India Morning Call-Global Markets

MUMBAI Thu Feb 20, 2014 10:01pm EST

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MUMBAI Feb 21 (Reuters) - EQUITIES

NEW YORK - U.S. stocks climbed on Thursday after a reading on manufacturing activity hit its highest in nearly four years, while news about Facebook and Tesla drove their shares to record highs.

The major indexes swung between slight gains and losses in early trading, but were clearly in the black after noon and didn't look back. The S&P 500 ended less than 0.5 percent below its record close set last month at 1,848.38.

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LONDON - Britain's top shares edged higher on Thursday, tracking gains in U.S. stocks but pinned back by miners after China's factory activity dropped, while BAE Systems slid after forecasting a decline in earnings this year.

The FTSE 100 staged a late recovery, tracking Wall Street higher after strong U.S. manufacturing data.

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TOKYO - Japan's Nikkei average jumped more than 2 percent on Friday, recouping most of the previous day's losses, as investors took heart from gains on Wall Street after a reading on U.S. manufacturing hit its highest in nearly four years.

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HONG KONG - Hang Seng Index set to open up 1 percent.

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FOREIGN EXCHANGE

SYDNEY - The dollar pulled away from a seven-week low against the euro and pushed higher against the yen in early Asian trade on Friday, bolstered by upbeat U.S. economic data.

The number of Americans filing new claims for unemployment benefits fell last week, suggesting the labour market continues to improve steadily despite recent severe cold weather.

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TREASURIES

NEW YORK - U.S. Treasuries yields rose back to the higher end of their recent range on Thursday as traders reported an uptick in investors selling bonds and prepared for new Treasury supply next week.

Treasuries yields have held in a relatively tight range in the past two weeks as investors evaluate whether a recent spate of weakening economic data reflects a slowing economy or transitory weakness due to bad weather.

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COMMODITIES

GOLD

SINGAPORE - Gold edged down on Friday, pressured by a firmer dollar and having risen nearly 1 percent in the previous session, but the precious metal was heading for its third week of gains on a patchy recovery in the global economy.

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BASE METALS

SYDNEY - London copper was little changed on Friday, after falling for two consecutive sessions to a one-week low as concerns over growth in top consumer China weighed on the market.

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OIL

NEW YORK - U.S. crude oil inched lower on Thursday after U.S. heating oil stockpiles fell less than expected and Chinese economic data disappointed.

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