Reuters: US Dollar Report: GLOBAL MARKETS-Stocks flat, euro dips on EU summit doubts

Reuters: US Dollar Report Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

GLOBAL MARKETS-Stocks flat, euro dips on EU summit doubts Jun 26th 2012, 14:58 Tue Jun 26, 2012 10:58am EDT * Caution sends investors to sidelines before EU Summit * U.S., European stocks flat after Monday's sharp losses * Euro falls to two-week low vs dollar * Spanish short-term borrowing costs jump at auction By Richard Leong NEW YORK, June 26 (Reuters) - Stocks were little changed on Tuesday, while the euro fell to a two-week low against the U.S. dollar on investors' doubts that European leaders would make meaningful progress on the debt crisis at a summit this week. Perceptions that European Union summit on Thursday and Friday in Brussels would fall short of market expectations contributed to a near tripling of Spain's short-term borrowing costs. In the United States, data showing a more severe deterioration in consumer confidence stoked concerns about slowing U.S. growth. They were offset by a private report pointing to a surprisingly strong April rise in home prices. Anxiety over a global economic slowdown underpinned by the fiscal troubles in the euro zone led analysts to conclude any bounce in stock prices could be short-lived. "There is not a reason in the world to buy the market this morning, certainly nothing in the overnight that would suggest there is any kind of a good foundational reason to buy the market, even an oversold condition," said Peter Kenny, managing director at Knight Capital in Jersey City, New Jersey. Investors pared their safe-haven holdings in gold as well as U.S. and German government debt. They bought oil futures, sending them above $92 a barrel in London, on expectations of falling U.S. crude inventory and rising tension over Syria. In midmorning trading, the Dow Jones industrial average was down 27.02 points, or 0.22 percent, at 12,475.64. The Standard & Poor's 500 Index was up 0.15 points, or 0.01 percent, at 1,313.87. The Nasdaq Composite Index was up 5.92 points, or 0.21 percent, at 2,842.08. The FTSEurofirst 300 index of Europe's top shares edged up 0.08 percent at 986.33 points. MSCI's world equity index dipped slightly into negative territory, erasing earlier gains. It was down 0.04 percent following three straight days of losses. In the currency market, the euro fell 0.1 percent against the dollar at $1.2482 after touching a two-week low of $1.2454. {FRX/] The dollar was steady against other major currencies. The dollar index was flat at 82.493. In commodity markets, Brent crude oil for August delivery rose more than $1 at $92.14 a barrel, while U.S. oil futures were down 6 cents at $79.16 a barrel. Gold fell 0.75 percent at $1,571.19 an ounce while copper rose 0.15 percent at $7,346.25 per tonne. In bond trading, benchmark U.S. Treasury notes were down 10/32 in price at 101 for a yield of 1.64 percent, up 3 basis points from Monday's close. German Bund futures were down 0.4 percent at 141.54. Spain paid its highest short-term borrowing rates in over six months when it sold just over 3 billion euros ($3.8 billion) of three- and six-month Treasury bills. The yield paid on the three-month bills was 2.362 percent, up from just 0.846 percent just a month ago. For the six-month paper, the yield leapt to 3.237 percent from 1.737 percent in May. Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions