India Morning Call-Global Markets

Wed May 14, 2014 10:47pm EDT

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EQUITIES

NEW YORK - U.S. stocks fell on Wednesday, with the Dow and S&P 500 retreating from recent record highs, as small caps resumed their sell-off and consumer discretionary shares lagged.

The Dow Jones industrial average fell 101.47 points, or 0.61 percent, to 16,613.97, the S&P 500 lost 8.92 points, or 0.47 percent, to 1,888.53, and the Nasdaq Composite dropped 29.54 points, or 0.72 percent, to 4,100.63.

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LONDON - Britain's top share index steadied near a 14-year high at the close on Wednesday and remained on track to set a record peak in coming months on growing optimism that the economy is on a fast recovery path.

The benchmark FTSE 100 index ended 0.08 percent higher at 6,878.49 points after touching its highest level since December 1999 earlier in the session.

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TOKYO - Japan's Nikkei share average dropped on Thursday morning after declines on Wall Street and a stronger yen hurt sentiment, while Sony Corp tumbled after it disappointed the market with a loss forecast.

Sony dropped 6.9 percent to a three-month low and was the second most traded stock by turnover after it forecast a net loss for a second year in a row for the year through March.

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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 wallowed near six-week lows against the dollar on Thursday, weighed by lower government debt yields amid rising expectations the European Central Bank is poised to cut rates at next month's meeting.

A dovish ECB has helped push down yields on German and U.S. government debt, with the benchmark U.S. 10-year note yield slipping to a six-month low on Wednesday.

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TREASURIES

NEW YORK - U.S. Treasuries yields fell to six-month lows on Wednesday, breaking out of a recent range, as expectations the European Central Bank will cut interest rates sparked a global fixed-income rally.

The ECB is preparing a package of policy options for its June meeting, including cuts in all its interest rates, and targeted measures aimed at boosting lending to small- and mid-sized firms (SMEs)

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COMMODITIES

GOLD

SINGAPORE - Palladium and platinum looked likely to extend a three-day rally on Thursday as labour tensions rose in major producer South Africa, threatening to further impact supply from a 16-week strike.

Gold held on to overnight gains that pushed it above the key $1,300-an-ounce level, supported by geopolitical uncertainty in Ukraine and technical buying.

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BASE METALS

SYDNEY - London nickel plunged more than 6 percent on Thursday as light profit-taking triggered heavy technical sales after supply concerns fuelled a rally of more than 15 percent in the past week.

Three month nickel on the London Metal Exchange slumped to $18,804 at one point, a drop of 6.2 percent from Wednesday when it notched up a 4.5 percent loss. Prices had steadied at $19,050 by 0114 GMT, still down by 4.9 percent and trimming the year's gains to 37 percent. A trader saw support at $18,500-19,000.

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OIL

NEW YORK - Global oil prices rose on Wednesday as a draw on U.S. crude stocks at the Cushing, Oklahoma, contract delivery point and gasoline stocks pushed Brent and U.S. crude to three week highs.

U.S. crude stocks rose overall last week but inventories at the Cushing, Oklahoma, delivery point fell by 592,000 barrels, data from the U.S. Energy Information Administration showed on Wednesday.

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