Cashless society getting closer, survey finds

FILE PHOTO: Samsung's new Samsung Pay mobile wallet system is demonstrated at its Australian launch in Sydney, June 15, 2016. REUTERS/Matt Siegel/File Photo

By Jeremy Gaunt

LONDON (Reuters) – More than a third of Europeans and Americans would be happy to go without cash and rely on electronic forms of payment if they could, and at least 20 percent already pretty much do so, a study showed on Wednesday.

The study, which was conducted in 13 European countries, the United States and Australia, also found that in many places where cash is most used, people are among the keenest to ditch it.

Overall, 34 percent of respondents in Europe and 38 percent in the United States said they would be willing to go cash-free, according to the survey conducted by Ipsos for the ING bank website eZonomics.

Twenty-one percent and 34 percent in Europe and the United States, respectively, said they already rarely use cash.

The trend was also clear. More than half of the European respondents said they had used less cash in the past 12 months than previously and 78 percent said they expected to use it even less over the coming 12 months.

Ian Bright, managing director of group research for ING wholesale banking, said he did not believe people would quit cash entirely, but the direction was obvious.

“More and more people will end up with a situation where they can quite comfortably get by for two days, three days, four days, even a week, without ever using cash,” he told Reuters Television.

Payment systems such as contactless cards and mobile-phone digital wallets have become so prevalent the issue has become political in some countries.

Cash-loving Germans, for example, have been concerned that a move by the European Central Bank to phase out the 500 euro note by the end of next year is the start of a slippery slope.

Germany is one of the countries that uses cash the most. The ING survey showed only 10 percent of Germans saying they rarely use cash, compared, for example, with 33 percent and 35 percent, respectively, in neighbors Poland and France.

The survey also showed that, in general, countries where cash is much in use were most likely to want to go cashless.

Only 19 percent of Italians said they rarely used cash but 41 percent said they would be willing to go cash. There was a similar trend in Turkey, Romania, the Czech Republic, Spain and even Germany.

(Editing by Catherine Evans)

Nasdaq tops 6,000, Dow surges as earnings impress

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 20, 2017. REUTERS/Brendan McDermid

By Yashaswini Swamynathan

(Reuters) – The Nasdaq crossed the 6,000 threshold for the first time on Tuesday, while the Dow registered triple-digit gains as strong earnings underscored the health of Corporate America.

The tech-heavy Nasdaq rose as much as 0.70 percent to hit a record level of 6,026.02, powered by gains in index heavyweights Apple <AAPL.O> and Microsoft <MSFT.O>.

The index had breached the 5,000 mark on March 7, 2000 and closed above that level two days later during the height of the tech boom.

Tuesday’s gains build on a day-earlier rally, which was driven by the victory of centrist candidate Emmanuel Macron in the first round of the French presidential election. Polls show Macron is likely to beat his far-right rival Marine Le Pen in a deciding vote on May 7.

“Political headlines in Europe don’t tend to stick, but create buying opportunities more than having long-term consequences,” said Stephen Wood, chief market strategist at Russell Investments.

At 12:49 p.m. ET, the Dow Jones Industrial Average <.DJI> was up 235.96 points, or 1.14 percent, at 20,999.85, the S&P 500 <.SPX> was up 13.17 points, or 0.55 percent, at 2,387.32 and the Nasdaq Composite <.IXIC> was up 39.91 points, or 0.67 percent, at 6,023.73.

Investors are also keeping a close watch on the latest earnings season, hoping that companies will be able to justify their lofty valuations, which were spurred in part by President Donald Trump’s pro-growth promises.

Overall profits of S&P 500 companies are estimated to have risen 11 percent in the first quarter – the most since 2011, according to Thomson Reuters I/B/E/S.

Trump, who had promised to make “a big tax reform” announcement on Wednesday, has directed his aides to move quickly on a plan to cut the corporate income tax rate to 15 percent from 35 percent, a Trump administration official said on Monday.

The Dow outperformed other major sectors, largely due to a surge in Caterpillar <CAT.N> and McDonald’s <MCD.N> after they reported better-than-expected profits.

Eight of the S&P 500’s 11 major sectors were higher. DuPont’s <DD.N> 2.8 percent increase, following a profit beat, helped the materials sector <.SPRLCM> top the list of gainers.

Biogen <BIIB.O> jumped nearly 4 percent after the biotech company reported better-than-expected quarterly profit and revenue on Tuesday.

