GLOBAL MARKETS-Stocks rally to pare weekly loss; oil falls further

* Euro falls as ECB flags easing in December
* Oil falls again, dollar grinds higher
* Graphic: 2020 asset performance http://tmsnrt.rs/2yaDPgn

(Updates to U.S. stock market close)
By Rodrigo Campos
NEW YORK, Oct 29 (Reuters) - Crude oil fell again on
Thursday as lockdowns in Europe and rising cases elsewhere
clouded the energy demand outlook, while stocks rose as Wall
Street rallied.
France and Germany will fall back into coronavirus lockdowns
next week, while cases are rising in 47 U.S. states with
patients overwhelming hospitals in parts of the country.
The European Central Bank said it would increase its support
for the bloc's economy amid the pandemic, weighing on the euro
even as policy was left unchanged. U.S. gross domestic product
soared to a widely predicted record bounce that helped trigger
stock buying on Wall Street, enough to halt the rout on equities
globally so far this week. The S&P 500 rallied partly on bets for strong earnings from
mega-caps, but was still down 4.5% for the week so far, as
traders have shied away from risk on concern a new wave of
COVID-19 infections will hinder the economic recovery.
The Dow Jones Industrial Average .DJI rose 139.16 points,
or 0.52%, to 26,659.11, the S&P 500 .SPX gained 39.08 points,
or 1.19%, to 3,310.11 and the Nasdaq Composite .IXIC added
180.73 points, or 1.64%, to 11,185.59.
The pan-European STOXX 600 index .STOXX lost 0.12% and
MSCI's gauge of stocks across the globe .MIWD00000PUS gained
0.44%. The global index is down 4.2% so far this week, which
would be its largest weekly loss since March.
Japan's Nikkei .N225 fell 0.4% and futures were pointing
higher, while Chinese blue chips .CSI300 rose 0.7%.
"Asia is not really partaking in this second or third wave
story because it's got its COVID largely under control," said
Rob Carnell, chief economist in Asia at ING.
Taiwan, which boasts Asia's best-performing currency this
year, marked its 200th straight day without a local coronavirus
transmission on Thursday.
Emerging market stocks lost 0.06%. MSCI's broadest index of
Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.28%
lower. Japan's Nikkei futures NKc1 were up 1.00%.
Concerns hit commodities too, with oil again falling and
down about 9% for the week so far. O/R
"As lockdowns begin to bite on demand concerns across
Europe, the near-term outlook for crude starts to deteriorate,"
said Stephen Innes, chief global market strategist at Axi.
U.S. crude CLc1 recently fell 2.97% to $36.28 per barrel
and Brent LCOc1 was at $37.77, down 3.45% on the day.
Uncertainty about Tuesday's U.S. election also kept traders
on edge. Republican President Donald Trump and Democratic rival
Joe Biden will rally supporters in the battleground of Florida,
visiting the same city hours apart to offer their contrasting
approaches to the resurgent coronavirus pandemic. The ECB held off on new measures on Thursday but it hinted
at action in December, which is likely to keep the euro under
pressure. The dollar index =USD rose 0.521%, with the euro EUR=
down 0.61% to $1.1672.
The Japanese yen JPY= weakened 0.30% versus the greenback
at 104.61 per dollar, while the British pound GBP= was last
trading at $1.2926, down 0.42% on the day.
The Bank of Japan made no changes to monetary policy
settings overnight, as expected, though it trimmed its growth
forecasts to reflect sluggish services spending. Benchmark Treasury yields rose, tracking U.S. stocks,
despite little initial reaction to the strong GDP number. US/
The 10-year note US10YT=RR last fell 16/32 in price to
yield 0.8331%, from 0.781% late on Wednesday.
Spot gold XAU= dropped 0.5% to $1,868.21 an ounce. Silver
XAG= fell 0.47% to $23.30.

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Global assets http://tmsnrt.rs/2jvdmXl
Global currencies vs. dollar http://tmsnrt.rs/2egbfVh
Emerging markets http://tmsnrt.rs/2ihRugV
MSCI All Country Wolrd Index Market Cap http://tmsnrt.rs/2EmTD6j
COVID-19 daily cases https://tmsnrt.rs/37Vr7a3
World stocks suffering COVID relapse https://tmsnrt.rs/3myZlUO
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