GLOBAL MARKETS-Stocks waver as positive U.S.-Sino call offset by data, euro gains

(Adds U.S. market open, byline, dateline; previous LONDON)
* Apple shares, poor consumer confidence weigh on Wall
Street
* Oil prices rise on storm-driven output cuts
* German consumer confidence data boosts euro

By Herbert Lash
NEW YORK, Aug 25 (Reuters) - The dollar fell and a gauge of
global equity markets wavered on Tuesday after investor optimism
fueled by a phone call between U.S. and Chinese trade officials
was offset by a slide in Apple shares and a poor reading of U.S.
consumer confidence.
The euro rose on better-than-expected German economic data
and gold prices fell as positive signals on the U.S.-China trade
front bolstered risk sentiment and offset support for the metal
from a weaker dollar.
Top U.S. and Chinese trade officials reaffirmed their
commitment to a trade deal that had appeared on shaky ground
because of worsening bilateral ties. A 1.7% slide in Apple Inc. AAPL.O , whose market
capitalization of $2.15 trillion is greater than all the
components in the benchmark FTSE 100 .FTSE index in London,
helped snap a three-day rally on Wall Street.
A survey from the Conference Board showed U.S. consumer
confidence unexpectedly fell in August to hit a six-year low.

Stocks in Europe retreated to trade little changed, the same
as stocks on Wall Street after the S&P 500 set a new intra-day
high before turning south.
Europe's broad FTSEurofirst 300 index .FTEU3 dropped 0.32%
to 1,434.94, while MSCI's benchmark for global equity markets
.MIWD00000PUS rose 0.02% to 577.34.
Wall Street was mixed, as the Nasdaq edged slightly higher.
The Dow Jones Industrial Average .DJI fell 0.62%, the S&P 500
.SPX lost 0.07% and the Nasdaq Composite .IXIC added 0.13%.
The S&P 500 and the Nasdaq logged new closing highs on
Monday, boosted by signs of progress in developing treatments
and vaccines for COVID-19.
German business morale improved more than expected in August
as both manufacturing and services picked up steam, a survey by
the Ifo institute showed. The survey raised hopes for a strong
recovering from the coronavirus in Europe's largest economy.
The dollar index =USD fell 0.128%, with the euro EUR= up
0.2% to $1.1811.
Investors are waiting to hear Federal Reserve Chairman
Jerome Powell's speech on Thursday about the U.S. central bank's
policy framework review during the Jackson Hole symposium.
A major focus for investors will be whether Powell signals
that the Fed will shift its inflation target to an average. This
would allow inflation to rise more quickly than in the past.
Longer-term U.S. Treasury yields rose as traders moved into
riskier asset classes on reassurance that a U.S.-China trade
deal would continue. The yield on the benchmark 10-year Treasury
note US10YT=RR rose 6.4 basis points to 0.7096%.
Euro zone government bond yields rose on the Ifo survey.
Germany's 10-year bond yields DE10YT=RR , a benchmark for
the region, rose 5 basis points to a one-week high of -0.445%.
Crude oil prices rose, supported by production cuts in the
U.S. Gulf Coast as Tropical Storm Laura was forecast to become a
major hurricane, while rising coronavirus cases in Asia and
Europe capped gains.
Brent crude futures LCOc1 rose $0.83, to $45.96 a barrel.
U.S. crude futures CLc1 gained $0.66, to $43.28 a barrel.
Spot gold prices XAU= fell -0.74% to $1,918.10 an ounce.


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