India Morning Call-Global Markets

MUMBAI Tue May 6, 2014 10:54pm EDT

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MUMBAI May 7 (Reuters) - EQUITIES

NEW YORK - U.S. stocks fell broadly on Tuesday, closing at session lows, with AIG pulling financial shares lower after disappointing earnings and as a slide in Twitter took down other names in the technology and internet space.

The Dow Jones industrial average fell 129.53 points or 0.78 percent, to 16,401.02, the S&P 500 lost 16.94 points or 0.9 percent, to 1,867.72 and the Nasdaq Composite dropped 57.296 points or 1.38 percent, to 4,080.759.

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LONDON - Britain's top share index retreated from a nine-week high on Tuesday, knocked by weak results from Barclays and Aberdeen Asset Management, while falls in drugmakers also took their toll on the market.

The blue-chip FTSE 100 index closed down 23.86 points, or 0.4 percent, at 6,798.56 points, after hitting 6,838.17 on Friday, its highest level since late February. The market was closed on Monday for a public holiday.

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TOKYO - Japan's Nikkei share average tumbled to a three-week low on Wednesday as a stronger yen dragged down exporters and ongoing concerns about Ukraine hurt market sentiment.

The Nikkei was down 2 percent at 14,170.48 in midmorning trade after falling as low as 14,160.08, its lowest since April 16. Last Friday, the index shed 0.2 percent to 14,457.51.

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HONG KONG - Hang Seng Index set to open down 0.3 percent.

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FOREIGN EXCHANGE

SYDNEY - The New Zealand dollar tumbled on Wednesday after the country's central bank warned it may have to intervene to weaken the currency, while the U.S. dollar languished at six-month lows against a basket of major currencies.

Reserve Bank of New Zealand Governor Graeme Wheeler said if the currency stayed high in the face of worsening fundamentals, "it would become more opportune for the Reserve Bank to intervene in the currency market to sell NZ dollars."

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TREASURIES

NEW YORK - The 30-year bond and other long-maturity U.S. Treasuries rose on Tuesday in thin, meandering trade ahead of potentially market-moving congressional testimony by Federal Reserve Chair Janet Yellen.

Traders were still puzzling over Friday's drop in 30-year yields to 10-month lows and were searching for signals about where the government debt market was headed, according to George Goncalves, U.S. rates strategist head at Nomura Securities.

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COMMODITIES

GOLD

SINGAPORE - Gold was little changed on Wednesday as a weaker dollar and safe-haven bids triggered by simmering tensions in Ukraine offset the influence of weak physical demand.

Spot gold was trading nearly flat at $1,308.21 an ounce by 0027 GMT, after slipping 0.2 percent on Tuesday. Before that, the metal had gained about 2 percent in as many sessions.

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BASE METALS

SYDNEY - London nickel hovered close to 15-month highs on Wednesday as worries about supply from Indonesia and Russia fuelled momentum that has found further heat from investor and consumer buying.

Three-month nickel on the London Metal Exchange climbed 0.4 percent to 18,625 a tonne by 0130 GMT having earlier reached 18,700 a tonne, within a whisker of its April 28 peak of $18,715, which was the loftiest since February 2013.

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OIL

NEW YORK - U.S. crude futures settled nearly unchanged on Tuesday, but later rose in post-settlement trade after industry group the American Petroleum Institute reported that crude stocks decreased last week, defying analysts' expectations for a build.

U.S. commercial crude inventories fell by 1.8 million barrels last week, with stockpiles at the Cushing, Oklahoma, delivery hub falling by 1.5 million barrels, the API found.

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