India Morning Call-Global Markets

MUMBAI Sun Feb 2, 2014 10:20pm EST

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MUMBAI Feb 3 (Reuters) - EQUITIES

NEW YORK - A selloff in emerging markets sent a cold chill down Wall Street, triggering a slide on Friday and making January its worst month since May 2012 after one of its best years in more than a decade.

In Friday's session, energy and consumer discretionary shares had the biggest declines of the day after some disappointing earnings. The S&P energy index ended the day down 1.5 percent, while the consumer discretionary index fell 1.3 percent. Chevron Corp and Amazon.com were among the biggest drags.

The Dow Jones industrial average fell 149.76 points or 0.94 percent, to end at 15,698.85. The S&P 500 lost 11.60 points or 0.65 percent, to finish at 1,782.59.

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LONDON - British blue chip shares fell to six-week lows on Friday and were set for their worst month since June, as beverage stocks suffered from emerging-market turmoil and disappointing results.

The FTSE 100 closed down 28.01 points, or 0.4 percent, to 6,510.44 points. It fell 3.5 percent in January, its biggest monthly decline since last June and its worst January since 2010.

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TOKYO - Japan's Nikkei share average fell to a fresh 2 1/2-month low on Monday, extending last week's declines with little sign that emerging market woes have abated, and upcoming U.S. jobs data keeping investors risk-shy.

The Nikkei dropped 1.0 percent to 14,764.31 in mid-morning trade after touching as low as 14,711.48 earlier, the lowest since Nov 14. It fell 7.8 percent for the last week hit by concerns about a sell-off in emerging market assets.

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

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FOREIGN EXCHANGE

SYDNEY - The euro licked its wounds near a ten-week low against the dollar on Monday after soft euro zone inflation data rekindled speculation the European Central Bank may ease policy to stave off deflation.

Worries about capital flight from emerging economies also kept investors at arms length from risk assets, underpinning the yen over growth-sensitive, high-yielding currencies.

The euro traded at $1.3489 in early Monday trade, not far from Friday's low of $1.3479, which was its lowest level since late November.

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TREASURIES

NEW YORK - U.S. Treasuries prices rose on Friday with benchmark yields falling to their lowest level in over two months on lingering troubles in emerging market economies, leading safe-haven bonds to notch their strongest gains in 20 months in January.

Investors continued to flee emerging markets as the latest round of central bank actions failed to offset concern about rising economic and political risks in many developing economies.

The Benchmark 10-year Treasury notes were last up 11/32 in price to yield 2.65 percent, while the 30-year Treasury bond was last up 17/32 in price to yield 3.606 percent.

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COMMODITIES

GOLD

SINGAPORE - Gold was little changed in early Asian trading on Monday, after posting its first loss in six weeks, as the strength in the U.S. dollar and the absence of key buyer China weighed on prices

Spot gold was steady at $1,242.86 an ounce by 0016 GMT. Bullion fell 2 percent last week - its first loss since the week ended Dec. 20.

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BASE METALS

SYDNEY - London copper drifted on Monday towards two month lows hit the previous session, with slowing official factory growth in China compounding a deteriorating demand outlook for the metal.

Three-month copper on the London Metal Exchange edged down by 0.28 percent to $7,045 a tonne by 0215 GMT from the previous session when it fell to its lowest in nearly two months at $7,033.50. Prices lost 4 percent in January, its weakest month since June.

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OIL

NEW YORK - Oil prices fell on Friday, with Brent posting its biggest monthly loss in four months, on worries over the outlook for emerging economies and fallout over the U.S. Federal Reserve's decision to continue tapering its stimulus program.

Brent crude settled $1.55 lower at $106.40.

U.S. oil shed 74 cents to settle at $97.49 per barrel, ending January about 1 percent lower.

U.S. crude's discount to Brent CL-LCO1=R settled at $8.91 after narrowing to $8.50, its lowest mark since Oct. 18.

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