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India Morning Call-Global Markets
February 20, 2014 / 2:56 AM / in 4 years

India Morning Call-Global Markets

MUMBAI, Feb 20 (Reuters) - EQUITIES

NEW YORK - U.S. stocks slid on Wednesday in a late selloff after minutes of the U.S. Federal Reserve’s latest policy-setting meeting indicated that the central bank will keep trimming its bond-buying stimulus unless there is a significant economic surprise.

The market also faced technical resistance as the S&P 500 earlier traded within a point of its record closing high set last month.

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LONDON - Britain’s top shares steadied on Wednesday as analysts bet the strong rally that followed a slump in emerging markets has run out of steam, though Sports Direct gained on robust profits.

The FTSE 100 closed up 0.28 points - flat in percentage terms - at 6,796.71 points. It hit 6,810.48, its highest since late January, earlier in the day. The weakness followed a rally of around 6 percent since early February.

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TOKYO - Japan’s Nikkei share average fell for a second day following declines on Wall Street as minutes of the U.S. Federal Reserve’s latest policy-setting meeting indicated it will keep trimming its stimulus.

Market players said many investors are also staying on the sidelines ahead of the release of the preliminary February China Purchasing Managers’ Index (PMI) from HSBC/Markit later on Thursday.

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HONG KONG - Shanghai shares erased gains early on Thursday after a preliminary private survey of February’s manufacturing activity in the mainland came in weaker than expected, stoking fears of a quicker-than-expected slowdown.

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FOREIGN EXCHANGE

SYDNEY - The dollar held firm against a basket of major currencies on Thursday, drawing support from minutes of the U.S. Federal Reserve which showed policymakers remained committed to reducing its massive stimulus at the current pace.

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TREASURIES

NEW YORK - U.S. Treasury prices fell on Wednesday as minutes of the Federal Reserve’s January meeting showed members supported continued tapering of the central bank’s bond-buying program in the absence of a significant change in the economy.

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COMMODITIES

GOLD

SINGAPORE - Gold bounced on Thursday after falling nearly 1 percent in the previous session, but a firmer U.S. dollar could cap gains as minutes from a U.S. Federal Reserve policy meeting indicated support for continued tapering of its bond-buying stimulus.

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BASE METALS

SYDNEY - London copper was little changed on Thursday, down from three-week peaks hit the session before, as traders marked time ahead of factory data in top user China.

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OIL

NEW YORK - U.S. crude oil and heating oil prices rose on Wednesday as forecasts for another cold snap next week is expected to increase demand.

Industry weekly inventory data showed a much smaller-than-expected draw in distillates stocks, including heating oil, according to the American Petroleum Institute’s weekly inventory report.

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