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U.S. dollar gains, yields dip as G7 summit in focus

Reuters  |  NEW YORK 

By Caroline Valetkevitch

(Reuters) - The U.S. dollar rose and Treasury yields slipped on Friday on anxiety about a potential global trade war as the leaders of the countries met in

U.S. stocks ended higher though thanks mostly to gains in health care <.SPXHC> and consumer staples stocks <.SPLRCS>.

leaders met in Quebec Friday with the U.S.'s trading partners furious over Donald Trump's decision last week to impose tariffs on and aluminium imports from allies like Canada, the European Union, and With retaliation already being proposed, the risk to business confidence is a worry for investors.

"There are so many questions out there," said Thomas Roth, at in "There's nervousness about the summit and Trump's meeting."

An unprecedented U.S.-summit is also scheduled for June 12 in Singapore, with seeking to pressure into abandoning its nuclear weapons programme.

Expectations for another interest rate rise in the at next Wednesday's Federal Reserve policy meeting, and the prospect that the will soon signal a winding-down of its massive monetary stimulus could add to market volatility next week, investors said.

In late trading, the U.S. dollar rose 0.2 percent against a basket of currencies <.DXY> to 93.56, but fell 0.7 percent for the week, its steepest weekly fall in 10 weeks.

Against the yen, however, the dollar was last down 0.2 percent at 109.45 .

The yield on benchmark 10-year Treasury notes was 2.926 percent, down 0.3 basis point from late Thursday.

Stock investors appeared to put aside their worries about U.S. relations with its biggest trading partners for now.

The Dow Jones Industrial Average <.DJI> rose 75.12 points, or 0.3 percent, to 25,316.53, the <.SPX> gained 8.66 points, or 0.31 percent, to 2,779.03 and the <.IXIC> added 10.44 points, or 0.14 percent, to 7,645.51.

The pan-European index <.FTEU3> lost 0.24 percent, while MSCI's gauge of stocks across the globe <.MIWD00000PUS> shed 0.14 percent.

fell, pressured by concerns about surging U.S. output and falling demand in

U.S. crude fell 21 cents to settle at $65.74 a barrel, while Brent declined 86 cents to settle at $76.46.

(Additional reporting by Gertrude Chavez-Dreyfuss, Sinead Carew, and in New York; Ankur Banerjee and Parikshit Mishra in Bengaluru; and Ritvik Carvalho and Helen Reid in London; Editing by and James Dalgleish)

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

First Published: Sat, June 09 2018. 03:17 IST