addition, pessimism markets react to the news that the strike jewelers in India, protesting tax increases on their products, have been going on the eighteenth day.

The ECB, on Wednesday left its key interest rate at record low 1.0 per cent per annum, because the recovery in the eurozone looks increasingly fragile, and fears grow in Spain.

April futures price of gold on COMEX has fallen today to $ 1613.0 an ounce.

Resistance 3:1420 (area of Mar 27 high)

Resistance 2:1414 (Apr 3 high)

Resistance 1:1400 (session high)

Current price: 1392,50

Support 1:1386 (Mar 29 low)

Support 2:1380 (Apr 23 low, МА (200) for Н4)

Support 3:1360 (МА(55) for D1)

EUR/USD $1.3195, $1.3230, $1.3300, $1.3325, $1.3350

USD/JPY Y82.00, Y83.00

GBP/USD $1.6025, $1.6050

AUD/USD $1.0190, $1.0225, $1.0250, $1.0375, $1.0400

U.S. stock futures fell as demand dropped at a Spanish bond auction, investors awaited data that may show growth in service industries slowed and the Federal Reserve signaled it may refrain from more monetary stimulus.

Global Stocks:

Nikkei  9,819.99 -230.40 -2.29%

FTSE  5,754.19 -84.15 -1.44%

CAC  3,347.26 -59.52 -1.75%

DAX 6,831.22 -151.06 -2.16%

Crude oil $102.69 (-1.3%).

Gold $1622.80 (-2,9%).

Data:

07:00 United Kingdom Halifax house price index March -0.5% -0.3% +2.2%

07:00 United Kingdom Halifax house price index 3m Y/Y March -1.9% -1.7% -0.6%

07:50 France Services PMI (finally) March 50.0 50.0 50.1

07:55 Germany Services PMI (finally) March 52.8 51.8 52.1

08:00 Eurozone Services PMI (finally) March 48.8 48.7 49.2

08:30 United Kingdom Purchasing Manager Index Services March 53.8 53.5 55.3

09:00 Eurozone Retail Sales (MoM) February +0.3% +0.1% -0.1%

09:00 Eurozone Retail Sales (YoY) February 0.0% -1.1% -2.1%

10:00 Germany Factory Orders s.a. (MoM) February -2.7% +1.3% +0.3%

10:00 Germany Factory Orders n.s.a. (YoY) February -4.9% -5.5% -4.5%

11:45 Eurozone ECB Interest Rate Decision 0 1.00% 1.00% 1.00%

EUR/USD

Offers $1.3300/15, $1.3280, $1.3265/70, $1.3240, $1.3220

Bids $1.3135/30, $1.3100/090, $1.3050, $1.3035/30

Resistance 3: Y83.30/40 (area of Mar 27 and Apr 2 highs)

Resistance 2: Y83.00 (Apr 3 high)

Resistance 1: Y82.60 (МА (200) for Н1)

Current price: Y82.31

Support 1: Y82.10 (session low)

Support 2: Y81.55 (Apr 3 low)

Support 3: Y81.10 (38,2 % FIBO Y76,00-Y84,20)

Resistance 3: Chf0.9340 (high of March)

Resistance 2: Chf0.9250 (Mar 16 high)

Resistance 1: Chf0.9180 (Mar 22 high)

Current price: Chf0.9153

Support 1: Chf0.9140 (earlier resistance, Mar 26 high)

Support 2: Chf0.9090 (earlier resistance, Mar 29 high)

Support 3: Chf0.9050 (area МА (200) for Н1 and resistance line from Mar 26)

Resistance 3 : $1.5980 (area of Apr 2 low)

Resistance 2 : $1.5940 (МА (200) for Н1, support line from Mar 12)

Resistance 1 : $1.5915 (area of session high)

Current price: $1.5867

Support 1 : $1.5840 (Mar 28 low)

Support 2 : $1.5800 (Mar 26 low)

Support 3 : $1.5770 (Mar 22 low)

Resistance 3 : $1.3300 (МА (200) for Н1)

Resistance 2 : $1.3250 (session high, Mar 29 low)

Resistance 1 : $1.3210 (area of high of european session)  

Current price: $1.3158

Support 1 : $1.3150 (38.2 % FIBO $1.3000-$ 1.3390)

Support 2 : $1.3050 (Mar 16 low)

Support 3 : $1.3000 (low of March)

EUR/USD $1.3195, $1.3230, $1.3300, $1.3325, $1.3350

USD/JPY Y82.00, Y83.00

GBP/USD $1.6025, $1.6050

AUD/USD $1.0190, $1.0225, $1.0250, $1.0375, $1.0400

Asian stocks slid, with the benchmark index  snapping a three-day winning streak amid market holidays across the region, after the Federal Reserve damped expectations for more monetary stimulus, sending commodity prices down and weighing on shares of resource companies. Shares extended declines after Japan’s Nikkei 225 Stock Average slipped below the key level of 10,000 for the first time in two weeks, triggering a deeper selloff.

