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Games developer tinyBuild seeks to boost £500 million market cap by becoming a media company
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Samarkand Group update the market at the London South East Aquis Special webinar
Samarkand Group update the market at the London South East Aquis Special webinarView Video

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GLOBAL MARKETS-Stocks fall as tech shares weigh; gold climbs amid inflation concerns

Mon, 17th May 2021 17:51

* U.S. stocks lower in midday New York trading

* Gold climbs, dollar near flat

* All eyes on Federal Reserve later in the week
(Updates with early U.S. market activity, changes byline)

By Caroline Valetkevitch

NEW YORK, May 17 (Reuters) - Stock indexes were lower
globally on Monday with technology shares on Wall Street
falling, while U.S. Treasury yields traded little changed even
after a report showing the highest prices ever paid in a May
manufacturing survey for New York state.

Concerns over inflationary pressure helped to lift gold
prices to their highest in more than three months, however.

The Empire State Manufacturing Survey, produced by the New
York Fed, showed the prices paid index rose to a record 83.5,
the highest since the data series began in 2001, said Tom
Simons, money market economist at Jefferies & Co.

Wall Street's declines follow the S&P 500's biggest one-day
jump in more than a month on Friday.

While the week is expected to be relatively quiet for
economic data, investors will be anxious to see minutes on
Wednesday from the Federal Reserve's policy meeting last month
which could shed more light on the policymakers' outlook of an
economic rebound.

"The volatility has picked up because a lot of the good news
has been priced in, and last week we finally saw fears of
inflation," said Greg Marcus, managing director, UBS Private
Wealth Management.

The spread of the coronavirus was also a drag in some
markets, with Singapore reporting the highest number of local
infections in months and Taiwan seeing a spike in cases.

The Dow Jones Industrial Average fell 120.02 points,
or 0.35%, to 34,262.11, the S&P 500 lost 20.43 points, or
0.49%, to 4,153.42 and the Nasdaq Composite dropped
121.39 points, or 0.9%, to 13,308.58.

The pan-European STOXX 600 index lost 0.05% and
MSCI's gauge of stocks across the globe shed
0.26%.

In the Treasury market, the yield on benchmark 10-year U.S.
Treasury notes was up 1 basis point at 1.645%, below
a spike to 1.77% in late March.

The dollar was steady near recent lows as new restrictions
in Asia to contain COVID-19 supported safe-haven currencies,
while bitcoin extended its slide.

The dollar index fell 0.116%, with the euro up
0.12% at $1.2154.

Bitcoin dropped to a three-month low after Tesla
Inc boss Elon Musk suggested over the weekend that the
electric automaker may have already sold some of its holdings in
the digital currency.

Oil prices edged higher. Brent crude rose 56 cents,
or 0.8%, to $69.27 a barrel by 11:22 a.m. ET (1522 GMT,) and
West Texas Intermediate (WTI) crude was up 63 cents, or
1%, at $66.

Spot gold added 1.3% to $1,866.13 an ounce.

(Additional reporting by Simon Jessop in London, and Medha
Singh and Sruthi Shankar in Bengaluru; and Herbert Lash and
Stephen Culp in New York; editing by Kirsten Donovan, Nick
Macfie and Ed Osmond)

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