Reuters: US Dollar Report: GLOBAL MARKETS-Stocks dip deepens, eyes on Italy bond sale

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GLOBAL MARKETS-Stocks dip deepens, eyes on Italy bond sale Mar 29th 2012, 07:25 By Patrick Graham LONDON, March 29 | Thu Mar 29, 2012 3:25am EDT LONDON, March 29 (Reuters) - European and Asian stock markets deepened this week's losses on Thursday after a bearish round of U.S. data in the previous session, with attention fixed on the most testing in a string of recent debt auctions for Italy. European shares fell 0.4 percent in early trade, adding to a roughly 1 percent fall on Wednesday and bringing losses since mid-March to more than 3 percent. Lukewarm durable goods orders in the United States added to the concern about the pace of world growth which, along with the conviction that Europe's debt crisis is far from solved, has knocked back an early year rally for higher-risk assets. The latest clue on the fate of the two big economies now in the firing line - Italy and Spain - comes from an Italian auction of 5- and 10-year bonds. It follows two other debt sales this week, one of which upset markets on Tuesday, while another somewhat settled nerves a day later. German Bunds were little changed in early trade. The euro was little changed against the dollar, while the yen gained, reflecting the broadly 'risk-off' tone to trade. "The Italian sale will be interesting given some of the results this week have been a bit sloppy," a trader said, adding that Italy's yields were likely to rise in trade ahead of the auction as dealers tried to cheapen up the bonds. Link this Share this Digg this Email Reprints

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