India Morning Call-Global Markets

Wed Jun 11, 2014 10:41pm EDT

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EQUITIES

NEW YORK - U.S. stocks fell on Wednesday, with the Dow breaking a four-day string of record closing highs, following the World Bank's reduction of its global growth forecast.

The S&P 500's drop of 0.4 percent was its biggest daily percentage loss since May 20. The benchmark index fell for the second day in a row, after four straight record closing highs..

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LONDON - Britain's top share index fell on Wednesday, pressured by stocks going ex-dividend and a sharp decline in Rolls-Royce following the cancellation of a major plane order.

Rolls-Royce dropped 5.5 percent, the top faller in the blue-chip FTSE 100 index .FTSE, after Dubai's Emirates scrapped a $16 billion order for Airbus A350 planes that are fitted with engines from Rolls-Royce..

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TOKYO - Japan's Nikkei share average fell to a 1 1/2-week low on Thursday morning after the World Bank's downward revision of its global growth forecast soured sentiment, while a stronger yen pulled down exporters.

Bucking the weakness, Mitsubishi Heavy Industries 7011.T surged 2.7 percent and was the sixth most traded stock by turnover after the company said it and Siemens SIEGn.DE are in talks over a joint bid for the energy assets of France's Alstom ALSO.PA..

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HONG KONG - Hang Seng Index set to open down 0.6 percent.

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FOREIGN EXCHANGE

TOKYO - The euro hovered near a four-month low versus the dollar on Thursday, hobbled by a widening yield gap between euro zone bonds and their major peers, while the New Zealand dollar rose after the central bank retained its hawkish bias.

The euro held steady at $1.3535, languishing near a four-month low of $1.3503 set last Thursday when the European Central Bank cut interest rates to record lows and took its deposit rate negative for the first time.

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TREASURIES

NEW YORK - U.S. Treasury debt prices were flat to slightly lower on Wednesday in thin trading, after a lackluster 10-year auction that raised concerns about weakening demand for long-term government paper.

Treasuries sold off in the aftermath of the auction, which saw a higher-than-expected yield, suggesting investors are demanding a premium to hold U.S. debt. Foreign central bank participation declined again, continuing a trend seen since February.

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COMMODITIES

PALLADIUM

SINGAPORE - Palladium held steady near a more than 13-year high on Thursday, as supply concerns from a five-month strike in second-largest producer South Africa triggered buying from industrial users and investors.

Cash palladium was little changed at $857.15 an ounce by 0019 GMT. The metal used in jewellery and auto catalysts rallied to $862.50 an ounce on Wednesday, its highest level since February 2001.

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BASE METALS

SYDNEY - London copper was steady near one-month lows on Thursday, amid conflicting signals on demand from top user China.

Three-month copper on the London Metal Exchange had edged down 0.2 percent to $6,678.25 a tonne by 0116 GMT from the session before. Prices on Tuesday fell to their lowest since May 7 at $6,628 a tonne.

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OIL

NEW YORK - Brent oil futures climbed toward $110 a barrel on Wednesday as violence in Iraq prompted worries about the supply outlook, while U.S. crude struggled to make gains near key levels of resistance.

Militants from an al Qaeda splinter group who seized Iraq's second-biggest city, Mosul, earlier this week have advanced into the oil refinery town of Baiji, raising concerns about oil supply interruptions should other regions in the country fall.

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