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India Morning Call-Global Markets
August 19, 2014 / 2:51 AM / 3 years ago

India Morning Call-Global Markets

EQUITIES

NEW YORK - U.S. stocks surged on Monday, with the Nasdaq closing at a 14-year high as increasing homebuilder confidence and hopes for receding tensions in Russia gave investors reasons to make bigger bets on the equity market.

The Dow Jones industrial average jumped 175.83 points, or 1.06 percent, to close at 16,838.74. The S&P 500 rose 16.68 points, or 0.85 percent, to 1,971.74. The Nasdaq Composite added 43.39 points, or 0.97 percent, to close at 4,508.31.

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LONDON - Britain’s top share index climbed to a two-week high on Monday, with sentiment improving on relief that a feared escalation in the Ukraine crisis had failed to materialise.

The blue-chip FTSE 100, which rose nearly 1 percent on Friday before erasing gains to end flat, finished 0.8 percent higher at 6,741.25 points on Monday.

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TOKYO - Japan’s Nikkei share average rose to a two-week high on Tuesday as strong U.S. housing data buoyed sentiment, while the weaker yen lifted risk appetite in such index-heavy stocks and exporters as SoftBank Corp and Panasonic Corp .

The Nikkei rose 0.8 percent to 15,443.38 points in mid-morning trade, after rising as high as 15,476.05, the highest since Aug. 5.

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

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FOREIGN EXCHANGE

SYDNEY - The dollar held firm on Tuesday after a solid U.S. housing data and a rise in U.S. bond yields on the back of hopes of an easing of geopolitical tensions.

The dollar index stood at 81.594 <.DXY =USD>, having gained 0.2 percent on Monday, and edging near 11-month high of 81.716 hit earlier this month.

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TREASURIES

NEW YORK - U.S. Treasury debt prices fell on Monday after three days of gains as risk appetite returned following upbeat U.S. housing data and easing tensions in the Middle East and Ukraine.

Market participants said the sell-off was a much-needed pullback after a remarkable rally in the Treasury market this year, which saw U.S. 10-year note yields start 2014 at just over 3.00 percent and end at 2.38 percent on Monday.

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COMMODITIES

GOLD

SINGAPORE - Gold retained overnight losses to trade below $1,300 an ounce on Tuesday, as safe-haven demand for the metal was curbed by an apparent easing of tensions in Ukraine that boosted equities and the dollar.

Spot gold was flat at $1,297.50 an ounce by 0027 GMT, after dropping 0.6 percent in the previous session. U.S. gold GCcv1 slipped 30 cents to $1,299.

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BASE METALS

SYDNEY - London copper held steady on Tuesday as brighter prospects for the U.S. economy were chilled by caution over China’s stuttering property market, while a stronger dollar sapped a rebound from seven-week lows.

Three-month copper on the London Metal Exchange traded little changed at $6,898.75 a tonne by 0039 GMT, after gains of around half a percent from the previous session.

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OIL

NEW YORK - Brent crude oil shed nearly $2 a barrel to reach its lowest price in over a year on Monday as investor concerns over conflict in Ukraine and Iraq eased, and as higher Libyan oil output added to already ample supplies.

Brent crude fell $1.93 to settle at $101.60 a barrel, after notching a session low of $101.11, the lowest since June 2013

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