India Morning Call-Global Markets

Wed Feb 12, 2014 10:04pm EST

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EQUITIES

NEW YORK - The S&P 500 closed flat on Wednesday, with a four-day rally in the index just barely coming to an end after Procter & Gamble cut its outlook, though some positive earnings limited the decline and eased concerns that valuations had become stretched.

The Nasdaq rose for a fifth straight session, boosted by strong results at TripAdvisor, while the Dow felt the pressure from P&G and ended the day slightly lower.

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LONDON - Britain's top share index reached a three-week closing high on Wednesday, buoyed by miners, after top metals consumer China reported robust trade data.

Mining companies are recovering from a sharp decline in 2013, after a sector-wide drive to offset falling metals demand with cuts in spending. They got a boost on Wednesday from fresh evidence that the Chinese economy is stabilising.

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TOKYO - Japan's Nikkei average edged down on Thursday after hitting a 1-1/2 week high the previous day as investors awaited more U.S. economic data, while brewers like Sapporo Holdings fell on lacklustre profit forecasts.

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HONG KONG - Hang Seng Index set to open up 0.1 percent.

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FOREIGN EXCHANGE

SYDNEY - The euro nursed losses early on Thursday, having suffered a setback on dovish comments from a top European Central Bank official, while a surprisingly upbeat economic outlook from the Bank of England gave sterling a shot in the arm.

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TREASURIES

NEW YORK - U.S. Treasury debt prices fell for a second straight session on Wednesday after the U.S. House of Representatives passed a measure on the debt ceiling and the new Federal Reserve chair vowed to maintain the bank's current strategy of reducing asset purchases at a gradual pace.

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COMMODITIES

GOLD

SINGAPORE - Gold was trading steady near its three-month high on Thursday, close to breaking past $1,300 an ounce as technical momentum, short-covering and hopes for a measured tapering of U.S. stimulus offset any negative impact from firmer equities.

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BASE METALS

SYDNEY - London copper edged down on Thursday as traders took profits after optimistic comments by the Federal Reserve chair on growth helped prices rally one percent in the previous session, while robust China trade data also underpinned sentiment.

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OIL

NEW YORK - U.S. oil settled at a four-month high on Wednesday supported by expectations that one-time landlocked oil at the U.S. contract's benchmark delivery point would continue to flow to Gulf Coast refineries after government data showed a large drain in supplies there.

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