July 7, 2014 / 2:56 AM / 3 years ago

India Morning Call-Global Markets

EQUITIES

NEW YORK - Wall Street’s holiday-shortened session ended with multiple records on Thursday, with the Dow topping 17,000 for the first time after the June jobs report came in much stronger than expected.

Both the Dow and S&P 500 ended at their third consecutive record highs. The Nasdaq closed at its highest since 2000 and rose for a third straight week. The three major indexes wrapped up a week of solid gains. Regular trading ended at 1 p.m. on the day before the Independence Day holiday, when the U.S. stock market will be closed.

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LONDON - Britain’s top share index hit a 3-1/2 week closing high on Friday and recorded strong gains on the week as investors took heart from further signs of improvement in the global economy.

Budget airliner easyJet rose 1 percent, a top FTSE 100 performer, after unveiling a 10 percent jump in its passenger numbers in June from the same month of the previous year..

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TOKYO - Japanese shares were little changed near 5-1/2-month highs on Monday but underpinned by expectations of domestic pension funds’ buying, which has been a major driving force behind the market’s rally in the last two months.

The benchmark Nikkei average gained 0.1 percent to 15,445.68 points, after rising as high as 15,477.77, not far from Friday’s high of 15,490.37.

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

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FOREIGN EXCHANGE

SYDNEY - The dollar clung on to most of last week’s payrolls-inspired gains early on Monday after a holiday in the United States all but ensured a moribund start to the week.

The dollar index was steady at 80.300, not far from a one-week peak of 80.315 set on Thursday in the wake of solid jobs data. U.S. markets were shut on Friday for the Independence Day holiday.

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TREASURIES

NEW YORK - U.S. benchmark Treasuries yields eased from two-month highs on Thursday to trade slightly higher after traders reconsidered a strong U.S. June nonfarm payrolls report and reacted to comments from European Central Bank chief Mario Draghi.

Nonfarm payrolls increased by 288,000 jobs, the Labor Department said on Thursday, where economists polled by Reuters had forecast a gain of 212,000. It was the first time since the technology boom in the late 1990s that employment has grown above a 200,000 pace for five straight months.

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COMMODITIES

GOLD

SINGAPORE - Gold edged lower on Monday as its safe-haven appeal was dulled by global equities that were trading close to record highs on strong economic data, while speculation over an earlier-than-expected hike in U.S. interest rates also weighed on bullion.

Spot gold slipped 0.2 percent to $1,317.94 an ounce by 0021 GMT, after posting its fifth straight weekly gain on Friday.

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BASE METALS

SYDNEY - London copper began the week little changed on Monday, broadly holding on to last week’s 3 percent gains on tighter-than-expected supply.

London Metal Exchange copper stocks are near six-year lows, while production of refined copper has faltered due to a series of smelter outages this year. A six-month halt on exports from major producer Indonesia has exacerbated tight conditions.

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OIL

NEW YORK - Brent crude prices hovered near a three-week low just above $110 a barrel on Monday, hurt by a potential rise in oil supply as Libya gears up to resume exports from two ports that have been closed for nearly a year.

The benchmark dropped 2.3 percent last week, its biggest weekly decline since early January, on the Libyan news. Brent is about $5 a barrel below its highest point this year - marked in June when fighting broke out in northern Iraq.

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