India Morning Call-Global Markets

MUMBAI Mon Feb 3, 2014 10:43pm EST

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MUMBAI Feb 4 (Reuters) - EQUITIES

NEW YORK - U.S. stocks slumped on Monday, with the S&P 500 suffering its worst drop since June, after weaker-than-expected data on the factory sector in the world's largest economy provided investors with the latest reason to move away from riskier assets.

U.S. manufacturing grew at a slower pace in January as new order growth plunged by the most in 33 years, while spending on construction projects barely rose in December.

The Dow Jones industrial average fell 326.05 points or 2.08 percent, to 15,372.8. The S&P 500 lost 40.7 points or 2.28 percent, to 1,741.89 and the Nasdaq Composite dropped 106.919 points or 2.61 percent, to 3,996.958.

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LONDON - Britain's top shares extended a recent slide on Monday, slipping firmly into negative territory after disappointing U.S. data, with Lloyds leading banks lower after its latest update.

The FTSE 100 was down 44.78 points at 6,465.66 by the close, a fall of 0.7 percent, dropping to new six-week lows after last week's 2.3 percent decline.

The index turned negative after a sharp miss on the U.S. ISM manufacturing data raised doubts over the strength of the U.S. economic recovery, ahead of jobs data later in the week.

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TOKYO - Japan's Nikkei stock average fell on Tuesday morning, hitting the lowest level in almost three months, after disappointing U.S. manufacturing data cast a pall over Wall Street.

The benchmark Nikkei shed as much as 3.4 percent to 14,121.05 before steadying to end the morning session 2.62 percent down at 14,236.59.

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HONG KONG - Hang Seng Index is down 2.35 percent.

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FOREIGN EXCHANGE

SYDNEY - The yen hovered at two-month highs against the euro and dollar early on Tuesday, having powered higher as a selloff in risk assets forced investors to cover bearish positions in the low-yielding Japanese currency.

Disappointing U.S. data that showed manufacturing activity slowed sharply last month dealt a heavy blow to markets already jittery about a selloff in emerging markets.

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TREASURIES

NEW YORK - U.S. Treasuries yields fell to their lowest levels since the beginning of November on Monday after a report showed that U.S. manufacturing grew at a substantially slower pace in January.

The 10-year note yields fell as low as 2.582 percent on Monday, the lowest since Nov. 1.

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COMMODITIES

GOLD

SINGAPORE - Gold held on to sharp overnight gains on Tuesday as Asian equities slumped and investors worried over U.S. economic growth after disappointing manufacturing data.

Asian shares tumbled with Nikkei falling 3 percent, after Wall Street suffered its worst drop since June and as markets continued to fret over an emerging market rout.

Spot gold was mostly unchanged at $1,256.76 an ounce by 0232 GMT, after gaining 1.1 percent on Monday

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BASE METALS

SYDNEY - London copper extended losses into a tenth consecutive session after U.S. manufacturing lost steam in January, further souring sentiment already tarnished by moderating growth in China.

Three-month copper on the London Metal Exchange fell to its lowest since Dec. 4 at $7,016 a tonne before partly recovering to $7,020 at 0107 GMT, down by 0.3 percent from the previous session.

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OIL

NEW YORK - - U.S. oil futures fell more than $1 on Monday, pressured by weak U.S. factory data and a sinking stock market, while Brent crude's decline was limited by rising heating oil prices as a snowstorm swept across the U.S. Northeast.

U.S. crude notched its largest daily percentage loss in nearly a month, weighed down by U.S. stock indexes that fell after data showed the factory sector in the world's largest economy expanded in January at its slowest pace in eight months.

U.S. oil fell $1.09 to settle at $96.43 a barrel, falling below the 10-day moving of $96.85 for the first time since Jan. 15.

Brent fell 36 cents to settle at $106.04 a barrel, after sinking during the session to a near three-month low of $105.40.

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