India Morning Call-Global Markets

Wed May 28, 2014 10:42pm EDT

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EQUITIES

NEW YORK - The S&P 500 snapped a four-session winning streak on Wednesday to end just shy of a third straight record closing high.

The Dow Jones industrial average fell 42.32 points or 0.25 percent, to 16,633.18. The S&P 500 lost 2.13 points or 0.11 percent, to end at 1,909.78. The Nasdaq Composite dropped 11.99 points or 0.28 percent, to 4,225.08.

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LONDON - Britain's top shares struggled to gain ground on Wednesday, with GlaxoSmithKline falling after UK authorities launched a criminal investigation into its commercial practices.

The FTSE 100 closed up 6.28 points, or 0.1 percent, at 6,851.22 points and is now just 0.6 percent shy of May's 2014 high.

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TOKYO - - Japan's Nikkei share average snapped a five-day winning streak on Thursday morning as investors took profits on the recent gains after sentiment was soured by a pullback in U.S. shares.

The Nikkei dropped 0.5 percent to 14,597.09 in mid-morning trade. The benchmark index had gained for five straight sessions as investors' appetite for equities has been buoyed by strong U.S. economic data and China figures.

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HONG KONG - Hang Seng Index set to open up 0.1 percent.

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FOREIGN EXCHANGE

SYDNEY - The U.S. dollar hovered at a two-month high against a basket of major currencies early in Asia on Thursday, having benefited from a shake out of long positions in sterling and further weakness in the euro.

Traders said month-end buying had also supported the greenback, helping drive the dollar index as far as 80.581. A break above 80.599, the April 4 peak, will take the index back to highs not seen since mid-February.

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TREASURIES

NEW YORK - Yields on benchmark U.S. 10-year Treasury notes dropped to their lowest in nearly 11 months on Wednesday, undermined by falls in the German bond market following weak data and more month-end buying from institutional investors.

German 10-year Bund yields were down on Wednesday at 1.337 percent. Yields fell after an unexpected increase in German unemployment and a deceleration in the euro zone money supply. The data reinforced expectations that the European Central Bank will introduce further stimulus at next month's meeting.

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COMMODITIES

GOLD

SINGAPORE - Gold held steady on Thursday but was still near its lowest in nearly four months, following a two-day sell off from a stronger dollar and firmer global equities.

Spot gold was flat at $1,258.90 an ounce by 0030 GMT, after losing nearly 3 percent in the previous two sessions. On Wednesday, the metal hit $1,255.66 - its lowest since early February.

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BASE METALS

SYDNEY - - London copper hovered near a three-month peak on Thursday, underpinned as dwindling global stocks trigger a rush for remaining supplies and by seasonally robust demand from China.

Three-month copper on the London Metal Exchange was little changed at $6,940 a tonne by 0112 GMT, after closing down 0.2 percent in the previous session, when it edged to its highest since March 7 at $6,970 a tonne.

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OIL

NEW YORK - U.S. crude fell more than $1 a barrel on Wednesday as traders took profits ahead of a government inventory report that is expected to show a build in crude stocks, while Brent edged lower, propped up by geopolitical tensions in Ukraine and Libya.

U.S. oil settled down $1.39 at $102.72 a barrel, and Brent fell 21 cents to settle at $109.81 a barrel.

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