India Morning Call-Global Markets

MUMBAI Thu Jan 30, 2014 9:51pm EST

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MUMBAI Jan 31 (Reuters) - EQUITIES

NEW YORK - The S&P 500 scored its biggest gain in more than a month on Thursday as Facebook led a tech rally and data showed the U.S. economy was on solid footing in the fourth quarter.

The day's rebound pushed the S&P 500 back into positive territory for the week, but the index was still down 2.9 percent for the month.

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LONDON - British blue-chip shares fell for the seventh time in eight days on Thursday, led lower by Diageo after the company said weakness in emerging markets was hurting its sales.

The FTSE 100 index was down 0.1 percent, or 5.83 points, at 6,538.45 by the close, nearing its lowest since mid-December. It has suffered in recent sessions from a sell-off in emerging markets that continued on Thursday.

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TOKYO - The Nikkei share average rose on Friday morning, recouping some of the previous day's steep declines as strong Japanese corporate earnings and solid growth in the United States provided welcome relief for frayed nerves.

After days of turmoil in emerging currencies and stocks, a semblance of calm returned to many of the badly hit markets.

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HONG KONG - Financial markets in Hong Kong are closed on Friday for the Chinese New Year holiday and will resume trading on Tuesday, Feb. 4.

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FOREIGN EXCHANGE

SYDNEY - The U.S. dollar traded at one-week highs against a basket of major currencies early on Friday, having been swept higher as investors took aim at the euro in a volatile end to a very choppy month.

The dollar index rose as far as 81.135 from Thursday's low of 80.545, on track to end the week up 0.7 percent. It was up 1.3 percent so far this month.

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TREASURIES

NEW YORK - U.S. Treasuries prices fell slightly on Thursday after policymakers in emerging market nations pledged to take any necessary measures to stabilize their markets, limiting demand for safe-haven bonds.

From Istanbul to Moscow and Brasilia, a fresh round of central bank actions and verbal intervention offered support to emerging market currencies, which calmed some fears after jitters on Wednesday spurred a rally in Treasuries.

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COMMODITIES

GOLD

SINGAPORE - Gold looked poised to post its first weekly drop in six weeks on Friday as strong U.S. economic growth boosted global equities and the dollar, hurting the metal's safe-haven appeal.

Bullion was also under pressure due to the absence of top buyer China, shut for the Lunar New Year holiday.

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BASE METALS

SYDNEY - London copper steadied on Friday from near two-month lows hit the session before, but was on track to log its biggest monthly loss in seven due to weaker growth in top metals consumer China.

Three-month copper on the London Metal Exchange had edged up 0.16 percent to $7,106 a tonne by 0120 GMT, after 0.4 percent losses the session before, when it slipped to $7,066 a tonne - its weakest since Dec. 6. Copper was eyeing a drop of 3.5 percent for January, its biggest monthly fall since June.

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OIL

NEW YORK - U.S. crude oil rose nearly $1 on Thursday on spread trading and higher demand as blistering cold sapped distillate supplies and government data showed solid economic growth in the fourth quarter last year.

The price difference between the European benchmark Brent and U.S. crude oil settled at its narrowest point in more than 2-1/2 months, after news that U.S. gross domestic product grew by a 3.2 percent annual rate, according to the U.S. Commerce Department.

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