February 2, 2015 / 3:07 AM / 3 years ago

India Morning Call-Global Markets

EQUITIES

NEW YORK - U.S. stocks closed down on Friday after a volatile session as investors worried at the end of a rough month for the market about weak U.S. growth data and whether instability in Europe could hurt corporate earnings in the United States.

U.S. economic growth slowed sharply in the fourth quarter as weak business spending and a wider trade deficit offset the fastest pace of consumer spending since 2006.

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LONDON - Britain’s top share index posted its strongest monthly performance in almost a year in January, although a fall in BT BT.L pushed the market lower on Friday.

The blue-chip FTSE 100 index closed down 0.9 percent at 6,749.40 points. The index nevertheless ended up by around 2.8 percent for the month of January -- its strongest monthly performance since February 2014.

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TOKYO - Japanese share prices fell on Monday after economic data from the U.S. and China cast shadows on the global economic outlook, while shares in two printer manufacturers tumbled after their earnings disappointed investors.

Beneficiaries from fall in oil prices in the past several months -- ranging from airline companies and rubber makers to power companies -- also took a big hit after oil prices posted their biggest rebound in 2-1/2 years.

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HONG KONG - Hang Seng Index trading down 0.6 percent.

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FOREIGN EXCHANGE

SYDNEY - The yen firmed broadly early on Monday, while commodity currencies softened as worries about the health of the Chinese economy dealt a fresh blow to sentiment already unsettled by a selloff on Wall Street.

The dollar slid to a two-week low of 116.64 yen, down from around 117.52 late in New York on Friday. It has since steadied at 117.17. The euro reached a one-week trough of 132.00 yen, while the Australian dollar plumbed an 11-month low of 90.64 yen.

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TREASURIES

NEW YORK - U.S. Treasury debt prices jumped on Friday, with long-term yields hitting record lows after slower-than-anticipated economic growth fuelled speculation that the Federal Reserve will delay interest rate hikes.

Friday’s gains added to a 2015 rally that put the 30-year Treasury on track for total returns in January of more than 10 percent.

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COMMODITY

GOLD

SINGAPORE - Gold steadied above $1,280 an ounce on Monday after posting its biggest monthly gain in three years in the prior session following weaker-than-expected U.S. economic growth in the fourth quarter.

Bullion is likely to maintain its safe-haven appeal amid renewed concerns over the global economy with data showing China’s factory sector shrinking for the first time since 2012.

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BASE METALS

LONDON - Shanghai copper jumped more than two percent on Monday, after factory growth in China shrank for the first time in more than two years, fuelling hopes for increased stimulus from the world’s second biggest economy.

The most-traded April copper contract on the Shanghai Futures Exchange was up 2.1 percent at 40,030 yuan a tonne by 0143 GMT.

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OIL

SINGAPORE - Crude oil prices fell early on Monday after U.S. unions called a refinery strike and traders cashed in on strong price gains last week when the market soared more than 8 percent on a sharp drop in U.S. drilling.

Brent crude oil futures LCOc1 were trading at $51.63 a barrel at 0130 GMT, down $1.36, while U.S. WTI futures had dropped $1.37 to $46.87 a barrel.

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---- (Compiled By Dipika Lalwani)

Our Standards:The Thomson Reuters Trust Principles.
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