Wall Street eases back

Stocks on Wall Street faltered for the first day in four as investors took a cautious stance on the European economic outlook after the market rose to near multi-year highs.

At the close (10am NZ time), the Dow Jones Industrial Average slipped 27.02 points, or 0.2%, to 12,938.67. The S&P 500 index shed 0.3%, to 1357.66 and the Nasdaq Composite eased 0.5% to 2933.17.

On Tuesday, the Dow briefly broke through the 13,000 level, its highest since May 2008.

Wal-Mart Stores, which dragged the blue-chip Dow lower on Tuesday, was again the day's worst performer, losing 2.8%. The retailer has lost 6.5% so far this week.

Also huting sentiment was an unexpected contraction in the eurozone's business activity in February. A purchasing managers' index fell to 49.7 from January's 50.4, below expectations of a rise to 50.8.

Other markets: Europe down, Asia up
European stocks fell as investors continued to dissect the new bailout deal for Greece and lower business activity data.

The benchmark Stoxx Europe 600 Index was 0.6% lower at 265.27. London's FTSE 100 Index fell 0.3% to 5909.68, Paris' CAC 40 dropped 0.3% to 3455.03 and Frankfurt's DAX dipped 0.7% to 6856.55.

Most Asian markets ended higher on, with Japanese stocks catching a tailwind from the yen's weakness. Mainland Chinese shares gained on hopes for a relaxation in policy toward the property sector.

The Nikkei Stock Average ended 1.0% higher, at 9554.00, as the US dollar extended its recent gains against the yen to lift Japanese exporters.

China's Shanghai Composite Index rose 0.9% to 2403.59, Hong Kong's Hang Seng Index gained 0.3% to 21549.28 and Taiwan's Taiex added 1% to 8001.68.

Korea's Kospi inched up 0.2% to 2028.65, while Australia's S&P/ASX 200 index ended little changed at 4293.10.

Commodities: Oil at nine-month high, gold at 2012 high
Benchmark oil prices in both the US and Europe rose to fresh nine-month highs amid rising tensions over what the West says is Iran's efforts to build a nuclear weapon.

Light, sweet crude oil for April delivery in New York settled just 3USc higher, just enough to extend a rally into a fifth straight day and log a fresh nine-month high of $US106.28 a barrel.

Prices have gained $US5.54 a barrel in the past five trading days.

North Sea Brent crude for April was up $US1.27 at a nine-month high of $US122.93.

Gold settled at a fresh 2012 high, up $US12.80, or 0.7%, at $US1771.30 an ounce.

Currencies: US dollar hits ¥80
The US dollar climbed above ¥80 for the first time since mid-July 2011 as recent monetary easing, a rise in oil prices and interest-rate differentials weighed on the Japanese currency.

The dollar moved to ¥80.22 from ¥79.73. The yen has been on a downward slope against the greenback, which has risen 5.3% this month alone.

Meanwhile, the UK pound tumbled below $US1.57 on news that some policymakers at the Bank of England voted for more aggressive bond-buying to boost the UK economy. The pound bought $US1.5673 compared with $US1.5779.

The euro was at $US1.3241 from $US1.3236 late on Tuesday, and at ¥106.34 from ¥105.58.

The dollar fetched 0.9115 Swiss franc from 0.9125 franc.