India Morning Call-Global Markets

MUMBAI, July 23 Tue Jul 22, 2014 11:04pm EDT

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MUMBAI, July 23 (Reuters) -

EQUITIES

NEW YORK - U.S. stocks rose on Tuesday as some positive earnings and economic data pointed to a market that still had room to rise despite the S&P 500 hitting an intraday record.

The Dow Jones industrial average rose 61.81 points or 0.36 percent, to end at 17,113.54. The S&P 500 gained 9.90 points or 0.50 percent, to 1,983.53. The Nasdaq Composite <.IXIC< added 31.31 points or 0.71 percent, to 4,456.02.

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LONDON - Britain's top share index rallied on Tuesday, lifted by technology group ARM ARM.L, which posted higher profits and beat analysts' expectations.

The blue-chip FTSE 100 equity index closed up by 1 percent, or 66.90 points, at 6,795.34 points.

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TOKYO - Japan's Nikkei share average was flat on Wednesday morning as investors avoided risk due to geopolitical concerns in the Gaza Strip, which offset upbeat sentiment from gains in U.S. and European markets overnight.

The Nikkei was at 15,344.05 in midmorning trade after rising 0.8 percent to 15,343.28 on Tuesday.

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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 languished at multi-month lows against many of its peers early on Wednesday, having moved decisively lower overnight along with an eye-catching fall in the Swiss franc.

Traders said there was no specific trigger although the weaker euro dovetailed nicely with expectations for the European Central Bank to ease policy further.

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TREASURIES

NEW YORK - U.S. Treasury debt yields fell on Tuesday as benign U.S. inflation data suggested less pressure for the Federal Reserve to raise interest rates sooner than expected.

There was also some safe-haven buying in the afternoon, boosting bond prices, in connection with tensions in the Middle East after the Federal Aviation Administration advised U.S. airlines not to fly to Tel Aviv in Israel. The country is in the midst of an offensive in the Gaza Strip where more than 600 people have been killed.

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COMMODITIES

GOLD

SINGAPORE - Gold was steady in early Wednesday trade after dipping overnight, but looked likely to hold above $1,300 an ounce as geopolitical tensions from crises in Ukraine and the Gaza strip brought safe-haven bids.

Spot gold was little changed at $1,306.56 an ounce by 0022 GMT, after losing 0.4 percent in the previous session, pressured by firmer equities. U.S. gold GCcv1 was also flat at $1,307.30.

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BASE METALS

SYDNEY - London zinc and aluminium were holding near recent highs on Wednesday after a flurry of interest from investors, but given a seasonal slowdown in demand, some wondered just how much further prices could run.

Traders took some profits in Shanghai, suggesting downward pressure could drag on global prices later in the session.

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OIL

NEW YORK - Brent and U.S. crude settled lower after a choppy trading session on Tuesday as oil supplies remained unaffected by continuing violence in Iraq, Ukraine and Gaza.

Brent crude for September delivery fell by 35 cents to settle at $107.33 a barrel, after swinging between $107.20 and $108.40.

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