September 20, 2017 / 9:52 PM / in a month

UPDATE 1-Asia Morning Call-Global Markets

    Sept 21 (Reuters) - 
 Stock Markets                  Net Chng    Stock Markets                    Net Chng
 S&P/ASX 200**   5,709.09       -4.48       NZX 50**            7,819.24     54.71
 DJIA            22,412.59      41.79       NIKKEI**            20,310.46    11.08
 Nasdaq          6,456.044      -5.28       FTSE**              7,271.95     -3.30
 S&P 500         2,508.24       1.59        Hang Seng**         28,127.8     76.39
 SPI 200 Fut     5,715.00       3.00        STI**               3,218.07     -7.88
 SSEC**          3,366.36620    9.52160     KOSPI**             2,412.2      3.85
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 Bonds                                      Bonds                            
 JP 10 YR Bond   0.028          -0.002      KR 10 YR Bond       2.284        -0.008
 AU 10 YR Bond   2.891          0.048       US 10 YR Bond       2.2729       0.03
 NZ 10 YR Bond   3.11           0.03        US 30 YR Bond       2.8112       -0.003
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 Currencies                                                                  
 SGD US$         1.3488         0.0020      KRW US$             1,131.07     0.28
 AUD US$         0.8025         -0.0006     NZD US$             0.7352       -0.0003
 EUR US$         1.1886         -0.0005     Yen US$             112.28       0.07
 THB US$         33.11          0.02        PHP US$             50.97        0.031
 IDR US$         13,279         4           INR US$             64.288       -0.007
 MYR US$         4.186          -0.004      TWD US$             30.132       -0.005
 CNY US$         6.5735         -0.0125     HKD US$             7.8002       0.0001
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 Commodities                                                                 
 Spot Gold       1,300.63       -10.5501    Silver (Lon)        17.129       -0.191
 U.S. Gold Fut   1,304.5        -6.1        Brent Crude         56.2         1.06
 Iron Ore        CNY491.5       -4          TRJCRB Index        184.6338     2.0559
 TOCOM Rubber    JPY214.4       2.2         LME Copper          6,535        -4
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    ** indicates closing price 
    All prices as of 2133 GMT
    
    EQUITIES

    GLOBAL - U.S. Treasury yields rose, the dollar gained while U.S. stocks fell on
Wednesday after the U.S. Federal Reserve signaled it expects one more interest rake
hike by the end of the year.
    In its statement, the Fed, as expected, left rates unchanged and also said it would
begin in October to reduce its approximately $4.2 trillion in holdings of U.S. Treasury
bonds and mortgage-backed securities. 
    For a full report, click on
    
    - - - -
    
    NEW YORK - The S&P 500 and the Dow ended slightly higher on Wednesday, adding to
their string of closing records, after the Federal Reserve signaled it expects another
interest rate hike by year-end and disclosed timing for reducing its balance sheet.
    The Fed left rates unchanged for now, as was widely anticipated, but investors'
expectations changed for December after the U.S. central bank signaled one more rate
hike by year-end despite recent weak inflation readings.
    For a full report, click on
    
    - - - -
    
    LONDON - Sterling strengthened against the dollar on Wednesday, as data showing
British retail sales unexpectedly surged in August bolstered expectations the Bank of
England will lift rates from record lows before year-end.
    Sterling jumped by almost a cent against the dollar on the publication of the
numbers, which showed monthly sales growth accelerated to 1.0 percent, the fastest
since April and easily beating forecasts of a 0.2 percent increase.
    For a full report, click on

    - - - -
    
    TOKYO - Japanese stocks were nearly flat on Wednesday after scaling highs not seen
in more than two years on Tuesday, while investors stayed cautious before the U.S.
Federal Reserve's policy meeting which ends later in the day.
    The Nikkei edged up 0.1 percent to 20,310.46, after moving little
throughout the day. On Tuesday, the index soared 2.0 percent to hit the highest level
since August 2015 supported by a weaker yen and hopes for a snap election.
    For a full report, click on
    
    - - - -
    
    SHANGHAI - China stocks edged higher on Wednesday, bolstered by strong gains in
consumer stocks and "new energy" car manufacturers, with sentiment propped up improving
business confidence and expectations that Beijing will maintain stability in financial
markets ahead of a key party congress.
    The blue-chip CSI300 index rose 0.3 percent, to 3,842.44 points, while
the Shanghai Composite Index .SSEC also gained 0.3 percent to 3,366.00 points.
    For a full report, click on
    
    - - - -
    
    AUSTRALIA - Australian shares are set to open slightly lower on Thursday as basic
materials stocks are expected to be under pressure due to persistent weakness in iron
ore prices. 
    The local share price index futures rose 0.05 percent, or 3 points to
5,715, a 5.9-point premium to the underlying S&P/ASX 200 index close. The
benchmark fell 0.1 percent on Tuesday. 
    For a full report, click on
    
    - - - -
    
    SEOUL - South Korean shares ended weaker on Wednesday as foreign investors sold off
local equities later in the session to take profits before Fed's policy decision.
    The Korea Composite Stock Price Index closed 0.2 percent down at 2,412.20
points.
    For a full report, click on
    
    - - - -
    
    FOREIGN EXCHANGE

    NEW YORK - The dollar turned higher against a basket of currencies on Wednesday,
reversing an earlier drop, as the Federal Reserve's latest forecast reinforced the
notion of a possible interest rate increase in December. 
    At 2:25 p.m. (1825 GMT), the index that tracks the greenback versus a group of six
currencies was up 0.7 percent at 92.471, its highest level in four trading
sessions.
    For a full report, click on

