Stocks and bonds wobble as global economy throws off mixed signals

LONDON - Investors have gone from bracing for a U.S. recession to positioning for the world's biggest economy to keep chugging along.

There are some signs of cracks: First-quarter growth came in well below expectations, as did April's employment figures. "We're definitely seeing some mixed signals...In terms of the Fed, they're still likely to remain extremely cautious."Britain and the euro zone have been less impressive but are starting to recover, adding to a sense that any rate cuts will be limited.

Still, a relatively stronger U.S. economy has caused investors to flock to the dollar, pushing the euro down more than 2% this year. Oil has risen and fallen with news on negotiations about a Gaza ceasefire. Investors will also keep tabs on China's economy, which grew by a quicker-than-expected 5.3% year-on-year in the first quarter.Developed economy stocks fell around 4% in April after hitting record highs in March, before rallying again in May to sit roughly 1% below their peak.

Almost all other currencies have suffered. India's rupee hit a record low in April, while Argentina's peso, Brazil's real and others have slumped.

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