India Morning Call-Global Markets

Mon May 19, 2014 10:50pm EDT

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EQUITIES

NEW YORK - U.S. stocks rose on Monday, with a rally in high-growth names among Internet and biotech shares giving the Nasdaq a gain of almost 1 percent.

Equities have been pressured recently, with the S&P 500 coming off its first two-week decline since January as investors have become concerned about the economy's growth prospects.

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LONDON - Britain's top shares fell on Monday, dented by a sharp drop in pharmaceutical firm AstraZeneca after it rejected rival Pfizer's higher takeover bid.

AstraZeneca dived 11.1 percent after turning down Pfizer's 55 pounds/share take-it-or-leave-it offer.

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TOKYO - Japan's Nikkei share average rose on Tuesday morning, snapping a four-day losing streak supported by gains in Wall Street, while Yahoo Japan Corp 4689.T soared after dropping its plan to buy mobile network operator eAccess Ltd from SoftBank Corp.

However, gains were limited by expectations that the Bank Of Japan may not ease policy further any time soon.

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

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FOREIGN EXCHANGE

TOKYO - The yen held near a 3-1/2-month high against the dollar and the euro on Tuesday, supported by diminishing expectations of stimulus by the Bank of Japan as well as falling U.S. and European bond yields.

The dollar traded at 101.48 yen, a day after falling to 101.10 yen, its lowest level since early February -- briefly breaking below its 200-day moving average at 101.25 yen.

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TREASURIES

NEW YORK - Longer-dated U.S. Treasuries yields rose on Monday on profit-taking after hitting multi-month lows last week, and on reduced bids from European traders following the close of European markets.

Traders sold 30-year Treasury bonds after their yields hit 3.3 percent last Thursday, which marked their lowest since June. Benchmark 10-year U.S. Treasuries yields also rose after briefly falling below 2.5 percent, which some view as a key technical resistance level.

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COMMODITIES

GOLD

SINGAPORE - Platinum extended gains to a second session on Tuesday as labour strikes at top producer South Africa continued into a 17th week, disrupting supply of about 40 percent of global output.

Gold held below $1,300 an ounce as a lack of major economic data and significant developments in geopolitical tensions in Ukraine kept investor interest muted.

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BASE METALS

SYDNEY - Nickel on Tuesday extended gains from the day before on supply concerns as Chinese consumers run down stocks given a ban on Indonesian ore exports, while copper clung close to two-month peaks on hopes China's financial reforms would shore up its slowing economy.

Three-month nickel on the London Metal Exchange added 1.6 percent to Monday's 5.5-percent advance, moving towards a 27-month peak of $21,625 tipped on May 13.

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OIL

NEW YORK - U.S. oil prices rose to near one-month highs on Monday as a weak dollar prompted buying a day before the June contract's expiration, while Brent prices fell as slumping global equities outweighed the impact of low Libyan output.

The U.S. dollar fell to its lowest level in more than three months against the yen, which is supportive for oil and commodities priced in dollars.

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