Nikkei 225 9,819.99 -230.40 -2.29%

Hang Seng 20,790.98 +268.72 +1.31%

S&P/ASX 200 4,333.86 -3.17 -0.07%

Shanghai Composite Closed

BHP Billiton Ltd., Australia’s biggest oil producer, sank 1.5 percent in Sydney after crude prices fell.

Fast Retailing Co., Japan’s top clothier, plunged 5 percent after sales at its Uniqlo stores disappointed investors.

SK Telecom Co. slid 3.5 percent in Seoul after Posco sold shares of the mobile carrier at a discount.

00:00 China Bank holiday

01:30 Australia Trade Balance February -0.67 1.12 -0.48

The dollar rose to a more than one-week high versus the euro as signs of improving U.S. employment support the Federal Reserve’s decision to hold off from increasing monetary accommodation. The U.S. currency rose against 14 of its 16 major peers ahead of a private report forecast to show gains in employment in March held near the most in two months. Figures based on payrolls from ADP Employer Services due to be published today may show U.S. employment increased by 206,000 last month, according to the median estimate of economists surveyed by Bloomberg News. That compares with a gain of 216,000 in February, the biggest in two months.

The euro fell versus the dollar and yen before ECB policy makers gather for an interest-rate decision today. Officials are expected to keep the bank’s key rate unchanged at 1 percent, according to all 57 forecasters polled before the meeting. Retail sales in the euro-area probably dropped 0.2 percent in February after a 0.3 percent gain the previous month, according to the median estimate in a separate survey.

Australia’s dollar sank to an 11-week low as data showed the nation had a trade deficit for a second-straight month. Australia unexpectedly posted a trade deficit for a second month in February, completing the first consecutive shortfalls in two years. Imports outpaced exports by A$480 million ($493 million), from a revised A$971 million deficit in January, the Bureau of Statistics said in Sydney today. The median estimate in a Bloomberg survey was for a surplus of A$1.1 billion.

EUR/USD: during the Asian session the pair fell below $1.3200.

GBP/USD: during the Asian session the pair fell below $1.5900.

USD/JPY: during the Asian session the pair decreased, after yesterday's growth.

Wednesday morning sees the release of the final services PMI data from the main European states, including France at 0748GMT, Germany at 0753GMT and the main EMU data shortly after, at 0758GMT. EMU data continues at 0900GMT with retail trade for February, which is followed at 1000GMT by German manufacturing orders data. The ECB is due to announce it's monetary policy decision at 1145GMT. The usual press conference follows at 1230GMT. UK data at 0700GMT the UK Halifax house price index is due, while at 0830GMT UK data also includes the Markit/CIPS Services PMI for March as well as Building Materials and Narrow Money data along with Official Reserves. US data starts at 1100GMT with the weekly MBA mortgage applications data. At 1200GMT, Treasury Secretary Tim Geithner speaks to the Economic Club of Chicago, while at 1215GMT, the ADP National Employment Report is due. US data continues at 1400GMT when the ISM non-manufacturing index is forecast to fall to a reading of 57.0 in March after rising in the previous month. The weekly EIA crude oil stocks data is also due, at 1430GMT. At 1500GMT, San Francisco Fed President John Williams speaks to a San Francisco Planning and Urban Research business breakfast.

Yesterday the dollar fluctuated after touching an almost one-month low against the euro before the Federal Open Market Committee releases minutes of its March meeting where policy makers raised their assessment of the economy. The FOMC will release minutes of its March 13 meeting when policy makers raised their economic assessment while repeating that “exceptionally low” interest rates may be needed through late 2014. Chairman Ben S. Bernanke still said on March 26 that further stimulus may be needed to lower unemployment.

The 17-nation currency weakened from its strongest level as Spanish bond yields rose and the nation’s unemployment increased for an eighth month. The yield on Spain’s 10-year bonds climbed eight basis points, or 0.08 percentage point, to 5.43 percent. Prime Minister Mariano Rajoy is implementing the deepest austerity measures since the nation returned to a democracy in 1978, pushing Spain’s IBEX 35 Index to the only loss during the first quarter among national measures in Western Europe. The European Central Bank meets for an interest rate decision.

The Australian dollar weakened versus most of its 16 major counterparts after the Reserve Bank signaled it may resume lowering borrowing costs as soon as next month if weaker-than- expected growth slows inflation.

Аsian stocks rose for a third day as signs of strength in the world’s two biggest economies, the U.S. and China, bolstered confidence in the global recovery. Japanese shares fell as the yen’s appreciation damped the earnings outlook for the country’s exporters.

