India Morning Call-Global Markets

Sun Jun 22, 2014 10:27pm EDT

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EQUITIES

NEW YORK - U.S. stocks rose on Friday, driving the Dow and the S&P 500 to close at record highs as the shares of 330 companies hit 52-week highs on the New York Stock Exchange.

The S&P 500 scored its third record closing high in a row while the Dow surpassed its previous record close on June 10. The blue-chip index hit an all-time intraday high at 16,978.02, coming close to the 17,000 mark.

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LONDON - Britain's FTSE 100 rose on Friday on the back of a surge in shares of drugmaker Shire Plc, leaving many traders to expect the benchmark index to test record highs soon.

Shire hit an all-time high and closed up 16.9 percent at 4,371 pence, adding 15 points to the FTSE, after rejecting a bid from AbbVie Inc which would have valued Shire at about 27 billion pounds ($46 billion)..

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TOKYO - Japanese shares were flat on Friday as investors booked profits after their rally to 4-1/2-month highs the previous day, but the mood remained upbeat with trade volume hitting its best level in three months.

The Nikkei was down 0.1 percent at 15,349.42 but up 1.7 percent on the week, the fifth straight week of gains and a whisker below a 4-1/2-month high of 15,361.16 hit on Thursday, supported by hopes of loose U.S. monetary policy.

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

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FOREIGN EXCHANGE

SYDNEY - The euro dipped ever so slightly early on Monday in the wake of dovish comments from the European Central Bank but investors struggled for conviction ahead of a report on China's manufacturing sector.

The common currency briefly slipped to $1.3587 from around $1.3599 late in New York on Friday after ECB President Mario Draghi said interest rates would stay low over a longer period and that large-scale asset purchases were still part of the central bank's toolkit.

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TREASURIES

NEW YORK - Most U.S. Treasuries edged higher on Friday, though long bond prices rallied, as investors focused on inflation concerns, two days after the Federal Reserve played down a recent uptick in consumer price pressures.

The Fed took a more dovish tone than many expected at its June meeting, leading to volatile changes in trading positions, even though benchmark 10-year yields on Friday ended little changed from before the meeting.

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COMMODITIES

GOLD

SINGAPORE - Gold was trading steady near its highest in two months on Monday as escalating violence in Iraq and geopolitical tensions supported the metal's safe-haven appeal.

Spot gold was little changed at $1,313.36 an ounce by 0023 GMT, not too far from a two-month high of $1,321.90 hit on Friday.

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BASE METALS

SYDNEY - Shanghai copper rallied more than 2 percent on Monday to touch its highest in four months, while London copper hit a three-week peak as stronger crude oil prices lifted purchases of other commodities and set off a flurry of technical buying.

Three-month copper on the London Metal Exchange had climbed 0.2 percent to $6,835.50 a tonne by 0110 GMT, after hitting $6,850 a tonne, its highest since June 4.

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OIL

NEW YORK - U.S. crude oil jumped above $107 a barrel on Friday, reaching a new nine-month high on short-covering ahead of the July contract expiry, while Brent dropped on profit-taking as concerns eased over supply disruptions due to violence in Iraq.

The spread between the two benchmarks narrowed for the first time in 10 days, falling off its three-month high and encouraging traders to take profits.

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