India Morning Call-Global Markets

Tue May 13, 2014 10:53pm EDT

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EQUITIES

NEW YORK - The Dow and the S&P 500 eked out record closing highs again on Tuesday, while the Nasdaq resumed its recent slide, dragged down by shares of Cisco.

The Dow Jones industrial average rose 19.97 points or 0.12 percent, to 16,715.44, its third straight record closing high. The S&P 500 gained just 0.8 of a point or 0.04 percent, to 1,897.45, its second straight record closing high. The Nasdaq Composite dropped 13.69 points or 0.33 percent, to 4,130.165.

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LONDON - Britain's top share index hit its highest closing level since December 1999 on Tuesday, led by housebuilding stocks, with technical analysts betting the broader market could push on further still.

The FTSE 100 ended up 21.33 points, or 0.3 percent, at 6,873.08 points.

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TOKYO - Japan's Nikkei average edged down on Wednesday, slipping from a 1-1/2-week high on profit-taking after big gains the previous day, while Kadokawa Corp and Dwango Co soared on a media report that the two firms plan to merge.

Publishing house Kadokawa and online video distributor Dwango both jumped 14 percent after the Nikkei newspaper reported they would merge operations under a holding company to be set up as early as next spring. Dwango was the eighth most traded stock by turnover.

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HONG KONG - Hang Seng Index set to open up 0.6 percent.

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FOREIGN EXCHANGE

SYDNEY - The euro languished at five-week lows against the dollar early in Asia on Wednesday, having come under renewed pressure as markets grew more convinced the European Central Bank would ease policy next month.

The euro last traded at $1.3704, not far from the overnight low of $1.3688. A break below the April 4 trough of $1.3672 would take it back to levels not seen since late February.

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TREASURIES

NEW YORK - U.S. Treasuries yields fell on Tuesday after U.S. retail sales for April came in below economists' forecasts, though growth expectations for the second quarter were little changed.

U.S. retail sales barely rose in April and a gauge of consumer spending slipped, held back by declines in receipts at furniture, electronic and appliance stores, restaurants and bars and online retailers.

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COMMODITIES

GOLD

SINGAPORE - Platinum and palladium retained on Wednesday sharp gains made overnight on worries that increasing labour tensions in major producer South Africa could hurt supply, while gold edged up on escalating violence in Ukraine.

Spot gold rose 0.2 percent to $1,295.00 an ounce by 0019 GMT. The metal is often seen as a safe-haven investment at times of political uncertainty.

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BASE METALS

SYDNEY - London nickel slipped on Wednesday, losing steam after supply concerns drove a rally of more than 15 percent in three days, while London copper steadied on the prospect that a slowdown in top consumer China could be countered by fresh stimulus.

Three-month nickel on the London Metal Exchange slipped by 0.8 percent to $20,840 a tonne on Wednesday, having struck $21,625, its highest since Feb 2012, the session before.

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OIL

NEW YORK - U.S. crude oil rose by more than $1 a barrel to two-week highs on Tuesday as traders expected weekly government inventory reports to show stockpiles at the Cushing, Oklahoma, delivery point plunged to new record lows last week.

Brent rose as well as strength in the U.S. crude and gasoline markets outweighed the prospects for rebounding supply from Libya.

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