Treasury yields ease; Turkey's lira plunges



* U.S. stocks mixed in early trading

* Dollar dips

* Turkey's lira plunges on rate cut (Updates with early U.S. markets activity, changes dateline; previous LONDON/SYDNEY)

By Caroline Valetkevitch

NEW YORK, Nov 18 (Reuters) - U.S. Treasury yields edged lower on Thursday as the market struggled with reduced liquidity, while Turkey's lira weakened further after its central bank cut rates.

MSCI's gauge of stocks across the globe was flat, and stocks on Wall Street were mixed.

Cisco Systems CSCO.O was down nearly 9% a day after it forecast current-quarter revenue below expectations due to supply chain shortages and delays. It was the latest in a growing list of U.S. companies citing supply chain problems.

Investors have been concerned over further increases in price pressures, along with uncertainty over the Federal Reserve's plans for tightening.

Consumer discretionary shares .SPLRCD however, were up 1%. That came a day after retail giant Target TGT.N warned that high U.S. inflation was putting pressure on profit margins.

The Dow Jones Industrial Average .DJI fell 94.72 points, or 0.26%, to 35,836.33, the S&P 500 .SPX gained 10.97 points, or 0.23%, to 4,699.64 and the Nasdaq Composite .IXIC added 64.71 points, or 0.41%, to 15,986.28.

The pan-European STOXX 600 index .STOXX lost 0.48% and MSCI's gauge of stocks across the globe .MIWD00000PUS shed 0.01%.

Earlier, German and French bourses rose to record highs despite big falls in energy stocks.

Yields on benchmark U.S. 10-year Treasury notes US10YT=RR were last at 1.58%. They have jumped from a low of 1.415% last week and are holding below five-month highs of 1.705% reached on Oct. 21.

Bond moves may stay choppy, however, as the market deals with reduced liquidity that is likely to worsen during the end- of-year holiday season.

"There has been a pretty notable decline in market liquidity, which I think has been contributing to some of the outsized moves," said Jonathan Cohn, head of rates trading strategy at Credit Suisse in New York.

"The fact that we’ve already experienced some diminished liquidity suggests that this choppiness that we’ve seen can persist."

In the foreign exchange market, the dollar index =USD fell 0.1%, with the euro EUR= up 0.33% to $1.1356.

Turkey's lira shed another 3.3% to above 11 per dollar after the central bank cut rates by 100 basis points to 15%, even in the face of inflation near 20% and the Turkish currency TRYTOM=D3 hurtling southward.

The lira has lost around 11.5% of its value this month amid President Tayyip Erdogan's renewed criticism of interest rates and calls for stimulus despite the risks. It was last at 10.955, having earlier hit a record low of 11.30 per dollar.

U.S. crude CLc1 recently rose 0.23% to $78.54 per barrel and Brent LCOc1 was at $80.77, up 0.61% on the day.

Spot gold XAU= dropped 0.3% to $1,861.68 an ounce.



World FX rates YTD Link
Global asset performance Link
Asian stock markets Link
Lira timeline November 2021 Link



Additional reporting by Tom Westbrook in Sydney and Marc Jones
and Sujata Rao in London; Karen Brettell and John McCrank in New
York; editing by Shri Navaratnam, Sam Holmes, Philippa Fletcher
and Dan Grebler



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