May 19, 2014 / 3:41 AM / 3 years ago

India Morning Call-Global Markets

EQUITIES

NEW YORK - U.S. stocks ended higher on Friday in a late-day rebound as small-cap names edged up after recent weakness and consumer discretionary shares advanced.

The Russell 2000 gained 0.6 percent, recovering after once again approaching correction territory, defined as a 10 percent drop from a recent high, earlier in the session.

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LONDON - Britain’s top equity index edged higher to finish near a 14-year high on Friday, with supermarkets advancing on a defensives-led bounce and bid speculation boosting Wm Morrison .

Sainsbury climbed 4.5 percent, outpacing a 3.8 percent gain by Morrison and a 2.6 percent rise in Tesco shares . The companies were the top three gainers on the blue-chip FTSE 100 index.

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TOKYO - Japan’s Nikkei share average was flat on Monday morning as a stronger yen capped investors’ risk appetite, while the market was awaiting a series of major events this week including a Bank of Japan policy meeting.

Tokyo Electron Ltd jumped 6.3 percent after shares in chip gear maker Applied Materials - which agreed in September to buy the Japanese firm - soared Friday on strong earnings results..

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HONG KONG - Hang Seng Index set to open up 0.2 percent.

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FOREIGN EXCHANGE

SYDNEY - The euro got off to a relatively steady start on Monday after two punishing weeks as investors waited for fresh data before deciding on whether bears still hold the upper hand.

It was little changed at $1.3696, nursing losses of over 1 percent suffered in the past two weeks. Investors had sold the common currency on mounting expectations the European Central Bank (ECB) will ease policy next month.

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TREASURIES

NEW YORK - U.S. Treasuries prices fell on Friday after unexpectedly better housing data pointed to a strengthening U.S. economy, pulling benchmark 10-year yields up from six-month lows.

U.S. housing starts jumped in April and building permits hit their highest level in nearly six years, offering hope that the troubled housing market could be stabilizing.

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COMMODITIES

GOLD

SINGAPORE - Gold extended losses to a third straight session on Monday as U.S. data pointed to strong economic growth, while platinum group metals continued to add to gains on supply worries from South African labour strikes.

Spot gold slipped 0.08 percent to $1,292.01 an ounce by 0030 GMT, while platinum gained about half a percent. Palladium rose 0.2 percent..

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BASE METALS

SYDNEY - London copper edged up on Monday after signs of a pick-up in the U.S. housing industry and as China pledged to quicken the pace of financial reform, lending support to demand growth for commodities.

Three-month copper on the London Metal Exchange edged up by 0.3 percent to $6881 a tonne by 0015 GMT, erasing small losses from the previous session. Copper hit its highest in more than two months on May 14 at $6,940 a tonne.

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OIL

NEW YORK - Brent crude oil rose on Friday to end nearly 2 percent higher on the week, boosted by concerns over output in Libya, where recently opened fields were closed again and clashes erupted in the east.

Protesters again shut Libya’s El Feel oilfield and the El Sharara field remained closed, an official at the National Oil Corporation said on Friday. Output edged down to about 200,000 barrels per day (bpd), far less than the 1.4 million bpd pumped last year.

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