India Morning Call-Global Markets

MUMBAI Thu Jan 23, 2014 10:03pm EST

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MUMBAI, Jan 24 (Reuters) -

EQUITIES

NEW YORK - U.S. stocks fell on Thursday, with the Dow Jones industrial average recording its third consecutive day of losses, as risky assets sold off in wake of disappointing manufacturing data in China.

Financials and materials stocks were the day's biggest losers while telecom services was the only positive sector as investors sold growth-oriented stocks and bought defensive ones. Trading volume was heavier than in recent sessions.

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LONDON - Britain's main equity index suffered its biggest one-day fall this year on Thursday, weighed down by disappointing U.S. economic data and weak updates from Easyjet and Pearson.

Global stocks extended losses in the afternoon as data showed U.S. manufacturing growth slowed in January for the first time in three months. The data further undermined sentiment towards the world's largest economy after discouraging earnings reports from bellwether companies such as McDonald's Corp .

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TOKYO - Japan's Nikkei share average dropped to a one-month low on Friday morning as weak Chinese manufacturing activity data continued to hurt sentiment - keeping the market risk-averse before the U.S. Federal Reserve's policy-setting meeting next week.

Friday's notable losers included Daiichi Sankyo Co, which tumbled 5.8 percent to a near three-month low of 1,901 yen after the U.S. Food and Drug Administration said it had banned more products from Daiichi Sankyo's Indian subsidiary Ranbaxy Laboratories from entering the United States due to manufacturing violations.

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HONG KONG - Hong Kong's Hang Seng to open down 0.9 percent.

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FOREIGN EXCHANGE

SYDNEY - The yen and Swiss franc held firm early on Friday, having charged higher overnight as worries about a slowdown in China and turmoil in some emerging markets spurred demand for the safe-haven currencies.

The dollar nursed heavy losses after suffering its biggest one-day fall in four months against a basket of major currencies, undermined by a drop in U.S. benchmark yields to a six-week low.

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TREASURIES

NEW YORK - U.S. Treasuries prices climbed on Thursday, with benchmark yields falling to six-week lows, as losses on Wall Street and data suggesting a slowing in Chinese manufacturing revived safe-haven bids for bonds.

Chinese factory figures and an industry report showing weaker factory growth in the United States reduced bets the Federal Reserve would accelerate its pace of trimming its bond-purchase stimulus. This helped propel benchmark yields to their lowest levels in nearly six weeks.

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COMMODITIES

GOLD

SINGAPORE - Gold was trading close its highest in seven weeks on Friday and poised to record its fifth straight weekly gain as softer equities burnished the metal's safe-haven appeal.

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BASE METALS

SYDNEY - London copper edged up on Friday on a weaker dollar, but was on track for its biggest weekly fall since mid-November as slowing growth in China's factories fuelled worries over demand in the world's top metals consumer.

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OIL

NEW YORK - U.S. crude oil futures rose Thursday, narrowing the discount to European Brent to the lowest level in two months, due to a larger-than-expected draw in distillate stocks caused by sustained cold.

The freezing temperatures and a U.S. government report showing a 3.21-million-barrel draw on distillate stocks drove U.S. ultra low-sulfur diesel futures (ULSD), more commonly known as heating oil, to their highest price this year.

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