GLOBAL MARKETS-Shares fall on weak results, dollar pares losses
* Shares (Berlin: DI6.BE - news) worldwide set for second session of losses
* Euro surges above $1.12
* Bond yields climb again after spiking on Wednesday
* Dollar pares losses after hitting nine-week lows
(Updates to open of U.S. trading, changes byline, dateline,
previous LONDON)
By Sam Forgione
NEW YORK, April 30 (Reuters) - Stock markets worldwide
stumbled for a second straight day on Thursday after more weak
earnings reports, while the dollar trimmed losses after hitting
fresh nine-week lows.
The latest batch of lackluster corporate results depressed
shares in the United States. Weak quarterly earnings from
Celgene (Swiss: CELG.SW - news) led a fell in U.S. biotech shares, while shares
of Harman International Industries fell over 7 percent
after the maker of audio systems cut its 2015 profit forecast.
Apple (NasdaqGS: AAPL - news) was the biggest drag on the Dow after a Wall
Street Journal report said a key component of the Apple Watch
was found to be defective.
Technology stocks in Europe sold off after disappointing
numbers from Nokia (Swiss: NOK1V.SW - news) . The FTSEurofirst 300 index of top
European shares was set to post its biggest weekly
decline and its first monthly decline of the year.
"The market has gone pretty far in a pretty short period of
time, European markets specifically," said Robert Stein, chief
executive at Astor Investment Management in Chicago. "With some
uncertainty ahead on economic data and Fed action, investors are
taking profits."
The dollar index, which measures the greenback
against a basket of six major currencies, sank to a fresh
nine-week low of 94.399 and was on track for its worst monthly
performance in four years.
The dollar index pared losses and the greenback rose against
the yen, however, after data showed U.S. jobless claims fell to
a 15-year low last week and consumer spending rose in March.
[ID: nL1N0XR1C5]
The euro hit a nine-week high against the dollar of $1.12490
. After several months of dollar strength, the
greenback has weakened of late, on reduced expectations for
Federal Reserve interest-rate increases and a recent run of weak
economic figures.
The Fed on Wednesday left rates unchanged, noting weak
economic growth, though it termed the recent slowdown as largely
"transitory."
The weaker dollar helped U.S. crude oil prices hit a
five-month high by making oil less expensive for holders of
other currencies.
U.S. crude was last up 33 cents at $58.91 per barrel
after hitting a high of $59.40. Brent crude was last up
56 cents at $66.40 a barrel. [ID: nL4N0XR1U0]
MSCI (NYSE: MSCI - news) 's all-country world equity index was
last down 3.08 points or 0.7 percent, to 437.57.
The Dow Jones industrial average was last down 55.88
points, or 0.31 percent, at 17,979.65. The S&P 500 was
down 7.66 points, or 0.36 percent, at 2,099.19. The Nasdaq
Composite was off 32.40 points, or 0.64 percent, at
4,991.25.
Europe's FTSEurofirst 300 index was last down 0.54
percent at 1,573.43.
Benchmark 10-year U.S. Treasury yields extended
Wednesday's rise to hit nearly seven-week highs of 2.11 percent
after the strong U.S. data, while German 10-year yields
climbed to their highest since March 9 at 0.379
percent.
Spot gold prices fell $23.39 to $1,180.91 an ounce.
(Reporting by Sam Forgione; Additional reporting by Marc Jones
in London and Tanya Agrawal in Bengaluru and Gertrude
Chavez-Dreyfuss and Richard Leong in New York; Editing by
Meredith Mazzilli)