* U.S. shares end mixed, hurt by financials and energy
* Gold edges to another record high of $1,216.75
* U.S. dollar gains on yen after BOJ unveils stimulus plan
(Updates with closing prices, adds comment)
By Daniel Bases
NEW YORK, Dec 2 (Reuters) - U.S. stocks ended mixed on
Wednesday, dragged down by financial and energy shares, while
gold rose to a new high even as the U.S. dollar firmed.
Wall Street fell after stocks briefly touching a 14-month
highs on better-than-expected U.S. employment data.
Financials were hurt by concerns over pending U.S.
derivatives legislation, cutting short early buying momentum.
Weaker oil prices stoked a sell-off in energy-related
stocks. Exxon Mobil Corp <XOM.N> shares fell 0.33 percent to
$75.79 a share while Chevron <CVX.N> lost 0.42 percent to
$78.73 per share.
European share prices managed closed higher on news U.S.
private employers shed 169,000 jobs in November versus 195,000
in October. This marked the eighth straight monthly decline in
private-sector job losses, according to ADP Employer Services
report, jointly developed with Macroeconomic Advisers LLC.
[]
Stocks in Japan closed at two-week highs on short-covering
after the yen fell against the greenback. A plan by the Bank of
Japan to boost economic support ended up stalling a rally in
the yen to the benefit of the U.S. dollar. []
"The bias toward yen strength that was prevalent the last
few weeks has turned, especially after the Bank of Japan
announced those quantitative easing measures yesterday," said
Ron Simpson, director of FX research at Action Economics in
Tampa, Florida.
Nervousness over credit problems for Dubai, which proved a
drag on global markets starting late last week have since
dissipated as investors sort through just how much of a debt
overhang there is from the city-state.
State-controlled Dubai World [], which led the
emirate's transformation into a regional hub for finance,
investment and tourism, unveiled details late on Monday of the
restructuring and which parts of its empire were affected. The
process will focus on $26 billion of debt owed by its main
property firms, Nakheel and Limitless. []
The Dow Jones industrial average <> fell 18.90 points,
or 0.18 percent, to 10,452.68. The Standard & Poor's 500 Index
<.SPX> edged up just 0.38 points, or 0.03 percent, at 1,109.24.
The Nasdaq Composite Index <>, boosted by gains in
Internet retailer Amazon.com Inc <AMZN.O>, closed up 9.22
points, or 0.42 percent, to 2,185.03.
JPMorgan Chase & Co <JPM.N>, a Dow component, fell 0.69
percent to $41.93. The bank said it could see its revenue fall
by as much as $3 billion in a "worst case" scenario under the
legislation, according to a note from Sanford C. Bernstein to
investors.
"The banks don't know what the heightened financial reform
is going to be. There is no clarity to regulation," said Weston
Boone, vice president of listed trading at Stifel Nicolaus
Capital Markets in Baltimore.
The FTSEurofirst 300 <> index of top European shares
closed 0.5 percent higher at 1,015.77 points. Japan's benchmark
Nikkei <> inched up 36.74 points to 9,608.94 to close at
its highest level since Nov. 18.
The MSCI All-Country World Index <.MIWD00000PUS> rose 0.25
percent to 300.33.
GREENBACKS AND GOLD
In a breakdown of the current inverse relationship of a
stronger U.S. dollar and weaker price for gold, both financial
instruments gained ground on Wednesday.
The dollar rose versus a basket of major trading-partner
currencies, with the U.S. Dollar Index <.DXY> up 0.37 percent
at 74.64.
Against the Japanese yen, the dollar <JPY=> was up 0.91
percent at 87.43. Last week the yen traded at its strongest
point in roughly 14-1/2 years.
"We had very strong yen appreciation (recently), and now
there's some retracement. Risk appetite is a little bit
stronger than it was last week when we had the Dubai news, so
investors are taking profits," said Marcus Hettinger, FX
strategist at Credit Suisse in Zurich.
The euro <EUR=> was down 0.29 percent at $1.5044.
Investors' attention has turned to the European Central
Bank's policy meeting on Thursday. It is widely expected to
keep its refi rate on hold at one percent, but also to give
guidance on the timing and extent of how it intends to withdraw
generous liquidity stimulus from the system.
Spot gold prices <XAU=> rose $18.50, or 1.55 percent, to
$1215.80, having touched a record $1,216.75.
Crude oil prices fell after a U.S. government report showed
domestic inventories rose far more than expected last week. The
price for a barrel of U.S. light sweet crude oil <CLc1> fell
$1.84, or 2.35 percent, to $76.53.
U.S. benchmark 10-year Treasuries <US10YT=RR> fell 8/32 of
a point in price, pushing the yield up to 3.3117 percent.
European government bond yields slipped. The 10-year Bund yield
<EU10YT=RR> eased 1.2 basis points to 3.153 percent
(Additional reporting by Ryan Vlastelica, Wanfeng Zhou, Nick
Olivari, Gertrude Chavez-Dreyfuss in New York; Atul Prakash,
Jon Hopkins, Emelia Sithole-Matarise and Jamie McGeever, in
London; Blaise Robinson in Paris; Elain Lies in Tokyo)
((daniel.bases@thomsonreuters.com; +1-646-223-6131; Reuters
Messaging: daniel.bases.reuters.com@reuters.net))
