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Global Markets: World stocks post weekly loss; dollar keeps strengthening

Reuters  |  NEW YORK 

By Lewis Krauskopf

(Reuters) - A gauge of global stocks fell for a third consecutive day on Friday amid uncertainty about global economic growth and trade tensions, posting its first weekly drop this year, while the U.S. dollar tallied its strongest week since August.

MSCI's gauge of stocks across the globe shed 0.35 percent on the day, and dropped for the week following six consecutive weekly increases. Still, Wall Street's main equity indexes rallied late in the day on Friday, with the benchmark S&P 500 ending marginally positive.

Investors were digesting economic and trade developments from Thursday, when the sharply cut its forecast for euro zone growth this year and next and U.S. said he did not plan to meet with Chinese before a March 1 deadline to achieve a trade deal.

"Right now, the focus really is on China," said Mark Otto, for GTS in "The market doesn't like uncertainty, and it seems to be in abundance at this particular time."

The fell 63.27 points, or 0.25 percent, to 25,106.26, the S&P 500 gained 1.83 points, or 0.07 percent, to 2,707.88 and the Nasdaq Composite added 9.85 points, or 0.14 percent, to 7,298.20.

Analysts now expect first-quarter earnings for S&P 500 companies to decline 0.1 percent from a year earlier, which would be the first such quarterly profit decline since 2016, according to IBES data from Refinitiv.

"The sentiment continues to be investor anxiety about U.S.-trade relations, the slowing global growth, and I think this week what is starting to really creep into investors' anxiety is around corporate earnings," said Michael Arone, at in

The pan-European STOXX 600 index lost 0.56 percent.

The dollar edged higher against a basket of currencies, and had its strongest weekly gain in six months, as traders piled into the greenback in a safe-haven move on worries about a weakening global

The dollar index rose 0.13 percent, with the euro down 0.17 percent to $1.1321.

"The rally that propelled the dollar broadly higher last year has enjoyed renewed life with U.S. growth remaining solid while peers abroad lose momentum," said Joe Manimbo, at in

yields fell for a fourth straight session.

Benchmark U.S. 10-year notes last rose 6/32 in price to yield 2.6339 percent, from 2.654 percent late on Thursday.

were little changed on the day, but fell for the week on renewed concerns about slowing global demand.

U.S. crude settled up 0.2 percent at $52.72 per barrel and Brent settled at $62.10, up 0.8 percent.

(Additional reporting by and in and in London; editing by Phil Berlowitz, and Bill Berkrot)

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

First Published: Sat, February 09 2019. 02:59 IST