India Morning Call-Global Markets

Tue Jun 17, 2014 10:46pm EDT

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EQUITIES

NEW YORK - U.S. stocks rose on Tuesday as data pointing to higher inflation lifted financial shares while high-growth tech names attracted renewed attention.

The Dow Jones industrial average rose 27.48 points or 0.16 percent, to end at 16,808.49. The S&P 500 gained 4.21 points or 0.22 percent, to 1,941.99. The Nasdaq Composite added 16.13 points or 0.37 percent, to 4,337.23.

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LONDON - Bid speculation around drugmaker Shire and proposed cost savings at supermarket operator Wm Morrison helped lift Britain's top share index slightly on Tuesday.

Shire added 2.9 points to the FTSE 100, which closed up 12.13 points, or 0.2 percent, at 6,766.77 points.

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TOKYO - Japan's Nikkei share average edged up on Wednesday morning, benefiting from gains on Wall Street and a weaker yen which drove exporters higher.

The Nikkei rose 0.3 percent to 15,023.83 in midmorning trade after advancing a similar amount on Tuesday. It is nearing a three-month high of 15,206 hit last week.

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HONG KONG - Hang Seng Index set to open down 0.3 percent.

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FOREIGN EXCHANGE

SYDNEY - The U.S. dollar held onto modest gains early on Wednesday, having risen broadly after U.S. consumer prices recorded their largest increase in more than a year in May.

The dollar index last stood at 80.607, having climbed 0.2 percent on Tuesday. Against the yen, the greenback reached a one-week high of 102.25, while the euro retreated from a one-week peak to $1.3547.

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TREASURIES

NEW YORK - U.S. Treasuries prices fell on Tuesday after consumer prices recorded their largest increase in more than a year, which may give the Federal Reserve more confidence in adopting a hawkish tone when it meets this week.

The Labour Department said on Tuesday its consumer price index increased 0.4 percent last month, with food prices posting their biggest rise since August 2011.

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COMMODITIES

GOLD

SINGAPORE - Gold was trading in a tight range on Wednesday as a firmer dollar and outflows from bullion funds sapped demand, with many investors waiting for the Federal Reserve to conclude its two-day policy meeting before placing big bets on the metal.

Spot gold was little changed at $1,270.94 an ounce by 0028 GMT, after ending flat in the previous session. The metal hit a three-week high of $1,284.85 on Monday due to violence in Iraq, but prices have since fallen back.

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BASE METALS

SYDNEY - London copper edged to its highest in nearly two weeks on Wednesday, finding comfort in a pledge by Chinese authorities to support growth as well as a shortfall in immediate supply.

Three-month copper on the London Metal Exchange edged up by 0.3 percent to $6,725 a tonne by 0138 GMT, after closing little changed in the previous session. It earlier hit $6,733 a tonne which was its loftiest since June 6.

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OIL

NEW YORK - Brent oil held steady above $113 per barrel and U.S. crude weakened slightly on Tuesday as fears over oil supply disruptions from Iraq offset the possibility of increased supply due to a thawing of relations between Iran and the West.

Brent crude for August delivery gained 51 cents to settle at $113.45 per barrel. U.S. July crude fell 54 cents to settle at $106.36 a barrel. The U.S. July contract expires on June 20.

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