July 11, 2014 / 2:46 AM / 3 years ago

India Morning Call-Global Markets

4 Min Read

Equities

NEW YORK - U.S. stocks dropped on Thursday as concerns about the financial health of Portugal's top listed bank gave investors a reason to cash in recent gains.

With the Dow and the S&P 500 near record highs, the slide in Europe triggered by financial shares quickly translated into broad selling on Wall Street. The S&P 500 briefly lost 1 percent earlier, a daily drop the benchmark has not seen since April 10.

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LONDON - Britain's top share index fell on Thursday, with financial stocks hit by a sell-off in the sector across Europe on concerns about Portugal's biggest listed bank.

As investors shifted away from equities to safe-haven assets, the FTSE 100 index broke below key technical support levels, pointing to further weakness in the days ahead.

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TOKYO - Japan's Nikkei share average dropped for a fifth day to a fresh 1 1/2-week low on Friday morning as concerns about the financial health of Portugal's top listed bank turned investors risk-averse.

The Nikkei .N225 shed 0.3 percent to 15,164.68 in mid-morning trade after falling to as low as 15,101.49, the lowest since June 30. For the week, the index has declined 1.7 percent.

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HONG KONG - Hang Seng Index set to open down 0.4 percent.

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Foreign Exchange

SYDNEY - The yen was poised to end the week higher on Friday, having lunged forward overnight as a fall in global equities lifted demand for the safe-haven currency.

Fears over financial troubles at the family-owned holding companies behind Portugal's largest listed bank unsettled European markets on Thursday.

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Treasuries

NEW YORK - U.S. Treasuries prices rose on Thursday, with benchmark yields falling to their lowest in five weeks as investors scrambled for low-risk bonds on worries that problems involving Portugal's biggest listed bank may rekindle the region's financial woes.

The bond market clung to modest gains following the minutes on the Federal Reserve's June 17-18 policy meeting released on Wednesday, which suggested the central bank is unlikely to raise policy rates until the second half of 2015.

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Commodities

Gold

SINGAPORE - Gold retained sharp overnight gains to trade near a 16-week high on Friday and was poised to post its sixth weekly rise in a row, as troubles at a Portuguese bank hammered equities and stoked safe-haven demand for bullion.

Spot gold inched up 0.1 percent to $1,336.36 an ounce by 0028 GMT, after closing up 0.7 percent on Thursday, when it rose to a peak of $1,345 - the metal's highest since March 19.

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Base Metals

SYDNEY - London copper steadied on Friday and was on track for a fourth consecutive week of gains on Friday with tightening global supplies and economic optimism driving prices higher.

Three-month copper on the London Metal Exchange CMCU3 eased 0.1 percent to $7,155 a tonne by 0120 GMT. Copper on Tuesday hit its highest in 4-1/2 months at $7,212 and was up marginally for the week, its fourth weekly gain, which would be its longest winning streak since December 2012.

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Oil

NEW YORK - Oil prices rose on Thursday, ending their longest losing streak in years as traders bet a weeks-long decline had run too far.

European Brent crude rebounded slightly after eight days of losses, the longest slide since 2010, and U.S. crude recovered from a nine-day losing streak, matching a slide in late 2009. Some traders who shorted the market earlier bought back contracts to secure their profits, dealers said.

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