Advancing issues outnumbered decliners on the NYSE by 2,017 to 853. On the Nasdaq, 2,020 issues rose and 766 fell.

The S&P 500 index showed 80 52-week highs and three lows, while the Nasdaq recorded 194 highs and 36 lows.

(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D’Silva)

Venezuela death toll rises as unrest enters fourth week

A fireman tries to extinguish a fire during a rally against Venezuela's President Nicolas Maduro in Caracas, Venezuela April 24, 2017. REUTERS/Carlos Garcia Rawlins

By Diego Oré and Brian Ellsworth

CARACAS (Reuters) – Gunmen killed two more people during political unrest in Venezuela on Monday, bringing the total number of deaths to 12 this month, as anti-government protests entered a fourth week with mass “sit-ins” to press for early elections.

A 42-year-old man who worked for local government in the Andean state of Merida died from a gunshot in the neck at a rally in favor of President Nicolas Maduro’s government, the state ombudsman and prosecutor’s office said.

Another 54-year-old man was shot dead in the chest during a protest in the western agricultural state of Barinas, the state prosecutor’s office added without specifying the circumstances.

Seven others were injured in both places.

The latest deaths come amid a month of protests that have sparked politically-motivated shootings and clashes between security forces armed with rubber bullets and tear gas and protesters wielding rocks and Molotov cocktails.

Eleven people have also died during night-time looting.

The ruling Socialist Party accuses foes of seeking a violent coup with U.S. connivance, while the opposition says he is a dictator repressing peaceful protest.

The opposition’s main demands are for elections, the release of jailed activists and autonomy for the opposition-led congress. But protests are also fueled by the crippling economic crisis in the oil-rich nation of 30 million people.

“I have an empty stomach because I can’t find food,” said Jeannette Canozo, a 66-year-old homemaker, who said police used rubber bullets against protesters blocking a Caracas avenue with trash and bathtubs in the early morning.

Demonstrators wore the yellow, blue and red colors of Venezuela’s flag and held signs denouncing shortages, inflation and violent crime as they chanted: “This government has fallen!”

In the capital, they streamed from several points onto a major highway, where hundreds of people sat, carrying bags of supplies, playing card games, and shielding themselves from the sun with hats and umbrellas.

In western Tachira, at another of the “sit-ins” planned for all of Venezuela’s 23 states, some played the board-game Ludo, while others played soccer or enjoyed street theater.

At protests in southern Bolivar state, a professor gave a lecture on politics while some people sat down to play Scrabble and others cooked soup over small fires in the streets.

‘WE’RE NOT GOING’

Following a familiar daily pattern, the demonstrations were largely peaceful until mid-afternoon, when scattered skirmishes broke out and the shooting incidents occurred.

“In the morning they seem peaceful, in the afternoon they become terrorists and at night bandits and killers,” Socialist Party official Diosdado Cabello said of the opposition. “Let me tell them straight … Nicolas (Maduro) is not going.”

This month’s turbulence is Venezuela’s worst since 2014 when 43 people died in months of mayhem sparked by protests against Maduro, the 54-year-old successor to late leader Hugo Chavez.

The latest protests began when the pro-government Supreme Court assumed the powers of the opposition-controlled congress. The court quickly reversed course, but its widely condemned move still galvanized the opposition.

The government’s disqualification from public office of two-time presidential candidate Henrique Capriles, who would be an opposition favorite to replace Maduro, gave further impetus to the demonstrations.

“I’m staying here until 6 p.m. We’re simply warming up because the day will come that we are all coming to the street until this government goes,” said Gladys Avariano, a 62-year-old lawyer, under an umbrella at the Caracas “sit-in.”

More than 1,400 people have been arrested this month over the protests, with 636 still detained as of Monday, according to local rights group Penal Forum.

Facing exhortations from around the world to allow Venezuelans to vote, Maduro has called for local state elections – delayed from last year – to be held soon.

But Cabello said opposition parties could be barred from competing. And there is no sign the government will allow the next presidential election, slated for late 2018, to be brought forward as the opposition demands.

Given the country’s economic crisis, with millions short of food, pollsters say the ruling Socialist Party would fare badly in any free and fair vote at the moment.

Trying to keep the pressure on Maduro, the opposition is seeking new strategies, such as a silent protest held on Saturday and Monday’s “sit-ins”.

