India Morning Call-Global Markets

Thu Apr 10, 2014 10:57pm EDT

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EQUITIES

NEW YORK - The Nasdaq suffered its biggest drop in two-and-a-half years on Thursday after another sharp selloff in biotech and momentum names, including Gilead Sciences and TripAdvisor, increasing investor anxiety about a broader pullback.

The Dow Jones industrial average plummeted 266.96 points or 1.62 percent, to end at 16,170.22. The S&P 500 lost 39.09 points or 2.09 percent, to close at 1,833.09. The Nasdaq Composite dropped 129.794 points or 3.1 percent - its biggest daily percentage loss since Nov. 9, 2011 - to 4,054.106. For a full report, double click on

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LONDON - Britain's top share index traded just above flat on Thursday, buoyed by the banking sector after the Federal Reserve indicated it would keep interest rates lower for longer than previously anticipated.

The FTSE 100 was up just 6.36 points or 0.1 percent at 6,641.97 points at the close, with financials - banks, insurers and asset managers - contributing about half the gains.

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TOKYO - Japanese shares tumbled to six-month lows on Friday and could log their worst performance since the March 2011 tsunami and nuclear disaster after a rout in U.S. tech shares spurred selling by momentum players.

Fast Retailing, the benchmark Nikkei heavyweight and casual clothing giant, sank after it cut its full-year operating profit forecast when investors are already getting nervous about fallouts from a sales tax hike this month.

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HONG KONG - Hang Seng Index set to open down 0.2 percent.

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FOREIGN EXCHANGE

SYDNEY - The dollar is on track for its biggest weekly fall in nine-months early on Friday, having given up all of its recent gains as markets become increasingly convinced that any interest rate hike by the Federal Reserve is still a long way off.

Minutes from the Fed's March meeting released mid-week appeared to have hit home the message that the U.S. central bank is nowhere near tightening even as it has begun to unwind its bond-buying stimulus.

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TREASURIES

NEW YORK - The U.S. Treasuries market rallied on Thursday with benchmark yields falling to their lowest in nearly four weeks as market-friendly minutes from the Federal Reserve's March policy meeting renewed appetite for government debt.

A steep selloff on Wall Street, where the major indexes lost between 1 and 3 percent, ramped up safe-haven bids for Treasuries and stoked demand at a $13 billion 30-year bond auction that fetched the lowest yield in 10 months.

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COMMODITIES

GOLD

SINGAPORE - Gold was trading near its highest in 2-1/2 weeks on Friday, and looked set to log its best week in a month on weaker equities and increasing hopes that the U.S. Federal Reserve will hold off on tighter interest rates.

Spot gold eased 0.08 percent to $1,317.35 an ounce by 0025 GMT, after three straight days of gains. The precious metal is up 1.2 percent for the week.

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BASE METALS

SYDNEY - London nickel eased back from one year highs on Friday but was set to log its ninth weekly gain in 10 weeks, as a ban on ore exports from Indonesia fuelled rising prices for the stainless steel material.

Three month nickel on the London Metal Exchange traded at 17,165 a tonne at 0133 GMT, having stretched to 17,226 a tonne on Thursday, which was its highest since March 15, 2013.

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OIL

NEW YORK - Global crude oil drifted modestly lower on Thursday, pressured by weaker economic data from China as well as the prospect of a rebound in oil exports from Libya.

Both China's exports and crude imports fell, stoking concerns about demand in the world's second-biggest economy.

For a full report, double click on (Compiled by Indulal PM)

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