July 10, 2014 / 2:47 AM / 3 years ago

India Morning Call-Global Markets

EQUITIES

NEW YORK - U.S. stocks finished higher on Wednesday, rebounding from a sharp two-day selloff, after minutes from the last Federal Reserve meeting showed policymakers have started to detail how the central bank will end its easy monetary policy.

The Dow Jones industrial average rose 78.99 points or 0.47 percent, to 16,985.61. The S&P 500 gained 9.12 points or 0.46 percent, to 1,972.83. The Nasdaq Composite added 27.57 points or 0.63 percent, to 4,419.03.

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LONDON - Britain’s top share index fell for a third straight session to a two-month low on Wednesday, with Admiral sinking after a downbeat trading update and Aviva slipping after outlining its turnaround targets.

The FTSE 100 index closed 0.3 percent lower at 6,718.04 points after climbing to a high of 6,740.82 points earlier in the session.

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TOKYO - Japan’s Nikkei share average was flat on Thursday in choppy trade as worse-than-expected machinery data soured sentiment after minutes from the U.S. Federal Reserve suggested the end of its monetary stimulus was a sign of economic strength.

The Nikkei was flat at 15,305.46 in mid-morning trade after going back and forth between positive and negative territory.

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HONG KONG - Hang Seng Index set to open up 0.5 percent.

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FOREIGN EXCHANGE

SYDNEY - The dollar started at one-week lows against a basket of major currencies on Thursday, coming under some pressure after minutes of the Fed’s June meeting gave no clear indication on when interest rates will rise.

The minutes confirmed that the Fed’s monthly bond purchases would end in October and that policymakers debated about the complexities of unwinding a stimulus program that had flooded the financial system with over $2 trillion.

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TREASURIES

NEW YORK - U.S. Treasuries prices rose on Wednesday as the Federal Reserve acknowledged the recent strengthening in the U.S. economy in the minutes of its June meeting but suggested it was unlikely to raise policy rates until the second half of 2015.

The bond market eked out a third day of price gains in choppy trading even after a poor $21 billion 10-year note auction. This week’s $61 billion in fixed-rate note supply will conclude with a $13 billion auction of 30-year bonds.

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COMMODITIES

GOLD

SINGAPORE - Gold edged higher for a second straight session on Thursday, helped by a weaker dollar and as minutes of the Federal Reserve’s recent policy meet gave no indication of an early hike in U.S. interest rates.

Spot gold rose 0.1 percent to $1,327.05 an ounce by 0018 GMT, after gaining 0.5 percent in the previous session.

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BASE METALS

SYDNEY - London copper opened little changed on Thursday and aluminium held not far off a 13-month top, as shrinking supply underpins metal prices and investors revisit the beaten down asset class on brighter prospects for demand.

Three-month copper on the London Metal Exchange traded flat at $7,126.75 a tonne by 0101 GMT.

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OIL

NEW YORK - Oil prices fell on Wednesday, with U.S. crude down more than $1 a barrel on faltering demand for gasoline, and Brent down too as a Libyan oilfield resumed output.

Brent crude futures fell by 66 cents to settle at $108.28 a barrel. Brent hit a one-month low of $108.14 during the session, its eighth straight decline, the longest such streak since May 2010.

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