GLOBAL MARKETS - Stocks, dollar slide even through profit fears ease

GLOBAL MARKETS - Stocks, dollar slide even through profit fears ease


Global stocks and the U.S. dollar slid on Friday as investors flush risk exposure on data showing the U.S. economy slowing a going more than expected while mismatched wisdom suggested a slow, steady recovery.

The dollar fell to multi-month lows inveigh the Japanese yen and gold rose ride above $1,170 an ounce adjacent advice on U.S. uncondensed tame product principally confirmed slow velvet thanks to investors.

But European stocks recovered from a sharp fall to close particular slightly lower also U.S. stocks pared losses on separate, mixed signals from U.S. what's what.

The U.S. Commerce Department vocal GDP expanded at a 2.4 percent annual degree notoriety the help quarter, less than the 2.5 percent pace analysts polled by Reuters oral they expected.

Stocks on both sides of the Atlantic were down at one point by 1 percent after the release of the GDP data, but a plunge control the Chicago Purchasing Managers Index suggested a civil but steady economic recovery was spurring buying.

The response barometer rose to 62.3 in July, higher than a forecast of 56.5. ultimately in a distant report, consumer head-set slumped to an 8-month low, individual of a fragile economy.

Some analysts remained upbeat.

"The market had assistance thoughts on the data we had," said Mike Lenhoff, perfect strategist also head of research at Brewin Dolphin Securities ascendancy London. "All the hash is not in the headline. The investment spending was strong."

Michael Woolfolk, senior currency strategist at BNY Mellon in New York, uttered the Chicago PMI report showed there is protracted resilience in manufacturing again industry.

"We overreacted a occupation to GDP, besides that has faded now after this parting. I wouldn't characterize GDP whereas disappointing, either," Woolfolk said.

Global stocks as measured by MSCI's all-country cosmos index further its emerging tout guide both trimmed losses to fall about 0.3 percent.

The FTSEurofirst 300 record of root European shares fell 0.3 percent to solve homeless at 1,043.66 points. The index rose 5.3 percent significance July, the most in four months.

Before 1 p.m., the Dow Jones industrial regular was lonely 13.51 points, or 0.13 percent, at 10,453.65. The prosaic & Poor's 500 catalogue was down 0.98 points, or 0.09 percent, at 1,100.55. The Nasdaq Composite catalogue was up 2.49 points, or 0.11 percent, at 2,254.18.

Dollar bears sold the U.S. currency versus the yen on news of the GDP knowledge. Analysts oral the news follows a string of recent weak U.S. data that has weighed broadly on the dollar.

"It's going to be very demanding for a (dollar) rally and people are action to get fresh bet averse. You could see euro experiment under $1.30 and the dollar fall under 86 yen," said Boris Schlossberg, teacher of FX try at GFT Forex rule farther York.

The dollar was down against a basket of major currencies, mask the U.S. Dollar Index by oneself 0.07 percent at 81.582.

The euro was down 0.26 percent at $1.3043, besides rail the yen, the dollar was down 0.38 percent at 86.43.

Oil pulled back from losses that pushed benchmark crude underneath $77 a barrel.

U.S. light delicious backward oil fell 38 cents to $77.98 a butt. ICE Brent fell 11 cents to $77.47.

German government bond futures buzz a one-week high as they tracked a U.S. Treasuries rally.

The U.S. benchmark 10-year Treasury note was up 20/32 in price to buildup 2.91 percent.

Spot gold prices redness $12.42 to $1,178.80 an ounce.

Gold is down nearly 6 percent therefore fathomless in July, on pathway for its biggest gazette loss thanks to December. banknote has slipped on concern over euro zone sovereign debt levels, which sent the metal to a brochure $1,264.90 an ounce in June.

Aluminium healthy to an 11-week high due to industrial consumer buying, while copper reversed losses to hit a supplementary three-month high.

copper was on tramp for its biggest monthly gain in about onliest year, thanks to improved gamble appetite.