India Morning Call-Global Markets

Tue Jul 8, 2014 10:53pm EDT

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EQUITIES

NEW YORK - U.S. stocks fell in a broad selloff on Tuesday, dropping for a second straight session and driving the Dow below 17,000 as investors turned cautious before the start of earnings season.

The Dow Jones industrial average fell 117.59 points or 0.69 percent, to 16,906.62. The S&P 500 slid 13.94 points or 0.70 percent, to 1,963.71. The Nasdaq Composite dropped 60.07 points or 1.35 percent, to 4,391.46.

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LONDON - Britain's top equity index dropped on Tuesday after airline stocks such as International Consolidated Airlines Group were hit by a profit warning from Air France-KLM .

The blue-chip FTSE 100 index fell 1.3 percent or 85.06 points to 6,738.45 points.

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TOKYO - Japan's Nikkei share average fell to a fresh one-week low on Wednesday morning as U.S. stocks beat a retreat before the start of the earnings season, and the stronger yen hurt exporters.

The Nikkei dropped 0.5 percent to 15,237.08 in mid-morning trade after going as low as 15,185.32, its lowest level since July 1.

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

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FOREIGN EXCHANGE

SYDNEY - The New Zealand dollar held on to gains early on Wednesday, having scaled a fresh three-year peak on the prospect of a sovereign rating upgrade, contrasting with other major currencies which shuffled in familiar ranges.

The kiwi last traded at $0.8790, after rising as far as $0.8806, bringing into focus its post-float high around $0.8840 set in August 2011.

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TREASURIES

NEW YORK - U.S. Treasuries prices rallied on Tuesday as investors raised stakes in bonds because of stock market losses ahead of corporate earnings, and overseas trade data that fuelled worries about global economic growth.

U.S. government debt yields fell for a second day on the notion that last week's report showing hefty job gains in June was not strong enough to spur the Federal Reserve to raise short-term interest rates before the second half of 2015, analysts and traders said.

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COMMODITIES

GOLD

SINGAPORE - Palladium climbed for a 13th straight session on Wednesday to trade near its highest since 2001 on concerns over supply constraints in major producer South Africa, amid strong demand for the metal from the auto industry.

Gold was steady just below $1,320 an ounce as markets awaited the minutes of the Federal Reserve's June policy meeting to gauge the U.S. central bank's outlook for the economy and interest rates.

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BASE METALS

SYDNEY - London copper prices steadied on Wednesday near their highest in almost five months, underpinned by shrinking supply and improving prospects for global growth.

Three-month copper on the London Metal Exchange had edged up 0.2 percent to $7,146.75 a tonne by 0109 GMT

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OIL

NEW YORK - Brent crude slid more than $1 a barrel on Tuesday, its seventh straight decline, hitting a one-month low below $109 as Libyan oil exports looked likely to rise and fears eased of supply disruption in Iraq.

Brent has shed more than 5 percent since last month, when the Iraq crisis drove prices to a nine-month high of $115.71.

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(Compiled by Indulal PM)

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