* Euro falls against US dollar after Moody's cuts Ireland
* U.S. Treasuries extend gains on benign U.S. CPI data
* Oil rises on China growth, better US consumer sentiment
(Adds opening of U.S. markets, byline, previous LONDON)
By Herbert Lash
NEW YORK, April 15 (Reuters) - The euro fell after Moody's
cut Ireland's sovereign rating to just above 'junk' status on
Friday while stocks on major markets traded slightly higher as
tame U.S. inflation offset disappointing corporate earnings.
Oil prices gained, with North Sea Brent crude trading above
$123 a barrel, after data showed economic growth in China beat
forecasts despite government efforts to cool the economy and
curb inflation. For details see: []
Copper prices fell for a fifth day after China reported
inflation at a 32-month high, spurring fears authorities could
tighten monetary policy again. []
"The pace of Chinese growth points to further monetary
tightening there, which could weigh on Chinese fuel demand in
the future," said Carsten Fritsch, an analyst at Commerzbank.
The euro zone crisis weighed on investor sentiment again
after Moody's cut Irish debt ratings to just above 'junk'
status, helping the euro fall against the U.S. dollar.
[] The euro was last at $1.4405 <EUR=>.
But the dollar later pared its gains after data showed U.S.
consumer sentiment improved in April.
Consumers grew more confident in the U.S. economy and even
toned down their inflation expectations for the next five
years, the Thomson Reuters/University of Michigan survey
showed.
A mild rise in the core U.S. Consumer Price Index, which
excludes food and energy, and the improved consumer confidence
helped lift U.S. stocks.
The Labor Department said CPI increased 0.5 percent in
March after rising by the same margin in February, in line with
economists' expectations. Investors have been concerned higher
energy and food costs would slow consumer spending.
[] []
"People were revising their first-quarter growth outlooks
lower because of headwinds in the quarter, but this data
suggests that maybe the quarter wasn't so bad," said Tom Wirth,
senior investment officer for Chemung Canal Trust Co, which
manages $1.5 billion in Elmira, New York.
The Dow Jones industrial average <> was up 29.17
points, or 0.24 percent, at 12,314.32. The Standard & Poor's
500 Index <.SPX> was up 2.83 points, or 0.22 percent, at
1,317.35. The Nasdaq Composite Index <> was down 4.17
points, or 0.15 percent, at 2,756.05.
Bank of America <BAC.N> reported a steeper-than-expected
decline in profits. Google <GOOG.O> unnerved investors with a
large jump in first-quarter spending. [],
[]
European shares rose slightly on U.S. economic data,
helping overcome concerns about the quickening pace of Chinese
inflation and weaker-than-expected U.S. corporate results.
The pan-European FTSEurofirst 300 <> index of top
shares rose about 0.3 percent.
Global stocks as measured by MSCI's all-country world index
<.MIWD00000PUS> were flat.
Oil rose, lifted by U.S. consumer sentiment and Chinese
economic growth data that outweighed concerns about the strain
of rising fuel costs on the economy. []
ICE Brent crude <LCOc1> for June delivery rose $1.50 at
$123.50 a barrel. U.S. crude futures <CLc1> for May rose to
$109.28 a barrel, up $1.17.
U.S. Treasuries extended early gains after government data
showed underlying inflation pressures remained subdued in
March. []
The benchmark 10-year U.S. Treasury note <US10YT=RR> was up
18/32 in price to yield 3.43 percent.
The Greek/German 10-year government bond yield spread
widened sharply on Friday, with traders citing a Bloomberg
report that Germany would back a Greek debt restructuring.
[]
(Reporting by Ryan Vlastelica, Nick Olivari and Ellen Freilich
in New York; Joanne Frearson and Christopher Johnson in London;
Writing by Herbert Lash; Editing by Andrew Hay)
