GLOBAL MARKETS-Oil falls on supply fears; stocks, euro dip


Reuters

(Updates prices, changes comment, dateline from previous
LONDON)
    * U.S. crude dips below $50 a barrel for first time since
April 4
    * S&P 500 slips, but losses broad
    * Euro dips with French election in focus; dollar firms

    By Rodrigo CamposNEW YORK, April 21 (Reuters) - Oil prices fell on Friday as
oversupply concerns resurfaced, while the euro and stocks dipped
ahead of the first round in a too-close-to-call French
presidential election.
    Far-right leader Marine Le Pen, an anti-EU politician who
wants to ditch the euro and narrowly trails front-runner
Emmanuel Macron in French opinion polls, seized on the killing
of a policeman by a suspected Islamist militant to push her
policies on national security. [nL8N1HT0KY]
    "Although Macron has been labeled as favorite to become the
next French president, an unexpected Le Pen victory could deal a
symbolic blow to the unity of the European Union and ultimately
create a tidal wave of risk aversion," FXTM analyst Lukman
Otunuga said in a note.
    The Dow Jones Industrial Average <.DJI> rose 8.87 points, or
0.04 percent, to 20,587.58, the S&P 500 <.SPX> lost 2.75 points,
or 0.12 percent, to 2,353.09 and the Nasdaq Composite <.IXIC>
added 0.02 points, or 0 percent, to 5,916.80. [nL3N1HT4HJ]
    Utilities and technology were the only S&P 500 sectors
firmly in the black.
    The pan-European FTSEurofirst 300 index <.FTEU3> rose 0.13
percent and MSCI's gauge of stocks across the globe
<.MIWD00000PUS> shed 0.08 percent.
    Emerging market stocks rose 0.30 percent. MSCI's broadest
index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS>
closed 0.45 percent higher, while Japan's Nikkei <.N225> rose
1.03 percent.

    'RIDE OUT THE WEEKEND'
    Doubts that an OPEC-led production cut will restore balance
to an oversupplied market weighed on crude futures, with prices
set to post their largest weekly drop in six.
    U.S. crude <CLcv1> fell 1.97 percent to $49.71 per barrel
and Brent <LCOcv1> was last at $52.06, down 1.76 percent on the
day. [nL3N1HT1NW]
    In currency markets, the euro edged lower against the dollar
as investors braced for the first round on Sunday of a tight
French presidential election race, while the dollar steadied as
investors squared positions ahead of the Sunday vote.
    "Traders understandably look content to flatten their books
and ride out the weekend's events from the sidelines," Omer
Esiner, chief market analyst at Commonwealth Foreign Exchange in
Washington, said in a note.
    The dollar index <.DXY> rose 0.2 percent, with the euro
<EUR=> down 0.2 percent to $1.0693. [nL8N1HT3LP]
    The Japanese yen strengthened 0.17 percent versus the
greenback at 109.17 per dollar, while Sterling <GBP=> was last
trading at $1.2768, down 0.31 percent on the day.
    U.S. Treasury prices gained slightly with eyes on France and
no major U.S. economic releases due to set market direction.
10-year note yields have held in a tight range since falling to
five-month lows on Tuesday, as investors await a catalyst to
determine if bonds will continue their rally. [nL1N1HT0GC]
    Benchmark 10-year notes <US10YT=RR> last rose 5/32 in price
to yield 2.2231 percent, from 2.241 percent late on Thursday.
    Spot gold <XAU=> added 0.1 percent to $1,282.51 an ounce.
U.S. gold futures <GCcv1> gained 0.05 percent to $1,284.50 an
ounce. [nL3N1HT3DS]
    Copper <CMCU3> lost 0.09 percent to $5,618.00 a tonne.


    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Graphic: World FX rates in 2017    http://tmsnrt.rs/2egbfVh
French election graphic:    http://tmsnrt.rs/2jLwO20
Decision Europe Eikon page:    cpurl://apps.cp./cms/?navid=72745
Global assets in 2017          http://reut.rs/1WAiOSC
Global bonds dashboard     http://tmsnrt.rs/2fPTds0
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Additional reporting by Tanya Agrawal in Bengaluru, Ron Bousso
in London and Saqib Iqbal Ahmed and Karen Brettell in New York)
 ((rodrigo.campos@reuters.com; @rodrigocampos; +1.646.223.6344;
Reuters Messaging:
rodrigo.campos.thomsonreuters.com@reuters.net))

Keywords: GLOBAL MARKETS/ (WRAPUP 6, GRAPHICS)



This article appears in: Stocks , World Markets , Politics


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