India Morning Call-Global Markets

Sun Apr 27, 2014 10:53pm EDT

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EQUITIES

NEW YORK - U.S. stocks dropped on Friday, pulled lower by a selloff in consumer discretionary stocks as bellwether names Amazon.com and Ford Motor fell in the wake of their quarterly earnings.

Amazon was the S&P 500's worst performer, down 9.9 percent to $303.83, and other high-flying sectors dropped along with it. Social media names slid, with Twitter losing 7.1 percent to $41.61, and the Nasdaq Biotechnology Index falling 2.4 percent as investors once again shied away from riskier sectors.

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LONDON - Britain's top share index slipped on Friday from its seven-week closing high the day before, as growing tension in Ukraine offset encouraging updates from media group Pearson and betting agency William Hill.

Pearson rose 3.8 percent after saying it had made a "solid" start to the year. William Hill gained 2.1 percent after its first-quarter results. The two companies were the top gainers on the FTSE 100 index.

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TOKYO - Japanese shares fell on Monday, weighed down by a drop on Wall Street and as tensions in the Ukraine drove up the yen.

The Nikkei share average fell 1.1 percent to 14,276.42 in morning trade. The broader Topix index shed 1 percent to 1,158.03.

The dollar was on course to mark its fourth straight day of losses against the safe-haven yen, as tensions mount over the crisis in the Ukraine.

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

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FOREIGN EXCHANGE

SYDNEY - The dollar got off to a quiet start on Monday following a few days of directionless trading with investors unlikely to take aggressive positions ahead of major events out of the United States and euro zone.

Policy reviews by the U.S. Federal Reserve and Bank of Japan (BOJ) will also keep the market cautious in a holiday-shortened week for much of Asia. Many centres in the region will shut on Thursday for the Labour Day holiday, while Japan will be closed on Tuesday.

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TREASURIES

NEW YORK - Yields on U.S. 30-year bonds fell to their lowest in more than nine months on Friday, sliding for a fourth straight session, as investors sought the safety of bonds after Russia unexpectedly raised rates hours after the S&P downgraded the country's credit rating.

The gap between short- and long-term interest rates, mainly the spread between yields of 5-year notes and 30-year bonds, also contracted on Friday to its narrowest since October 2009. Some strategists said this flattening of the yield curve could suggest the market sees the U.S. economy slowing.

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COMMODITIES

GOLD

SINGAPORE - Gold climbed to its highest in 1-1/2 weeks on Monday, as weaker equities and escalating geopolitical tensions in Ukraine boosted the metal's safe-haven appeal.

Spot gold rose 0.06 percent to $1,303.60 an ounce by 0024 GMT, after earlier hitting $1,305.11 - its highest since April 16.

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BASE METALS

SYDNEY - London copper prices edged to their highest in seven weeks on Monday on tight Chinese copper supply, while nickel pushed to its strongest in almost 15 months in the wake of Indonesia's ban on ore shipments.

Three-month copper on the London Metal Exchange climbed to $6,790.75 a tonne, its highest since March 7, before trading at $6,770.25 a tonne by 0117 GMT. Prices have rebounded by 2 percent this month.

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OIL

SINGAPORE - Brent edged up toward $110 a barrel on Monday as tensions rose in Ukraine and Libya delayed the re-opening of a damaged eastern port. The United States and Europe are preparing new sanctions against Russia as tensions escalated in eastern Ukraine. Pro-Russian rebels paraded European monitors they are holding on Sunday, freeing one but saying they had no plans to release another seven.

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