Reuters: US Dollar Report: RPT-GLOBAL MARKETS-Dollar weakens, gold, bonds jump on U.S. data

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RPT-GLOBAL MARKETS-Dollar weakens, gold, bonds jump on U.S. data Sep 6th 2013, 14:49 Fri Sep 6, 2013 10:49am EDT * Stocks retreat on Putin comments over Syria aid * Euro rises, dollar slips against yen on jobs data * Oil hovers above $115 a barrel as Syria tensions persist By Herbert Lash NEW YORK, Sept 6 (Reuters) - The dollar weakened on Friday while gold and bonds prices jumped after a report showed U.S. jobs growth was less than expected in August, adding to uncertainty over when the Federal Reserve will begin to trim its massive bond-buying program. Stocks on Wall Street initially opened higher but soon fell in tandem with European shares after Russian President Vladimir Putin pledged to assist Syria if it was attacked. Asked if Russia would help if foreign military action were taken against Syria, Putin said he would maintain current support. "We supply them with weapons, we cooperate economically," and Russia wants to increase humanitarian aid, Putin said. "Putin quotes about Russia helping Syria in case of an external attack pushed stocks down," said John Kilduff, a partner at Again Capital LLC in New York. The Dow Jones industrial average was down 87.38 points, or 0.58 percent, at 14,850.10. The Standard & Poor's 500 Index was down 5.93 points, or 0.36 percent, at 1,649.15. The Nasdaq Composite Index was down 18.11 points, or 0.49 percent, at 3,640.68. MSCI's world share index, which tracks 45 countries, pared most gains to trade 0.05 percent higher. The FTSEurofirst 300 briefly dropped to trade 0.2 percent lower on Putin's comments, erasing a 0.6 percent gain made when weaker U.S. jobs data raised the prospect of continued monetary stimulus by the Fed. It later rebounded to trade 0.13 percent higher. The Fed has said it would begin to reduce its $85 billion a month in bond purchases depending on progress in the labor market. Policymakers were widely expected to make an announcement on the bond program when they meet Sept. 17-18. Gold, which has benefited from ultra-cheap central bank liquidity, climbed 2 percent immediately after the data to $1,392.46 an ounce. Benchmark 10-year Treasury notes initially traded 1 point higher to yield 2.875 percent. "The market is taking this morning's somewhat disappointing data as suggesting that the Fed will not taper in September. I am not so sure that is the case," said Mohamed El-Erian, chief executive and co-chief investment officer at PIMCO in Newport Beach, California. The dollar fell from a seven-week high against the euro after the eagerly anticipated jobs report, which slammed dollar investors and reversed early trading patterns. The euro was last up 0.3 percent at $1.3161 and the dollar was down 1.3 percent against the yen at 98.80 yen. Global oil prices firmed above $115 a barrel after the lower-than-expected U.S. jobs growth. October Brent rose 56 cents to $115.82 a barrel. U.S. crude oil for October delivery rallied by $1.64 to $111.01 on the data. Link this Share this Digg this Email Reprints

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