June 11, 2014 / 2:51 AM / 3 years ago

India Morning Call-Global Markets

MUMBAI, June 11 (Reuters) - EQUITIES

NEW YORK - U.S. stocks finished nearly flat on Tuesday, although the Dow eked out another record closing high as utilities’ shares fell while 10-year bond yields hit their highest level in a month.

The Dow Jones industrial average rose 2.82 points or 0.02 percent, to 16,945.92, a record closing high. The S&P 500 dipped 0.48 of a point or 0.02 percent, to finish at 1,950.79. The Nasdaq Composite added 1.75 points or 0.04 percent, to 4,338.

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LONDON - Britain’s top stock index recovered in late trading on Tuesday to end flat, with a surge in SABMiller on merger talks offset by a drop in BT Group shares following news of rising competition in the sector.

The benchmark FTSE 100 index closed flat at 6,873.55 points after falling as low as 6,835.80 points earlier in the session. The index is less than 2 percent off its all-time high set in December 1999.

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TOKYO - Japanese shares bounced off a one-week low on Wednesday, supported by news that Japan will retain its status as the only developed market in the region in MSCI stock indexes, checking any potential knee-jerk rotation out of Tokyo equities.

The Nikkei gained 0.3 percent to 15,037.40 having recovered almost a half of its 0.9 percent loss the previous day, though it still kept some distance from a three-month high of 15,206.57 hit on Monday.

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

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FOREIGN EXCHANGE

SYDNEY - The euro languished near a four-month low on Wednesday, after the dollar’s yield advantage over the single currency widened in the wake of upbeat U.S. economic data and the European Central Bank’s monetary easing.

A rise in U.S. bond yields on speculation that the U.S. Federal Reserve could raise interest rates sooner than previously expected helped support the greenback this week.

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TREASURIES

NEW YORK - U.S. benchmark 10-year yields scaled one-month peaks on Tuesday, as investors have started to price in the prospect of higher interest rates following recent upbeat U.S. economic data and hawkish comments from Federal Reserve officials.

Some market participants believe this year’s U.S. government bond market rally, which has seen 10-year yields sink to 11-month lows, may have run its course.

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COMMODITIES

GOLD

SINGAPORE - Palladium fell from its highest level in more than three years on Wednesday as speculators reaped profits, but the metal used in jewellery and auto catalysts remains underpinned by a five-month strike in South Africa.

Spot palladium eased $2.30 an ounce to $849.70 by 0019 GMT, having rallied to $854 on Tuesday, its strongest since February 2011.

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BASE METALS

SYDNEY - London copper inched up on Wednesday from one-month lows touched the session before as more than a week of intensive checks failed to dig up new cases of possible metals financing fraud in China, while Shanghai zinc hit a 15-month top on higher demand.

Three-month copper on the London Metal Exchange traded flat at $6,670 a tonne by 0129 GMT from the previous session when it finished little changed, having touched its lowest since May 7 at $6,628 a tonne.

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OIL

NEW YORK - Brent crude reversed course to end down on Tuesday, while U.S. oil also fell due to a stronger dollar and profit taking by traders following strong gains on Monday.

Brent settled down 47 cents at $109.52 a barrel on Tuesday, after hitting a high of $110.32. U.S. oil slipped 6 cents to settle at $104.35 a barrel after ending up 1.7 percent on Monday, its biggest daily gain since April.

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