India Morning Call-Global Markets

Sun Aug 24, 2014 10:45pm EDT

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EQUITIES

NEW YORK - Stocks ended mostly lower on Friday as Ukraine-Russia tensions reignited and remarks from Federal Reserve Chair Janet Yellen failed to give investors any clues on interest rate hikes.

The S&P 500 retreated from a record close it set on Thursday after Ukrainian officials said Russia had launched a "direct invasion" by sending a convoy of trucks across the border.

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LONDON - Britain's top equity index slipped off three-week highs on Friday, with mining stocks among the worst performers as weak metals prices weighed on the sector.

The blue-chip FTSE 100 index closed down by 2.41 points - flat in percentage terms - at 6,775.25 points. The London stock market is closed for a public holiday on Monday.

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TOKYO - Japan's Nikkei share average snapped a nine-day winning streak on Friday, as investors booked profits from recent gains although upbeat U.S. economic data limited the losses.

The Nikkei reversed earlier rises to end 0.3 percent lower at 15,539.19. For the week, the index gained 1.4 percent, rising for the second straight weeks.

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

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FOREIGN EXCHANGE

SYDNEY - The euro fell to its lowest in nearly a year against a broadly firmer dollar on Monday after comments from the head of the European Central Bank raised prospects of more policy easing as early as next week.

The common currency skidded to $1.3185 in early trade, from around $1.3246 late in New York. It also lost ground against many other currencies, notably hitting a near 10-month low on the Australian dollar at A$1.4163.

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TREASURIES

NEW YORK - U.S Treasury prices recovered early losses on Friday with investors caught between the cautious message over labor markets from Fed Chair Janet Yellen and geopolitical risks from the Ukraine crisis that is hampering euro zone economic growth.

The short-dated maturities along the U.S. Treasury curve pulled back to the break-even point while the 30-year bond broke away to grind higher on market expectations any rate increases are likely a long way off and the impact will be felt more acutely on two through five-year notes.

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COMMODITIES

GOLD

SINGAPORE - Gold edged down on Monday, hovering within sight of its lowest in two months on a firmer U.S dollar and speculation of an eventual increase in U.S. interest rates, which could hurt the metal's appeal as a hedge against inflation.

Spot gold had slipped 0.27 percent to $1,277.39 by 0026 GMT, having lost about 2 percent last week..

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BASE METALS

SYDNEY - Shanghai copper hit its highest in around seven weeks on Monday, underpinned by steady consumer demand as the slow summer season fades, while London markets were shut for a bank holiday.

The most-traded October copper contract on the Shanghai Futures Exchange edged up 0.3 percent to 50,710 yuan ($8,244) a tonne. It earlier touched its highest since July 9 at 50,960 yuan a tonne.

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OIL

NEW YORK - Brent crude fell below $102 a barrel on Monday, drawing close to a 14-month low hit last week, as ample supply and a stronger U.S. dollar continued to pressure oil markets.

Geopolitical tensions in Ukraine and Libya underpinned oil, but did little to boost prices in the absence of any supply disruption.

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