GLOBAL MARKETS-U.S. yields climb further, Brent at 11-month high

(Updates prices, new throughout; changes dateline; previous
LONDON)
By Rodrigo Campos
NEW YORK, Jan 12 (Reuters) - The benchmark yield on U.S.
Treasuries rose for a seventh straight session on Tuesday, while
oil was at its highest in nearly a year and stocks edged lower,
with eyes on U.S. earnings and Joe Biden's inauguration next
week.
The 10-year U.S. yield touched its highest going back to
March as prices were pressured ahead of a $38 billion offering
later from the Treasury. The yield has risen every session this
year on expectations of a massive stimulus package from the
incoming Democratic administration.
"The Georgia Senate run-off elections (that gave the
majority to the Democrats) really changed the landscape for the
outlook pretty significantly, as there is now potentially very
significant additional stimulus," said Tom Simons, money market
economist at Jefferies in New York.
Brent crude prices hit their highest since February as
tighter supply and expectations of a drop in U.S. inventories
offset concerns over rising coronavirus cases globally. Saudi
Arabia said it plans to cut output by an extra 1 million barrels
per day in February and March.
"Saudi Arabia in particular is ensuring, through its
additional voluntary production cuts, that the market is
undersupplied if anything," said Eugen Weinberg of Commerzbank.
Brent LCOc1 was at $56.46, up 1.44% on the day, while U.S.
crude CLc1 recently rose 1.36% to $52.96 per barrel.
On Wall Street, stocks slipped but were still not far from
record highs. The Dow .DJI fell 64.17 points, or 0.21%, 25.88
points, or 0.08%, to 30,944.52, the S&P 500 .SPX lost 16.01
points, or 0.42%, to 3,783.6 and the Nasdaq Composite .IXIC
dropped 47.26 points, or 0.36%, to 12,989.17.
The pan-European STOXX 600 index .STOXX rose 0.05% and
MSCI's gauge of stocks across the globe .MIWD00000PUS shed
0.10%.
Democrats said they will give President Donald Trump one
last chance on Tuesday to leave office days before his term
expires or face an unprecedented second impeachment over his
supporters' deadly Jan. 6 assault on the U.S. Capitol.
An impeachment trial could proceed even after Trump leaves
office. Some Democrats have expressed concern that a trial could
hamper Biden's agenda, slowing confirmation of his appointees
and distracting from legislative priorities such as a new
coronavirus relief package.
"Even if (additional stimulus) is delayed, it's going to be
a matter of days, maybe weeks, not months. The question is the
shape and form of it," said Keith Buchanan, portfolio manager at
GlobAlt in Atlanta.
Benchmark U.S. government 10-year debt US10YT=RR last fell
11/32 in price to yield 1.1718%, from 1.134% late on Monday.
The U.S. dollar, which hit a more than a 2-1/2 year low
against a basket of peers earlier this month, was little
changed.
The dollar index =USD fell 0.146%, with the euro EUR= up
0.15% to $1.2167.
The Japanese yen strengthened 0.14% versus the greenback at
104.11 per dollar, while Sterling GBP= was last trading at
$1.3624, up 0.81% on the day.
Spot gold XAU= dropped 0.3% to $1,839.60 an ounce. Silver
XAG= gained 1.27% to $25.24.
Bitcoin BTC=BTSP last fell 1.78% to $34,824.44.

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