* Euro weighed by weak German, Spanish inflation numbers
* U.S. crude rises to trade above $50
* S&P 500 hits highest level in seven sessions
(Updates prices, changes comment)
By Rodrigo Campos
NEW YORK, March 30 Equities in key world markets
edged higher on Thursday, led by gains on Wall Street after an
upward revision to U.S. economic growth data, while U.S. crude
rose to trade above $50 per barrel for the first time in three
The euro slipped after data showed easing inflation in Spain
and Germany, paring back bets on tighter policy from the
European Central Bank.
Oil prices rose after Kuwait gave its backing for an
extension of OPEC production cuts in an attempt to reduce global
"There is a significant chance that a short-to-medium-term
bottom has been found," said Tamas Varga, analyst at London
brokerage PVM Oil Associates.
U.S. crude last rose 1.7 percent to $50.33 a barrel
and Brent traded at $52.94, up 1.0 percent on the day.
Banks and energy led U.S. stocks higher as oil prices rose
and gross domestic product annualized growth was revised up to a
2.1 percent rate from 1.9 percent. Growth in consumer spending,
which accounts for more than two-thirds of U.S. economic
activity, was also revised up.
Much of the move in U.S. stocks, which drove them to record
highs earlier this month, is predicated on U.S. President Donald
Trump's commitment to return to 4-percent economic growth.
Failure last week to pass a major campaign promise to revamp
U.S. healthcare called into question Trump's ability to deliver
tax reform even though his party controls the two chambers of
Congress. But economic fundamentals give investors some
"Regardless of the day-to-day Washington drama, the market
is moving forward on improving fundamentals," said Karyn
Cavanaugh, Senior Market Strategist at Voya Investment
Management in New York.
"The bottom line is, corporate profits are getting better,
the economy is getting better and that’s all the pieces of the
puzzle that the market needs in order to move forward."
"It’s not just the U.S. economy," she added, "but we do see
definitely improvement throughout the world."
The Dow Jones Industrial Average rose 72.96 points,
or 0.35 percent, to 20,732.28, the S&P 500 gained 8.02
points, or 0.34 percent, to 2,369.15 and the Nasdaq Composite
added 17.36 points, or 0.29 percent, to 5,914.91.
The S&P 500 touched its highest level in seven sessions.
The pan-European FTSEurofirst 300 index rose 0.47
percent, underpinned by a rise in oil stocks.
MSCI's gauge of stocks across the globe rose
0.05 percent. Emerging market stocks fell 0.35 percent.
MSCI's broadest index of Asia-Pacific shares outside Japan
closed less than 0.1 percent lower while Japan's
Nikkei dropped 0.8 percent.
GREENBACK GAINS FURTHER
The dollar index ticked up 0.40 percent with the euro
down 0.70 percent to $1.0691, weakened by the inflation data.
The soft inflation numbers followed a Reuters report on
Wednesday citing sources close to the ECB who said officials
there were unhappy with a shift in market expectations toward
tighter monetary policy and higher euro zone interest rates.
"That sort of off-the-record briefing that came through
(Wednesday) and German inflation this morning do seem to have
pulled the rug from under the euro," said Nick Parsons, a
strategist with National Australia Bank in London.
Sterling bounced from a one-week low of $1.2375 hit
Wednesday, and was last trading at $1.2478, up 0.37
percent on the day.
The dollar index briefly earlier turned lower after a CNBC
report said the Trump administration is "assessing the scope of
its power to penalize countries whose currencies it believes are
The report provided no details about how the administration
would do this.
Benchmark U.S. Treasury yields rose slightly with support of
the GDP data. Benchmark 10-year notes last fell 9/32
in price to yield 2.4179 percent.
Spot gold fell 0.6 percent to $1,244.36 an ounce.
U.S. gold futures fell 0.8 percent to $1,243.80 an
(Reporting by Rodrigo Campos; additional reporting by
Christopher Johnson in London and Dion Rabouin, Lewis Krauskopf
& Gertrude Chavez-Dreyfuss in New York; Editing by Nick