    - - - -
    
    CHINA - China's yuan firmed against the U.S. dollar on Wednesday as companies sold
dollars to take profits on recent gains and square positions ahead of a Federal Reserve
policy decision later in the session.
    The Fed is widely expected to announce that it will start paring its balance sheet,
with the reductions seen likely to start this year.
    For a full report, click on
    
    - - - -
    
    AUSTRALIA - The New Zealand dollar leapt to a 1-1/2 month high on Wednesday after
an opinion poll showed the country's ruling National Party had regained a wide lead
over the opposition just three days before a nail-biting general election.
    Support for the National Party rose 6 points to 46 percent while that for Labour
slipped seven points to 37 percent, according to One News-Colmar Brunton opinion.
    For a full report, click on
    
    - - - -
    
    SEOUL - The South Korean won edged up on Wednesday but a cautious mood
prevailed in the markets as investors focused on an outcome from the Federal Reserve's
September policy meeting due later on Wednesday.
    The won was quoted at 1,128.3 to the dollar at the conclusion of onshore
trade, up 0.3 percent versus Tuesday's close of 1,131.3.
    For a full report, click on
    
    - - - -
    
    TREASURIES
    
    NEW YORK - Benchmark U.S. Treasury yields jumped to their highest levels in six
weeks on Wednesday after the Federal Reserve’s statement from its policy meeting was
interpreted as keeping a December interest rate hike on the table.
    New economic projections released after the Fed's two-day policy meeting showed 11
of 16 officials see the "appropriate" level for the federal funds rate, the central
bank's benchmark interest rate, to be in a range between 1.25 percent and 1.50 percent
by the end of 2017, one-quarter of a point above the current level.
    For a full report, click on
    
    - - - -
    
    LONDON - Euro zone government bond yields nudged down on Wednesday as investors
awaited the conclusion of a U.S. Federal Reserve meeting for clues on whether another
interest rate rise is likely this year.
    Caught between a lull in U.S. inflation and a stronger global economy, the Fed is
expected to signal whether it will raise rates for a third time this year or back off
until prices rise more briskly. 
    For a full report, click on
    
    - - - -
    
    TOKYO - Benchmark Japanese bonds edged slightly down on Wednesday, but longer
maturities steadied as investors adjusted positions ahead of the outcome of the U.S.
Federal Reserve's meeting later in the global session.
    The 10-year cash JGB yield inched up half a basis point to 0.030
percent, while the 10-year JGB futures contract 2JGBv1 finished up 0.04 point at
150.81.
    For a full report, click on
 
    
    COMMODITIES
    
    GOLD

    Gold prices fell 1 percent on Wednesday after the U.S. Federal Reserve left
interest rates unchanged but signaled it still expected to raise interest rates by
year-end.
    Gold had been creeping higher in the minutes before the Fed released a statement
about its latest two-day policy meeting, then reversed course and fell. It briefly sank
below the $1,300 mark that traders had viewed as psychological support. Bullion hit
$1,295.81 an ounce, the lowest since Aug. 28.
    For a full report, click on
    
    - - - -
    
    IRON ORE
    
    Chinese iron ore futures fell to their lowest level in nearly two months on
Wednesday, pressured by weaker steel prices and an environmental campaign by Beijing
that has restricted operations of sinter facilities.
    Some local governments have restricted the use of sinter plants, which process
smaller iron ore particles such as fines into lump, to improve China's air quality. The
bulk of China's iron ore imports are fines.
    For a full report, click on
    
    - - - -
    
    BASE METALS
    
    Aluminium soared to its highest in five years on Wednesday on reports that mammoth
Chinese producer Chinalco was cutting output two months early and would soon pare back
stocks of available metal.
    Concerns that an environmental crackdown by China's authorities will create
shortages have served to boost aluminium prices and the metal has been the top
performer on the London Metal Exchange (LME) this year with gains of 28 percent. 
    For a full report, click on
    
    - - - -
    
    OIL
    
    Oil prices settled up 2 percent on Wednesday despite a rise in U.S. crude
inventories, with the market heading for its largest third-quarter gain in 13 years
after the Iraqi oil minister said OPEC and its partners were considering extending or
deepening output cuts.
    Brent crude futures LCOc1 rose $1.06, or 1.9 percent, to $56.20 a barrel, while
U.S. West Texas Intermediate (WTI) crude futures CLc1 gained 93 cents, or 1.9 percent,
to $50.41
    For a full report, click on
    
    - - - -
    
    PALM OIL
    
Malaysian palm oil futures rose for the first time in five sessions on Wednesday,
supported by rising export demand and strength in soyoil on the Chicago Board of Trade
(CBOT).
    The benchmark palm oil contract for December delivery on the Bursa
Malaysia Derivatives Exchange rose 0.1 percent to 2,770 ringgit a tonne at the end of
the trading day.
    For a full report, click on
    
    - - - -
    
    RUBBER
    
    Benchmark Tokyo rubber futures extended losses into a fourth session on Wednesday,
diving to a one-month low as a continued slide in Shanghai futures prompted fresh
selling.
    The Tokyo Commodity Exchange (TOCOM) rubber contract for February delivery,
 finished 1.2 yen, or 0.6 percent, lower at 212.2 yen ($1.9) per kg, after
having earlier touched 209.5 yen, its lowest level since Aug. 15.
    For a full report, click on
    
    - - - -

 (Bengaluru Bureau; +91 80 6749 1130)

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