GLOBAL MARKETS-Stocks tick up as strong quarter nears end; yen on intervention watch
(Updates with new comment, refreshes prices at 1445 GMT)
By Lewis Krauskopf and Amanda Cooper
NEW YORK/LONDON, March 28 (Reuters) - A gauge of global shares edged up on Thursday as it headed for its second straight quarter of solid gains, while a strong dollar kept the yen languishing near its weakest in decades amid the threat of intervention from Japanese authorities.
Wall Street's main stock indexes opened little changed and markets broadly were largely rangebound ahead of Friday's much-anticipated U.S. personal consumption expenditures (PCE) price index data, a closely watched inflation measure. Few markets will be open to assess and respond to the fresh data, however, given the long Easter weekend in many countries.
“People are probably a little cautious about positioning ahead of PCE,” said Sameer Samana, senior global market strategist at the Wells Fargo Investment Institute.
“For a lot of people today will be the last day of the week, they are probably squaring positions for the quarter, for the month.”
Heightened focus was on the yen, which last strengthened 0.06% against the greenback at 151.21 per dollar, having slid to a 34-year low of 151.975 in the previous session.
Japan's three main monetary authorities held an emergency meeting on Wednesday to discuss the weak yen, and suggested they were ready to intervene in the market to stop what they described as disorderly and speculative moves in the currency.
"Once dollar/yen touches 152, I think there will probably be a sharp move upward, and that's when intervention could take place," said Takeshi Ishida, a currency strategist at Resona Holdings.
The dollar gained on the euro after a U.S. Federal Reserve policymaker said he wasn't in a hurry to cut rates.
Fed Governor Christopher Waller said on Wednesday that recent disappointing inflation data affirms the case for the central bank to hold off on cutting its short-term interest rate target, but he did not rule out trimming rates later in the year.
The dollar index fell 0.03% at 104.39, with the euro down 0.18% at $1.0807.
MSCI's gauge of stocks across the globe rose 0.05%. The index was on pace to post a gain of over 7% for the first quarter.
Wall Street's main indexes were little changed in late-morning trade ahead of quarter end.
The Dow Jones Industrial Average fell 20.96 points, or 0.05%, to 39,739.12, the S&P 500 gained 4.91 points, or 0.09%, to 5,253.36 and the Nasdaq Composite gained 8.18 points, or 0.05%, to 16,407.70.
Data on Thursday showed the U.S. economy grew faster than previously estimated in the fourth quarter, lifted by strong consumer spending and business investment in nonresidential structures like factories. Gross domestic product increased at a 3.4% annualized rate last quarter, revised up from the previously reported 3.2% pace.
U.S. Treasury yields ticked down slightly after the release of the GDP data, but remained in narrow bands ahead of an early close before the Friday's market holiday.
The yield on benchmark U.S. 10-year notes last edged down to 4.194%, from 4.196% late on Wednesday.
Oil prices rose as investors anticipated tighter supplies given the OPEC+ producer alliance is widely expected to stay the course on its current production cuts.
U.S. crude gained 1.2% to $82.33 a barrel and Brent rose to $87.26 per barrel, up 1.36% on the day.
(Additional reporting by Alun John in London; Editing by Emelia Sithole-Matarise and Nick Zieminski)
