India Morning Call-Global Markets

Tue Jun 24, 2014 10:42pm EDT

EQUITIES

NEW YORK - U.S. stocks fell on Tuesday as early enthusiasm from economic data faded and concerns about the violence in Iraq gave investors a reason to sell and book some profits, driving the Dow to its biggest drop in over a month.

In the latest signs of improving economic conditions, consumer confidence surged more than expected in June, while new home sales in May rose more than anticipated. The data offered the latest evidence that the economy has regained momentum after stalling during harsh winter conditions.

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LONDON - Britain's top share index slipped slightly on Tuesday, led lower by mining stocks, as signs of economic weakness in the region and growing tension in Iraq made investors cautious.

The blue-chip FTSE 100 index .FTSE ended down 0.2 percent at 6,787.07 points. It has been trading in a tight 60-point range for almost a week against a range of about 150 points earlier this month.

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TOKYO - Japan's Nikkei share average edged down on Wednesday morning as investors took profits from recent rallies, hit by weakness in Wall Street, while the government's widely-anticipated growth strategy met a muted market reaction.

Prime Minister Shinzo Abe unveiled a package of measures on Tuesday aimed at boosting Japan's long-term economic growth, from phased-in corporate tax cuts and reform in the Government Pension Investment Fund to a bigger role for women and foreign workers.

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HONG KONG - Hang Seng Index set to open up 0.2 percent.

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FOREIGN EXCHANGE

SYDNEY - Sterling nursed losses early on Wednesday after comments from the Bank of England governor cooled expectations for an interest rate hike this year, while the G3 currencies remained stuck in well-worn ranges following yet another non-committal session.

Surprisingly less hawkish comments from BoE Governor Mark Carney saw the pound dip to a near one-week low of $1.6966 GBP=D4, pulling away from a 5-1/2 year peak of $1.7064 set last Wednesday.

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TREASURIES

NEW YORK - U.S. Treasuries' prices rose on Tuesday, getting a lift from investors turning away from weakening Wall Street equities and reawakened geopolitical worries due to fighting in Iraq.

Gains were strongest among long maturities, with prices of 30-year Treasuries US30YT=RR up 20/32 to yield 3.41 percent, down from Monday's 3.46 percent. Yields on the 30-year had earlier gone as low as 3.39 percent.

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COMMODITIES

GOLD

SINGAPORE - Gold held steady near its highest level in two months on Wednesday, supported by a drop in equities and high oil prices, while silver edged back from a 3-month peak.

Gold XAU= was little changed at $1,318.04 an ounce by 0000 GMT after rising to $1,325.90 on Tuesday, its strongest since April 15.

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BASE METALS

SYDNEY - London copper was treading water near a three-week high on Wednesday, underpinned by dwindling global exchange stocks.

Three-month copper on the London Metal Exchange CMCU3 had eased 0.1 percent to $6,877 a tonne by 0135 GMT, after climbing the day before. It was not far from three-week peaks of $6,900 hit on Monday.

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OIL

NEW YORK - Brent crude held above $114 a barrel on Tuesday, supported by continued fighting in Iraq, supply disruptions in Libya and expectations of a decline in U.S. crude inventories, while U.S. crude prices dipped slightly.

Brent prices resumed their upward trend after some profit-taking on Monday, as Sunni militants continued their advance against Baghdad's Shi'ite government.

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