Reuters: US Dollar Report: GLOBAL MARKETS-Shares fall on corporate fears, Spain boosts euro

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GLOBAL MARKETS-Shares fall on corporate fears, Spain boosts euro Oct 22nd 2012, 14:59 Mon Oct 22, 2012 10:59am EDT * Euro gains after Spanish voting clears way to aid request * Dollar hits 3-month high vs yen as Japan's exports tumble * Oil gains on support from rising Middle East tension By Herbert Lash NEW YORK, Oct 22 (Reuters) - Global stocks faltered on Monday on concerns about weak corporate results and outlooks, while the euro gained as an election victory in Spain was seen as helping the country to seek international aid to ease the euro zone debt crisis. Most U.S. stocks traded near break-even as heavy-equipment maker Caterpillar Inc put the S&P 500 on track for a third straight decline after the benchmark index suffered its worst one-day decline since late June on Friday. Caterpillar slashed its 2012 forecast for the second time this year and warned that the global economy was slowing more quickly than it had expected. But after an initial decline, Caterpillar, a bellwether for global growth, reversed course and gained 1.0 percent to $84.72, helping the Dow to trade almost flat. [ I D:nL1E8LM1WU] "Caterpillar is a cyclical stock, and there's always a battle between a slowdown in the economy and growth expectations," said Shawn Hackett, president at Hackett Financial Advisors in Boynton Beach, Florida. "The stock is extremely volatile during periods when the economic outlook is uncertain." The Dow Jones industrial average was down 13.82 points, or 0.10 percent, at 13,329.69. The Standard & Poor's 500 Index was down 1.87 points, or 0.13 percent, at 1,431.32. The Nasdaq Composite Index was up 1.94 points, or 0.06 percent, at 3,007.56. In Europe, the FTSEurofirst 300 index of top European shares fell 0.4 percent to 1,107.81 points. European shares earlier had traded higher on renewed expectations that Spain was moving closer to seeking a bailout, but the decline in U.S. equity markets pulled Europe lower. The euro rose after Spanish Prime Minister Mariano Rajoy's party retained an absolute majority in the parliament of his home region of Galicia on Sunday, a result seen as overcoming a hurdle on the path to a formal bailout request. According to European officials and analysts, Rajoy had wanted to wait until the regional elections before requesting a bailout, which would trigger the European Central Bank's bond-buying program aimed at lowering Spain's high borrowing costs. The euro was up 0.4 percent against the dollar at 1.3069. Brent crude oil rose further over $110 per barrel as fighting in Beirut and Gaza intensified fears of widening conflict and the security of fuel supplies from the Middle East, helping stem a four-day decline in prices. Brent crude for December delivery rose 36 cents to $110.50 per barrel. U.S. oil was down 25 cents at $89.80 a barrel. U.S. Treasury prices fell, taking back a portion of Friday's gains. The benchmark 10-year U.S. Treasury note was down 11/32, the yield at 1.8028 percent. Link this Share this Digg this Email Reprints

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