* Euro hits six-month peak against dollar before falling
* Copper drops to four-month low as Chinese imports slide
(Updates prices, comment)
By Rodrigo Campos
NEW YORK, May 8 Stocks were little changed and
the euro fell on Monday from highs it touched after pro-EU
centrist Emmanuel Macron's emphatic and expected victory in
France's presidential election as investors cashed in recent
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 slightly negative.
"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 2.45 points, or
0.01 percent, to 21,004.49, the S&P 500 lost 1.13 points,
or 0.05 percent, to 2,398.16 and the Nasdaq Composite
dropped 4.76 points, or 0.08 percent, to 6,096.00.
The pan-European STOXX 600 index lost 0.13 percent
while France's CAC 40 index fell 0.9
Emerging market stocks rose 0.54 percent. MSCI's
broadest index of Asia-Pacific shares outside Japan
closed 0.77 percent higher.
In currency markets, the dollar index rose 0.46
percent, with the euro down 0.63 percent to $1.0926. The
euro earlier touched a six-month high of $1.1024.
The Japanese yen weakened 0.33 percent versus the greenback
at 113.11 per dollar, while sterling was last trading at
$1.2937, down 0.32 percent on the day.
""A Macron win is largely priced into the euro," said Shaun
Osborne, chief FX strategist at Scotiabank in Toronto. "Heavy
trading in the spot market so far today suggests a modest unwind
of the April and May rally is coming, at least."
Oil prices, which hit almost six-month lows last week on
worries about a global glut of crude, edged up after OPEC hinted
there could be an extension to the current production cuts,
which expire in June.
U.S. crude rose 0.45 percent to $46.43 per barrel
and Brent was last at $49.36, up 0.53 percent on the
U.S. Treasury yields rose, the benchmark yield at a
four-week high in advance of the sale of $62 billion in bond
supply at this week's quarterly refunding and following Macron's
Benchmark 10-year U.S. Treasury notes were last
fell 8/32 in price to yield 2.3813 percent, from 2.352 percent
late on Friday.
Spot gold was virtually flat at $1,227.60 an ounce.
U.S. gold futures gained 0.07 percent to $1,227.70 an
Copper lost 1.77 percent to $5,486.15 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, Gertrude
Chavez-Dreyfuss, Richard Leong and Julia Simon in New York;
editing by James Dalgleish and Nick Zieminski)