Royal Fidelity Daily Stock Market Commentary - Wednesday  June 9, 2010

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International Stock Market News:

U.S. stocks fell, with declines in energy and banking shares wiping out early gains, as the cost to protect against default by BP Plc rose to a record amid concern over the fallout from for the Gulf of Mexico oil spill.

Asian stocks fell, led by Japanese exporters, and the yen strengthened to near an eight-year high against the euro on growing concerns about Europe’s debt crisis. Chinese stocks rose the most in two weeks.

European stocks advanced as Reuters reported that China’s exports surged and Federal Reserve Chairman Ben S. Bernanke said policy makers will act as needed to support the recovery.

Crude oil increased for the first time in three days after Federal Reserve Chairman Ben S. Bernanke said the economic recovery is intact, signaling that fuel demand will rise.

Developing-nation stocks rose for a second day and bonds rallied after Reuters reported that China’s exports surged, bolstering confidence in the global economy.

Gold gained to within 0.9 percent of a record as concern about Europe’s debt crisis grew after Fitch Ratings called the U.K.’s fiscal challenge “formidable,” increasing the appeal of the metal as a haven.

The Canadian dollar rose for a third day, the longest winning streak in almost a month, as crude oil, the nation’s biggest export, increased and investors sought the currencies of nations with relatively strong balance sheets.

The top advancers today were  Boeing Co,  Kraft Foods Inc, Wal-Mart Stores and Caterpillar Inc. The top decliners today were  Exxon Mobil Corp,  United Tech Corp, Proctor & Gamble and JPMorgan Chase.

Note: Bloomberg used as source for international data