Reuters: US Dollar Report: GLOBAL MARKETS-Euro down on weak German data; shares rebound

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GLOBAL MARKETS-Euro down on weak German data; shares rebound Oct 24th 2012, 14:42 Wed Oct 24, 2012 10:42am EDT * Wall St recovers modestly from steep decline * Euro edges lower after German data * HSBC China manufacturing PMI hits 3-month high By Angela Moon NEW YORK, Oct 24 (Reuters) - The euro edged lower against the dollar and yen on Wednesday on signs of further decline in the economy of regional powerhouse Germany, but global shares rebounded slightly after Tuesday's hefty fall. Data showed China's manufacturing sector shrank for the 12th consecutive month, though signs that the slowdown was easing provided temporary relief to a slumping market. Boeing Co reported stronger-than-expected earnings and raised its full-year 2012 outlook, supporting the Dow. But the S&P 500, which rose slightly on Wednesday, had dropped more than 3 percent over the last four sessions as weak earnings outlooks and top-line revenue misses by large multinational companies raised concerns about a slowing economy. "The S&P 500 remains under pressure since peaking in September due to a mix of over-extended conditions and an underwhelming earnings season," said Ari Wald, analyst at PrinceRidge Group in New York. "As far as earnings, most of the disappointment has come on the top line as 97 of the 167 reporting S&P 500 companies have missed consensus sales estimates as of yesterday. However, important levels of support may offer attractive entry points if evidence of bearish exhaustion begins to emerge." The euro fell against the dollar and yen on unexpectedly weak German data. The euro fell to a session low of $1.2918, the lowest in a week, before paring losses to last trade at $1.2974, down 0.1 percent on the day. Activity in Germany's manufacturing and service sectors declined for a sixth straight month in October as order books thinned, indicating Europe's largest economy had clearly stagnated in the second half of 2012. But traders were shifting their attention to an announcement from the Federal Reserve later in the day. Most expect it to be a non-event following the central bank's aggressive easing action in September. The Dow Jones industrial average was up 40.01 points, or 0.31 percent, at 13,142.54. The Standard & Poor's 500 Index was up 2.35 points, or 0.17 percent, at 1,415.46. The Nasdaq Composite Index was up 5.63 points, or 0.19 percent, at 2,996.10. European shares advanced, bouncing back after a steep sell-off in the previous session. The FTSEurofirst 300 was up 0.5 percent at 1,094.01, having sunk 1.7 percent on Tuesday. An index of world stocks gained 0.17 percent to 1,302.20. Brent crude for December delivery was little changed at $108.24 a barrel. U.S. December crude was down 30 cents at $86.35 a barrel. The benchmark 10-year U.S. Treasury note was down 6/32 in price, the yield at 1.7818 percent. Link this Share this Digg this Email Reprints

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