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India Morning Call-Global Markets
June 19, 2014 / 2:56 AM / 3 years ago

India Morning Call-Global Markets

EQUITIES

NEW YORK - U.S. stocks rose on Wednesday, with the S&P 500 ending at a record after the Federal Reserve hinted at a slightly faster pace of interest-rate increases starting next year but suggested rates in the long run would be lower than it had indicated previously.

The Dow Jones industrial average rose 98.13 points or 0.58 percent, to end at 16,906.62. The S&P 500 gained 14.99 points or 0.77 percent, to 1,956.98, a record closing high. The Nasdaq Composite added 25.60 points or 0.59 percent, to 4,362.84.

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LONDON - Oil companies lifted Britain’s blue chip share index on Wednesday as heavy fighting in Iraq pushed crude prices towards $114 a barrel.

The FTSE 100 closed up 0.2 percent, or 11.79 points, at 6,778.56 points. The index is only up 0.4 percent this year, but is just some 2 percent below its record high hit in late 1999.

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TOKYO - Japan’s Nikkei share average jumped 1.4 percent to a 4-1/2-month high on Thursday morning after the U.S. Federal Reserve expressed confidence on its economy and committed to its dovish monetary policy, which spurred buying from foreign investors.

The Nikkei rose 213.07 points to 15,328.87 in mid-morning trade after climbing as high as 15,336.84, the highest since January 29.

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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 wallowed at its lowest in nearly two weeks against a basket of major currencies early on Thursday, having beat a hasty retreat after the Federal Reserve signalled that interest rates will stay low for a while yet.

New projections suggested the Fed saw rates rising a bit more in 2015 and 2016 than it previously forecast, but officials lowered their long-term rate target. The Fed also sounded comfortable about the inflation outlook despite recent signs of a pick-up in price pressure.

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TREASURIES

NEW YORK - U.S. Treasuries prices gained on Wednesday after the Federal Reserve took a more dovish stance on monetary policy than some had expected at its June meeting, a day after data showed inflation pressures are rising.

Prices had tumbled on Tuesday after a higher-than-expected consumer price inflation indicator led investors to prepare for the possibility that the Fed will be open to raising rates sooner than some had thought.

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COMMODITIES

GOLD

SINGAPORE - Gold held on to modest overnight gains on Thursday after the Federal Reserve cut its outlook for U.S. economic growth, while platinum group metals rose as new hurdles emerged in settling South Africa’s mining strike.

Spot gold was little changed at $1,278.20 an ounce by 0029 GMT, after rising 0.5 percent on Wednesday on safe-haven bids.

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BASE METALS

SYDNEY - London copper climbed on Thursday, riding on optimism over the U.S. economy and on prospects that China stands ready to support 7.5-percent growth.

Three-month copper on the London Metal Exchange had edged up 0.3 percent to $6,730.50 a tonne by 0107 GMT, after finishing little changed in the previous session.

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OIL

NEW YORK - Brent crude rose to a nine-month high on Wednesday as investors worried about exports from Iraq, while U.S. crude dipped after government numbers showed domestic crude inventories fell much less than an industry group had reported.

Brent rose past $114 a barrel as Sunni militants opposing Baghdad’s Shi‘ite government battled their way into Iraq’s largest refinery, raising the specter of supply disruptions from OPEC’s second-largest producer

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