India Morning Call-Global Markets

MUMBAI, July 17 Wed Jul 16, 2014 10:53pm EDT

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MUMBAI, July 17 (Reuters) - EQUITIES

NEW YORK - U.S. stocks rose on Wednesday, with the Dow Jones industrial average closing at a record high, boosted by the latest merger news and some strong corporate earnings.

The Dow Jones industrial average rose 77.52 points or 0.45 percent, to end at 17,138.20. The S&P 500 gained 8.29 points or 0.42 percent, to 1,981.57. The Nasdaq Composite added 9.58 points or 0.22 percent, to 4,425.97.

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LONDON - Britain's top share index hit a one-week high on Wednesday, with engineering firm Meggitt surging on bid speculation and miners rallying after a strong update from Rio Tinto and encouraging economic growth data from China.

The FTSE 100 advanced 1.1 percent to 6,784.67 points.

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TOKYO - Japan's Nikkei share average rose to a 1-1/2-week high on Thursday, buoyed by gains on Wall Street, while Shinko Electric Industries Co jumped on Intel Corp's strong forecast.

The Nikkei rose 0.4 percent to 15,443.56 points in mid-morning trade after hitting as high as 15,465.74, the highest level since July 7.

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HONG KONG - Hang Seng Index set to open up 0.3 percent.

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FOREIGN EXCHANGE

SYDNEY - The euro wallowed at five-month lows against the yen on Thursday and held near a two-year trough on sterling, having weakened broadly overnight in a move that should provide some comfort to the European Central Bank.

Traders said recent upbeat UK data had prompted investors to switch into sterling from the euro. That in turn weighed broadly on the common currency, which extended its losses for a second session on Wednesday.

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TREASURIES

NEW YORK - U.S. benchmark Treasury yields edged lower on Wednesday, slipping back from an early boost delivered after data suggesting the world's largest economy is on solid footing.

Higher-than-expected June producer price index data was balanced against data showing a lower-than-expected increase in June industrial production.

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COMMODITIES

GOLD

SINGAPORE - Gold was steady near a four-week low on Thursday, trading just below $1,300 an ounce, as stronger equities and data dimmed its safe-haven appeal, while investors weighed the possibility of a sooner-than-expected U.S. interest rate hike.

Spot gold was little changed at $1,299.70 an ounce by 0019 GMT, after rising 0.4 percent in the previous session, snapping a two-day decline.

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BASE METALS

SYDNEY - Shanghai copper fell to its lowest in a fortnight on Thursday as jitters over a possible bond default in China's construction sector triggered a round of profit taking.

The most-traded September copper contract on the Shanghai Futures Exchange slid 1 percent to 50,050 yuan ($8,100) a tonne in overnight trade.

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OIL

NEW YORK - U.S. crude oil rose more than $1 on Wednesday, rebounding from recent steep drops after government data showed the country's crude stockpiles fell sharply last week.

U.S. crude for August delivery gained $1.24 to settle at $101.20 a barrel, the highest since July 10.

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