August 8, 2014 / 3:16 AM / in 3 years

India Morning Call-Global Markets

EQUITIES

NEW YORK - U.S. stocks ended lower on Thursday, continuing a recent streak of weakness as Russia’s surprisingly harsh retaliatory measures in response to Western sanctions raised concerns about global growth.

In addition to Moscow’s ban on imports of many Western foods, following sanctions imposed for Russia’s support of rebels in eastern Ukraine, investors worried that the conflict between Russian and Ukraine is escalating, with the downing of a Ukrainian fighter jet.

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LONDON - Britain’s top shares slipped again on Thursday after sobering results from insurance companies and from bottler Coca-Cola HBC.

The world’s No. 2 bottler of Coca-Cola drinks, sank 5.3 percent after warning that volumes would fall for the rest of the year, citing a “sudden deterioration” in Russia, its biggest market.

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TOKYO - Japan’s Nikkei share average slumped to two-month lows on Friday on worries that escalating tensions between Russia and the West could hurt the global growth.

The Nikkei average fell 3.0 percent to 14,774.87, falling below an important support from its 200-day moving average at 14,958, to its lowest levels since mid-June.

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HONG KONG - Hang Seng Index set to open down 0.33 percent.

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FOREIGN EXCHANGE

TOKYO - The dollar slipped against the safe haven yen on Friday after news that U.S. President Barack Obama had authorised air strikes in Iraq added to simmering geopolitical tensions and sapped risk appetite.

Obama said in an address that he authorised targeted strikes to protect the besieged Yazidi minority and U.S. personnel in Iraq, after the Iraqi government requested help.

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TREASURIES

TOKYO - The 10-year U.S. Treasury yield hit a 14-month low as news that President Barack Obama had authorised air strikes in Iraq added to already simmering geopolitical tensions and fanned demand for safe haven assets.

The 10-year yield declined to as low as 2.38 percent, the lowest since June 2013.

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COMMODITIES

GOLD

SINGAPORE - Gold dipped on Friday after two days of gains, but remained on track to snap a three-week losing streak as geopolitical tensions over Ukraine lift the metal’s safe-haven appeal.

Spot gold slipped 0.2 percent to $1,310.16 an ounce by 0023 GMT, after gaining 0.6 percent on Thursday, when it climbed to $1,314.40 - its highest since July 22.

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BASE METALS

SYDNEY - London copper slipped on Friday and was set to post its third weekly loss in four as supply slowly improves and traders await fresh data from top metals user China later in the session.

Three-month copper on the London Metal Exchange slipped by 0.2 percent to $6,984 a tonne by 0040 GMT, after finishing a tad firmer in the previous session. Copper sank to a five week low on Wednesday at $6,951.75 a tonne.

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OIL

NEW YORK - Crude oil prices rebounded on Thursday after reports the United States was considering airstrikes on advancing Islamic militants in Iraq revived concerns about supply disruptions from OPEC’s No. 2 oil producer.

Brent crude gained 85 cents to settle at $105.44 a barrel, and rose more than $1 in post-settlement trading. It had closed at $104.59 a barrel on Wednesday, its lowest settlement since Nov. 7.

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