India Morning Call-Global markets
EQUITIES NEW YORK - U.S. stocks rose on Friday, capping the best week for major indexes in months as unexpectedly strong data on economic growth increased confidence that the recovery was accelerating. Gross domestic product grew at an annual rate of 4.1 percent in the third quarter, the fastest pace in almost two years, and exceeding the 3.6 percent reported earlier this month. Business spending was also stronger than previously estimated. For a full report, double click on - - - - LONDON - Britain's top share index posted its biggest weekly gain since July after rising for a third straight session on Friday, boosted by strong U.S. data and a rally in cruise operator Carnival. For a full report, double click on - - - - TOKYO - Japan's Nikkei share average closed a choppy session at its highest level in six years on Friday, with traders citing futures buying by funds ahead of the long weekend for the rebound from morning losses. The market has been underpinned by a soft yen after the U.S. Federal Reserve this week finally announced it would start dialing back its massive stimulus, sending the dollar broadly higher. The Bank of Japan, meanwhile, kept monetary policy steady on Friday, encouraged by growing signs the benefits of its massive stimulus are spreading through broader sectors of the economy. For a full report, double click on - - - - HONG KONG - The Hang Seng index is UP 0.71 percent. For a full report, double click on - - - - FOREIGN EXCHANGE TOKYO - The U.S. dollar got off to a sluggish start in Asia on Monday, having slipped late last week as investors took some profits although analysts still expect its longer-term uptrend to stay intact. The dollar bought 104.01 yen, having stepped back from a five-year peak of 104.64 scaled on Friday. The euro, which slid to a two-week trough of $1.3625, last stood at $1.3670. Trading could be choppy this week as liquidity dries up with many markets across the globe shut on Wednesday for the Christmas holiday. Japanese financial markets are closed on Monday for the Emperor's Birthday. . For a full report, double click on - - - - TREASURIES NEW YORK - Longer-dated Treasury debt prices rose on Friday as yields near the upper end of their recent range drew buyers and the market adjusted to the idea that the Federal Reserve would begin to trim its bond purchases at the start of the new year. In late trade, the 30-year bond rose 1-11/32 in price to yield 3.82 percent, while the U.S. benchmark 10-year Treasury note was up 11/32 for a yield of 2.89 percent. For a full report, double click on - - - - COMMODITIES GOLD SINGAPORE - - Gold ticked up Monday after its biggest weekly loss in a month, but the metal was still at the risk of falling back below $1,200 an ounce as investors fretted over the impact of a U.S. stimulus tapering. Spot gold edged up 0.1 percent to $1,203.91 an ounce by 0018 GMT. It rose 1 percent on Friday on short-covering after losing 4 percent in the previous three sessions. For a full report, double click on - - - - BASE METALS SINGAPORE - London copper futures edged higher on Monday, helped by a weaker dollar after holding steady last week as investors largely took the Fed's decision to start cutting its monetary stimulus in stride. Three-month copper on the London Metal Exchange gained 0.2 percent to $7,255.25 a tonne by 0125 GMT. For a full report, double click on - - - - OIL NEW YORK - Oil prices rose and gasoline futures hit a three-month high on Friday, fueled by spread trading and supply concerns. A string of glitches at U.S. refineries and strikes at four Total refineries in France lifted U.S. RBOB gasoline futures 1.5 percent, and they touched the highest level since early September. For a full report, double click on (Compiled by Himank Sharma)
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