While some small demonstrations have been held in poorer and traditionally pro-government areas, most poor Venezuelans are more preoccupied with putting food on the table.

(Additional reporting by Andreina Aponte, Carlos Garcia Rawlins and Efrain Otero in Caracas, and Anggy Polanco and Carlos Eduardo Ramirez in San Cristobal; Writing by Girish Gupta and Andrew Cawthorne; Editing by James Dalgleish and Diane Craft)

Venezuela says inflation 274 percent last year, economists say far higher

People line up outside a branch of Italcambio currency exchange in San Cristobal, Venezuela March 24, 2017. REUTERS/Carlos Eduardo Ramirez

By Girish Gupta and Corina Pons

CARACAS (Reuters) – Annual inflation in crisis-hit Venezuela last year reached 274 percent, according to data the central bank provided to the International Monetary Fund, although many economists believe the true figure is far more alarming.

In the midst of a bruising economic crisis, the leftist government of President Nicolas Maduro has not published inflation data for more than a year.

Venezuelan consultancy Ecoanalitica says inflation was 525 percent last year and New York-based investment bank Torino Capital – using one popular food item as a proxy – put it at 453 percent.

Maduro himself last year increased the minimum wage by 454 percent, saying the rise was to offset inflation.

The central bank did not immediately respond to a request for information.

A wave of anti-government unrest is underway across the country. Hundreds of thousands of people took to the streets on Wednesday, only to be dispersed with tear gas and water cannons.

One factor for high inflation is Venezuela’s soaring money supply, up more than 200 percent in the last year, its fastest rise since records began in 1940.

Purchasing power has eroded and salaries annihilated as a result. On the black market, $1,000 in savings when Maduro was elected in 2013 would now be worth less than $5.

The bolivar currency fell further against the U.S. dollar on Thursday and is now at its lowest value ever against the dollar, down 99.5 percent since Maduro came to power.

Inflation is one facet of the OPEC member’s crippling economic crisis, as it contributes to putting basic food products out of reach for millions. Maduro blames the problems on an “economic war” being waged against it by the U.S. government and opposition “terrorists.”

Many economists blame strict currency and price controls.

The IMF figure places Venezuela as the country with the second highest inflation in the world, after South Sudan which last year clocked inflation of 480 percent. The IMF did not receive Gross Domestic Product data from Venezuela’s central bank.

(Reporting by Girish Gupta and Corina Pons; editing by Alexandra Ulmer and Grant McCool)

U.S. weekly jobless claims up; continuing claims hit 17-year low

A job seeker (L) talks with a corporate recruiter (R) as he peruses the man's resume at a Hire Our Heroes job fair targeting unemployed military veterans and sponsored by the Cable Show, a cable television industry trade show in Washington, June 11, 2013. REUTERS/Jonathan Ernst/File Photo

WASHINGTON (Reuters) – New applications for U.S. jobless benefits rose slightly more than expected last week, but the number of Americans on unemployment rolls dropped to a 17-year low, pointing to a tightening labor market.

Initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 244,000 for the week ended April 15, the Labor Department said on Thursday. The increase followed three straight weeks of declines.

Claims have now been below 300,000, a threshold associated with a healthy labor market, for 111 straight weeks. That is the longest such stretch since 1970, when the labor market was smaller. The labor market is close to full employment, with the unemployment rate at a near 10-year low of 4.5 percent.

Economists polled by Reuters had forecast first-time applications for jobless benefits rising to 242,000 last week.

The rise in applications likely is linked to volatility around this time of the year due to the different timings of spring and Easter holidays, which often throws off the model the government uses to smooth the data of seasonal fluctuations.

The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 4,250 to 243,000 last week.

The claims data covered the survey week for April nonfarm payrolls. Claims declined 17,000 between the March and April survey periods suggesting that job growth likely picked up this month. Nonfarm payrolls increased by 98,000 jobs in March, the fewest since May 2016.

An acceleration in employment growth would confirm that March’s moderation was weather-driven and underscore the economy’s strong fundamentals despite indications that growth slowed to below a 1.0 percent annualized rate in the first quarter.

Thursday’s claims report also showed the number of people still receiving benefits after an initial week of aid decreased 49,000 to 1.98 million in the week ended April 8. That was the lowest reading since April 2000.

The four-week moving average of the so-called continuing claims fell 2,000 to 2.02 million, the lowest reading since June 2000.

