India Morning Call-Global Markets

MUMBAI, April 7 Sun Apr 6, 2014 10:53pm EDT

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MUMBAI, April 7 (Reuters) - EQUITIES

NEW YORK - Momentum shares like Netflix and TripAdvisor sold off sharply for a second straight day on Friday, giving the Nasdaq its worst day since February and leaving investors anxious about how much further they may fall.

The Dow Jones industrial average fell 159.84 points or 0.96 percent, to close at 16,412.71. The S&P 500 lost 23.68 points or 1.25 percent, to finish at 1,865.09. The Nasdaq Composite ended at 4,127.726, down 110.014 points or 2.6 percent, its worst daily percentage loss since February.

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LONDON - Britain's top equity index hit its highest level in around three weeks on Friday, boosted by gains in sectors seen as among the most sensitive to an upturn in the global economy, such as banks and miners.

The blue-chip FTSE 100 index closed up by 0.7 percent, or 46.41 points, at 6,695.55 points.

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TOKYO - Japan's Nikkei share average tumbled to a one-week low on Monday morning after a slide on Wall Street overshadowed encouraging U.S. jobs data, and index heavyweight SoftBank Corp dived in the wake of a sell-off in U.S. tech names.

Traders said SoftBank shares have become very sensitive to moves in U.S. tech stocks ahead of Alibaba's IPO, which is expected to become one of the largest offerings in history. Alibaba said last month that it is planning its initial public offering in the United States.

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HONG KONG - Hang Seng Index set to open down 0.4 percent.

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FOREIGN EXCHANGE

SYDNEY - Commodity currencies including the Australian dollar held onto solid gains early on Monday as the dollar and euro fell to the wayside and even lost ground to an otherwise soft yen.

Investors went cool on the dollar after a closely watched U.S. jobs report failed to live up to the market's lofty expectations, while the thought of the European Central Bank launching its own bond-buying stimulus kept euro bulls at bay.

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TREASURIES

NEW YORK - U.S. Treasuries yields dipped Friday after the employment report for March came in slightly below economists' estimates, with medium-term yields falling the most as fears eased of an early hike in interest rates by the Federal Reserve.

Employers added 192,000 new jobs last month, after adding 197,000 jobs in February, the Labor Department said. The unemployment rate was unchanged at 6.7 percent. Economists had expected a gain of 200,000 jobs last month.

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COMMODITIES

GOLD

SINGAPORE - Gold added to gains on Monday following its biggest one-day jump in over three weeks, as investor worries about an early U.S. interest rate hike eased when the nonfarm payrolls report failed to meet market expectations.

Spot gold rose nearly 0.1 percent to $1,303.16 an ounce by 0031 GMT, after gaining 1.2 percent on Friday - its biggest percentage increase since March 12. The metal wasn't too far from a one-week high of $1,306.50 hit in the previous session.

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BASE METALS

SYDNEY - London copper sank on Monday to its lowest in more than a week due to ample supply and tepid buying interest, with markets in top consumer China closed for a holiday.

Worries about demand growth in China have waned in recent days as prospects for more stimulus have been priced in, lending support to copper.

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OIL

NEW YORK - U.S. crude oil rose on Friday as data showed strong jobs growth in the United States and Brent crude followed suit as investors cast doubt on reports Libya's oil ports were about to reopen.

Both benchmarks retreated from the day's highs along with the U.S. equities market, which fell sharply from the intraday record highs hit after the March U.S. nonfarm payrolls report was released. The report showed 192,000 jobs were added in March.

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