India Morning Call-Global Markets

MUMBAI, April 10 Wed Apr 9, 2014 10:51pm EDT

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MUMBAI, April 10 (Reuters) - EQUITIES

NEW YORK - U.S. stocks rallied on Wednesday after minutes from the Federal Reserve's latest policy meeting showed a more supportive central bank than investors had previously expected.

The Dow Jones industrial average rose 181.04 points or 1.11 percent, to end at 16,437.18. The S&P 500 gained 20.22 points or 1.09 percent, to finish at 1,872.18. The Nasdaq Composite added 70.914 points or 1.72 percent, to close at 4,183.90.

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LONDON - Britain's blue-chip stock index staged a technical bounce on Wednesday, helped by a rally in housebuilders as analysts flagged buying opportunities in shares that have underperformed recently.

The FTSE 100 had shed 1.6 percent over the previous two days. However, charts showed the trend for the index remained up and investors were still prepared to buy into market dips, betting on a recovery in the global economy despite geopolitical tensions in Ukraine and volatility in emerging markets.

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TOKYO - Japanese stocks rebounded on Thursday morning after minutes from the U.S. Federal Reserve eased worries over the timing of rate hikes, though Toyota Motor extended losses as investors punished it for its latest global recall of vehicles.

The Nikkei gained 1.0 percent to 14,438.52 in mid-morning trade, snapping a four-day losing streak that saw it drop to a three-week low on the previous day.

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HONG KONG - Hang Seng Index set to open up 0.5 percent.

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FOREIGN EXCHANGE

SYDNEY - The dollar drifted at three-week lows against a basket of major currencies early on Thursday, having fallen for a fourth session after minutes from the Federal Reserve's March meeting disappointed dollar bulls.

As a result, the dollar index has just about relinquished all of its gains made since the head of the U.S. central bank on March 19 suggested that interest rates may rise as soon as early next year.

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TREASURIES

NEW YORK - Short- and medium-term U.S. Treasuries prices rose on Wednesday as the record from the Federal Reserve's policy meeting in March soothed some worries the central bank might raise interest rates in the first half of 2015.

The perceived dovish tone of the minutes, from a March 18-19 Federal Open Market Committee meeting, sparked a wave of buying of short and intermediate government debt, pushing yields to their lowest levels in three weeks.

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COMMODITIES

GOLD

SINGAPORE - Gold steadied near two-week highs on Thursday after minutes from the Federal Reserve's policy meeting showed that officials were not keen on increasing interest rates anytime soon.

Spot gold was flat at $1,311.45 an ounce by 0034 GMT, after rising for the last two sessions.

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BASE METALS

SYDNEY - London copper edged up on Thursday, supported by the prospect U.S. interest rates may not rise as soon as previously thought, while investors were awaiting Chinese trade data to shed fresh light on demand in the world's top consumer.

Three-month copper on the London Metal Exchange climbed by 0.4 percent to $6,641 a tonne by 0105 GMT, paring losses from the previous session when it fell by 0.8 percent.

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OIL

NEW YORK - - U.S. crude rose more than $1 on Wednesday, driven by a technical rally and unexpectedly high gasoline demand, while tensions between Russia and the West underpinned Brent crude prices.

U.S. crude oil stocks rose more than expected last week, but the build was overshadowed by a sharp spike in gasoline demand, according to U.S. Energy Information Administration data.

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