India Morning Call-Global Markets

Tue May 20, 2014 10:46pm EDT

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EQUITIES

NEW YORK - U.S. stocks fell in a broad selloff on Tuesday, with major indexes hitting session lows in afternoon trading, led by losses in the retail sector after disappointing results from Staples and TJX Companies.

All 10 primary S&P 500 sector indexes fell, and nearly three-fourths of Nasdaq-listed names were down for the day.

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LONDON - Sell-offs in mobile operator Vodafone VOD.L and retailer Marks & Spencer MKS.L dragged down Britain's blue-chip equity index on Tuesday, after disappointing forecasts from both companies.

The benchmark FTSE 100 index .FTSE closed down by 0.6 percent, or 42.55 points, at 6,802.00 points.

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TOKYO - Japan's Nikkei share average edged down on Wednesday morning as a stronger yen soured sentiment, and construction equipment makers underperformed after Caterpillar reported lower demand in heavy machines.

Investors are watching out for comments by the Bank of Japan after it ends its two-day policy setting meeting on Wednesday.

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

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FOREIGN EXCHANGE

TOKYO - Lower U.S. Treasury yields held the dollar near a 3-1/2 month low against the yen early on Wednesday, with markets looking for potential catalysts from the Bank of Japan's policy review later in the day.

The dollar dipped 0.1 percent to 101.25 yen JPY=, within striking distance of 101.10 hit on Monday, its lowest since Feb. 5. The dollar has shed roughly 1 percent against the yen so far this month, nudged lower by a steady decline in U.S. yields.

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TREASURIES

NEW YORK - U.S. Treasuries prices rose on Tuesday after a Federal Reserve official said the central bank will likely be slow in raising interest rates and as weak corporate earnings drove safe-haven bids.

The Fed likely will be "relatively slow" in hiking interest rates, New York Federal Reserve President William Dudley said at a New York event. The comment came after Fed Chair Janet Yellen said in March that the central bank could raise rates six months after its bond-buying program ended.

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COMMODITIES

GOLD

SINGAPORE - Platinum edged higher on Wednesday as labour strikes in top producer South Africa dragged on for a 17th week and after an industry report said a shortage of the metal was set to widen this year.

Gold continued to trade in a tight range below $1,290 an ounce on outflows from gold-backed funds.

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BASE METALS

SYDNEY - London copper drifted on Wednesday as traders took profits after prices failed to build on gains after reaching their highest in two months last week, suggesting lukewarm appetite from consumers despite the peak season for demand.

Three-month copper on the London Metal Exchange had edged down 0.3 percent to $6,862 a tonne by 0135 GMT, extending small losses from the previous session.

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OIL

NEW YORK - Brent rose modestly on Tuesday supported by instability in Libya, pulling U.S. oil for July delivery higher in spite of expectations for an increase in domestic stockpiles.

The El Feel and El Shahara oilfields in western Libya were still shut more than a week after the government said protests there were over, an official said, and output was flat at 210,000 barrels a day.

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