European stocks fall, dollar firm

LONDON: The dollar was firm as markets awaited evidence from the new head of the US Federal Reserve, the Ukrainian and Russian currencies were weak, and european stocks fell on poor company results Thursday.
Wall Street opened on a steady note. The Dow Jones index was flat and the Nasdaq edged up 0.04 per cent.
That was after the latest US jobs data showed that claims for benefits rose unexpectedly sharply last week but held within the trend so far this year.
Financial markets were waiting for the head of the US Federal Reserve central bank, Janet Yellen, to give evidence before a Senate commission, for any guidance on the state of the US economy and on monetary stimulus policy.
Both currencies, already undermined by weak conditions in the Ukrainian and Russian economies, fell further on Thursday as tension increased among pro-Russia factions in eastern Ukraine after the uprising and change of power in Kiev.
At Capital Markets in London, emerging markets economist William Jackson said that the upheaval in Ukraine could put the country on track for “a pretty severe recession” and that “2014 looks set to be a pretty disastrous year for Ukraine’s economy”.
The Russian ruble reached a fresh five-year low of 36.25 rubles to the dollar amid the change of power in Ukraine and tension over the pro-Russian elements in the east of the country.
Against the euro, the ruble held above its record low on Wednesday at 49.90 to the euro.
The euro fell to $1.3672 from $1.3683 late on Wednesday, and fell sharply to 139.58 yen, the lowest level for two weeks, from 140.11 yen.
On stock markets, London’s benchmark FTSE 100 index fell 0.72 percent to stand at 6,750.58 points in midday deals.
Frankfurt’s DAX 30 dived 1.58 percent to 9,509.95 points and the CAC 40 in Paris dipped 0.78 percent to 4,362.66 points.
On the London Bullion Market, the price of gold stood at $1,331, compared with $1,331.75 on Wednesday.
Meanwhile: Asian stock markets mostly rose in cautious trading.
The Shanghai market added 0.30 percent to close at 2,047.35 and Hong Kong rallied 1.74 percent to 22,828.18.
But Tokyo slipped 0.32 percent, or 47.86 points, to 14,923.11 and Sydney fell 0.47 percent, or 25.6 points, to 5,411.4.