* Shares touch record highs then dip after anticipated
* Euro hits six-month peak against dollar before falling
* Copper drops to four-month low as Chinese imports slide
(Updates with U.S. markets, adds comment, changes byline,
dateline, previous LONDON)
By Rodrigo Campos
NEW YORK, May 8 Stocks dipped and the euro fell
on Monday from highs touched after pro-EU centrist Emmanuel
Macron's emphatic and expected victory in France's presidential
election as investors cashed in recent gains.
European equities dipped, with French shares underperforming
the wider market after having hit their highest in more than 9
years on Friday.
The euro fell the most against the dollar since late March,
having risen in overnight trade to just above $1.10 when opinion
polls signaled the scale of Macron's victory over anti-euro
nationalist Marine Le Pen.
On Wall Street, the S&P 500 touched a record high before
turning negative in late morning trading.
"The (French election) results came in as expected and the
market had already factored that in," said Andre Bakhos,
managing director at Janlyn Capital in Bernardsville, New
World stocks, as measured by MSCI's 46-country world index
hit a record high and the main measure of
Asia-Pacific shares excluding Japan rose 0.8
Shares resumed trading in Tokyo after a three-day market
holiday. The Nikkei closed up 2.3 percent at a 17-month
The Dow Jones Industrial Average fell 15.1 points, or
0.07 percent, to 20,991.84, the S&P 500 lost 2.98 points,
or 0.12 percent, to 2,396.31 and the Nasdaq Composite
dropped 12.48 points, or 0.2 percent, to 6,088.28.
The pan-European STOXX 600 index lost 0.13 percent
while France's CAC 40 index fell 0.9 percent.
Emerging market stocks rose 0.56 percent. MSCI's
broadest index of Asia-Pacific shares outside Japan
closed 0.77 percent higher.
In currency markets, the dollar index rose 0.45
percent, with the euro down 0.64 percent to $1.0925. The
euro earlier touched a six-month high of $1.1024.
The Japanese yen weakened 0.11 percent versus the greenback
at 112.86 per dollar, while sterling was last trading at
$1.2938, down 0.32 percent on the day.
"The euro couldn't sustain the rally as it took to
consolidating a 3 percent spike since France's presidential vote
started two weeks earlier," said Joe Manimbo, senior market
analyst at Western Union Business Solutions in Washington.
"Nevertheless, the euro appears to have emerged from the
French vote with a relatively bullish bias as dissipating
political risk should intensify the spotlight on the (European
Union) bloc's improving economic prospects."
Oil prices, which hit almost six-month lows last week on
worries about a global glut of crude, slid further even as OPEC
hinted there could be an extension to the current production
cuts, which expire in June.
U.S. crude fell 0.61 percent to $45.94 per barrel
and Brent was last at $48.70, down 0.81 percent on the
Benchmark 10-year U.S. Treasury notes were last
down 7/32 in price to yield 2.3777 percent, from 2.352 percent
late on Friday.
Spot gold was virtually flat at $1,227.87 an ounce.
U.S. gold futures gained 0.08 percent to $1,227.90 an
Copper lost 1.88 percent to $5,480 a tonne as
Chinese trade data showed April imports of the metal dived 30
percent from March.
(Reporting by Rodrigo Campos in New York; Additional reporting
by Yashaswini Swamynathan in Bengaluru, Christopher Johnson and
Karolin Schaps in London and Gertrude Chavez-Dreyfuss in New
York; Editing by James Dalgleish)