Nikkei 225 10,050.39 -59.48 -0.59%

Hang Seng 20,790.98 +268.72 +1.31%

S&P/ASX 200 4,337.04 +7.76 +0.18%

Shanghai Composite Closed

Billabong International Ltd., a surfwear maker that gets about half of its sales in the Americas, advanced 0.7 percent in Sydney after the Institute for Supply Management’s U.S. factory index rose more than forecast.

Tencent Holdings Ltd., China’s biggest Internet company, advanced 2.4 percent after a gauge of mainland service companies rose to a six-month high.

Honda Motor Co. and other Japanese exporters fell after the yen rose to a three-week high against the dollar.

PT Bank Danamon Indonesia surged 41 percent on a buyout offer.

Resistance 3: Y84.10/15 (Mar 21 high)

Resistance 2: Y83.40 (Mar 27 high)

Resistance 1: Y83.00 (Apr 3 high)

The current price: Y82.73

Support 1: Y82.40 (high of the European session on Apr 3)

Support 2: Y81.85 (Mar 29-30 low)

Support 3: Y81.55 (Apr 3 low)

Resistance 3: Chf0.9180 (Mar 22 high)

Resistance 2: Chf0.9150 (Mar 20 high)

Resistance 1: Chf0.9135 (session high)

The current price: Chf0.9119

Support 1: Chf0.9095 (session low)

Support 2: Chf0.9070 (Apr 2 high)

Support 3: Chf0.9050 (high of the European session on Apr 3)

Resistance 3 : $1.6045 (Apr 3 high)

Resistance 2 : $1.5975 (high of the American session on Apr 3)

Resistance 1 : $1.5920 (session high)

The current price: $1.5889

Support 1 : $1.5870 (session low)

Support 2 : $1.5840 (Mar 28 low)

Support 3 : $1.5800 (Mar 26 low)

Resistance 3 : $1.3365 (Apr 3 high)

Resistance 2 : $1.3300 (low of the European session on Apr 3)

Resistance 1 : $1.3240 (session high)

The current price: $1.3200

Support 1 : $1.3185 (session low)

Support 2 : $1.3130/40 (area of Mar 22 lows)

Support 3 : $1.3045 (Mar 16 low)

Change % Change Last

Oil $104.14 +0.13 +0.12%

Gold $1,645.80 -26.20 -1.57%

Change % Change Last

Nikkei 225 10,050.39 -59.48 -0.59%

Hang Seng 20,790.98 +268.72 +1.31%

S&P/ASX 200 4,337.04 +7.76 +0.18%

Shanghai Composite Closed

FTSE 100 5,838.34 -36.55 -0.62%

CAC 40 3,406.78 -56.13 -1.62%

DAX 6,982.28 -74.37 -1.05%

Dow 13,199.55 -64.94 -0.49%

Nasdaq 3,113.57 -6.13 -0.20%

S&P 500 1,413.31 -5.73 -0.40%

(pare/closed(00:00 GMT +02:00)/change, %)

EUR/USD $1,3234 -0,62%

GBP/USD $1,5911 -0,69%

USD/CHF Chf0,9095 +0,62%

USD/JPY Y82,81 +0,87%

EUR/JPY Y109,59 +0,25%

GBP/JPY Y131,74 +0,17%

AUD/USD $1,0328 -0,77%

NZD/USD $0,8194 -0,52%

USD/CAD C$0,9908 +0,01%

00:00 China Bank holiday 0

01:30 Australia Trade Balance February -0.67 1.12

07:00 United Kingdom Halifax house price index March -0.5% -0.3%

07:00 United Kingdom Halifax house price index 3m Y/Y March -1.9% -1.7%

07:50 France Services PMI (finally) March 50.0 50.0

07:55 Germany Services PMI (finally) March 52.8 51.8

08:00 Eurozone Services PMI (finally) March 48.8 48.7

08:30 United Kingdom Purchasing Manager Index Services March 53.8 53.5

09:00 Eurozone Retail Sales (MoM) February +0.3% +0.1%

09:00 Eurozone Retail Sales (YoY) February 0.0% -1.1%

10:00 Germany Factory Orders s.a. (MoM) February -2.7% +1.3%

10:00 Germany Factory Orders n.s.a. (YoY) February -4.9% -5.5%

11:45 Eurozone ECB Interest Rate Decision 0 1.00% 1.00%

12:00 U.S. Treasury Sec Geithner Speaks 0

12:15 U.S. ADP Employment Report March 216 209

12:30 Eurozone ECB Press Conference 0

14:00 U.S. ISM Non-Manufacturing March 57.3 56.8

14:00 U.S. FOMC Member Williams Speaks 0

14:30 U.S. EIA Crude Oil Stocks change 30.03.2012 +7.1