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India Morning Call-Global Markets
February 28, 2014 / 2:56 AM / 4 years ago

India Morning Call-Global Markets

Feb 28 (Reuters) - EQUITIES

NEW YORK - The S&P 500 closed at a record on Thursday and ended in positive territory for the year after Federal Reserve Chair Janet Yellen said harsh weather seems to be to behind recent U.S. economic softness.

That gave some relief to investors who supported the view that heavy snowstorms and unusually cold weather - and not worsening fundamentals - were to blame for weak U.S. employment, retail sales and other data.

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LONDON - Britain’s top share index edged up on Thursday, lifted by positive U.S. data and assurances from Fed chair Janet Yellen, despite a sharp sell-off in Royal Bank of Scotland and increasing tension over Ukraine.

Royal Bank of Scotland skidded 7.7 percent after its new chief executive outlined plans for a large-scale overhaul after the mostly state-owned lender reported an 8.2 billion pound ($13.64 billion) loss.

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TOKYO - Japan’s Nikkei share average was flat in choppy trade on Friday morning after two days of losses as investors remained cautious amid tensions in Ukraine, while a stronger yen weighed on risk appetite.

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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 held steady against the yen and the euro on Friday, after a surge in U.S. equities confirmed investor appetite for risk and helped the currency recoup some of the losses suffered earlier on geopolitical concerns.

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TREASURIES

NEW YORK - U.S. Treasury debt prices rose on Thursday as tensions between Ukraine and Russia spurred safety buying, helping to stoke strong demand at a seven-year note auction.

The Treasury sold $29 billion in seven-year-notes at the auction, the final sale of the week. Yields ended slightly lower than where they were before the sale.

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COMMODITIES

GOLD

SINGAPORE - Gold hardly moved on Friday but still was on track for its fourth week of gains after investors chased prices higher on concerns about the pace of the U.S. economy and unrest in Ukraine.

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BASE METALS

SYDNEY - London copper steadied on Friday after comments by Federal Reserve Chair Janet Yellen soothed jitters over U.S. growth prospects, but was set to close the month flat on lingering worries over a slowdown in China.

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OIL

NEW YORK - Brent oil futures fell on Thursday, pressured by civil unrest in Ukraine that curbed overall risk appetite and fueled fears that it would slow growth in Europe and lessen oil demand.

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