Reuters: US Dollar Report: GLOBAL MARKETS-Stocks falter after US jobs data, euro firms

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GLOBAL MARKETS-Stocks falter after US jobs data, euro firms May 3rd 2012, 13:56 Thu May 3, 2012 9:56am EDT * Jobs data better than expected, eyes on ISM * European shares rise after ECB comments By Herbert Lash NEW YORK, May 3 (Reuters) - Global stocks wavered and the euro firmed against the dollar on Thursday after encouraging U.S. labor market data and comments from the European Central Bank's president that any exit from its monetary easing cycle would be premature. The number of Americans filing new claims for jobless aid fell more than expected last week, easing fears the U.S. labor market recovery was stalling. Initial claims for state unemployment benefits dropped 27,000 to a seasonally adjusted 365,000, the Labor Department said. The report countered data on Wednesday of weaker private-sector hiring from the ADP National Employment Report, which pushed stock prices lower. But traders are waiting to see the non-farm payrolls report for April that comes out on Friday. "This offsets the concerns from yesterday's ADP number. You're getting mixed signals, but this could give us some confidence for tomorrow," said Phil Flynn, senior market analyst with PFG Best in Chicago. However, weakness in retail sales data weighed on U.S. stock indexes. Wall Street faltered after the open as investors awaited the Institute for Supply Management's (ISM) April reading on the U.S. non-manufacturing sector, which is seen falling from the prior month. The Dow Jones industrial average was down 4.46 points, or 0.03 percent, at 13,264.11. The Standard & Poor's 500 Index was down 0.54 points, or 0.04 percent, at 1,401.77. The Nasdaq Composite Index was down 1.52 points, or 0.05 percent, at 3,058.33. In Europe, the FTSEurofirst 300 index of top regional shares rose 0.2 percent to 1,045.49 points. MSCI's all-country world equity index fell 0.1 percent to 327.97. The dollar surged to session highs against the yen, helped by the U.S. jobless claims data, while the euro hit session highs at $1.3175, up 0.1 percent. The U.S. dollar index up 0.06 percent at 79.177. ECB President Mario Draghi said the ECB's bond purchase program remains in place. There are growing expectations in financial markets that the ECB will have to ride to the euro zone's rescue with Spain under intense pressure and the Dutch government in disarray. Oil slipped under $118 a barrel on Thursday after OPEC said it had opened the taps more to weaken prices, but futures recovered from early deeper losses after positive U.S. data. Brent crude for June delivery fell 93 cents to $117.27 a barrel. U.S. crude futures fell $1.49 to $103.73 a barrel. The 30-year U.S. Treasury bond was down 12/32, with the yield at 3.1362 percent. Link this Share this Digg this Email Reprints

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