India Morning Call-Global Markets

Wed May 21, 2014 10:39pm EDT

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EQUITIES

NEW YORK - U.S. stocks rose on Wednesday, rebounding from the previous day's broad selloff, after minutes of the Federal Reserve's last meeting showed central bankers have discussed the eventual tightening of monetary policy but made no decisions on which tools to use.

The Dow Jones industrial average rose 1 percent, its biggest daily percentage jump since mid-April. Goldman Sachs was the top gainer on the blue chip index, up 1.9 percent at $159.35.

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LONDON - Britain's top share index edged up on Wednesday as shares in drugmaker AstraZeneca rebounded on the view that what appeared to have been an unsuccessful bid for the company may still have a chance of going through.

AstraZeneca rose 2.6 percent, adding the most points to the blue-chip FTSE 100 index, which closed up 19.04 points or 0.3 percent at 6,821.04 points.

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TOKYO - Japan's Nikkei share average rose sharply on Thursday morning as a survey showing an encouraging improvement in Chinese manufacturing added to an already upbeat mood after the U.S. Federal Reserve reaffirmed its commitment to support the economy.

China's factory sector turned in its best performance in five months in May, a preliminary HSBC survey showed on Thursday.

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

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FOREIGN EXCHANGE

SYDNEY - The yen was on the defensive in early Asian trade on Thursday, having retreated from multi-month highs against the euro and dollar as an improvement in risk appetite dampened demand for the safe haven currency.

The dollar fetched 101.46 yen, well off a 3-1/2 month low of 100.80 plumbed overnight. Similarly the euro at 138.80 was off its 3-1/2 month trough of 138.15.

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TREASURIES

NEW YORK - Medium- and longer-dated U.S. Treasuries yields rose on Wednesday after minutes from the Federal Reserve's latest policy meeting suggested the central bank would be slow in raising interest rates.

Minutes from the Fed's April policy meeting said the central bank's staff presented several approaches to raising short-term interest rates, but said the discussion was simply "prudent planning" and not a sign rate hikes would come any time soon.

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COMMODITIES

GOLD

SINGAPORE - Gold slipped on Thursday as the top bullion-backed fund posted its biggest outflow in three weeks and after the U.S. Federal Reserve indicated it would continue to trim its stimulus measures.

Spot gold had fallen $1 to $1,290.40 an ounce by 0024 GMT. Platinum and palladium continued to add to gains on supply fears as strikes in major producer South Africa dragged on for a 17th week.

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BASE METALS

SYDNEY - London copper edged up on Thursday from a nine-day low hit the session before after Federal Reserve meeting minutes reassured markets that discussions around rate hikes were "prudent planning" and not a sign hikes would come any time soon.

Three-month copper on the London Metal Exchange had edged up 0.3 percent to $6,851.75 a tonne by 0125 GMT, paring small losses from the previous session. Copper dropped to $6,785 a tonne on Wednesday, its lowest since May 12 as momentum spluttered after it failed to build on last week's two-month peak.

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OIL

NEW YORK - U.S. oil reached a one-month high on Wednesday, rising nearly $2 a barrel, after the government reported a large draw in commercial crude stocks, while renewed fighting in Libya that kept output low boosted Brent prices.

U.S. crude stocks fell last week as imports slumped to the lowest since 1997, while gasoline and distillate inventories rose, the U.S. Energy Information Administration reported

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