India Morning Call-Global Markets

MUMBAI Tue Jan 21, 2014 10:06pm EST

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MUMBAI Jan 22 (Reuters) - EQUITIES

NEW YORK - U.S. stocks mostly rose on Tuesday, with the S&P 500 snapping a two-session decline as the materials sector rallied, though the Dow fell on disappointing earnings by three of its components.

Trading was volatile, with the S&P fluctuating between positive and negative territory throughout the session, while the Dow moved between modest and solid losses and the Nasdaq swung between modest and strong gains.

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LONDON - Britain's top shares consolidated near an eight-month high on Tuesday as reassuring news about economic conditions in emerging markets boosted consumer staples and financials, although miners weakened.

The FTSE 100 touched its highest since May 2013, before pulling back in the afternoon, with traders citing caution on Wall Street as U.S. markets reopened after a long weekend.

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TOKYO - The Nikkei share average held steady on Wednesday morning as investors were cautious ahead of the outcome of the Bank of Japan's policy meeting, while Tokyo Steel Manufacturing Co Ltd jumped after reporting robust third-quarter results.

The Nikkei was little changed at 15,793.02 in mid-morning trade, holding its 25-day moving average of 15,765.34.

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HONG KONG - Hong Kong's Hang Seng to open 0.3 percent lower.

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FOREIGN EXCHANGE

SYDNEY - The yen was on the back foot early on Wednesday with investors unwilling to take aggressive bets ahead of the outcome of the Bank of Japan (BOJ) policy meeting.

The BOJ is widely expected to maintain a wait-and-see stance having embarked on a massive stimulus program last year. It prefers not to ease again unless clear evidence emerges that a sales tax hike in April causes far more damage than expected.

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TREASURIES

NEW YORK - Most U.S. Treasuries prices were little changed on Tuesday, with benchmark yields holding near their five-week lows, overcoming earlier concerns about the Federal Reserve further paring its bond-buying next week.

Bond prices fell initially on worries stemming from an article in The Wall Street Journal that said the U.S. central bank will likely reduce its monthly purchases of Treasuries and mortgage-backed securities by another $10 billion to $65 billion.

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COMMODITIES

GOLD

SINGAPORE - Gold was trading near its lowest in a week on Wednesday, after sharp overnight losses, on speculation about further cuts to the U.S. Federal Reserve's stimulus measures and an improving outlook for the global economy.

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BASE METALS

SYDNEY - London copper was trading flat on Wednesday as expectations the Federal Reserve may scale back stimulus measures next week reduced the allure of commodities, but a shortage of refined metal buttressed prices.

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OIL

NEW YORK - Oil prices clung to modest gains on Tuesday after a swift early rally fuelled by a bullish global demand forecast and new concerns over Libyan oil exports succumbed to profit-taking.

A sharp mid-afternoon retreat in U.S. ultra low-sulfur diesel futures (ULSD), which had rallied by as much as 5 percent last week, also helped pare oil's gains, even as snowstorms blanketed the U.S. East Coast.

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