Reuters: US Dollar Report: GLOBAL MARKETS-Oil, stocks fall on data gloom as Europeans meet

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GLOBAL MARKETS-Oil, stocks fall on data gloom as Europeans meet Jun 22nd 2012, 07:14 LONDON, June 22 | Fri Jun 22, 2012 3:14am EDT LONDON, June 22 (Reuters) - Oil hit its lowest in 18 months, and world stocks fell on Friday as weak economic data across the globe and a downgrade to some of the world's major banks unnerved investors ahead of a meeting of European leaders. The MSCI world equity index fell half a percent to one-week lows, and European stocks dropped 1 percent at the open, tracking U.S. stock declines after a survey on Thursday showed U.S. factory growth at its slowest in 11 months in June. The U.S. data followed weak Chinese and European numbers this week, and a long-expected downgrade to the credit ratings of 15 of the world's biggest banks by ratings agency Moody's on Thursday added to the gloom. Brent crude dropped to $88.90 a barrel, matching Dec 2010 lows set in the previous session and heading for its worst weekly loss in about a year, before trimming some losses to trade 11 cents down on the day. Bund futures rose 11 ticks as leaders of Germany, France, Italy and Spain meet in Rome to try to find common ground before a full EU summit next week. The dollar hit its highest in over a week against the euro and a basket of major currencies and a five-week high against the yen, benefiting from safe-haven flows and concern about further easing by the Bank of Japan.

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