India Morning Call-Global Markets

Sun Mar 9, 2014 10:58pm EDT

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EQUITIES

NEW YORK - U.S. stocks finished mostly higher on Friday, with the S&P 500 closing at a record after more jobs than expected were created in February and January's figure was revised higher.

The S&P 500 ended at a record closing high for the second day in a row. Friday's milestone also was the S&P 500's fifth record closing high in the past seven sessions.

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LONDON - Britain's main share index fell to a three-week closing low on Friday as a landmark corporate bond default in China, the world's top metals consumer, hit major mining stocks.

Lingering concerns about the crisis in Ukraine, after Russia's effective seizure of Ukraine's Crimea peninsula, also weighed on the market.

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TOKYO - Japanese shares slipped from a five-week high on Monday morning as disappointing Chinese trade data and uncertainty over the crisis in Ukraine prompted investors to lock in recent gains.

Although the U.S. jobs data released on Friday was surprisingly strong, it provided limited support because it also cemented expectations of a further reduction in U.S. monetary stimulus.

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HONG KONG - Hang Seng Index set to open down 1.4 percent.

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FOREIGN EXCHANGE

SYDNEY - The yen rose across the board early on Monday as investors gave riskier currencies, such as the Australian dollar, a wide berth after China data fuelled worries about a slowdown in the world's second-biggest economy.

Figures released over the weekend showed a surprisingly sharp drop in exports that tipped China's trade balance into a deficit, while inflation cooled to its slowest pace in 13 months.

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TREASURIES

NEW YORK - U.S. Treasuries yields rose to their highest levels in six weeks on Friday after jobs gains were stronger than expected in February, which could ease fears of an abrupt slowdown in economic growth and keep the Federal Reserve on track to reduce its monetary stimulus.

Employers added 175,000 jobs to their payrolls last month after creating 129,000 new positions in January, the Labor Department said on Friday. The unemployment rate, however, rose to 6.7 percent from a five-year low of 6.6 percent.

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COMMODITIES

GOLD

SINGAPORE - Gold edged lower for a second straight session on Monday after strong U.S. jobs data eased fears of an economic slowdown and dimmed the metal's safe-haven appeal.

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BASE METALS

SYDNEY - Shanghai copper dropped by its 5 percent daily limit on Monday to its lowest in more than four years after weak Chinese trade data fanned concerns over its metals industry following the country's first domestic bond default last week.

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OIL

NEW YORK - U.S. oil rose more than $1 a barrel on Friday as Western relations with Russia worsened over the crisis in the Ukraine and U.S. job growth accelerated by more than expected in an upbeat sign for oil demand.

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