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India Morning Call-Global Markets
May 12, 2014 / 2:51 AM / 3 years ago

India Morning Call-Global Markets

MUMBAI, May 12 (Reuters) - EQUITIES

NEW YORK - The Dow ended at a record high on Friday, boosted by IBM, while a rebound in high-growth momentum names helped the broader market.

Consumer discretionary shares also lifted the market, with the stock of Gap Inc up 3.3 percent at $40.52 after the apparel retailer reported upbeat April sales and gave a profit forecast that surpassed Wall Street’s expectations. The S&P consumer discretionary index was up 0.6 percent

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LONDON - Britain’s top share index slipped from a 10-week high on Friday, led lower by Petrofac, as a profit warning by the energy services group added to signs of poor corporate earnings that have kept the market’s rally in check.

Petrofac sank 15.2 percent after warning its 2014 net profit would fall by as much as 11 percent, to between $580 million and $600 million, because of a poor performance from its Integrated Energy Services division.

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TOKYO - Japanese stocks slipped on Monday morning as worries about the Ukraine crisis curbed investors’ appetite for risk, although companies that have issued upbeat earnings forecasts, such as Olympus Corp, attracted buying.

The benchmark Nikkei stock average was down 0.2 percent at 14,167.83 as of 0155 GMT, trading below its 25-day moving average of 14,391.77.

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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 started the week on a steadier footing after two straight sessions of steep losses, but should stay under pressure amid the persistent threat of policy action from the European Central Bank.

The common currency, which plumbed a one-month trough of $1.3745 on Friday, last stood at $1.3759. It has dropped more than 1 percent since Thursday when Mario Draghi said the bank was ready to take action next month should updated inflation forecasts merit it.

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TREASURIES

NEW YORK - U.S. Treasuries ended mixed on Friday despite substantial drag from a drooping 30-year long bond trying to find footing following an unexpectedly costly $16 billion government auction of new 30-year debt.

Yields on 30-year Treasuries, which posted strong returns in recent months amid rumors of steady buying by pension funds, stood at 3.47 percent, reflecting a price decline of 23/32 on Friday.

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COMMODITIES

GOLD

SINGAPORE - Gold fell to its lowest in a week on Monday as the euro hovered near a one-month low on fears of policy action from the European Central Bank, shrugging off safe-haven demand from escalating violence in Ukraine.

Spot gold eased 0.5 percent to $1,282.50 an ounce by 0028 GMT, after dropping for two straight weeks. It fell to a one-week low of $1,279.60 earlier in the session.

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BASE METALS

SYDNEY - London copper hit its highest in more than a week on Monday, underpinned by a shortfall of available metal in top consumer China, while nickel came within a whisker of a fresh 2-year top on supply concerns.

Three-month copper on the London Metal Exchange climbed 0.5 percent to $6,778 a tonne by 0136 GMT, after closing little changed in the previous session. Prices earlier hit $6,781.50 a tonne, the highest since April 28.

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OIL

NEW YORK - U.S. crude futures fell modestly in range-bound trade on Friday as the market balanced support from a drawdown in domestic crude stockpiles against technical sell points that have kept oil from rallying, while Brent was lower as traders awaited developments in the Ukraine crisis.

U.S. crude oil settled 27 cents down at $99.99 per barrel, and edged 0.24 percent higher over last week after U.S. government data on Wednesday showed crude supplies fell last week for the first time since late March, though overall supplies are still at record highs.

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