April 22, 2014 / 3:02 AM / 4 years ago

India Morning Call-Global Markets

MUMBAI, April 22 (Reuters) - EQUITIES

NEW YORK - U.S. stocks advanced modestly on Monday in subdued trading as investors showed hesitation in the wake of a strong rally last week and before a slew of key earnings releases this week.

The Dow Jones industrial average rose 40.71 points or 0.25 percent, to end at 16,449.25. The S&P 500 gained 7.04 points or 0.38 percent, to close at 1,871.89. The Nasdaq Composite added 26.03 points or 0.64 percent, to finish at 4,121.546.

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LONDON Britain’s top shares rose to a one-week closing high on Thursday after upbeat U.S. results from Morgan Stanley MS.N and Goldman Sachs GS.N drove up financials and allayed investor concerns about the current earnings season.

Morgan Stanley shares gained after it unveiled a rise in first-quarter earnings, while Goldman Sachs advanced after it reported an 11 percent drop in profits but beat expectations.

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TOKYO - Japanese shares advanced on Tuesday, taking heart from a solid session on Wall Street, but gains were limited below the two-week intraday high marked the previous day on caution over upcoming earnings reports and tensions in Ukraine.

The Nikkei average was up 0.3 percent at 14,556.03 in midmorning trade, continuing its recovery from a six-month low of 13,885.22 hit on Monday last week, after U.S. stocks extended gains into a fifth day.

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HONG KONG - Hang Seng Index set to open down 0.2 percent.

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FOREIGN EXCHANGE

SYDNEY - The dollar held at two-week highs against a basket of major currencies early on Tuesday after a subdued session overnight, with many global financial centres shut for the Easter long-weekend holiday.

Traders expect a slow start with no major economic data out of Asia, although Australian inflation numbers, a survey on China’s manufacturing sector and an interest rate review in New Zealand over the next two days should provide some interest.

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TREASURIES

NEW YORK - U.S. Treasuries yields were little changed on Monday after anticipation of another round of strong U.S. economic data limited safe-haven bids, and as traders discounted conflict in Ukraine and emphasized efforts to ease tensions in the country.

While conflict in Ukraine lingered on Monday, traders concentrated on last Thursday’s upbeat U.S. economic data showing jobless claims remained low and factory activity was better than expected, and an international agreement struck in Geneva to lower tension in Ukraine.

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COMMODITIES

GOLD

SINGAPORE - Gold extended losses into a fourth session on Tuesday, hovering near its lowest in 2-1/2 weeks as equities climbed and on outflows from bullion-backed funds.

Spot gold had fallen 0.1 percent to $1,288.11 an ounce by 0021 GMT. The metal declined to $1,281.40 the day before - its lowest since April 3.

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BASE METALS

SYDNEY - Copper futures on the London Metal Exchange slipped on Tuesday as the bourse reopened after a long holiday weekend, still pressured by worries over Chinese demand amid a slowdown in the world’s top user of the industrial metal.

Nickel jumped nearly 2 percent to its highest level in more than 14 months, supported by supply risks stemming from an Indonesian mineral ore export ban and continuing tensions between Ukraine and major nickel producer Russia.

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OIL

NEW YORK - Brent crude oil strengthened slightly while U.S. crude futures were briefly supported by positive economic data on Monday but prices were range-bound in low volumes following Easter Sunday with no significant escalation in tensions over Ukraine.

Gasoline futures led the U.S. oil complex with traders and analysts citing a report of an upcoming refinery shutdown on the Gulf Coast as supporting the contract.

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