* U.S. shares flat, pare early gains
* Yen hits 5-year trough vs euro, 6-month low vs dollar
* Crude up from recent losses, Brent rallies
By David Gaffen
NEW YORK, Nov 29 A major index of world equities
ended little changed on a light day of trading on Friday, while
U.S. crude oil rebounded from recent declines.
The U.S. stock market slipped at the end of a thinly traded,
abbreviated session following Thursday's Thanksgiving holiday.
The S&P 500 has gained 27 percent so far in 2013, with the
seasonally strong month of December to come.
Retail stocks were in focus on the traditionally busy U.S.
shopping day known as Black Friday. Online retailers eBay
and Amazon.com were among the better
performers, gaining 2.6 percent and 1.8 percent, respectively.
But shares of other stores were lower as the Morgan Stanley
Retail Index fell 0.05 percent on the day.
"Discounts and specials are higher than in the prior year
due to the weakness in traditional retail," said David Berman,
founder of Durban Capital, a New York hedge fund that
specializes in retail and consumer stocks.
The MSCI All-World Index lost 0.02 percent
to 401.80, after earlier rising to a level not seen since Jan.
Oil prices rallied. U.S. light sweet crude gained 93 cents
to $93.23 a barrel after recent declines, as an explosion at an
army depot in southern Libya kept supply disruptions in traders'
Prices for U.S. Treasuries dipped slightly in subdued
trading, with investors looking ahead to data next week. The
benchmark 10-year Treasury note was down 5/32, the
yield at 2.7535 percent.
The Dow Jones industrial average fell 10.92 points,
or 0.07 percent, at 16,086.41. The Standard & Poor's 500 Index
was down 1.42 points, or 0.08 percent, at 1,805.81. The
Nasdaq Composite Index was up 15.14 points, or 0.37
percent, at 4,059.89.
In the currency market, the euro edged lower against
the dollar to $1.3588. The dollar rose to 102.44 against the yen
in light volume.
Investors have been using the yen as a funding currency for
carry trades, with the Bank of Japan committed to keeping
ultra-loose monetary policy to shore up growth. That is in
contrast to the U.S. Federal Reserve, which is moving toward
unwinding its $85 billion-a-month bond-buying campaign.
The yen is down almost 18 percent versus the euro this year,
while it is off 15 percent against the greenback and is also set
for its biggest one-month fall since January. The Nikkei
meanwhile, has rallied 50 percent this year.
Standard and Poor's stripped the Netherlands of its prized
AAA grade, blaming its worsening growth prospects. But the bond
market reaction was muted, with Dutch debt prices
up slightly despite the bad news.
Tokyo's Nikkei notched its best November since 2005 despite
some late profit-taking in Asia, as the yen, at a five-year low
against the euro and a six-month low versus the
dollar, boosted hopes for its big exporting firms.
Gold rose 1.1 percent to $1,251 an ounce, but the
commodity has been under pressure throughout the year, driven by
worries over the U.S. Fed eventually scaling back its stimulus.