Reuters: US Dollar Report: GLOBAL MARKETS-Markets jittery after Greek, French elections

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GLOBAL MARKETS-Markets jittery after Greek, French elections May 7th 2012, 14:02 Mon May 7, 2012 10:02am EDT * European shares, eur recover from steep losses * Global shares fall, Wall St mostly flat By Rodrigo Campos NEW YORK, May 7 (Reuters) - The euro pared losses while global equities fell on Monday after Greek and French election results undermined investor confidence in the euro zone's austerity plans to tackle its debt crisis. The only two major Greek parties to have supported an aid package to keep the country afloat failed to win enough votes to form a ruling coalition, reviving uncertainty over whether Greece will stay in the euro zone. At the same time, investors worry Francois Hollande's triumph in France could ignite a clash between Paris and Germany on how to better lead the bloc out of the crisis. France's president-elect has criticized Germany's heavy emphasis on austerity, calling for policies to revive economic growth. Stocks opened lower on Wall Street, but quickly bounced back to trade flat after a weak payrolls report last Friday dragged the S&P 500 to its largest weekly decline of the year. European blue-chips, down almost 4 percent so far this quarter, initially fell to a 4-1/2 month low before bouncing back to trade higher for the day. "The knee-jerk reaction was a little strong, but there's chaos in Greece, and (politicians) being against the deal that was already agreed upon is almost like progress being set back a year and a half," said Scott Freeze, president of StreetOne Financial in Huntington Valley, Pennsylvania. "The big concern is that this sets us up for substantial financial losses." The CAC 40, the local French benchmark, rose 0.7 percent after losing more than 3 percent last week. A broad gauge of Greek shares dropped 6.5 percent on the day and was down more than 5 percent this year. Shortly after the open on Wall Street, the Dow Jones industrial average shed 23.46 points, or 0.18 percent, to 13,014.81. The S&P 500 Index gained 0.35 points, or 0.03 percent, to 1,369.45. The Nasdaq Composite dipped 0.41 points, or 0.01 percent, to 2,955.93. World equities as measured by MSCI fell 0.6 percent to a more than three-month low. The euro pared most of its daily losses against the U.S. dollar but was still trading at a three-week low of $1.3048. Treasury debt prices pushed higher, with the benchmark 10-year U.S. Treasury note up 2/32, with the yield at 1.8716 percent. German Bund futures hit record highs, while Spanish and Italian bond prices fell. Brent crude futures touched lows not seen since January and were recently down 0.6 percent to $112.46 a barrel, the lowest since early February. Link this Share this Digg this Email Reprints

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