Reuters: US Dollar Report: GLOBAL MARKETS-Shares, dollar fall on mixed earnings, China fears

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GLOBAL MARKETS-Shares, dollar fall on mixed earnings, China fears Jul 25th 2013, 16:05 Thu Jul 25, 2013 12:05pm EDT * Wall St edges lower for third day on mixed earnings * German Ifo, UK GDP reinforce European recovery picture * Euro firms; German, U.S. bond prices fall By Herbert Lash NEW YORK, July 25 (Reuters) - Global equity markets and the dollar fell on Thursday after mixed results from blue-chip companies on both sides of the Atlantic and renewed concerns about the slowing pace of growth in China weighed on investor sentiment. The dollar eased against the euro and the yen as investors found positive economic news in Europe, but a rise in U.S. business spending plans for a third straight month in June were not enough to drive the U.S. currency. Results from General Motors and Dow Chemical Co. were generally positive, but with the possible exception of big U.S. banks, corporate America's profits have failed to impress sufficiently to give Wall Street a major boost. Germany's BASF, the world's largest chemical company, was among the biggest losers, citing China's slowdown as a particular concern. Siemens, Germany's No. 2 company by market value, said it did not expect to reach its 2014 profit margin target. In London, mining shares were also big losers, led by Anglo American and Rio Tinto, as mounting worries about China halted a recovery rally in the sector. A gloomy outlook from heavy equipment maker Caterpillar Inc on Wednesday also weighed on the U.S. market. "Companies that are centered around macro issues like China are proving to be controversial bets right now given all the fears out there," said Mitch Rubin, chief investment officer at RiverPark Advisors in New York, where he helps oversee $2.1 billion. Global shares as measured by MSCI's all-country world index fell 0.36 percent, while the FTSEurofirst 300 index of top European shares closed down 0.5 percent to a provisional 1,208.57. Major indexes in Britain, France and Germany also closed lower, while the Dow and S&P 500 slipped too. The Dow Jones industrial average was down 77.04 points, or 0.50 percent, at 15,465.20. The Standard & Poor's 500 Index was down 5.01 points, or 0.30 percent, at 1,680.93. The Nasdaq Composite Index was up 1.83 points, or 0.05 percent, at 3,581.43. German 10-year bond yields rose to their highest in more than two weeks after data showed an improvement in German business sentiment in July and a pick-up in British growth in the second quarter, as expected. Germany's influential Ifo think-tank said business morale in Europe's largest economy had improved for a third straight month in July thanks to higher exports and consumer demand. Britain then reported its economy had grown 0.6 percent between April and June compared with the previous three months, and by 1.4 percent from the same period a year ago, its best performance since early 2011. German 10-year yields were last up 1.69 percent, while Bund futures were down 51 ticks at 142.21 in choppy trading. The benchmark 10-year U.S. Treasury note was down 9/32 in price to yield 2.6185 percent. The euro was near a one-month peak in New York trading after the German Ifo survey. The influential think tank's business climate index rose to 106.2 in July from 105.9 a month ago, just ahead of forecasts of a 106.1 reading. The euro was up 0.3 percent at $1.3239, while the dollar index was down 0.35 percent at 82.007. The dollar was down 0.75 percent at 99.49 yen. Brent crude oil rebounded, rising 64 cents to $107.83 a barrel. U.S. crude futures traded down 2 cents at $105.37. Link this Share this Digg this Email Reprints

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