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GLOBAL MARKETS-Dollar, bond yields hold firm ahead of GDP data
2015年7月30日 / 上午9点04分 / 2 年前

GLOBAL MARKETS-Dollar, bond yields hold firm ahead of GDP data

* Dollar gains broadly after Fed meeting and before U.S. GDP
    * Global stocks subdued on U.S. interest rate hike caution
    * China, dollar push commodities to near six-year lows
    * Europe modestly higher after busy day of data

    By Marc Jones
    LONDON, July 30 (Reuters) - The dollar jumped and stock
markets around the world were left flat-footed on Thursday after
the Federal Reserve painted a relatively bright picture of the
U.S. economy, boosting bets that it will hike interest rates in
September.
    Wall Street, which is in the midst of earnings season, was
expected to open little changed, although that could change with
second quarter growth data, due at 1230 GMT, which will give
further insight into U.S. economic health. 
    Big name companies set to report include Colgate-Palmolive
, Coca-Cola, Mondelez International 
before the bell and Expedia, LinkedIn and
Western Union after the close.
    Europe's main stock markets were holding onto a
third day of modest gains as results from Siemens,
Nokia and Deutsche Bank and a rise in euro
zone-wide sentiment data boosted the mood. 
    There was no sign of the dollar wilting as it consolidated
overnight gains against most of the world's main currencies
following Wednesday's Fed meeting. 
    Fed officials had said they felt the economy had overcome a
first-quarter slowdown, was "expanding moderately" and pointed
to "solid job gains" in recent months despite a new downturn in
the energy sector and headwinds from overseas.
    Traders took it as a sign that the bank was nudging towards
its first rate hike for almost a decade. The dollar was almost a
cent higher against the euro than on Wednesday at $1.0955 and at
a one week-high of 124.37 against the yen.
    Charles Schwab managing director, Kully Samra, said the
U.S.-focused investment management firm's view was still that
the Fed would push ahead with its first rate hike in almost a
decade in September but then move cautiously.
    "Because of the slow process we will see with this rate hike
cycle, we don't think it will doom the bull market (in stocks),"
he said.
    "Mainly because it will send a message that the Fed is at
the beginning of a normalisation process and it no longer needs
to treat the patient as if it is in the trauma room."
   
    
    EURO FIGHTERS
    The Fed's message support U.S. bond yields overnight. The
more sensitive two-year yields had hit their highest since early
June but there was little impact on German Bunds and Europe's
other core bond markets after the region's data deluge.
 
    Among surprises in the figures, German unemployment saw its
biggest increase in more than a year while
Sweden's second quarter economic growth beat forecasts, driven
by surprisingly strong exports. 
    Confidence in the pan-euro zone economy rose unexpectedly to
a four-year high in July as sentiment in industry, services and
retail improved, although inflation expectations slipped after
five consecutive months of gains. 
    That bolstered the view that the European Central Bank may
have to prolong its 1 trillion euro stimulus programme that is
now due to run till next September.
    "The data is a bit mixed in the respect that the confidence
data was all largely positive from the euro zone countries but
there were some downside surprises on the inflation side so from
a monetary policy side it is roughly neutral," Bank of Tokyo
Mitsubishi's Derek Halpenny said.
    
    GREAT FALL OF CHINA   
    The push and pull of stronger U.S. growth but potentially
higher interest rates in coming months had seen Asian stocks
tail off in late trade there. 
    Japan's Nikkei ended up 1 percent and Australian
shares added 0.8 percent. But South Korean shares
 fell 0.7 percent while Chinese stocks took another near
3 percent tumble. 
    Chinese equities are already down more than 30 percent from
their June highs, and the latest drop came after state media
reported that banks were investigating their exposure to the
stock market from wealth management products and loans
collateralised with stocks. 
    "The market has been struggling to hover above the water
with investors taking to the sidelines to see if stability can
be maintained in the market," KGI Asia director, Ben Kwong,
said. 
    With the dollar flexing its muscles again, commodity markets
were also back under pressure with copper, considered a
bellwether for global economic activity, trading near a six-year
low at $5,224 a tonne. 
    The broad Thomson Reuters CRB commodities index 
hit a fresh six-year low, while gold was flirting with a
5-1/2-year low at $1,085 an ounce as its appeal ahead of
potentially higher global interest rates remained in question.
    Oil prices, smarting from rising U.S. shale oil output and
an easing of sanctions on Iran, were faring slightly better
having bounced on Wednesday following an unexpectedly large
weekly drawdown in U.S. crude inventories. 
    Front-month Brent crude futures were pegged at $54 a
barrel, and U.S. crude was up to $48.98 having pulled away from
Tuesday's 4-1/2-month low. They have both lost more than 15
percent during July.

 (Additional reporting by Saikat Chatterjee in Tokyo; Editing by
Louise Ireland)

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