Citigroup result help stocks, boosts dollar

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Stocks trimmed earlier losses and the dollar rose while European government bond futures hit session lows on Friday after Citigroup reported better-than-expected results for the second quarter.

Citi reported a second-quarter loss per share of $0.49, higher than forecasts of around $0.61-67. It took credit costs of $7.2 billion against some estimate of around $9 billion.

"As far as the tone in the equity market is concerned, results in the financial sector were not as bad as expected which has provided the dollar with some support," said Ian Stannard, senior currency strategist at BNP Paribas.

By 1040 GMT the FTSEurofirst 300 index was down 0.1 per cent on the day, having been down more than half a per cent earlier. MSCI main world equity index was down 0.4 per cent on the day, also off its intraday low.

The dollar was up 0.2 per cent against a basket of currencies.