May 23, 2018 / 9:28 PM / 5 months ago

UPDATE 1-Asia Morning Call-Global Markets

    May 24 (Reuters) - 
 Stock Markets                  Net Chng    Stock Markets                    Net Chng
 S&P/ASX 200**   6,032.50       -9.40       NZX 50**            8,553.23     -60.09
 DJIA**          24,886.81      52.40       NIKKEI**            22,960.34    -270.60
 Nasdaq**        7,425.955      47.50       FTSE**              7,788.44     -89.01
 S&P 500**       2,733.29       8.85        Hang Seng**         30,665.64    -568.71
 SPI 200 Fut     6,024          -12.00      STI**               3,496.27     -46.91
 SSEC**          3,169.2393     -45.11      KOSPI**             2,471.91     6.34
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 Bonds                          Net Chng    Bonds                            Net Chng
 JP 10 YR Bond   0.044          -0.001      KR 10 YR Bond       2.755        -0.014
 AU 10 YR Bond   2.84           -0.006      US 10 YR Bond       2.9935       -0.072
 NZ 10 YR Bond   2.8            -0.035      US 30 YR Bond       3.1525       -0.057
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 Currencies                     Net Chng                                     Net Chng
 SGD US$         1.3427         -0.0006     KRW US$             1,076.12     -0.13
 AUD US$         0.7561         0.0002      NZD US$             0.6917       0.0003
 EUR US$         1.1702         0.0006      Yen US$             109.95       -0.12
 THB US$         32.11          0.02        PHP US$             52.443       -0.012
 IDR US$         14,202         69          INR US$             68.31        -0.05
 MYR US$         3.98           0.0145      TWD US$             29.96        0.038
 CNY US$         6.3883         0.0215      HKD US$             7.8486       -0.0007
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 Commodities                    Net Chng                                     Net Chng
 Spot Gold       1,293          2.08        Silver (Lon)        16.412       -0.106
 U.S. Gold Fut   1,293          1           Brent Crude         79.71        0.14
 Iron Ore        CNY457         2.5         TRJCRB Index        -            -
 TOCOM Rubber    JPY195.3       -1.2        LME Copper          6,835        -144
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--  
    ** indicates closing price 
    All prices as of 21:18 GMT
    
    EQUITIES

    GLOBAL - Global stock markets pared losses and the dollar cut gains on Wednesday
after the release of minutes from the U.S. Federal Reserve's May 1-2 meeting amid
heightened concerns that setbacks to U.S.-China trade talks would undermine world
economic growth.
    U.S. President Donald Trump said trade discussions with China would need to be
rerouted, saying the current track appeared "too hard to get done" and any agreement
reached between the world's two largest economies needed "a different structure."
    For a full report, click on
    
    - - - -
    
    NEW YORK - U.S. stocks ended with small gains on Wednesday after minutes from the
Federal Reserve's latest meeting suggested higher inflation may not result in faster
interest rate hikes.
    Most Fed policymakers thought it likely another rate increase would be warranted
"soon" if the U.S. economic outlook remains intact, and many participants saw little
evidence of general overheating of the labor market, minutes of the central bank's last
policy meeting showed.
    For a full report, click on
    
    - - - -
    
    LONDON - European shares pulled back on Wednesday as U.S.-China trade talks stalled
and a drop in crude prices slammed the brakes on a stellar run in energy stocks, while
uncertainty in Italian politics continued to weigh on banks.
    The pan-European STOXX 600 index fell 1.1 percent, its biggest drop in two
months, pulling back from a 3-1/2 month high hit on Tuesday. Germany's export-oriented
DAX, which has been especially sensitive to trade disputes, tumbled 1.5
percent.
    For a full report, click on

    - - - -
    
    TOKYO - Japan's Nikkei share average suffered its biggest fall in two months on
Wednesday, as comments from U.S. President Donald Trump rekindled worries about trade
friction, hurting steelmakers and shippers among others.
    The Nikkei tumbled 1.2 percent to 22,690, after sliding to 22,650 earlier,
the weakest intraday level since May 11.
    For a full report, click on
    
    - - - -
    
    SHANGHAI - China stocks fell the most in a month on Wednesday, dragged by a slump
in coal miners as Beijing intervened to cool the red-hot coal market.
    The blue-chip CSI300 index fell 1.3 percent to 3,854.58, while the
Shanghai Composite Index declined 1.4 percent to 3,168.96 points, their
sharpest single-day drop since late April.
    For a full report, click on
    
    - - - -
    
    AUSTRALIA - Australian shares are likely to slip at open on Thursday, extending
losses to their sixth straight session, as material and energy stocks are expected to
come under pressure after oil, iron ore prices fell.
    China's construction steel rebar futures dropped to a one-month low on Wednesday,
while oil benchmarks fell after an unexpected build in U.S. crude and gasoline
inventories despite strong demand.
    The local share price index futures fell 0.2 percent or 12 points to 6,024
, a 8.5-point discount to the underlying S&P/ASX 200 index close. The benchmark
shed 0.2 percent on Wednesday.
    For a full report, click on
    
    - - - -
    
    SEOUL - South Korea's KOSPI stock index closed higher on Wednesday. The
Korean won ended stronger against the greenback in the local platform, while bond
yields dropped.
    At 0630 GMT, the KOSPI was up 6.34 points or 0.26 percent at 2,471.91.
    For a full report, click on
    
    - - - -
    
    FOREIGN EXCHANGE

    NEW YORK - The dollar held near a more than five-month high against a basket of
currencies on Wednesday, after minutes of the Federal Reserve's May policy meeting
showed most policymakers thought it likely another interest rate increase would be
warranted "soon" if the U.S. economic outlook remains intact.
    The dollar index, which measures the greenback against a basket of six other
currencies, hit a high of 94.188 before the release of the minutes, but pared some
gains to trade up 0.42 percent at 94.006.
    For a full report, click on

