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Euro hits two-year low on poor data, higher gas prices

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Gold headed for largest weekly gain in over a year

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Bitcoin on verge of $100,000 for first time

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Global stocks gain, led by tech

(Updates price action)

By Naomi Rovnick and Tom Westbrook

LONDON/SINGAPORE, Nov 22 (Reuters) - Gold, oil, and

haven assets from the Swiss franc to German government debt

headed for strong weekly gains on Friday after the

Russia-Ukraine conflict escalated, while European gas price

rises and poor economic data heaped pressure on the euro.

In a week when Russia lowered its threshold for using

nuclear weapons and fired a hypersonic intermediate-range

ballistic missile at Ukraine, gold was set for its best week in

a year.

The euro tumbled to its lowest since December

2022, last at $1.0432 and down 0.4% on the day, after surveys

showed business activity in the bloc took a surprisingly sharp

turn for the worse this month.

European gas contracts hit a one-year high,

broadening concerns for the euro zone economy already pressured

by U.S. President-elect Donald Trump's proposed trade tariffs,

Germany's government collapse and France's wide budget deficit.

Brent crude futures gained 0.5% on Friday to $74.60

a barrel, up 5% this week, after Russia responded to the U.S.

and UK allowing Kyiv to strike its territory with Western

weapons by firing a hypersonic intermediate-range missile at

Ukraine's Dnipro.

"Those weapons typically carry nuclear warheads," said

analysts at ANZ Bank. "The exchange indicates the war has

entered a new phase, raising concerns around disruptions to

(oil) supply."

The index tracking the U.S. dollar against rival currencies

climbed to a 13 month peak of 107.15 on Friday, boosted

by haven buying as well as expectations that Trump's

America-first policies would boost growth and inflation.

Bets that Trump's administration would take a lighter-touch

approach to regulation propelled bitcoin to the brink of

$100,000 for the first time.

Gold was up 1% at $2,688 an ounce on Friday and 5.2%

higher for the week, while sterling dropped 0.4% on the

day to a six-month low of $1.253.

Traders expect Trump's tariffs to boost domestic consumer

prices, with money markets pricing about a 58% chance of a

Federal Reserve rate cut next month, down from 83% a week ago.

.

That has restricted haven buying of U.S. Treasuries, usually

considered the world's least risky and most liquid financial

assets, with the benchmark ten-year yield down just

2 basis points this week at 4.3892%.

Geopolitical concerns have raised appetite for European

haven assets however.

Germany's 10-year Bund yield dropped 7 bps to

2.244% on Friday, reflecting forecasts for faster European

Central Bank rate cuts. The Swiss franc, at €0.9264,

was on course for a 1.7% weekly gain.

In equities, traders' reassessment of artificial

intelligence chip-making giant Nvidia's prospects

following a lukewarm response to its results earlier this week

supported global stocks.

MSCI's world stock index was set for a 1.1%

weekly rise although Europe's Stoxx 600 traded flat to

head for its fifth straight weekly loss.

Britain's exporter-heavy FTSE 100 got a 0.7% daily

boost from sterling weakening against the dollar, set for its

best week since August, although futures hinted at mild

losses for Wall Street's blue-chip S&P 500 later in the day.

In Asia, chipmakers' stocks helped with Taiwanese

gain 1.5%, South Korea's tech-heavy rose 0.8% and

Japan's Nikkei advancing 0.8%.

Disappointing corporate earnings weighed on sentiment in

China, however, with the blue-chip CSI300 index down

3.1% on Friday and Hong Kong's Hang Seng Index 1.9%

lower.

In India, shares of Adani Group companies and their dollar

bonds remained under pressure following Chairman Gautam Adani's

indictment for fraud by U.S. prosecutors.

Data in Japan showed core inflation held above the central

bank's 2% target in October, leading markets to price about a

57% chance of a 25-basis-point Bank of Japan rate hike in

December although the yen remained weak.

The Japanese currency was last at 154.82 per dollar after

sliding 4% this quarter.

(Additional reporting by Ankur Banerjee; Editing by Shri

Navaratnam, Kim Coghill and Christina Fincher)