Wall Street set to open lower as earnings gather pace

A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. REUTERS/Andrew Kelly

By Yashaswini Swamynathan

(Reuters) – U.S. stocks were on track to open slightly lower on Tuesday as investors weighed quarterly earnings and a possible delay in tax reforms, while keeping an eye on global politics.

U.S. Treasury Secretary Steven Mnuchin told the Financial Times on Monday that the Trump administration’s timetable for tax reform was probably delayed following setbacks in negotiations with Congress over healthcare.

Mnuchin’s statement added to concerns about President Donald Trump’s ability to deliver on his promises to cut taxes and simplify regulations – bets on which U.S. stocks have hit record highs since his election.

A raft of quarterly earnings from corporate heavyweights is expected to keep investors busy. Goldman Sachs <GS.N> shares sank 3.4 percent in premarket trading after the bank reported a lower-than-expected quarterly profit due to weak trading revenue.

Bank of America <BAC.N> inched up 1.2 percent after the company reported a strong jump in quarterly profit.

Shares of Morgan Stanley <MS.N>, Wells Fargo <WFC.N> and JPMorgan <JPM.N> were trading lower.

“The key for the market is still earnings, economic growth etc, and politics is merely a daily side show,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago, Illinois.

Dow e-minis <1YMc1> were down 63 points, or 0.31 percent at 8:32 a.m. ET, with 37,433 contracts changing hands.

S&P 500 e-minis <ESc1> were down 6.75 points, or 0.29 percent, with 189,256 contracts traded.

Nasdaq 100 e-minis <NQc1> were down 12 points, or 0.22 percent, on volume of 33,948 contracts.

Safe-havens continued to be in favor ahead of crucial presidential elections in France and rising tensions between the United States and North Korea.

Adding to uncertainties, British Prime Minister Theresa May called for an early election on June 8 to guarantee political stability as the country negotiates its way out of the European Union.

Gold prices hovered close to five-month highs, while the dollar dipped.

Wall Street had closed higher in very thin trading volumes on Monday as investors bought technology and bank stocks.

Shares of Dow component UnitedHealth <UNH.N> rose 1.7 percent to $170.01 after the health insurer reported better-than-expected quarterly results and raised its profit and revenue forecast for the year.

Johnson & Johnson <JNJ.N> was down 1.3 percent at $124.10 after the healthcare conglomerate reported quarterly revenue that missed analysts’ expectations.

Netflix <NFLX.O>, the first of the FANG stocks to report, was up 1.4 percent at $149.24 after the video streaming service

provider reported weaker-than-expected subscriber numbers in the first quarter, but forecast strong growth in the current quarter.

(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D’Silva)

U.S. housing starts fall in March, permits rise

A skyscraper reflects clouds in the Manhattan borough of New York May 26, 2014. REUTERS/Carlo Allegri

WASHINGTON (Reuters) – U.S. homebuilding fell in March as the construction of single-family homes in the Midwest recorded its biggest decline in three years, likely reflecting bad weather.

Housing starts declined 6.8 percent to a seasonally adjusted annual rate of 1.22 million units, the Commerce

Department said on Tuesday. February’s starts were revised up to a 1.30 million-unit pace from the previously reported 1.29 million-rate.

Economists polled by Reuters had forecast groundbreaking activity falling to a 1.25 million-unit pace last month. Homebuilding was up 9.2 percent compared to March 2016.

Construction in February was boosted by unseasonably warm temperatures. But temperatures dropped in March and a storm lashed the Northeast and Midwest regions, which could have accounted for the drop last month in homebuilding.

Single-family homebuilding, which accounts for the largest share of the residential housing market, fell 6.2 percent to a 821,000 unit-pace last month. Single-family starts in the Midwest declined 35 percent, the largest drop since January 2014, to their lowest level since August 2015.

Single-family starts in the Northeast were unchanged. They rose 3.2 percent in the South, but fell 5.5 percent in the West.

Last month, starts for the volatile multi-family housing segment dropped 7.9 percent to a 394,000 unit-pace.

Pointing to underlying strength in the housing market, building permits increased 3.6 percent, driven by a 13.8 percent surge in the multi-family segment.

While single-family permits fell 1.1 percent, they were not too far from the more than nine-year high reached in February.

A tightening labor market, which is generating steady wage growth is underpinning the housing market. The sector, however, remains constrained by a dearth of properties available for sale.

