Reuters: US Dollar Report: GLOBAL MARKETS-Euro, stocks rise but Europe worries linger

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GLOBAL MARKETS-Euro, stocks rise but Europe worries linger Apr 24th 2012, 13:52 Tue Apr 24, 2012 9:52am EDT * Global equities stage modest recovery, euro recovers * Debt prices fall but safe haven assets still in demand * No problems with Spanish, Dutch debt auctions By Herbert Lash and Richard Hubbard NEW YORK/LONDON, April 24 (Reuters) - Global equity markets and the euro rose slightly on Tuesday after good demand at European government debt sales, but concerns about the euro zone's growing economic slump and a tepid U.S. housing recovery limited gains. U.S. single-family home prices rose in February for the first time in 10 months in an encouraging sign the battered sector is starting to stabilize, according to the S&P/Case-Shiller housing report. A composite index of prices in 20 U.S. metropolitan areas gained 0.2 percent in February on a seasonally adjusted basis, Case Shiller said, matching economists' forecasts. "Even with today's data, the broad prospect for home prices is at best flat over the course of the year," said Tom Porcelli, chief U.S. economist at RBC Capital Markets in New York. Stocks opened higher on Wall Street and U.S. Treasury debt prices fell, with the benchmark 10-year U.S. Treasury note down 2/32 to yield 1.95 percent. The Dow Jones industrial average was up 33.90 points, or 0.26 percent, at 12,961.07. The Standard & Poor's 500 Index was up 2.37 points, or 0.17 percent, at 1,369.31. The Nasdaq Composite Index was up 0.80 points, or 0.03 percent, at 2,971.25. The euro, which had its worst day in a week on Monday, gained about 0.2 percent to $1.3182. The dollar was down against a basket of major trading-partner currencies, with the U.S. Dollar Index falling 0.27 percent at 79.207. The sudden collapse of the Dutch government as it tried to cut its budget, a rise in the vote for populist parties in the French election and business outlook data indicating Europe's recession has months to run have shifted sentiment this week. "Institutional investors are finding it quite difficult making a decision on where to invest in Europe right now," said Ian Stannard, head of European FX strategy at Morgan Stanley. A widely watched auction of fresh debt by the Dutch government went off smoothly even though ratings agency Moody's warned the country's AAA rating could be at risk if the there was any weakening in the commitment to fiscal discipline from the political turmoil there. Spanish and Italian bond auctions were well covered, but their borrowing costs rose again, showing political uncertainty was still uppermost in investors' minds. European shares rose, with the FTSEurofirst 300 index of top European companies up 0.3 percent to 1,024.99. Global shares as measured by the MSCI world equity index were up 0.2 percent at 322.09. Brent crude <LCOc1 > rose 13 cents to $118.84 a barrel and U.S. light sweet crude oil rose 83 cents to $103.94 a barrel. Link this Share this Digg this Email Reprints

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