* Inflation trades reverse: Treasury yields fall
* Stocks fall on Wall Street weighed by consumer, banks
* Crude volatile ahead of OPEC meeting
By Rodrigo Campos
NEW YORK, Nov 28 Crude futures rallied in choppy
trading on Monday ahead of an OPEC meeting later in the week
that could reap production cuts, while the U.S. dollar recovered
from earlier losses but was still slightly lower.
The dollar index dipped 0.08 percent after having
fallen as much as 0.8 percent. The U.S. currency sank as much as
1.6 percent against the yen, going as low as 111.32 yen
before recovering to 112.3.
Most analysts said the dip in the dollar since Friday was
simply a corrective pullback with the greenback still on track
for its strongest two-month gain since early 2015.
"It looks much more like a correction than anything else - a
Monday morning clearing of the decks before the end of the
month," said Societe Generale macro strategist Kit Juckes in
The euro was little changed versus the greenback after
having gained nearly 1 percent to $1.0684 as it got a lift from
the election of Francois Fillon as the center-right candidate in
next year's French presidential election. It was last at $1.0582
Fillon, a former French prime minister, is favorite to
become president, with a flash opinion poll suggesting he would
easily beat far-right National Front leader Marine Le Pen in a
second round run-off. Markets worry that Le Pen, who has
promised a referendum on membership of the European Union if she
wins, would threaten the future of the currency bloc.
On Wall Street, consumer and financial stocks weighed on the
S&P 500 after rallying last week. Recently battered stocks in
utilities and telecom services posted the largest gains.
"The absence of major economic news today offers investors a
chance to take some light profit taking ahead of a barrage of
macro news and the OPEC meeting," said Peter Cardillo, chief
market economist at First Standard Financial in New York.
The Organization of the Petroleum Exporting Countries meets
on Wednesday, while a week heavy in U.S. economic data including
a GDP revision, inflation, factory and services activity is set
to climax on Friday with the monthly jobs report.
The Dow Jones industrial average fell 44.64 points,
or 0.23 percent, to 19,107.5, the S&P 500 lost 5.6
points, or 0.25 percent, to 2,207.75 and the Nasdaq Composite
dropped 13.49 points, or 0.25 percent, to 5,385.43.
The pan-European FTSEurofirst 300 index fell 0.85
percent, while MSCI's gauge of stocks across the globe
fell 0.16 percent.
Emerging market stocks rose 0.9 percent.
Asian shares rose 0.5 percent overnight led
by gains in Hong Kong and Taiwan, though Japan's
Nikkei ended down 0.1 percent.
Oil prices jumped in volatile trading after falling as much
as 2 percent, recouping losses as the market reacted to the
shaky prospect of major producers being able to agree output
cuts later this week.
U.S. crude last rose 2.5 percent to $47.23 a barrel
and Brent traded at $48.42, up 2.5 percent on the day.
Industrial metals also remained red hot on hopes of strong
demand for property and infrastructure investment in China and
the United States. Chinese steel futures jumped nearly
Spot gold rose 0.7 percent to $1,191.15 an ounce.
U.S. gold futures added 1.0 percent to $1,190.70 an
Copper reversed earlier gains to drop 0.4 percent to
$5,856.00 a tonne.
In the bond market, the 10-year U.S. Treasury yield
hit a session low at 2.312 percent. Benchmark
10-year notes last rose 12/32 in price to yield
U.S. Treasury yields fell from last week's multi-month or
multi-year highs on month-end buying and views that the selloff
that followed the surprise U.S. presidential election victory of
Donald Trump earlier this month may have gone too far.
(Reporting by Rodrigo Campos, additional reporting by Sam
Forgione, Jessica Resnick-Ault and Dion Rabouin; Editing by Nick