India Morning Call-Global Markets

MUMBAI Mon May 26, 2014 10:53pm EDT

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MUMBAI May 27 (Reuters) - EQUITIES

NEW YORK - The S&P 500 closed at a record high on Friday, buoyed by a rally in housing stocks after better-than-expected home sales and a jump in Hewlett-Packard shares a day after the personal computer maker said it would cut more jobs.

The Dow Jones industrial average rose 63.19 points or 0.38 percent, to 16,606.27. The S&P 500 gained 8.04 points or 0.42 percent, to end at 1,900.53, a record. The Nasdaq Composite added 31.47 points or 0.76 percent, to 4,185.81.

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LONDON - Britain's top equity index slipped on Friday to record its biggest weekly loss in more than a month, led by selloffs in oil group Tullow and luxury brand Burberry.

The FTSE 100 closed 0.1 percent lower at 6,815.75 points, recording a 0.6 percent fall on the week, the steepest since April 10.

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TOKYO - Japan's Nikkei share average climbed to a fresh seven-week high on Tuesday, extending gains into a fourth day as recent upbeat Chinese and U.S. data continued to lift investors' risk appetite.

The Nikkei was up 0.8 percent at 14,724.84 in midmorning trade after touching 14,732.68, its highest since April 8. It rose 1 percent to 14,602.52 on Monday.

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HONG KONG - Hang Seng Index set to open flat.

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FOREIGN EXCHANGE

SYDNEY - The euro struggled to gain any momentum early in Asia on Tuesday after drifting off a three-month low against the dollar with public holidays in the United States and Britain all but ensuring an anaemic session overnight.

The common currency last stood at $1.3644, having slid as far as $1.3615 on Monday. Against the yen, it traded at 139.10, off a low of 138.73. Just last week, the euro hit a three-month trough of 138.15.

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TREASURIES

NEW YORK - U.S. Treasuries prices rose on Friday on uncertainty ahead of Sunday's European Union and Ukraine elections, which overshadowed stronger-than-expected U.S. housing data and spurred safe-haven bids.

Traders sought safe-haven bonds on the belief that the elections could result in market volatility, including renewed worries of a Greek exit from the euro zone and the potential for greater geopolitical concerns surrounding Russia and Ukraine.

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COMMODITIES

GOLD

SINGAPORE - Gold was little changed on Tuesday as investors await U.S. economic data for directional cues, while platinum group metals rose for a second day as labour strikes dragged on in key producer South Africa.

Spot gold was flat at $1,292.40 an ounce by 0027 GMT. The metal has been trading in a tight range in the last few sessions, struggling to get past $1,300.

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BASE METALS

SYDNEY - London copper edged to its highest in nearly three months on Tuesday as markets reopened after a holiday weekend, underpinned by buying in top user China and expectations of monetary easing in Europe.

Three-month copper on the London Metal Exchange touched $6,966, its highest since March 7. By 0134 GMT, it stood at $6,956 a tonne, up 0.4 percent on the day.

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OIL

NEW YORK - Brent crude eased to near $110 a barrel on Monday, down from last week's two-and-a-half month high, as worries over Ukraine eased slightly following a presidential election.

Resistance levels for Brent and U.S. crude, or West Texas Intermediate (WTI), on technical charts were also keeping a lid on gains. Market activity was limited with the U.S. and UK markets were closed for holidays.

July Brent crude closed down 22 cents at $110.32 a barrel after hitting a two-and-a-half month high at $111.04 on May 22.

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