Builders have, however, failed to bridge the gap, citing a range of problems including shortages of labor and land as well as rising material prices. A survey on Monday showed homebuilders confidence slipped in April from a near 12-year high in March. Still, measures of current sales and sales expectations remained at lofty levels.

(Reporting By Lucia Mutikani)

Dollar rises after sliding on Trump remarks on currency, rates

FILE PHOTO: U.S. dollar notes are seen in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/Illustration/File Photo

By Dion Rabouin

NEW YORK (Reuters) – The U.S. dollar rose on Thursday, rebounding after a slide that investors considered overdone following remarks by President Donald Trump that the currency was getting too strong and he would prefer the Federal Reserve to keep interest rates low.

The greenback and U.S. Treasury yields took a heavy hit after Trump’s comments to the Wall Street Journal, in which he said the strength of the dollar would hurt the economy.

But after losing 0.6 percent on Wednesday – its biggest one-day fall in more than three weeks – the dollar recovered on Thursday against a basket of major currencies <=USD> that tracks its value, rising 0.3 percent.

“Clearly, I think it was oversold yesterday,” said Peter Ng, senior currency trader at Silicon Valley Bank in Santa Clara, California. “The market was very sensitive to headlines given how nervous it has become due to geopolitical risk.”

Trading was also thinner than usual because of the impending Good Friday holiday in the U.S. and Europe this week, Ng said.

Having hit a five-month low of 108.73 yen in early Asian trading, the dollar steadied at 109.20 yen. <JPY=>

“Yes, it was negative what (Trump) said…but it’s not a big surprise – it wasn’t a U-turn in his rhetoric on the exchange rate so far,” said Commerzbank currency strategist Thu Lan Nguyen in Frankfurt.

“The question is: is he able to influence monetary policy in order to get a weaker dollar? That is still an open question.”

Trump’s remarks went against a long-standing practice of both U.S. Democratic and Republican administrations of refraining from commenting on policy set by the independent Federal Reserve. It is also unusual for a president to talk about the value of the dollar, a subject usually left to the U.S. Treasury secretary.

The dollar has shed 1.7 percent against the yen so far this week, its fourth week lower against the safe-haven Japanese currency in five, as a rise in tensions in Asia and Europe prompted yen buying.

Investors are concerned about the upcoming French presidential election as well as possible U.S. military action against Syria and North Korea, and an escalation of tensions with Russia.

The euro fell 0.5 percent to $1.0619 <EUR=> after touching a one-week high in overnight trading.

The dollar was little changed against China’s offshore yuan <CNH=D3>, after falling to a six-day low on Wednesday. It had risen to a one-month high at the start of the week.

(Additional reporting by Shinichi Saoshiro in Tokyo; Editing by Bernadette Baum)

Wall Street flat as investors assess earnings, Trump comments

Traders work on the floor of the New York Stock Exchange (NYSE) in the Manhattan borough of New York, New York, U.S., April 4, 2017. REUTERS/Brendan McDermid

By Yashaswini Swamynathan

(Reuters) – U.S. stocks were little changed on Thursday as investors assessed the first rush of bank earnings and President Donald Trump’s remarks on the dollar’s strength and interest rates.

Shares of JPMorgan <.JPM.N> and Citigroup <C.N> rose about 1 percent after the two banks reported better-than-expected quarterly profits.

However, Wells Fargo <WFC.N> slipped 2.5 percent after reporting a big drop in mortgage banking revenue.

The earnings reports come in the wake of a frenetic rally in bank shares that started after Trump’s election as U.S. president on hopes that he would rein in banking regulations and introduce other business friendly policies.

At 10:01 a.m. EDT the Dow Jones industrial average <.DJI> was down 0.58 points, flat, at 20,591.28, the S&P 500 <.SPX> was up 0.68 points, or 0.028999 percent, at 2,345.61 and the Nasdaq Composite <.IXIC> was up 10.40 points, or 0.18 percent, at 5,846.56.

“Investors will (be) faced with another day of market uncertainties as bank earnings, geopolitical worries and Trump’s comments on the greenback are being reflected in the volatility index that is flashing trouble ahead,” Peter Cardillo, chief market economist at First Standard Financial, wrote in a note.

Trump told the Wall Street Journal on Wednesday that the dollar “was getting too strong” and that he would like to see interest rates stay low.

The S&P 500 financial index <.SPSY> was up 0.2 percent, while five other S&P sectors were down.

