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India Morning Call-Global Markets
March 3, 2014 / 2:56 AM / 4 years ago

India Morning Call-Global Markets

Mar 3 (Reuters) -

EQUITIES

NEW YORK - U.S. equity futures dipped at the open of electronic trading on Sunday, with concerns about Russia’s aggression in the Ukraine weighing on sentiment.

The Standard & Poor’s 500 E-mini futures, the most popularly traded equity futures contract, fell 15 points, or 0.8 percent, to 1842.50 in early trading.

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LONDON - Britain’s top share index held steady on Friday but still posted its best month in seven, thanks to a three-week rally that raised it within touching distance of its all-time high.

Shares have recovered strongly after hitting a 2014 low in early February. While that rally has stalled this week as political turmoil in Ukraine and fresh concerns about China’s economy have revived concerns about emerging markets, the FTSE 100 finished the month just 2 percent below its record peak, set in 1999.

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TOKYO - Japan’s Nikkei average slid more than 2 percent to a 1-1/2-week low on Monday as escalating tensions in Ukraine sparked risk aversion and a stronger yen roughed up exporters like Toyota Motor Corp and Canon Inc.

The Nikkei was down 2.4 percent at 14,478.87 in midmorning trade, its lowest since Feb. 20. The index extended losses into a fourth day.

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HONG KONG - Hang Seng Index set to open down 0.9 percent.

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FOREIGN EXCHANGE

SYDNEY - The Japanese yen rose across the board on Monday while investors gave risk currencies such as the Australian dollar a wide berth as Ukraine mobilised for war after Russia’s President Vladimir Putin declared he had the right to invade the neighbouring country.

The U.S. also threatened to isolate Russia economically in Moscow’s biggest confrontation with the West since the Cold War

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TREASURIES

NEW YORK - U.S. Treasury debt prices pared most of their losses on month-end buying on Friday, as investors balanced their portfolios, traders said.

Prices had fallen earlier in the session as stronger-than-expected economic data led to profit-taking.

A report on Friday showed the pace of business activity in the U.S. Midwest rose slightly in February, beating expectations and snapping a three-month run of slower growth

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COMMODITIES

GOLD

SINGAPORE - Gold gained more than 1 percent on Monday on escalating geopolitical tensions, as Ukraine mobilised for war after Russian President Vladimir Putin declared he had the right to invade his neighbour.

Putin secured permission from his parliament on Saturday to use military force to protect Russian citizens in Ukraine and told U.S. President Barack Obama he had the right to defend Russian interests and nationals, spurning Western pleas not to intervene.

Cash gold rose as high as $1,343.21 an ounce and stood at $1,342.26 by 0024 GMT, up $16.47.

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BASE METALS

SYDNEY - London copper edged higher on Monday after Chinese manufacturing data at the weekend showed modest cooling in the world’s biggest metals user, but it was still slightly ahead of expectations.

Three-month copper on the London Metal Exchange edged up by 0.18 percent to $7,017.50 a tonne by 0133 GMT, extending small gains from the previous session.

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OIL

NEW YORK - Brent and U.S. crude oil rallied more than $2 per barrel to multi-month highs on Monday, lifted by rising tension in Ukraine after Russian President Vladimir Putin declared he had the right to invade his neighbour.

Russia is the world’s biggest oil producer and Ukrainian Prime Minister Arseny Yatseniuk said Moscow’s move to use military force was a “declaration of war”.

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