May 26, 2014 / 2:57 AM / in 3 years

India Morning Call-Global Markets

MUMBAI, May 26 (Reuters) - EQUITIES

NEW YORK - The S&P 500 closed at a record high on Friday, buoyed by a rally in housing stocks after better-than-expected home sales and a jump in Hewlett-Packard shares a day after the personal computer maker said it would cut more jobs.

The Dow Jones industrial average rose 63.19 points or 0.38 percent, to 16,606.27. The S&P 500 gained 8.04 points or 0.42 percent, to end at 1,900.53, a record. The Nasdaq Composite added 31.47 points or 0.76 percent, to 4,185.81.

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LONDON - Britain’s top equity index slipped on Friday to record its biggest weekly loss in more than a month, led by selloffs in oil group Tullow and luxury brand Burberry.

The FTSE 100 closed 0.1 percent lower at 6,815.75 points, recording a 0.6 percent fall on the week, the steepest since April 10.

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TOKYO - Japanese shares climbed to a one-month high on Monday morning, extending its winning streak to a third day, helped by the yen’s retreat and a closing record-high for Wall Street on upbeat U.S. housing data.

The benchmark Nikkei gained 0.7 percent to 14,559.43 in early trade, after rising as high as 14,592.60, a level last seen on April 22. The index has extended a rebound from a one-month low of 13,964 hit just on Wednesday.

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

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FOREIGN EXCHANGE

SYDNEY - The euro slipped early on Monday, while the other major currencies got off to a steady start as the results of a presidential election in Ukraine and votes for the European Parliament were so far greeted calmly by investors.

Dealers expect little action on Monday with U.S. markets closed for Memorial Day, while UK markets are shut for the Spring bank holiday.

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TREASURIES

NEW YORK - U.S. Treasuries prices rose on Friday on uncertainty ahead of Sunday’s European Union and Ukraine elections, which overshadowed stronger-than-expected U.S. housing data and spurred safe-haven bids.

Traders sought safe-haven bonds on the belief that the elections could result in market volatility, including renewed worries of a Greek exit from the euro zone and the potential for greater geopolitical concerns surrounding Russia and Ukraine.

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COMMODITIES

GOLD

SINGAPORE - Platinum group metals climbed on Monday on supply fears from strikes in major producer South Africa, while gold continued to struggle below $1,300 an ounce.

Platinum rose 0.5 percent to $1,472.35 an ounce, not too far from an 8-1/2 month high hit last week. Palladium also gained 0.5 percent to $828.70 an ounce, near a 2-1/2 year high

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BASE METALS

SYDNEY - Shanghai copper inched up on Monday to its highest since late February as seasonally strong demand put pressure on tight supplies amid modest trading volumes given holidays in Britain and the United States.

The most-traded August copper contract on the Shanghai Futures Exchange climbed as high as 49,110 yuan ($7,900) a tonne, rising 1.4 pct to its highest since Feb. 27.

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OIL

NEW YORK - Brent and U.S. crude futures pushed higher on Friday, supported by the crises in Ukraine and Libya as well as positive economic data in the world’s top two oil consumers, the United States and China.

Both Brent and U.S. crude posted weekly gains a second straight week.

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