19 May '11, 7am

Dollar down as commodities and global stocks rise

LONDON (Reuters) - World stocks ticked higher from this week's 4-week low on Thursday, underpinned by strong appetite for commodity trader Glencore's initial public offering, while the euro fell on concerns over Greek debt. Glencore priced its record-breaking offering of up to $11 billion in the middle of its initial range, with shares in the grey market opening more than 3 percent above the offer price of 530 pence. This underscored strong appetite for the shares, helping other commodity stocks. "Markets had a bounce yesterday and momentum will continue this morning, with bargain hunting coming in... Names that have sold off are starting to look interesting again," said Matt Brown, trader at Catalyst Markets. "If we see a successful Glencore IPO it may bring some appetite back for some unloved commodity stocks." The MSCI world equity index and the Thomson Reuters global s...

Full article: http://sg.news.yahoo.com/dollar-down-commodities-global-s...

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