Yen falls, oil gains, European stock markets bounce back
The yen tumbled against the U.S. dollar on Monday as Japan signalled it was ready to intervene in the currency market, while a drop in oil prices undercut stocks.
U.S. stock indexes were little changed, as the energy sector dragged. Europe’s broad stock index gained as data showed German industrial orders rose more than expected in March.
Most U.S. Treasury yields fell as investors lowered estimates that the Federal Reserve will raise interest rates in June, after a weaker-than-expected jobs report.
“Today, really you’re seeing just that back-and-forth that has been here for months: very tight ranges, modest movements and just a mix between uncertainty and having such low interest rates that there isn’t somewhere else to go,” said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey.
“There isn’t a lot of conviction on the part of global investors for any of the asset classes,” Meckler said.
The Dow Jones industrial average .DJI was down 69.3 points, or 0.39 percent, at 17,671.33, the S&P 500 .SPX was losing 2.51 points, or 0.12 percent, at 2,054.63 and the Nasdaq Composite .IXIC was adding 6.48 points, or 0.14 percent, at 4,742.63.
Europe’s broad FTSEurofirst 300 index .FTEU3 gained 0.4 percent. Germany’s DAX .GDAXI climbed 1.1 percent.
MSCI’s world equity index .MIWD00000PUS slipped 0.2 percent after posting its worst weekly performance since mid-February last week.
