India Morning Call-Global Markets

MUMBAI Tue Jan 28, 2014 9:58pm EST

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MUMBAI, Jan 29 (Reuters) -

EQUITIES

NEW YORK - U.S. stocks bounced back on Tuesday after Pfizer's upbeat results gave investors some relief from the pain of the Dow's five-day losing streak, and the market's focus turned to the Federal Reserve's next move on stimulus.

The market's advance, which also broke the S&P 500's three-day slide, came after heavy losses tied to concerns about the withdrawal of U.S. monetary stimulus as well as worries about emerging markets, including a slowdown in China's growth and political turmoil from Turkey to Thailand.

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LONDON - Britain's blue chip shares picked up on Tuesday from five-week lows after finding strong technical support in the face of easing tensions in emerging markets and prospects of mergers and acquisitions.

Emerging market assets steadied after a three-day slump, reviving confidence in global risk assets and reassuring investors worried that companies will be hit by adverse exchange rate moves, falling demand and increased competition.

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TOKYO - Japan's Nikkei average jumped almost 2 percent on Wednesday morning after four days of losses as Turkey's huge hike in interest rates halted selling in emerging markets and bolstered risk appetite.

The Nikkei was up 1.7 percent at 15,236.62 in midmorning trade, moving away from a 2-1/2 month low just below 15,000 set on Monday. It was still down more than 6 percent so far this year, underperforming many of its regional peers.

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HONG KONG - Hong Kong's Hang Seng to open up 0.7 percent.

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FOREIGN EXCHANGE

TOKYO - Japan's yen extended its pullback early on Wednesday, while higher-risk currencies such as the Australian dollar rallied after Turkey stunned markets with a massive interest rate hike in an effort to stem capital flight from its economy.

Turkey's central bank, hot on the heels of India, raised all of its key interest rates - more than doubling some - in a move that could help calm jitters over emerging markets in general.

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TREASURIES

NEW YORK - U.S. Treasuries prices edged up on Tuesday after data showing an unexpected fall in orders for U.S. durable goods in December spurred safe-haven bids, but nervousness ahead of the Federal Reserve's policy decision capped gains.

The Commerce Department reported that orders for long-lasting U.S. manufactured goods fell by 4.3 percent in December.

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COMMODITIES

GOLD

SINGAPORE - Gold extended losses to a third session on Wednesday as investors turned jittery ahead of the U.S. Federal Reserve's statement on the outlook for its bond-buying stimulus.

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BASE METALS

SYDNEY - London copper edged up on Wednesday, moving away from seven-week lows hit a day earlier, after a surprise rate hike by Turkey soothed jitters over emerging market growth ahead of a key Federal Reserve meeting later in the session.

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OIL

NEW YORK - U.S. oil rose nearly $2 on Tuesday, settling at its highest price this year and narrowing its discount to European Brent, as traders expected data to show supplies were draining from the contract's benchmark delivery point.

Market perception that the gradual startup of TransCanada Corp's Keystone pipeline would move supplies from oil hub Cushing, Oklahoma, where the U.S. crude oil contract is priced, to the Gulf Coast, supported prices.

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