    - - - -
    
    SHANGHAI - China's yuan eased against the U.S. dollar in thin trade on Wednesday,
reflecting broad pressure on emerging market currencies from a firm greenback that has
gained on the prospect of faster U.S. rate rises.
    Markets are awaiting the minutes of the latest Federal Reserve meeting for clues on
the pace of further U.S. monetary tightening.
    For a full report, click on
    
    - - - -
    
    AUSTRALIA - The New Zealand dollar retreated on Wednesday after the central bank
said it could slash cash rates to below zero and engage in asset buying programmes in
case of a major crisis, with the Australian currency falling in sympathy.
    The kiwi dollar fell more than three quarters of a U.S. cent to a session
low of $0.6894, from a one-week top of $0.6974 touched on Tuesday.
    For a full report, click on
    
    - - - -
    
    SEOUL - The won was quoted at 1,080.7 per dollar on the onshore settlement platform
, 0.43 percent firmer than its previous close at 1,085.4.
     In offshore trading, the won was quoted at 1,079.46 per U.S. dollar, down
0.36 percent from the previous day, while in one-year non-deliverable forwards
 it was being asked at 1,062 per dollar.
    For a full report, click on
    
    - - - -
    
    TREASURIES
    
    NEW YORK - U.S. Treasury yields held at lower levels on Wednesday after minutes of
the Federal Reserve's May meeting showed that most Fed policymakers thought it likely
another interest rate increase would be warranted "soon" if the U.S. economic outlook
remains intact.
    The minutes also included a call by some policymakers to revise the Fed's monetary
policy statement soon to reflect that rates would be close or above long-run estimates
before too long. 
    For a full report, click on
    
    - - - -
    
    LONDON - German 10-year bond yields hit five-week lows on Wednesday, after news of
a slowdown in euro zone business activity cast doubt on the timing of a planned exit by
the ECB from its hefty stimulus programme.
    Italy's 10-year bond yield, pushed up by growing political risks, hit a 14-month
high - widening the gap over German Bund yields by 18 basis points at one stage
,.
    For a full report, click on
    
    - - - -
    
    TOKYO - Japanese government bonds rose on Wednesday after the Bank of Japan's
buying operation produced strong results, highlighting limited availability of JGBs for
investors.
    The BOJ bought one- to five-year sector and the 10- to 40-year zone as previously
announced, with the latter drawing smallest amount of selling since the end of last
month.
    For a full report, click on
 
    
    COMMODITIES
    
    GOLD
    Gold prices rose on Wednesday as the U.S. dollar backed off its highs against a
basket of currencies while investors interpreted minutes from the U.S. Federal
Reserve's latest policy meeting as dovish.
    Most Federal Reserve policymakers thought it likely another interest rate increase
would be warranted "soon" if the U.S. economic outlook remains intact, minutes of the
central bank's last policy meeting showed.
    For a full report, click on
    
    - - - -
    
    IRON ORE
    China's construction steel rebar futures fell to a one-month low on Wednesday, as
supply glut concerns continued to weigh on market sentiment, offsetting the impact of
overcapacity inspections.
    The most-active rebar contract for October delivery on the Shanghai Futures
Exchange closed down 1.4 percent at 3,531 yuan ($553.44) a tonne, having
earlier touched 3,511 yuan, its lowest since April 23.
    For a full report, click on
    
    - - - -
    
    BASE METALS
    Copper posted its biggest one-day drop in nearly a month on Wednesday as fading
optimism that a China-U.S. trade stand-off was at an end knocked appetite for cyclical
assets, helping pull the metal from the previous day's high.
    Three-month copper on the London Metal Exchange fell as low as $6,805 a
tonne before ending the day at $6,867 a tonne, down 1.6 percent. That is its biggest
retracement of any day since April 27.
    For a full report, click on
    
    - - - -
    
    OIL
    Oil benchmarks fell on Wednesday after an unexpected build in U.S. crude and
gasoline inventories despite strong demand, and as traders weighed a possible increase
in OPEC crude output to cover any shortfalls in supply from Iran and Venezuela.
    U.S. crude inventories rose 5.8 million barrels last week, while gasoline stocks
increased by 1.9 million barrels, the Energy Information Administration said.
    Brent crude futures slipped 23 cents to settle at $79.80 a barrel, while
U.S. crude lost 36 cents to $71.84 a barrel.
    For a full report, click on
    
    - - - -
    
    PALM OIL
    Malaysian palm oil futures declined in trade on Wednesday evening, tracking
weakness in crude oil prices and as traders booked profit after the vegetable oil
jumped to a six-week high in the previous session.
    The benchmark palm oil contract for August delivery on the Bursa Malaysia
Derivatives Exchange was down 0.2 percent at 2,473 ringgit ($621.36) a tonne at the
close of trade.
    For a full report, click on
    
    - - - -
    
    RUBBER
    Benchmark Tokyo rubber futures slipped on Wednesday from a near four-month high hit
in the previous session, hurt by a firmer yen against the dollar on fears that setbacks
to U.S-China trade talks would undermine increasingly fragile-looking world growth.
    The Tokyo Commodity Exchange (TOCOM) rubber contract for October delivery,
 finished 2.5 yen lower at 196.5 yen ($1.8) per kg, sliding from Tuesday's
high of 202.1 yen, which marked the highest since Jan 29.
    For a full report, click on
    
    - - - -

 (Bengaluru Bureau; +91 80 6749 1130)
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