India Morning Call-Global Markets

Wed Jun 25, 2014 10:53pm EDT

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EQUITIES

NEW YORK - - U.S. stocks rose on Wednesday, led by drugmakers, while a Supreme Court ruling lifted the shares of major broadcasters.

The Dow Jones industrial average rose 49.38 points or 0.29 percent, to 16,867.51. The S&P 500 gained 9.55 points or 0.49 percent, to 1,959.53. The Nasdaq Composite added 29.40 points or 0.68 percent, to 4,379.76.

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LONDON - - UK shares fell sharply on Wednesday, mirroring losses across European markets, as escalating violence in Iraq spooked investors.

London's FTSE 100 index ended down 0.8 percent at 6,733.62 points - its lowest close since April 28. Europe's FTSEurofirst 300 shed 1 percent.

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TOKYO - Japan's Nikkei share average crawled back up from a one-week low on Thursday, and Rakuten Inc 4755.T soared on a report it is preparing to enter the low-cost carrier business.

The Nikkei edged up 0.2 percent to 15,292.48 in mid-morning trade, helped by a better performance on Wall Street as investors focused on the U.S. Federal Reserve keeping rates low for longer after a shockingly weak U.S. first quarter GDP report

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HONG KONG - Hang Seng Index set to open up 0.4 percent.

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FOREIGN EXCHANGE

SYDNEY - The dollar languished near one-month lows against a basket of major currencies early on Thursday, having been knocked back hard after revised U.S. growth figures for the first quarter came in shockingly weak.

The dollar index fell as far as 80.091, a low not seen since May 22, as investors reacted negatively to data that showed the U.S. economy contracted at a 2.9 percent annualised pace, the sharpest decline in five years.

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TREASURIES

NEW YORK - U.S. Treasuries prices rose on Wednesday after government data showed the U.S. economy took a much worse bruising in early 2014 than previously calculated.

Despite more recent economic reports illustrating solid growth, yields on 30-year Treasuries fell as low as 3.358 percent, a level last touched a week ago. The bonds last traded to yield 3.377 percent, compared to Tuesday's closing 3.403 percent.

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COMMODITIES

GOLD

SINGAPORE - Gold held on to small overnight gains on Thursday to trade near a two-month high, supported by safe-haven bids from weak data on U.S. economic growth and a softer dollar.

Spot gold was little changed at $1,319.20 an ounce by 0008 GMT, after rising 0.1 percent in the previous session.

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BASE METALS

SYDNEY - London copper marched towards its highest in nearly four months on Thursday, with investors shrugging off weak growth in the United States and focusing on a shortfall in metal supply.

Three-month copper on the London Metal Exchange had risen 0.4 percent to $6,939 a tonne by 0105 GMT, after gaining the previous session. It earlier tipped $6,943.50 a tonne, its strongest since May 29. A break of $6,970 would take it to its highest since early March.

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OIL

NEW YORK - - U.S. crude oil inched higher on Wednesday after news of a U.S. government decision to permit exports of lightly refined oil, while Brent oil fell as fears of supply cuts from Iraq receded.

U.S. crude reversed a two-day downward trend, after U.S. federal officials approved exports of condensate, an ultra-light oil, in a marginal relaxation of a 40-year ban on U.S. oil exports.

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