February 9, 2015 / 2:46 AM / 3 years ago

India Morning Call-Global Markets

EQUITIES

NEW YORK - Wall Street stocks fell on Friday as a better-than-expected U.S. jobs report raised expectations that the Federal Reserve will increase interest rates by midyear, while renewed worries over Greece’s debt negotiations added to the bearish tone.

The S&P 500 index of utilities, often used as a bond proxy by investors in a low-rate environment, fell 4.1 percent, its biggest daily drop since August 2011, as U.S. government debt yields jumped.

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LONDON - Britain’s top equity index slipped off five-month highs on Friday as a drop in gold mining shares weighed on the stock market.

The blue-chip FTSE 100 index closed 0.2 percent lower at 6,853.44 points, although it remained close to its best level since early September.

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TOKYO - Japan’s Nikkei share average was steady on Monday morning as the yen weakened against the dollar after strong U.S. jobs data, but gains were limited as weak Chinese trade numbers capped risk appetites.

The Nikkei gained 0.2 percent to 17,679.24 in mid-morning trade after rising as high as 17,799.49, the highest since Jan. 30.

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HONG KONG - Hang Seng Index trading down 0.73 percent.

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FOREIGN EXCHANGE

SYDNEY - The dollar held to a swathe of gains on Monday after robust U.S. jobs data helped rekindle views that the Federal Reserve will hike interest rates as early as June.

Data released on Friday showed a rebound in U.S. wages and nonfarm payrolls increasing by 257,000 in January, outstripping Wall Street forecasts.

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TREASURIES

NEW YORK - U.S. Treasury yields jumped on Friday, and the yield curve flattened after a report showed that U.S. job growth rose solidly in January and wages rebounded strongly, raising some bets that the Federal Reserve may act sooner to raise interest rates.

Nonfarm payrolls increased by 257,000 last month, the U.S. Labor Department said on Friday. Data for November and December were revised to show 147,000 more jobs created than previously reported.

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COMMODITY

GOLD

SINGAPORE - Gold rose for the first time in three sessions on Monday, boosted by safe-haven bids as Asian equity markets fell on disappointing Chinese trade data.

Spot gold had gained 0.2 percent to $1,235.43 an ounce by 0024 GMT, after earlier hitting a session-high of $1,238.60. The gains follow the metal’s near 4 percent drop last week, its worst weekly performance since October.

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BASE METALS

LONDON - London copper edged lower on Monday, after surprisingly weak Chinese import data at the weekend fuelled worries that economic growth in the world’s top consumer of metals may be more fragile than anticipated.

Three-month copper on the London Metal Exchange edged down by 0.3 percent to $5,634 a tonne by 0109 GMT, after booking 1.2 percent losses in the previous session. Prices recovered by 2.8 percent last week, the biggest weekly gain since August, but are still down by more than 10 percent this year.

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OIL

SINGAPORE - Oil prices steadied on Monday as falling U.S. oil rig counts and conflict in producer Libya were balanced by a slump in Chinese imports, pointing to lower fuel demand in the world biggest energy consumer.

“Weak China trade data are likely to weigh on industrial commodity markets,” ANZ Bank analysts said in a note to clients.

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---- (Compiled by Dipika Lalwani)

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