India Morning Call-Global Markets

Tue Jul 1, 2014 10:54pm EDT

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EQUITIES

NEW YORK - The Dow and the S&P 500 closed at record highs on Tuesday as manufacturing activity picked up in the United States and Asia and increased optimism about the global economy's health.

The Dow Jones industrial average rose 129.47 points or 0.77 percent, to end at 16,956.07. The S&P 500 gained 13.09 points or 0.67 percent, to 1,973.32. The Nasdaq Composite shot up 50.47 points or 1.14 percent, to 4,458.65.

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LONDON - Britain's top share index made a strong start to the second half of the year, recording its biggest daily gain in two months as mining stocks rallied, boosted by robust data from China, the world's biggest metals consumer.

The FTSE 100 closed 58.98 points higher, or 0.9 percent, at 6,802.92 points, breaking into positive territory for the year on the first day of the third quarter.

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TOKYO - Tokyo's Nikkei share average rose to a five-month peak on Wednesday morning after Wall Street scored record-closing highs thanks to strong manufacturing activity in the U.S., Japan's biggest export market.

The Nikkei rose 0.5 percent to 15,400.79 in mid-morning trade after hitting as high as 15,444.63 earlier, the best level since Jan. 24.

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

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FOREIGN EXCHANGE

SYDNEY - The Australian dollar hovered near an eight-month peak early on Wednesday, having been swept higher by a short squeeze while an upbeat manufacturing survey helped power sterling to levels not seen in nearly six years.

Both currencies easily outperformed their global peers, leaving the U.S. dollar to eke out small gains on the euro and yen as U.S. Treasury yields rose.

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TREASURIES

NEW YORK - U.S. Treasuries yields rose on Tuesday after traders reconsidered bullish bets on U.S. bonds ahead of Thursday's U.S. nonfarm payrolls report, while strong U.S. and Chinese manufacturing data stymied safe-haven bids.

The yield on 30-year Treasury bonds hit a near one-week high of 3.4 percent on fears that bullish positions could lead to losses if the U.S. government reports stronger-than-expected non-farm payrolls later this week.

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COMMODITIES

GOLD

SINGAPORE - Gold was trading close to a three-month peak on Wednesday boosted by a second straight day of inflows into the top bullion-backed fund, while platinum held sharp overnight gains to trade at a near 10-month high on supply worries.

Spot gold was little changed at $1,325.55 an ounce by 0023 GMT, after falling slightly in the previous session.

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BASE METALS

SYDNEY - London copper eased from its highest in nearly four months on Wednesday as summer holidays in the northern hemisphere drained the market of direction, although an upbeat global manufacturing outlook and low exchange stocks underpinned prices.

Three-month copper on the London Metal Exchange had edged down 0.3 percent to $6,998 a tonne by 0130 GMT. It inched to its highest since March 7 at $7,028.50 a tonne in the previous session.

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OIL

NEW YORK - Crude oil prices dipped slightly on Tuesday on easing concerns of supply disruptions due to the conflicts in Iraq and Ukraine, whilst gaining some support from upbeat manufacturing data in China, the world's second-biggest oil consumer.

Brent crude lost 7 cents to end at $112.29 a barrel, the lowest settlement since June 11. U.S. oil lost 3 cents to settle at $105.34 a barrel, also the lowest point since June 11.

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