Reuters: US Dollar Report: GLOBAL MARKETS-Dollar, shares dip as Abe disappoints, Fed worries weigh

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GLOBAL MARKETS-Dollar, shares dip as Abe disappoints, Fed worries weigh Jun 5th 2013, 07:39 Tweet Share this Email Print Related Topics Stocks » Currencies » Markets » Cyclical Consumer Goods » Financials » Industrials » Wed Jun 5, 2013 3:52am EDT * Dollar slides back below 100 yen as Abe disappoints * Nikkei shares tumble 3.8 pct leading Asian shares lower * Concerns over Fed stimulus plans weigh on European stocks * German bonds flat ahead of euro zone service sector data By Richard Hubbard LONDON, June 5 (Reuters) - The dollar fell back through 100 yen and world shares dipped on Wednesday after new growth policies from Japan's Prime Minister disappointed, and fears over a cut in U.S. stimulus efforts weighed on sentiment. Japan's Nikkei share index led market falls across Asia, dropping 3.8 percent to hit a two-month low, while the dollar fell 0.5 percent against the Japanese currency to 99.50 yen. Shinzo Abe pledged to boost incomes by 3 percent annually and set up special economic zones to attract foreign businesses in his widely-anticipated speech, aimed at bolstering growth in the world's third-biggest economy. "The initial investor disappointment appears more related to the lack of specific policy measures required to meet the plethora of new economic goals," Lee Hardman, currency analyst for Bank of Tokyo Mitsubishi UFJ said. Europe's broad FTSEurofirst 300 index fell 0.7 percent, following the weaker tone in world markets dominated by concerns about the Fed's stimulus policies. These were fuelled on Tuesday when Fed official Esther George said she supported slowing down the pace of bond purchases. "The markets are hanging on every word of the central bankers in Europe and the U.S.," said Berkeley Futures associate director Richard Griffiths. Safe-haven German bonds futures gained some support from the weaker equity markets but trading was cautious ahead of PMI data the health of the euro zone and UK service sectors in May, and weekly jobless claims figures from the U.S. Commodity markets were firmer, with investors keeping an eye on the dollar, which is expected to gain if jobs data including Friday's key nonfarm payrolls report support talk of an end to the Fed stimulus. Spot gold rose 0.5 percent to $1,406.26 an ounce while Brent crude was up 0.4 percent at $103.60 a barrel. Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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