* European U.S. stocks in positive territory
* FTSE hits fresh record high
* Sterling outlook still shaky
* Mexican peso hits record low
* Dollar falls on caution ahead of Trump press briefing
(Updates throughout, changes byline, dateline; previous LONDON)
By Gertrude Chavez-Dreyfuss
NEW YORK, Jan 10 Stocks rose worldwide on
Tuesday supported by a rally in commodities such as copper and
precious metals, while the U.S. dollar fell on investor caution
ahead of a news conference by U.S. President-elect Donald Trump
European stock markets, which had opened broadly lower
, edged back towards recent one-year peaks, while Wall
Street shares traded higher.
Commodities such as copper gained on further signs of a
pick-up in China's economy. Oil prices were lower on the day but
were off their weakest levels of the previous session when they
fell nearly 4 percent.
"A gauge of inflation in China rising has fit with the
narrative of an improving world economy and that's positive for
stocks," said Joe Manimbo, senior market analyst at Western
Union Business Solutions in Washington.
In the United States, the Dow Jones industrial average
rose 0.22 percent to 19,930.29, while the S&P 500
was up 0.3 percent to 2,275.42. The Nasdaq Composite was
up 0.5 percent to 5,556.79. It hit a record intraday high on
Tuesday, extending its bullish run.
European stocks were also higher, with Europe's broad
FTSEurofirst 300 index adding 0.2 percent at 1,439.87.
Earlier, the index hit a record high.
The dollar, meanwhile, paused its rally on Tuesday, with the
dollar index, which tracks the greenback versus a basket
of six currencies, slipping 0.1 percent to 101.84.
Uncertainty ahead of Trump's comments, however, dampened
demand for the dollar. Analysts also said traders were watching
hearings for his choices for senior administration posts, which
started on Tuesday with U.S. Senator Jeff Sessions, picked for
The Trump factor also pressured the Mexican peso,
which hit a record low against the dollar.
Britain's currency hit a fresh 10-week low against the
dollar earlier in the session but recovered by midday in New
York trading. It was last up 0.1 percent at $1.2166.
The outlook for the pound remained shaky, however,
especially after weekend comments by Prime Minister Theresa May
saying she was not interested in Britain keeping "bits" of its
A revival in worries that Britain could be headed for a
"hard Brexit", in which it chooses to take full control of
immigration and give up access to the euro zone single market,
reverberated across financial markets, lifting demand for
safe-haven assets such as German government bonds
and gold, which rose to its highest in over a month.
Oil prices fell, with Brent crude down 0.93 percent,
at $54.43 a barrel. U.S. crude also fell 0.7 percent, to
EYES ON TRUMP
With little major U.S. data on the calendar, attention
turned to a news conference on Wednesday by Trump, his first
since winning the election.
"Cautiousness ahead of the news conference is turning into a
bit of optimism, if you look at how Trump's tweets are playing
out in the market," said Naeem Aslam, chief market analyst at
Think Markets UK.
In Asia, MSCI's broadest index of Asia-Pacific shares
outside Japan rose 3.12 points or 0.71 percent,
(Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by
Dhara Ranasinghe in London and Sam Forgione in New York; Editing
by James Dalgleish)