India Morning Call-Global Markets

MUMBAI Sun Jan 26, 2014 9:48pm EST

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MUMBAI, Jan 27 (Reuters) -

EQUITIES

NEW YORK - U.S. stocks dropped for a second day on Friday and the S&P 500 posted its worst week since June 2012 as a selloff in emerging market assets fed through to wholesale pullbacks in equities.

The S&P 500 fell 2.6 percent for the week, closing below its 50-day moving average Friday for the first time since Oct. 9, suggesting more selling may be ahead for the market that closed out 2013 with a 30-percent gain.

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LONDON - Britain's top shares sank to a five-week closing low on Friday, with stocks exposed to emerging markets feeling the biggest losses, knocked by a rout in Latin American currencies.

Aberdeen Asset Management shed 5.7 percent, the FTSE 100's top loser, while peer Ashmore was among the steepest FTSE midcap FTMC decliners, off 5.3 percent, suffering from their heavy exposure to emerging markets after Argentina's central bank gave up its battle against the currency's decline.

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TOKYO - Japan's Nikkei average slid as much as 3 percent to its lowest in two months on Monday as the yen soared and global equities dropped on concerns about a selloff in emerging-market assets.

Index heavyweights led the declines with SoftBank Corp , the most traded stock by turnover, falling 2.7 percent and KDDI Corp shedding 3.5 percent

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HONG KONG - Hong Kong's Hang Seng to open down 1.9 percent.

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FOREIGN EXCHANGE

TOKYO - The dollar slipped to a seven-week low against the yen on Monday as a sell-off in emerging market currencies late last week prompted investors to seek shelter in the safe-haven Japanese currency.

The dollar fell as low as 101.77 yen, its lowest level since early December and last stood at 102.04 yen, down 0.3 percent from late U.S. levels last week. It has fallen 2.4 percent in the past three sessions.

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TREASURIES

NEW YORK U.S. Treasuries prices rose on Friday with benchmark yields hitting near two-month lows on safe-haven bids for bonds stemming from worries about tightening credit conditions in China and a looming currency crisis in Argentina.

Those worries since Thursday have spurred selling in global stock markets and other riskier investments as investors scrambled into the relative safety of cash and U.S. and German government debt.

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COMMODITIES

GOLD

SINGAPORE - Gold rallied for a third session on Monday to its highest in two months, with its safe-haven appeal boosted as shares fell on expectations investors would keep shifting money away from emerging economies.

Spot gold had risen 0.5 percent to $1,275.09 an ounce by 0021 GMT, after hitting a two-month peak of $1,278.01 earlier.

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BASE METALS

SYDNEY - London copper sagged to its lowest in seven weeks on Monday as concerns over imminent cuts to the Federal Reserves's bond buying program and turmoil in emerging economies spilled across into commodities.

Three-month copper on the London Metal Exchange edged down by 0.23 percent to $7,163.75 a tonne by 0114 GMT from the previous session. It earlier traded at $7,160 which was its lowest since Dec. 11.

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OIL

NEW YORK - U.S. crude settled lower on Friday on reports of a slowing economy in China and a downward slide in U.S. equities, while Brent saw slight gains on spread trading.

China's economic growth is expected to slow gradually over the next two years as the government forges ahead with structural reforms and seeks to curb elevated debt levels, a Reuters poll showed.

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