April 2, 2014 / 3:07 AM / 3 years ago

India Morning Call-Global Markets

4 Min Read

Equities

NEW YORK - U.S. stocks rose for a third straight session on Tuesday, with the S&P 500 ending at a record close, after positive data on factory activity indicated economic growth was gaining traction following a harsh winter.

Gains were broad, with areas of the market closely tied to the pace of economic growth among the day's leaders. Consumer discretionary stocks .SPLRCD rose 1.4 percent while technology shares .SPLRCT were up 1.3 percent

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LONDON - Britain's top share index touched a three-week high on Tuesday, with cyclical stocks rallying on the back of an improving U.S. economic outlook and expectations of more stimulus from China.

The blue-chip FTSE 100 index extended earlier gains to set its highest level since March 12 after data showed U.S. factory activity accelerated for a second straight month. The index closed up 0.8 percent at 6,652.61 points

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TOKYO - Japan's Nikkei share average bounced back to a three-week high on Wednesday, tracking gains on Wall Street, while Renesas Electronics Corp 6723.T jumped on a report that Apple is in talks to buy its stake in a chip design unit.

Renesas soared as much as 19 percent to 934 yen - its highest since March 2011 - after the Nikkei business daily said Apple Inc AAPL.O is in discussions to buy its stake in a unit that designs liquid crystal display chips for iPhones for about 50 billion yen ($483 million).

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HONG KONG - Hang Seng Index set to open up 0.7 percent.

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Foreign Exchange

SYDNEY/TOKYO - The yen found little reprieve on Wednesday and hit a 10-week low against the dollar, as risk appetite stayed buoyant and investors continued to bet on more stimulus from China.

The dollar bought 103.84 yen, after hitting a peak of 103.935 yen as improving appetite for risk sent U.S. stocks .SPX to a record closing high and fuelled a 1.4 percent surge in Tokyo's Nikkei.

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Treasuries

NEW YORK - Longer-term U.S. Treasuries yields rose on Tuesday following upbeat U.S. manufacturing data, while medium-term yields held steady after Federal Reserve Chair Janet Yellen's recent comments defending the Fed's easy monetary policy.

The Institute for Supply Management said its index of national factory activity rose to 53.7 in March. While that was below economists' median forecast of 54.0, it still marked a second straight month of accelerated growth..

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Commodities

Gold

SINGAPORE - Gold steadied on Wednesday after two days of losses but the precious metal continued to stay near its lowest in seven weeks as strong U.S. factory data boosted optimism about economic growth, diminishing bullion's safe-haven appeal.

Spot gold edged up 0.1 percent to $1,280.39 an ounce by 0022 GMT, not far from its seven-week low of $1,277.29.

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Base Metals

SYDNEY- London copper climbed to its highest in more than three weeks on Wednesday after a powerful earthquake off the coast of top mine supplier Chile triggered a tsunami alert, which raised supply concerns and set off a volley of technical buying.

Copper prices jumped 1 percent on the news, before steadily paring gains. Prices have been slowly recovering from three-and-a-half-year lows touched last month, but have failed to find momentum given demand from top consumer China has been sluggish.

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Oil

NEW YORK - Brent crude oil futures fell in a steady slide on Tuesday to settle at nearly a five month-low as poor manufacturing data from China and Europe weighed. U.S. oil futures also fell as analysts looked toward another build in stocks Wednesday.

Chinese factory activity edged up in March, but not by enough to extinguish worries that the country, the world's No. 2 oil consumer, had a sharper-than-expected slowdown at the start of the year.

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