Nine of the 11 major S&P sectors were lower, led by a 0.4 percent decline in financials. Bank of America <BAC.N> and Goldman Sachs <GS.N> are due to report results next week.

Shares of Applied Optoelectronics <AAOI.O> jumped nearly 23 percent to $50.15 after the company said it expected first-quarter earnings to exceed its forecast.

Trading volumes could be lower than usual on Thursday ahead of the Good Friday holiday.

Declining issues outnumbered advancers on the NYSE by 1,403 to 1,186. On the Nasdaq, 1,201 issues fell and 1,163 advanced.

The S&P 500 index showed two 52-week highs and no lows, while the Nasdaq recorded 10 highs and 27 lows.

(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D’Silva)

Investors play safe as Syria tensions rise

Traders work on the floor of the New York Stock Exchange (NYSE) in the Manhattan borough of New York, New York, U.S., April 4, 2017. REUTERS/Brendan McDermid

By Marc Jones

LONDON (Reuters) – Nervous investors sought shelter in gold, Treasuries and the yen on Tuesday as growing tensions over Syria put the U.S. administration and Russia on a collision course.

European shares edged higher, reversing early falls, but Wall Street looked set to open lower, according to index futures <ESc1> <1YMc1>, as uncertainty over looming French presidential elections also simmered.

U.S. Secretary of State Rex Tillerson carried a unified message from world powers to Moscow, denouncing Russian support for Syria, after a meeting with foreign ministers of the Group of Seven major advanced economies and Middle East allies.

Western countries blame Syrian President Bashar al-Assad for last week’s deadly gas attack. U.S. President Donald Trump responded by firing cruise missiles at a Syrian air base. Russian President Vladimir Putin has stood by Moscow’s ally Assad, who denies blame.

Gold <XAU=> hit its highest since November, emerging market stocks <.MSCIEF> were on their worst run of the year so far, while the euro <EURJPY=> fell to a four-month low versus a broadly stronger Japanese yen. <JPY=> [FRX/]

“It’s a relatively modest reaction but there is a lot of geopolitical risk in global markets at the moment,” said TD Securities European head of currency strategy Ned Rumpeltin.

“There is Syria, there is more uncertainty about the U.S. economy after relatively weak jobs numbers and we have French elections coming up.”

The latest polls from France are providing another twist in the race for the presidency, with far-left candidate Jean-Luc Melenchon making ground against the rest of the pack before the first round of voting on April 23.

This has raised the possibility that Melenchon could square off against far-right leader Marine Le Pen – both of whom are eurosceptics – in the election’s decisive second round in May.

German Bunds yields dipped below 0.20 percent for the first time in more than five weeks, before edging higher, while French yields <FR10YT=TWEB> hit a one-week high of 0.96 percent leaving the gap between the two – a key gauge of investors’ concerns – at its widest in six weeks. [GVD/EUR]

“After Britain’s Brexit referendum and the U.S. presidential election surprised markets in 2016, could this event do the same?,” Mark Burgess, global head of equities at Columbia Threadneedle in London, wrote in a note.

Then pan-European STOXX 600 share index <.STOXX> eked out gains of 0.1 percent, led higher by miners <.SXPP> as the gold price rose. MSCI’s main index of Asia-Pacific shares, excluding Japan <.MIAPJ0000PUS> fell 0.2 percent. Emerging market shares were on track for their first four-day losing streak of 2017.

Gold <XAU=>, sought at times of global tension as a safe place to store wealth, last traded up 0.3 percent on the day at almost $1,258 an ounce. The precious metal hit a five-month high above $1,270 on Friday after the U.S. missile strike on Thursday.

The dollar fell 0.1 percent against a basket of other major currencies <.DXY>. The greenback weakened 0.4 percent to 110.53 yen <JPY=> and 0.2 percent to $1.0616 per euro <EUR=>. Sterling rose <GBP=D3> 0.2 percent to $1.2441.

Oil retreated from five-week highs hit earlier in the day as concerns about rising U.S. shale production offset a shutdown at Libya’s largest oilfield over the weekend and the U.S. strikes against Syria that had supported prices.

Global benchmark Brent <LCOc1> fell 4 cents to $55.94, breaking a six-session winning streak.

For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets

(Additional reporting by Kit Rees, John Geddie, Ritvik Carvalho and Nigel Stephenson in London Editing by Keith Weir and Pritha Sarkar)