Global stocks slid anew on Tuesday as an uptick in German manufacturing orders failed to offset persistent concerns about economic prospects, worries that pushed crude oil down prices to below $63 a barrel.

Caution was the order of the day, with the dollar rising against the euro in a seesaw session in which risk tolerance rose and then fell as investors weighed the outlook for growth and corporate earnings.

Data showed orders in Germany, Europe’s largest economy, rose at the strongest monthly pace in nearly two years in May. But economists said the yearly comparison would remain weak for some time.

Euro zone government bond prices fell and the Bund future retreated from seven-week peaks as heavy European supply of almost 14 billion euro cut safety bids for bonds.

Another decline on Wall Street rekindled a safety bid for U.S. government debt, offsetting worries about demand for this week’s sale of $73 billion in bonds.

Tumbling energy shares dragged down European and U.S. equity markets as oil fell more than 2 percent, pressured by investors’ caution over recovery and an expected increase in gasoline stocks during the heart of the U.S. driving season.

Exxon Mobil Corp fell 1.7 percent and Chevron Corp dropped 1.3 percent in U.S. trading, while Royal Dutch Shellshed 0.75 percent and Total lost 1.2 percent in Europe.

“The markets are in a consolidation mode,” said Andrew Bell, head of research at Rensburg Sheppards. “To propel the markets higher, we have got to see evidence of the turning point in earnings and of the recovery and economic growth moving from less bad to a little bit better.”

At 1:30 p.m. EDT (1730 GMT), the Dow Jones industrial average was down 67.41 points, or 0.81 percent, at 8,257.46. The Standard & Poor’s 500 Index was off 6.44 points, or 0.72 percent, at 892.28. The Nasdaq Composite Index lost 18.77 points, or 1.05 percent, at 1,768.63.

Disappointing UK industrial output data pulled shares lower in London, with utilities among top European decliners.

The FTSEurofirst 300  index of top European shares closed 0.8 percent lower at 826.36 points. The FTSE 100 closed down 7.91 points at 4,817, a fresh two-month low.

British manufacturing output unexpectedly fell 0.5 percent in May, official data showed, making it less likely the economy returned to growth in the second quarter.

Copper prices turned negative as concerns over demand and world growth persisted. Copper for three-months delivery in London traded at $4,930 a tonne.

Gold erased earlier gains to trade near break-even as the dollar recovered lost ground against a basket of currencies, reducing the precious metal’s appeal as an alternative asset.

Spot gold prices rose 20 cents to $924.20 an ounce and the U.S. Dollar Index  was up 0.25 percent at 80.584.

The euro was down 0.23 percent at $1.3942, while against the yen, the dollar fell 0.56 percent to 94.83.

An expected increase in U.S. gasoline stocks for the week ended July 3, ahead of the long U.S. Independence Day holiday weekend, pressured oil.

“Consumer confidence is weighed down by higher retail prices and rising unemployment and so the number of Americans taking to the road over the holiday weekend was probably lower than last year,” said Harry Tchilinguirian, senior oil analyst with BNP Paribas.

The benchmark interbank cost of borrowing euros fell to a new low on Tuesday as a banking system flush with funds remained reluctant to lend money into the real economy.

The benchmark 10-year U.S. Treasury note was up 11/32 in price to yield 3.47 percent. The 2-year U.S. Treasury note was little changed, yielding 0.94 percent.

Asian stocks edged up slightly but struggled, with the MSCI index of Asia-Pacific shares outside Japan rising 0.4 percent. Japan’s Nikkei share average <.N225> dipped 0.3 percent as a stronger yen hit exporter shares.

NEW YORK, July 7 (Reuters)