* European austerity, US jobs data weigh on global stocks
* Euro slips on fears austerity measures to crimp growth
* Bonds rise on lackluster U.S. jobs date, Europe concerns
* U.S crude hits 3-month low below $74; Brent dips to $80
(Adds opening of U.S. markets, changes byline, dateline,
previous LONDON)
By Herbert Lash and Jeremy Gaunt
NEW YORK/LONDON, May 13 (Reuters) - The euro slid to a
one-week low against the U.S. dollar and global stocks wavered
on Thursday on concerns about the U.S. jobs outlook and the
prospect of slower growth in Europe due to belt-tightening.
U.S. Treasuries rose as losses in the euro and a poor
opening on Wall Street enhanced the allure of safe-haven
government debt. For details see: []
Lackluster data for U.S. jobless benefits underscored the
difficulties still facing the American labor market, while a
slide in crude oil prices helped push energy shares lower.
"There are concerns that the austerity measures throughout
Europe are going to slow European growth. The euro is
vulnerable to that," said Michael Malpede, chief market analyst
at Easy Forex in Chicago.
The euro <EUR=> was off 0.46 percent at $1.2563, after
earlier falling to a low of $1.2552 on electronic trading
platform EBS.
MSCI's benchmark all-country world equity index
<.MIWD00000PUS> rose 0.22 percent.
On Wall Street, The Dow Jones industrial average <> was
up 6.12 points, or 0.06 percent, at 10,903.03. The Standard &
Poor's 500 Index <.SPX> was down 0.21 points, or 0.02 percent,
at 1,171.46. The Nasdaq Composite Index <> was up 5.03
points, or 0.21 percent, at 2,430.05.
The pan-European FTSEurofirst 300 <> index of top
shares was down 0.13 percent at 1,047.15 points. Banks were
among the biggest decliners.
"Fears the Spanish government could implement an extra tax
on banks and big businesses like in Portugal is weighing on
sentiment," one Madrid-based trader said.
Portuguese leaders agreed to tough new austerity measures
on Thursday, joining a coordinated push in the euro zone that
has so far calmed the worst fears of Greek-style debt contagion
spreading in Europe. []
The euro zone's debt debacle has been a boon for safe-haven
bonds recently, with investor nerves still frayed despite a 750
billion euro ($950 billion) rescue plan agreed to over the
weekend and tough budget talk from Portugal and Spain.
[]
The 30-year U.S. long bond <US30YT=RR> rose 26/32 in price
to yield 4.43 percent, while the benchmark 10-year U.S.
Treasury note <US10YT=RR> was up 11/32 price to yield 3.53
percent.
The number of U.S. workers filing new applications for
jobless benefits fell only slightly last week, while those
continuing to get benefits rose unexpectedly, the government
reported on Thursday.[]
The dollar was up against a basket of major currencies,
with the U.S. Dollar Index <.DXY> up 0.37 percent at 85.145.
Against the yen, the dollar <JPY=> was down 0.44 percent at
92.76.
U.S. crude oil prices fell 2 percent, with the benchmark
U.S. crude contract pressured to a three-month low below $74 a
barrel by record stockpiles in the U.S. Midwest, while London
Brent eased to $80. []
Rising global energy demand and hopes Europe's debt crisis
can be tackled have seen Brent rise for three of the last four
days, but U.S. crude prices have been falling since Tuesday.
Crude stockpiles at Cushing, Oklahoma, the delivery hub for
the U.S. contract, have risen for eight weeks to a record 37
million barrels, pushing U.S. crude to its steepest discount to
Brent since the peak of the global economic crisis.
Asian stocks hit highs for the week on hopes over austerity
measures in Europe. Japan's Nikkei <> gained 2.2 percent
to a one week closing high, and the MSCI Asia ex-Japan index
<.MIAPJ0000PUS> was 1.8 percent higher.
(Reporting by Leah Schnurr, Wanfeng Zhou, Burton Frierson and
Herbert Lash in New York and David Sheppard in London; Writing
by Herbert Lash; Editing by Leslie Adler)
