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Global Markets: Trade data lifts U.S. dollar; stocks flat on mixed earnings

Reuters  |  NEW YORK 

By Hilary Russ

NEW YORK (Reuters) - The safe-haven U.S. dollar touched to a two-week high on Friday after data showed a record Chinese trade surplus, while stocks were little changed on and gains in industrials.

Stocks in edged higher. Gold slipped to seven-month lows on the firmer dollar and remarks Thursday from Steven Mnuchin, who said that the and might reopen trade talks, briefly easing concerns about an escalating trade dispute between the two countries.

"Despite the ominous headlines about a trade war with China, we're comfortable with U.S. equities at current prices amid favorable macro trends and surging earnings growth," said Mike Bailey, at in

The Dow Jones Industrial Average rose 86.11 points, or 0.35 percent, to 25,011, the gained 4.59 points, or 0.16 percent, to 2,802.88 and the added 16.66 points, or 0.21 percent, to 7,840.57.

Mixed corporate results from the three big banks put some of this week's earnings optimism in check.

The greenback got a boost from data showing China's trade surplus with the swelled to a record in June, which could further inflame a trade dispute with

Upbeat comments on the U.S. from Federal Reserve also stoked demand for the dollar, analysts said.

Against a basket of major currencies, the dollar index rose 0.05 percent.

Earlier Friday the dollar touched its highest level since June 29.

Spot gold dropped 0.4 percent to $1,241.92 an ounce.

While has vowed to retaliate against the proposed new U.S. tariffs - 10 percent on $200 billion of Chinese goods - the lack of a specific response to date has sparked global relief.

Shanghai's stock index edged lower and China's yuan headed for its fifth straight week of losses.

The yield curve on U.S. Treasuries once again reached its flattest level in 11 years on Friday in low-volume trading.

Benchmark 10-year notes last rose 4/32 in price to yield 2.8381 percent, from 2.853 percent late on Thursday.

In commodity markets, prices had a wild week of price swings, with both the main benchmarks at one point suffering heavy losses as traders focused on the return of Libyan to the market.

Even so, rose on Friday. U.S. crude rose 0.58 percent to $70.74 per barrel and Brent was last at $75.21, up 1.02 percent on the day.

Copper eased about half a percent on Friday and was poised for a fifth straight weekly fall, its longest decline since 2015, on concerns about weaker demand in face of the U.S.-trade dispute.

(Additional reporting by and in London; Richard Leong and James Thorne in New York; Amy Caren Daniel in Bengaluru; Editing by Nick Zieminski)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, July 13 2018. 21:25 IST
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