GLOBAL MARKETS-Stocks edge up to hit six week high, dollar weaker after U.S. data

NEW YORK, July 22 (Reuters) – A gauge of global stocks edged

higher on Friday, poised for a sixth straight day of gains,

while the dollar dipped against a basket of major currencies

following soft data on U.S. business activity.

On Wall Street, the S&P 500 showed modest losses as names

such as Meta META.O and Alphabet GOOGL.O lost ground in the

wake of earnings from Snap Inc SNAP.N, which plunged 37.31%

but defensive sectors such as utilities .SPLRCU and consumer

staples .SPLRCS rose. nL1N2Z22MN

Still, the benchmark S&P index was up more than 3% for the

week, on pace for its biggest weekly percentage gain in four.

“We’ve had an amazing week and quite frankly it’s quite

surprising to see the strength we have had, the resilience,

given that we are going to get a three-quarter point hike next

week, and of course there is still another one looming out in

late September,” said Randy Frederick, vice president of trading

and derivatives for Charles Schwab in Austin, Texas.

“We have had four suckers’ rallies this year already and I

hope this is not one of those but I just think caution would be

prudent here.”

S&P Global on Friday said its preliminary U.S. Composite PMI

Output Index had tumbled far more than expected to 47.5 this

month from a final reading of 52.3 in June, the first

contraction in almost two years. nZON005ZC3

Recent data has showed signs of a slowing economy, but the

Federal Reserve is still widely expected to raise interest rates

by 75 basis points at its policy meeting as it attempts to

combat inflation. On Thursday, the European Central Bank (ECB)

raised rates by 50 basis points after weeks of indicating a 24

basis point hike was in the offing. nL1N2Z20BK

The Dow Jones Industrial Average .DJI rose 93.91 points,

or 0.29%, to 32,130.81, the S&P 500 .SPX lost 0.91 points, or

0.02%, to 3,998.04 and the Nasdaq Composite .IXIC dropped

72.30 points, or 0.6%, to 11,987.31.

The pan-European STOXX 600 index .STOXX rose 0.51% and

MSCI’s gauge of stocks across the globe .MIWD00000PUS gained

0.22% after climbing to 623.79, its highest level since June 10.

The STOXX 600 was on pace for its biggest weekly percentage gain

in four months.

The dollar lost ground on the heels of the business activity

data, as investors attempt to weigh slowing economic activity

against the rate of easing inflation.

The dollar index =USD fell 0.281%, with the euro EUR= up

0.02% to $1.023.

The euro slipped in choppy trading after data showed euro

zone business activity also unexpectedly contracted this month,

with companies continuing to report rising costs as inflation

bites, hitting consumer demand and weighing on the outlook, a

survey showed. nZRN004S4M

After touching a 20-year high last week, the dollar was on

track for its biggest weekly percentage decline in 5-1/2 months.

The Japanese yen strengthened 1.03% versus the greenback at

135.98 per dollar, while Sterling GBP= was last trading at

$1.2042, up 0.41% on the day.

Benchmark 10-year notes US10YT=RR last rose 33/32 in price

to yield 2.7886%, from 2.908% late on Thursday.

U.S. crude CLc1 recently rose 0.51% to $96.84 per barrel

and Brent LCOc1 was at $104.67, up 0.78% on the day.

Source: ASEAN Exchanges