USA dollar climbs on rising Treasury yield

Dollar near 5-month high after benchmark Treasury yield soars above 3 pct

The dollar resumed its rally in European trading and reached a high for the year.

On the economic front, advance estimates of U.S. retail and food services sales for April were 497.6 billion U.S. dollars, an increase of 0.3 percent from the previous month, in line with market expectations, said U.S. Commerce Department on Tuesday.

Elsewhere, emerging-market equities steadied following Tuesday's plunge, but developing currencies turned lower and the lira weakened again.

Risk aversion spread across asset classes as investors - already uncomfortable with rising yields and a strong dollar - grappled with trade, growth, and geopolitical worries.

Wednesday's relative stability will be welcomed by many investors, given that fresh uncertainty about the U.S.

Oil prices hovered around multi-year highs, supported by concerns that USA sanctions on Iran are likely to restrict crude oil exports from one of the biggest producers in the Middle East. -China trade spat, and global growth concerns are fueling negative sentiment.

"The broader risk for the region if talks do break down is that Trump no longer feels the need to keep China on side and could escalate trade tensions again". Gold fell below $1,300 an ounce for the first time since December and the yen dropped.

European Union Chief Brexit negotiator Michel Barnier briefs European affairs ministers on the status of talks with the United Kingdom.

The pan-European FTSEurofirst 300 index edged up 0.17 percent.

Futures on the S&P 500 Index dipped less than 0.05 percent to the lowest in a week.

"The resurgent tone for the USA dollar is largely due to, number one, the move higher in Treasury bond yields across the curve and number two, the relatively solid data we saw on retail sales", said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange Inc in Washington D.C.

US stock futures traded down 1.25 percent.

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Germany's DAX Index advanced 0.2 percent.

Benchmark 10-year notes last fell 17/32 in price to yield 3.0576 percent, from 2.995 percent late on Monday.

The MSCI All-Country World Index declined 1 percent, the first retreat in a week.

Germany's 10-year yield declined three basis points to 0.62 percent, the biggest drop in nearly two weeks.

The MSCI Asia Pacific Index sank 1.1 percent, the largest decrease in nearly seven weeks.

On Wall Street, the Dow Jones Industrial Average fell 197.2 points, or 0.79 percent, to 24,702.21, the S&P 500 lost 19.78 points, or 0.72 percent, to 2,710.35 and the Nasdaq Composite dropped 73.24 points, or 0.99 percent, to 7,338.08.

The euro declined 0.7 percent to $1.1846.

The advance stalled last week after weaker-than-expected April US inflation data, but regained traction overnight as strong US consumer spending numbers sent long-term Treasury yields surging to a seven-year peak of 3.095 per cent.

Euro zone banks slid an even bigger 1.71 percent, extending losses despite a League spokesman saying the request for cancellation of the debt was not in the official draft of the government programme.

The dollar was down by 0.1 percent to 110.13 against the yen, after reaching 110.45 on Tuesday, its highest since February 5.

West Texas Intermediate crude dipped 0.3 percent to $71.12 a barrel.

Iron ore declined 0.5 percent to 485 yuan per metric ton.

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