GLOBAL MARKETS-World shares dip after hitting record highs; U.S. yields rise

* Reuters Live Markets blog: LIVE/

(Updates prices, adds comments)
By Rodrigo Campos
NEW YORK, April 19 (Reuters) - An index of stocks across the
world dipped, on track to end Monday with the largest daily drop
in almost four weeks, after touching a record high and investors
looking for earnings to justify the high valuations.
The U.S. dollar index touched a more than 6-week low and
Treasury yields edged up after posting on Friday their largest
weekly drop since June and oil prices slipped on concerns over
rising coronavirus cases globally.
On Wall Street indexes fell, with the Nasdaq .IXIC being
the biggest decliner. Tesla Inc TSLA.O shares fell following a
fatal crash involving one of its cars.
The Dow Jones Industrial Average .DJI fell 160.74 points,
or 0.47%, to 34,039.93, the S&P 500 .SPX lost 28.8 points, or
0.69%, to 4,156.67 and the Nasdaq Composite .IXIC dropped
165.89 points, or 1.18%, to 13,886.46.
"The market has had a huge jump to the upside so it needs to
take a little bit of rest," said Peter Cardillo, chief market
economist at Spartan Capital Securities in New York.
"For now it's just a little bit of profit-taking as traders
await results from big tech names on Wall Street."
MSCI's gauge of stocks across the globe .MIWD00000PUS shed
0.37%
The pan-European STOXX 600 index .STOXX lost 0.07% and
Emerging market stocks rose 0.03%. MSCI's broadest index of
Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.14%
higher. Nikkei futures NKc1 lost 1.63%.
The dollar fell against a basket of peers on the back of the
sharp drop in Treasury yields last week.
"Indeed, the USD rally is all but distant memory by now and
the currency's underperformance seems to reflect the apparent
divergence in the outlook between the slumping UST yields and
the rather perky bond yields elsewhere," said Valentin Marinov,
head of G10 FX research at Credit Agricole.
The dollar index =USD fell 0.57%, with the euro EUR= up
0.43% at $1.2035.
The Japanese yen strengthened 0.59% versus the greenback at
108.13 per dollar, while sterling GBP= was last trading at
$1.3986, up 1.13% on the day.
Treasury yields rose after last week's sharp drop.
"Yields are taking their cues from the equity markets," said
Jim Barnes, director of fixed income for Bryn Mawr Trust. He and
others said investors are also waiting to gauge the market's
appetite for $24 billion of 20-year bonds scheduled to be
auctioned on Wednesday.
Benchmark 10-year notes US10YT=RR last fell 8/32 in price
to yield 1.6011%, from 1.573% late on Friday.
Spot gold XAU= dropped 0.3% to $1,770.69 an ounce. Silver
XAG= fell 0.60% to $25.80.
Bitcoin BTC=BTSP last fell 0.92% to $55,764.99.
Oil prices edged up, but rising COVID-19 infections in India
prompted concern than stronger measures to contain the pandemic
would hurt economic activity. A weaker dollar makes oil cheaper for holders of other
currencies. However, COVID-19 cases have surged in India, the
world's third biggest oil importer and consumer, dampening
optimism for a sustained global recovery in demand.
"The primary hazard to continued oil price strength is the
possible re-emergence of COVID-19 case counts on a broad scale,"
said Jim Ritterbusch, president of Ritterbusch and Associates.
U.S. crude CLc1 rose 0.46% to $63.42 per barrel and Brent
LCOc1 was at $67.07, up 0.45% on the day.

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