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India Morning Call-Global Markets
December 17, 2014 / 3:02 AM / 3 years ago

India Morning Call-Global Markets

EQUITIES

NEW YORK - U.S. stocks fell for a third day in a volatile session Tuesday, led by declines in consumer discretionary and technology shares, while another drop in the Russian rouble added to worries about the global economy.

Energy shares rebounded, keeping the S&P 500 and Dow mostly in positive territory until a bout of late-day selling took indexes lower. The S&P 500 moved more than 44 points from its high of the day to its low, while the CBOE Volatility index jumped 15.4 percent.

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LONDON - Britain’s top equity index rose on Tuesday as a drop in UK inflation propped up the stock market in the face of market turmoil caused by Russia, while energy stocks rebounded.

The blue-chip FTSE 100 index endured a volatile session, caused by a plunge in Russia’s rouble currency, before closing up by 2.4 percent, or 149.11 points, at 6,331.83 points.

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TOKYO - Japanese stocks rose on Wednesday as hopes of a continuation of the U.S. Federal Reserve’s dovish stance on rates helped exporter shares brush off a stronger yen, and chart support staunched the Nikkei’s recent losses.

The Nikkei benchmark ticked up 0.5 percent to 16,834.53 by 0155 GMT, after quickly recouping slim losses at the open.

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HONG KONG - Hang Seng Index is 0.2 percent lower.

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FOREIGN EXCHANGE

SYDNEY - The dollar nursed its losses in early Asian trading on Wednesday, pulling away from lows hit overnight on skidding oil prices, Russia’s financial crisis, and speculation that the Federal Reserve might take a more cautious tone on monetary policy.

Data released earlier on Wednesday showing Japan’s exports rose 4.9 percent in November, falling short of forecasts, helping the dollar regain some of the ground it lost overnight. Japan marked its 29th straight month of trade deficits.

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TREASURIES

NEW YORK - The yield on U.S. 30-year Treasuries bonds approached its session low in late U.S. trading on Tuesday as the Dow Jones Industrial average and Standard & Poor’s 500 index turned negative, wiping out their earlier rebound.

Trading across all markets was volatile as investors fretted whether the steep slide in oil prices would hurt the global economy and perhaps force the Federal Reserve to postpone its consideration to raise interest rates in 2015.

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COMMODITIES

GOLD

SINGAPORE - Gold steadied at just below $1,200 an ounce on Wednesday ahead of the outcome of the U.S. Federal Reserve’s last policy meeting of the year that may signal how soon it will raise interest rates.

Investors were also keeping an eye on Russia after the rouble plunged more than 11 percent against the dollar on Tuesday despite a hefty interest rate hike by the central bank.

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BASE METALS

SYDNEY - Copper eased on Wednesday, dragged down by a rise in Chinese output and concerns a sharp drop in the rouble could see Russian producers step up metals production

Three-month copper on the London Metal Exchange had dropped 0.26 percent to $6,348.50 a tonne by 0210 GMT, extending losses from the previous session.

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OIL

NEW YORK - Brent crude futures fell for a fifth straight day on Tuesday to end below $60 a barrel, while U.S. crude finished a volatile session slightly higher as trading of expiring options helped defend the price above $55.

U.S. crude dipped again after settlement after an industry group reported growth in domestic crude inventories, which analysts had expected to shrink in the latest week.

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