The yen tumbled against the US dollar yesterday as Japan signalled it was ready to intervene in the currency market, while a drop in oil prices undercut stocks.

US stock indexes were little changed, as the energy sector dragged. Europe’s broad stock index gained as data showed German industrial orders rose more than expected in March.

Most US Treasury yields fell as investors lowered estimates that the Federal Reserve will raise interest rates in June, after a weaker-than-expected jobs report.

The Dow Jones industrial average was down 69.3 points, or 0.39 per cent, at 17,671.33, the S&P 500 was losing 2.51 points, or 0.12 per cent, at 2,054.63 and the Nasdaq Composite was adding 6.48 points, or 0.14 per cent, at 4,742.63.

Europe’s broad FTSEurofirst 300 index gained 0.4 per cent. Germany’s DAX climbed 1.1 per cent.

MSCI’s world equity index slipped 0.2 per cent after posting its worst weekly performance since mid-February last week.

The US dollar gained 1.2 per cent against the yen, after the Japanese currency last week hit a one-and-a-half-year high against the greenback.

Against a basket of currencies, the dollar gained 0.2 per cent.

Oil prices fell as traders took in their stride the impact of wildfires on Canada’s oil output and after another inventory build at the US hub for crude futures delivery.

US crude dropped 2.3 per cent to $43.62 a barrel, while benchmark Brent dropped 3.3 per cent to $43.88 a barrel.

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