May 28, 2014 / 2:46 AM / 3 years ago

India Morning Call-Global Markets

EQUITIES

NEW YORK - U.S. stocks rose on Tuesday as the S&P 500 scored a second straight record close, buoyed by the latest round of merger activity and as expectations for rate cuts by the European Central Bank stoked investors' appetite for equities.

The Dow Jones industrial average gained 69.23 points or 0.42 percent, to end at 16,675.50. The S&P 500 advanced 11.38 points or 0.60 percent, to 1,911.91, a record. The Nasdaq Composite added 51.26 points or 1.22 percent, to 4,237.07.

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LONDON - Britain's main equity index climbed on Tuesday, lifted by gains in chip designer ARM and InterContinental Hotels Group (IHG), which pushed the market back to within reach of its record high.

The blue-chip FTSE 100 index closed up 29.19 points, or 0.4 percent, at 6,844.94 points.

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TOKYO - Japanese stocks edged up on Wednesday morning as strong U.S. data buoyed market sentiment, but further gains were expected to be limited due to a lack of fresh catalysts.

The benchmark Nikkei average was up 0.3 percent at 14,655.72 in midmorning trade, after dipping into negative territory earlier

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HONG KONG - Hang Seng Index set to open up 0.4 percent.

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FOREIGN EXCHANGE

SYDNEY - The U.S. dollar held near an eight-week peak against a basket of major currencies early on Wednesday, having edged up on the back of encouraging U.S. data and another record high on Wall Street.

The dollar index rose as far as 80.470 - a level last seen in early April - but has since retreated to 80.350.

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TREASURIES

NEW YORK - U.S. long-term bond prices rose for a second straight session on Tuesday, boosted by a combination of month-end buying by institutional investors and a relatively weak two-year auction.

There has been demand for long-term Treasuries since the middle of May for month-end purposes, analysts said, with volume moderate following a long holiday weekend in the United States.

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COMMODITIES

GOLD

SINGAPORE - Gold fell to a fresh 3-1/2 month low on Wednesday, adding to sharp overnight losses, as strong U.S. economic data blunted its investment-hedge appeal and after a drop in imports by top consumer China.

Spot gold eased 0.1 percent to $1,261.84 an ounce by 0020 GMT, after dropping 2.3 percent in the previous session - its biggest one-day drop since December.

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BASE METALS

SYDNEY - London nickel firmed on Wednesday as unrest at a New Caledonian mine kept supply threats in focus amid expectations for a supply deficit as soon as next year, while London copper drifted from near three-month peaks.

Three-month nickel on the London Metal Exchange (LME) edged up 0.2 percent to $19,585 a tonne, reversing small losses in the previous session. Prices are still up by more than 40 percent this year.

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OIL

NEW YORK - Crude oil futures edged lower on Tuesday as traders took profit after a long holiday weekend, with prices supported by violence in Ukraine and expectations for a draw on U.S. crude stocks at the Cushing, Oklahoma hub.

The tumble pulled Brent and U.S. crude lower, with Brent settling 30 cents down at $110.02 a barrel. U.S. light crude oil settled 24 cents lower at $104.11 a barrel. U.S. gasoline RBc1 fell 2.8 cents to $2.9952 a gallon.

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