India Morning Call-Global Markets

MUMBAI Thu Jul 31, 2014 10:47pm EDT

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MUMBAI Aug 1 (Reuters) - EQUITIES

NEW YORK - The U.S. S&P500 stock index posted its worst daily fall since April and its first monthly drop since January on Thursday, as economic data sparked concern the Federal Reserve could raise interest rates sooner than some have expected.

The Dow Jones industrial average fell 317.06 points or 1.88 percent, to 16,563.3, while the S&P 500 lost 39.4 points or 2.0 percent, to 1,930.67 and the Nasdaq Composite dropped 93.13 points or 2.09 percent, to 4,369.77.

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LONDON - Britain's top equity index fell on Thursday as Lloyds Banking Group pulled down financial stocks, and concerns about the impact on Europe of new sanctions on Russia also made traders wary.

The blue-chip FTSE 100 index closed down by 0.6 percent, or 43.33 points, at 6,730.11 points.

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TOKYO - Japan's Nikkei share average dropped on Friday morning after U.S. shares languished on concerns that interest rates could rise sooner than expected, but strong earnings from Sony Corp and Panasonic Corp 6752.T limited the losses.

The Nikkei dropped 0.3 percent to 15,581.03 in mid-morning trade.

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HONG KONG - Hang Seng Index set to open down 0.7 percent.

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FOREIGN EXCHANGE

SYDNEY - Dollar bulls took a breather early on Friday ahead of a closely watched jobs report that has the potential to make or break a rally that saw the greenback post its best monthly performance in over a year.

The dollar index was steady at 81.449, having risen 2.1 percent in July to a 10-1/2 month peak of 81.573.

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TREASURIES

NEW YORK - Most U.S. Treasuries were steady on Thursday, overcoming earlier price losses, as investors sought out lower risk debt for month-end rebalancing.

U.S. government debt has weakened since gross domestic product data on Wednesday showed a strong rebound in the second quarter from a weak start to the year.

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COMMODITIES

GOLD

SINGAPORE - Gold was stuck near a six-week low on Friday and headed for a third straight weekly loss, as U.S. economic optimism offset any safe-haven demand from geopolitical tensions and lower equities.

Spot gold was little changed at $1,282.79 an ounce by 0017 GMT, after falling 1 percent in the previous session. It hit $1,280.76 on Thursday - its lowest since June 19.

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BASE METALS

SYDNEY - London copper eased on Friday after a rout on Wall Street over Argentinian default soured risk appetite and ahead of a deluge of economic indicators out later in the session, including an assessment of activity in China's vast manufacturing sector.

Three-month copper on the London Metal Exchange edged down by 0.3 percent to $7,096.50 a tonne by 0040 GMT, reversing losses from the previous session.

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OIL

NEW YORK - U.S. crude oil tumbled more than $2 on Thursday, going below $98 a barrel, hitting the lowest level since March on news of a potentially lengthy shutdown at a Kansas oil refinery, while Brent also slipped amid signs of robust OPEC oil production

Brent crude for September delivery settled down 49 cents at $106.02 a barrel.

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