European shares slip; safe-havens gain on attempted Turkish coup

Fri Jul 15, 2016 6:01pm EDT
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By Sam Forgione

NEW YORK (Reuters) - European shares edged lower on Friday after at least 84 people died in an attack in France and U.S. stocks dipped from record peaks, while benchmark U.S. Treasury yields eased off three-week highs after the close of U.S. stock markets as Turkey's military said it had seized power.

Shares of European travel and leisure companies fell, weighing on the region's stock markets, after the attack in the city of Nice, which also injured scores of people.

The benchmark S&P 500 and Dow Jones industrial average stock indexes edged up to fresh record intraday highs on stronger-than-expected June retail sales data before trading mostly flat, with financials weighing after disappointing results from big banks.

Safe-haven U.S. Treasuries, gold, and the Japanese yen got a bid after Turkish Prime Minister Binali Yildirim said a group within Turkey's military had attempted to overthrow the government and security forces had been called in to "do what is necessary."

Benchmark U.S. 10-year Treasury yields were last at 1.5578 percent after hitting a three-week high of 1.601 percent on Friday. The dollar was last down 0.47 percent against the yen at 104.83 yen after hitting a three-week high of 106.30.

Oil prices extended gains in post-settlement trading, and spot gold prices got a boost after Turkey's armed forces said they had taken power in the country to protect the democratic order and to maintain human rights.

"The instability in the region probably puts a bit more focus on the U.S. as a safe-haven environment," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama, on the attempted uprising in Turkey.

The S&P hit 2,169.05, topping Thursday's record intraday peak and marking its fifth straight record intraday high, and the Dow hit 18,557.43, its fourth consecutive record peak. The S&P 500 hit record closing highs for four straight days earlier this week, while the Dow hit record closing peaks for three straight days.   Continued...

People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015.  REUTERS/Suzanne Plunkett/File photo