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GLOBAL MARKETS-Dollar, stocks fall on revived growth worries
2015年1月9日 / 下午4点38分 / 3 年前

GLOBAL MARKETS-Dollar, stocks fall on revived growth worries

* No wage growth in U.S. jobs data tarnishes strong report
    * Equity markets again worry about global growth
    * Euro zone bond yields hover just above record lows
    * Oil falls under $50 as supply glut drags

 (Adds U.S. market open, changes dateline; previous LONDON)
    By Herbert Lash
    NEW YORK, Jan 9 (Reuters) - The dollar eased on Friday after
an American labor market report suggested a go-slow approach to
raising U.S. interest rates, while global equity markets fell on
more weak data from Europe, adding to worries about tepid growth
around the world.
    Crude oil slipped under $50 a barrel as Brent, the global
benchmark, headed for a seventh straight weekly loss. Gold rose
and was set for its first weekly gain in four weeks as political
uncertainty in Greece boosted demand for safe-haven assets.
    Investors remain concerned about the impact of lower oil
prices and how that might expose certain trades in the financial
markets, said Jack Ablin, chief investment officer at BMO
Private Bank in Chicago.
    "The bottom line is the credit markets were at equilibrium
with oil at $100; they can't be at equilibrium at $50 within six
months," Ablin said. "Somebody's going to cry 'uncle,' we just
don't know who it is yet."
    Data from Germany reflected weakness in the euro zone, which
is still struggling to emerge from the economic crisis. German
exports fell sharply in November and industrial output also
    U.S. job growth increased briskly in December and the
jobless rate dropped to a 6-1/2 year low, but wages slipped,
buttressing the case for the Federal Reserve not to rush to
raise interest rates. 
    A five-cent drop in average hourly earnings, which nearly
erased gains seen in November, took some shine off an otherwise
mostly upbeat labor report, economists said.
    Markets remain in tug-of-war as stock and bond investors
over-react to economic data and global events, pushing U.S.
equities to new highs and bond yields to record lows, said David
Kelly, chief global strategist for JPMorgan Funds in New York.
    "The only thing that is more bizarre than a lack of wage
growth right now is the fact that in an economy that is growing
as rapidly as this one is that you can have a 2 percent
Treasury, that makes no sense at all," Kelly said.
    The dollar traded at 118.85 yen, a loss of 0.67
percent on the EBS trading platform. The euro rose 0.3
percent to $1.1827.
    MSCI's all-country world stock index, a
measure of equity markets in 45 countries, fell 0.71 percent.
The pan-European FTSEurofirst 300 index of leading
regional companies fell 1.71 percent to 1,345.15.
    On Wall Street, the Dow Jones industrial average 
fell 205.73 points, or 1.15 percent, to 17,702.14. The S&P 500
 slipped 22.12 points, or 1.07 percent, to 2,040.02 and
the Nasdaq Composite lost 48.06 points, or 1.01 percent,
to 4,688.13.
    U.S. Treasury debt prices rose on the view rates are on
hold. Perceived odds on the Fed raising rates by September fell
to 52 percent, according to CME Fed watch, which tracks futures
contracts. That was down from 60 percent before the jobs data. 
    The benchmark 10-year note traded up 21/32 in
price to yield 1.9449 percent, according to Reuters data.
    In Europe, government bond yields in the euro zone were just
above record lows. About a quarter of the euro zone bond market
now yields less than 10 basis points, while German bonds with
maturities of up to five years are yielding zero or less.
    Yields on 10-year Bunds, which set the
standard for the bloc's borrowing costs, fell to 0.488 percent.
    Copper prices slipped to 4-1/2-year lows on concerns about
oversupply after inventories climbed and worries about global
growth, especially in top metals consumer China.

 (Reporting by Herbert Lash; Additional reporting by Chuck
Mikolajczak in New York; Editing by Dan Grebler)

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