India Morning Call-Global Markets

Tue Feb 4, 2014 10:25pm EST

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EQUITIES

NEW YORK - U.S. stocks rebounded on Tuesday, buoyed by encouraging earnings, as the market attempted to steady in the wake of its largest selloff in months a day earlier.

The selloffs were triggered by weaker-than-expected U.S. data, as well as concerns over growth in China and the outlook for some emerging economies.

The drop proved enticing for investors looking for bargains as emerging market concerns retreated and their currencies moved off recent lows. The S&P's consumer discretionary and financial stocks were among the best-performing sector indexes.

The Dow Jones industrial average rose 72.44 points or 0.47 percent, to end at 15,445.24. The S&P 500 gained 13.31 points or 0.76 percent, to finish at 1,755.20. The Nasdaq Composite added 34.562 points or 0.86 percent, to close at 4,031.52.

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LONDON - Britain's top equity index fell for the 10th time in 11 sessions on Tuesday, as a drop in the share price of chip designer ARM kept the market near a two-month low.

The blue-chip FTSE 100 index closed down by 0.3 percent, or 16.39 points, at 6,449.27 points - its lowest close since ending at 6,439.96 points on Dec. 13.

ARM fell 5.9 percent in heavy volume to make it the worst-performing FTSE stock in percentage terms, after it posted a smaller-than-expected rise in royalty revenues

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TOKYO - The Nikkei average climbed more than 1 percent on Wednesday, bouncing from a four-month low hit the previous day, as investors scooped up recently battered stocks like Panasonic and Toyota Motor following strong earnings results.

The Nikkei was up 1.4 percent at 14,206.98 in midmorning trade. On Tuesday, it had stumbled 4.2 percent to 14,008.47, marking its lowest closing level since Oct. 8 and its biggest one-day percentage decline since June 2013.

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HONG KONG - Hang Seng Index is down 0.15 percent.

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FOREIGN EXCHANGE

SYDNEY - The yen got off to a weak start in Asia on Wednesday having retreated from multi-month highs as emerging markets stabilised and stocks rebounded, while the Australian dollar took a breather following a powerful rally.

The U.S. dollar bounced to 101.63 yen, while the euro climbed to 137.33 yen, both pulling away from 11-week lows of 100.75 and 136.25 respectively.

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TREASURIES

NEW YORK - Treasuries yields rose from three-month lows on Tuesday as pressure on stocks and emerging market assets eased, reducing safe-haven demand for U.S. government debt.

U.S. benchmark 10-year Treasury notes were last down 12/32 in price to yield 2.63 percent, up from 2.58 percent late Monday. Thirty-year bonds fell 1-5/32 in price to yield 3.60 percent, up from 3.54 percent on Monday.

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COMMODITIES

GOLD

SINGAPORE - Gold dipped for a second session on Wednesday as a modest rebound in equities dampened safe-haven interest in the metal and physical purchases in top buyer Asia were quiet.

Spot gold slipped 0.1 percent to $1,252.91 an ounce by 0024 GMT, after dropping 0.2 percent on Tuesday.

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BASE METALS

SYDNEY - London copper edged higher on Wednesday, having ended a nine-session losing streak the day before as improving orders at U.S. factories helped revive demand expectations bruised by recent dismal Chinese and U.S. data.

Three-month copper on the London Metal Exchange edged up 0.2 percent to $7,057.25 a tonne by 0142 GMT, after closing up $3 the day before.

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OIL

NEW YORK - Brent oil settled at a three-month low on Tuesday, pressured by the downturn in emerging markets, while U.S. crude ended higher, boosted by continued demand for heating fuels and the expectation of a large draw from storage at the benchmark's delivery point.

U.S. crude oil futures ended 76 cents higher at $97.19 a barrel, bouncing after their largest daily percentage loss in nearly a month on Monday as they tumbled with U.S. equities. The session high was $97.71.

Brent oil settled 26 cents lower at $105.78, the lowest settlement price since Nov. 8.

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