Stocks, oil fall on China data, Greece

Global shares and commodity prices fell on Friday as investors wary of political deadlock in Greece and weak economic data from China cut back on their appetite for risk.

Fears of slower economic growth and uncertainty over Europe pushed government debt prices higher, with German Bund futures hitting record highs. An unexpected fall in U.S. producer prices helped debt prices climb.

The price of crude oil, copper and gold all fell as the euro traded flat with the U.S. dollar.

European shares fell and Wall Street opened lower, pulled down by bank shares after JPMorgan Chase & Co’s disclosed after markets closed on Thursday a trading loss of at least $2 billion from a failed hedging strategy.

The Dow Jones industrial average was down 64.56 points, or 0.50 percent, at 12,790.48. The Standard & Poor’s 500 Index was down 7.82 points, or 0.58 percent, at 1,350.17. The Nasdaq Composite Index was down 10.94 points, or 0.37 percent, at 2,922.70.

The FTSEurofirst index of top European stocks dipped 0.6 percent to 1012.59 points, led by banking shares , which were hit by JPMorgan.

The MSCI world equity index was on course for a second weekly loss of more than 2 percent and emerging equities were set for their biggest weekly loss since November, as investors dropped riskier assets.

German Bund futures rose as high as 143.09, up 48 ticks on the day and Bund yields hovered near record lows of 1.50 percent.

The benchmark 10-year U.S. Treasury note was up 9/32 in price to yield 1.84 percent.

The euro bounced from a 3-1/2 month low of $1.2905, and was trading just off break-even, at 1.2929.

“Today there is a flight-to-safety - Greece is not resolved, Spain is not resolved ... and JPMorgan adds a bit of concern simply because they were assumed to be the well run bank and if this sort of thing could happen there where else could it happen,” said Lou Brien, market strategist with DRW Trading Group in Chicago.

Crude prices fell below $112 a barrel after a weak reading of industrial growth in China sparked worries that demand may slow from the world’s No. 2 oil consumer.

Chinese industrial output expanded at its slowest annual pace in April in nearly three years. When paired with poor trade figures on Thursday, the data suggest China’s economy continues to slow after a weak first-quarter performance.

Brent crude futures for June delivery lost 87 cents to $111.86 a barrel.

The U.S. light sweet June contract dropped 97 cents to $96.10 a barrel.

The U.S. dollar index up 0.06 percent at 80.161, and against the Japanese yen, the dollar was down 0.08 percent at 79.86.