* Graphic: FX rates in 2017 tmsnrt.rs/2egbfVh
* Europe stocks up, world stock index dips with Wall Street
* Trump flags big infrastructure spend before Tuesday speech
* Oil futures down, gold rises
(Updates with U.S. market open, changes byline, previous
By Sinead Carew
NEW YORK, Feb 28 Stocks on major world markets
dipped along with the U.S. dollar and U.s. Treasury yields on
the last day of the month as investors waited for signals on
infrastructure spending and tax cuts in President Donald Trump's
Tuesday night Congressional address.
The global MSCI ACWI index has risen more
than 8.0 percent since Trump's election in November on
expectations for a pro-business administration but was off 0.1
percent on Tuesday morning in New York as investors worried
whether Trump would reveal concrete plans to realize his
Wall Street indexes fell slightly after U.S. fourth-quarter
gross domestic product growth was unchanged. Some investors had
hoped for an upward revision, according to Scott Colyer, chief
executive officer of Advisors Asset Management based in
"The markets are very quiet right now waiting for some
specifics on how much the President is going to ask for and how
much he and his Congress can deliver, which is another story
altogether," said Colyer. "It will be clearer tonight than it is
today. At least people are anticipating that."
The Dow Jones Industrial Average fell 10.35 points,
or 0.05 percent, to 20,827.09, the S&P 500 lost 3.58
points, or 0.15 percent, to 2,366.17 and the Nasdaq Composite
dropped 23.33 points, or 0.4 percent, to 5,838.57.
In comparison some upbeat company earnings helped in Europe.
The FTSEurofirst 300 index of major companies was up
0.18 percent, snapping a three-day dip and consolidating a 2.6
percent gain for the month.
The U.S. dollar, was down 0.3 percent against a
basket of major peers. It rallied to a 14-year high soon after
the U.S. election but is down year-to-day in the absence of
specific plans on Trump's key promises.
“Markets are a little bit cautious,” said Mark McCormick,
North American head of foreign exchange strategy at TD
Securities in Toronto. “I think it’s a mix of profit-taking
ahead of Trump, and also you have month-end rebalancing flows.”
Trump met U.S. state governors at the White House on Monday
and said he sees "big" infrastructure spending and is seeking a
"historic" increase in military spending of more than 9.0
David Kelly, Chief Global Strategist, JP Morgan Asset
Management does not expect highly detailed policy proposals in
"However, it will be important to see how optimistic the
administration is about the economic outlook and how willing it
is to boost the deficit in an attempt to fulfill the president’s
campaign promises," he said.
Yields on benchmark 10-year U.S. Treasury notes
were last at 2.347 percent, down two basis points from late
Monday as investors were cautious ahead of the speech..
"People need more concrete evidence about the fiscal side of
the equation," said Charles Comiskey, head of Treasuries trading
at Bank of Nova Scotia in New York.
In commodity markets, oil futures dipped with OPEC-led output
cuts offset by increasing crude production from the United
States. Brent crude was down 0.9 percent at $55.44 a barrel
while U.S. crude was down 1 percent at $53.49.
Gold steadied and was up 0.4 percent at $1258.04 an
ounce. On Monday it had hit a 3-1/2 month high intraday but
(Additional reporting by Sam Forgione and Karen Brettell in New
York, Marc Jones in London, Lisa Twaronite in Tokyo; Editing by
Gareth Jones and Clive McKeef)