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

Reuters: US Dollar Report Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

GLOBAL MARKETS-Shares, dollar fall on mixed earnings, China fears Jul 25th 2013, 14:56 Thu Jul 25, 2013 10:56am 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 * Oil, commodities also pressured by China worries By Herbert Lash NEW YORK, July 25 (Reuters) - Global equity markets and the dollar fell on Thursday after mixed results from blue chips 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 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. Crude oil fell after weak economic data from China on Wednesday dimmed the outlook for fuel demand in the world's No. 2 oil consumer and U.S. crude output reached the highest rate in more than two decades. Results from General Motors and Dow Chemical Co. were generally positive, but with the possible exception of big U.S. banks, earnings 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 a particular concern. Mining shares also were big losers in London - led by declines in Anglo American and Rio Tinto - as mounting worries about China following poor manufacturing data halted a recent recovery rally in the sector. Heavy equipment maker Caterpillar Inc's gloomy outlook on Wednesday weighed on the U.S. market. "We're seeing people booking profits today, particularly on companies which have missed targets or have a strong exposure to China," said Montaigne Capital fund manager Arnaud Scarpaci. "But it's not a bad thing considering the rally we've had over the past month," he said. Global shares as measured by MSCI's all-country world index fell 0.19 percent, while the FTSEurofirst 300 index of top European shares was down 0.4 percent at 1,210.02 points, The Dow Jones industrial average was down 45.96 points, or 0.30 percent, at 15,496.28. The Standard & Poor's 500 Index was down 0.57 points, or 0.03 percent, at 1,685.37. The Nasdaq Composite Index was up 13.36 points, or 0.37 percent, at 3,592.96. German 10-year bond yields rose to their highest levels in more than two weeks after data showed an improvement in German business morale 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 7/32 in price to yield 2.609 percent. Brent crude oil fell for a second day, down 38 cents to $106.81 a barrel. U.S. crude futures were off $1.01 a barrel at $104.38. The euro was up 0.2 percent at $1.3223, while the dollar index was down 0.23 percent at 82.103. "China has been and remains the key driver of global oil demand, the dynamism of which has this year been lagging considerably behind the expansion of supply. Weaker demand from China would thus cause the oversupply to increase even further," Carsten Fritsch of Commerzbank said. "Financial investors clearly see this as an opportunity to grab profits, so the oil price is likely to remain under pressure for the time being." Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions