Reuters: US Dollar Report: GLOBAL MARKETS-Shares fall after Japan data, US Treasuries gain

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GLOBAL MARKETS-Shares fall after Japan data, US Treasuries gain Aug 22nd 2012, 14:05 Wed Aug 22, 2012 10:05am EDT * Wall Street opens lower, European shares down 1.1 percent * Euro hovers near recent seven-week high vs dollar * Japan July exports slump most in six months * Greek meetings, Fed minutes eyed By Wanfeng Zhou NEW YORK, Aug 22 (Reuters) - Global shares slipped from a 3-1/2 month high and U.S. government debt prices rose on Wednesday as Greece was beginning a series of meetings with European officials and after weak data from Japan stoked concern about global growth. Wall Street stocks opened lower, a day after the S&P 500 index hit a four-year intraday high. European shares fell from a recent 13-month high as investors locked in gains sparked by hopes of central bank actions to contain the debt crisis and stimulate growth. Investors flocked to safe-haven U.S. Treasuries after Japan said exports slumped the most in six months in July as shipments to Europe and China fell, rekindling fears over the rate of world economic growth. "The Treasury market is trading higher this morning as at least a few investors still believe that the economy may have some rough winds ahead, and that the global economy might derail the optimism," said Kevin Giddis, head of fixed income capital markets at Morgan Keegan in Memphis, Tennessee. Benchmark 10-year notes were trading 11/32 higher in price to yield 1.7621 percent, down from 1.80 percent late Tuesday. The MSCI global share index fell 0.4 percent to 325.09 after hitting its highest level since early May on Tuesday. The FTSEurofirst 300 index of European shares slipped 1 percent. Investors awaited the minutes of the U.S. Federal Reserve's most recent meeting, due later on Wednesday and will parse for clues on whether the central bank is gearing up for more policy aid as early as its September meeting. On Wall Street, the Dow Jones industrial average was down 20.21 points, or 0.15 percent, at 13,183.37. The Standard & Poor's 500 Index was down 2.18 points, or 0.15 percent, at 1,410.99. The Nasdaq Composite Index was down 4.25 points, or 0.14 percent, at 3,063.01. The euro reversed early losses to trade at $1.2476, up 0.1 percent on the day and not far from a seven-week high of $1.2488 on Reuters data on Tuesday. Greek Prime Minister Antonis Samaras will meet Eurogroup chief Jean-Claude Juncker on Wednesday and German Chancellor Angela Merkel and French President Francois Hollande later this week. He is expected to broach the idea of giving Greece more time to implement budget cuts. "Any comments that are constructive, giving Greece at least a chance to get an additional bailout package, is something that could support the euro further," said Ulrich Leuchtmann, head of FX research at Commerzbank in London. Link this Share this Digg this Email Reprints

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