Weak US data send dollar, stocks falling

Author: 
AGENCIES
Publication Date: 
Thu, 2010-07-29 02:12

Oil fell below $77 a barrel after an industry report
showed an unexpected rise in US crude stockpiles.
MSCI's all-country world index traded flat, and the
Thomson Reuters global stock index was slightly lower.
The FTSEurofirst 300 index of top European shares trimmed
early gains, slipping 0.31 percent to close at 1,050.88 points.
At 1703 GMT, the Dow Jones Industrial Average was up 4.32
points or 0.04 percent, at 10,542.01. The Standard & Poor's 500 Index was
down 1.50 points, or 0.13 percent, at 1,112.34. The Nasdaq Composite Index was
down 9.47 points, or 0.41 percent, at 2,278.78.
With the S&P's 200-day moving average currently
around 1,114, traders are struggling to determine if it is the top of a recent
rally or a consolidation point before further gains.
Earlier, Japan's Nikkei climbed 2.7 percent for its
highest close and biggest one-day gain in two weeks. MSCI's index for Asian
stocks less Japan trimmed gains to trade flat.
The dollar was down against a basket of major currencies,
with the US Dollar Index off 0.09 percent at 82.114.
The euro rose above $1.30, but has been stuck in a range
recently. The euro was unchanged at $1.2993.
Against the yen, the dollar dipped 0.20 percent to 87.70.
Sterling hit a five-month high against the dollar at
$1.5630 as earlier comments from the Bank of England did little to quell
optimism about the UK economic outlook.
Copper rose to its highest point since early May after
assurances on economic growth from top metals consumer China and improving
fundamentals.
Oil prices fell a second straight day on Wednesday after
Wednesday's US Energy Information Administration inventory report showed crude
oil stocks rose 7.31 million barrels last week as imports jumped.
Gasoline and distillate stocks also rose, though not as
much as had been projected, the EIA said.
US crude for September delivery fell 47 cents to $77.03 a
barrel at 1:12 p.m. EDT (1712 GMT), having recovered from a drop of $1.60 to a
low of $75.90.
In London, ICE Brent edged down 20 cents to $75.93 a
barrel, having traded as low as $74.80.
The crude oil inventory growth was the biggest jump since
the week to Oct. 3, 2008, when stocks rose 8.123 million barrels, according to
EIA data.
Crude oil imports surged by 1.18 million barrels per day
to 11.12 million bpd, the highest level for imports since the week of Aug. 25,
2006.

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