India Morning Call-Global Markets

Sun Aug 10, 2014 10:56pm EDT

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EQUITIES

NEW YORK - The S&P and Dow both posted their best day since March on Friday, with the market buoyed by news that Russia was ending military drills near the Ukrainian border, while investors overlooked U.S. air strikes in Iraq.

The Dow Jones industrial average rose 182.52 points, or 1.12 percent, to 16,550.79. The S&P 500 ended up 21.84 points, or 1.14 percent, to 1,931.41. The Nasdaq Composite added 36.02 points, or 0.83 percent, to 4,370.99

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LONDON - Britain's top equity index suffered a second straight weekly loss after falling on Friday, with U.S. air strikes in Iraq adding to an already gloomy geopolitical and economic landscape. The blue-chip FTSE 100 index closed 30.01 points lower, or 0.5 percent, at 6,567.36.

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TOKYO - Japanese stocks bounced strongly on Monday morning, recouping some of their steep losses suffered on Friday after Wall Street rallied on easing tensions in Ukraine, and exporters rose as the yen stepped back from last week's sharp gains.

The Nikkei share average jumped 1.7 percent to 15,031.59 in midmorning trade after dropping 3.0 percent on Friday led by concerns the conflicts in Ukraine and the Middle East could disrupt global growth.

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HONG KONG - Hang Seng Index set to open up 0.8 percent.

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FOREIGN EXCHANGE

SYDNEY - The yen nursed losses early on Monday after coming under pressure late last week as a slight easing of geopolitical tensions dampened demand for the safe-haven Japanese currency.

The dollar bought 102.13 yen, having bounced off Friday's two-week trough of 101.51. The euro fetched 136.88 yen , well off an 8-1/2 month low of 135.73.

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TREASURIES

NEW YORK - U.S. Treasuries yields on Friday hit 14-month lows on anxious buying driven by American airstrikes against Islamist militants in Iraq before U.S. debt prices eased on news that Russia was winding up military exercises near the Ukraine border.

The air strikes ordered by President Barack Obama had fueled investor worries already heightened by the Ukraine crisis, tit-for-tat economic sanctions between Russia and the West, and Argentina's unresolved debt default.

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COMMODITIES

GOLD

SINGAPORE - Gold was off to a muted start on Monday as equity markets firmed, but the safe-haven metal held above $1,300 an ounce as the geopolitical situation in the Middle East remained tense.

Spot gold was flat at $1,308.20 an ounce by 0038 GMT, after hitting a three-week high of $1,322.60 on Friday. U.S. gold GCcv1 slipped $1 to $1,310.

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BASE METALS

SYDNEY - London copper edged up on Monday as appetite for risk grew following a move by Russia that soothed tensions over the Ukraine, while optimism over the outlook for China's economy underpinned demand.

Russia's defence ministry said on Friday it had finished military exercises in southern Russia, which the United States had criticized as a provocative step amid the Ukraine crisis.

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OIL

NEW YORK - Brent crude oil fell toward $105 a barrel on Friday, following U.S. air strikes in Iraq that analysts said might lower the risk of oil supply disruptions from OPEC's second-largest producer, while U.S. crude found support from a rebounding stock market.

Brent hit a weekly high of $106.85 earlier in the session, but soon entered negative territory and settled 42 cents lower at $105.02 a barrel.

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