* Fed likely to resist pressure to cut U.S. rates this week
* ECB forum, Bank of Japan also in focus
* Wall Street indexes up, Nasdaq leads
* N.Y. Fed "Empire" business index posts record drop in June
* Oil prices fall over 1% amid economic worries
By Lewis Krauskopf
NEW YORK, June 17 (Reuters) - A gauge of global stock markets dipped slightly on Monday after a mostly strong month and benchmark U.S. bond yields edged lower as investors awaited developments this week from central banks in the United States and elsewhere.
Oil prices slumped as more poor Chinese economic figures fanned fears of lower worldwide oil demand. O/R
MSCI's gauge of stocks across the globe .MIWD00000PUS shed 0.06%, as modest increases for Wall Street's main indexes led by the tech-heavy Nasdaq were countered by some weakness in Europe.
The U.S. Federal Reserve is set to give its policy statement on Wednesday, with expectations running high the central bank is poised to cut interest rates this year. can't expect much of a bet to be made two days before what may or may not be a pivotal Fed meeting and announcement," said Art Hogan, chief market strategist at National Securities Corporation.
The European Central Bank is also holding a forum in Portugal this week, with the Bank of Japan set to hold its policy meeting later in the week. Fed is expected to leave borrowing costs unchanged at its meeting but possibly lay the groundwork for a rate cut later this year, with concerns about the global economy fueled by a heightening U.S.-China trade war.
The New York Federal Reserve said its gauge of business growth in New York state posted a record fall this month to its weakest level in more than 2-1/2 years, suggesting an abrupt contraction in regional activity. Empire manufacturing numbers that came out were dreadful," said Jack Ablin, Chief Investment Officer at Cresset Wealth Advisors in Chicago. "We're back to that the idea that bad news is good news, with the Fed meeting around the corner, and that the Fed will respond with lower rates."
On Wall Street, the Dow Jones Industrial Average .DJI rose 22.92 points, or 0.09%, to 26,112.53, the S&P 500 .SPX gained 2.69 points, or 0.09%, to 2,889.67 and the Nasdaq Composite .IXIC added 48.37 points, or 0.62%, to 7,845.02. pan-European STOXX 600 index .STOXX lost 0.09%. Shares of Lufthansa LHAG.DE plunged 12% after the German airline lowered its profit outlook for the year, citing intense competition from low-cost rivals. Treasury yields slipped in choppy trading, weighed down by softer-than-expected U.S. economic data and persistent pressure from the trade conflict with China. 10-year notes US10YT=RR last rose 3/32 in price to yield 2.0855%, from 2.094% late on Friday.
The dollar index .DXY fell 0.01%, with the euro EUR= up 0.06% to $1.1214. crude CLcv1 settled down 1.1% at $51.93 a barrel, while Brent LCOcv1 settled at $60.94, down 1.7%.
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https://tmsnrt.rs/2KdE2by GRAPHIC-Global assets in 2019
http://tmsnrt.rs/2jvdmXl GRAPHIC-World FX rates in 2019
http://tmsnrt.rs/2egbfVh GRAPHIC-MSCI All Country World Index Market Cap
http://tmsnrt.rs/2EmTD6j GRAPHIC-China trade shock interactive
https://tmsnrt.rs/2SRopIf Asia stock markets
https://tmsnrt.rs/2zpUAr4 Asia-Pacific valuations
https://tmsnrt.rs/2Dr2BQA
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