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India Morning Call-Global Markets
July 3, 2014 / 3:02 AM / 3 years ago

India Morning Call-Global Markets

EQUITIES

NEW YORK - U.S. stocks ended one of their flattest sessions in years on Wednesday as a positive read on private sector employment wasn’t enough to interest buyers ahead of the highly anticipated June payrolls report.

The Dow Jones industrial average rose 20.17 points or 0.12 percent, to 16,976.24, the S&P 500 gained 1.3 points or 0.07 percent, to 1,974.62 and the Nasdaq Composite dropped 0.92 points or 0.02 percent, to 4,457.73.

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LONDON - Britain’s top share index hit a one-week high on Wednesday, with upbeat economic data from the United States and China improving investor sentiment and boosting cyclical sectors like banks, miners and automakers.

The blue-chip FTSE 100 index closed 0.2 percent firmer at 6,816.37 points after climbing to a high of 6,829.49, the highest level since late June. The index is up more than 5 percent so far this year.

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TOKYO - Japanese stocks were flat in a choppy early session on Thursday as investors took time out ahead of the U.S. jobs data later in the day, while Toshiba Corp 6502.T soared on a report that its U.S. subsidiary is expected to win a deal in Bulgaria.

The Nikkei share average was steady at 15,365.95 in mid-morning trade after earlier tracking in positive territory.

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HONG KONG - Hang Seng Index set to open flat.

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FOREIGN EXCHANGE

SYDNEY - The U.S. dollar clung onto modest gains early on Thursday, having risen broadly on the back of a report that showed solid hiring in the U.S. private sector.

The figures from payrolls processor ADP added to a string of bullish U.S. data ranging from manufacturing to auto sales, supporting the view that the U.S. economy has bounced back smartly after a first-quarter slump

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TREASURIES

NEW YORK - U.S. Treasuries yields rose on Wednesday after more robust than expected private-sector jobs data ratcheted up expectations for a stronger U.S. nonfarm payrolls report on Thursday.

U.S. companies hired 281,000 workers in June, marking the biggest monthly increase since November 2012, the ADP National Employment Report showed. That was well above economists’ expectations for 200,000 jobs, according to a Reuters poll.

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COMMODITIES

GOLD

SINGAPORE - Gold was little changed below a three-month high on Thursday as investors awaited a string of key data releases later in the day to gauge the strength of the global economy and the fate of stimulus measures by central banks.

Spot gold was flat at $1,326.10 an ounce by 0033 GMT, not too far from a 3-month high of $1,332.10 hit earlier in the week.

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BASE METALS

SYDNEY - London copper marked its highest in over four months and LME zinc touched a three-year peak on Thursday, with second-half fund allocations pouring into the sector as the demand outlook brightens.

Three-month copper on the London Metal Exchange had edged up 0.1 percent to $7,131 a tonne by 0121 GMT, earlier hitting a fresh 4-1/2-year month peak of $7,145 and adding to a 1.4 percent advance from the previous session.

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OIL

NEW YORK - Brent futures dipped below $111 a barrel on Thursday as supply fears eased after Libya declared an end to an oil crisis that has cut exports from the OPEC member to a trickle, although declines will be capped by concerns over Iraq.

Brent crude extended the previous session’s losses to fall to a three-week low, dropping 32 cents to $110.92 a barrel by 0230 GMT. U.S. oil declined 44 cents to $104.04, also sliding to a three-week low.

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