India Morning Call-Global Markets

2014-10-10

EQUITIES

NEW YORK - The S&P 500 on Thursday posted its largest percentage decline in six months on concerns about the strength of the global economy and its effect on corporate earnings.

The Dow Jones industrial average ended down 334.97 points, or 1.97 percent, at 16,659.25; the S&P 500 dropped 40.68, or 2.07 percent, to 1,928.21, and the Nasdaq Composite fell 90.26, or 2.02 percent, to 4,378.34

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LONDON - Britain's top equity index closed at its lowest level for a year on Thursday, giving away early gains in a broad-based sell-off as investors fretted over signs of serious weakening in theeuro zone economy.

The blue-chip FTSE 100 index closed down 0.8 percent, or 50.39 points, at 6,431.85 to post its lowest close since October 2013.

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TOKYO - Japan's Nikkei share average fell for the fourth straight day on Friday and hit a two-month low on concern about the strength of the global economy, but Fast Retailing Co 9983.T outperformed after reporting rosy earnings.

The Nikkei share average fell 1.1 percent to 15,321.69 by mid-morning, after sliding to as low as 15,259.95 earlier, the lowest level since Aug. 13.

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HONG KONG - Hang Seng Index is trading 1.4 percent lower.

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FOREIGN EXCHANGE

SYDNEY - The euro stayed on the back foot early on Friday, having come under renewed pressure overnight after an eye-catching plunge in German exports raised fears of a recession in Europe's largest economy.

The common currency, which had reached a 2-1/2 week high of $1.2791, beat a hasty retreat and was last trading at $1.2691. It also lost ground to the yen, slipping to 136.85 from this week's high of 137.95.

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TREASURIES

NEW YORK - U.S. Treasuries yields were little changed on Thursday after traders took profits a day after prices rose on views that the Federal Reserve would keep interest rates lower for longer.

The release on Wednesday of the minutes from the Fed's September policy meeting showed that some Fed participants wanted to err on the side of patience in keeping policy accommodative. Long-dated and benchmark yields fell to over one-year lows earlier on Thursday before stabilizing.

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COMMODITIES

GOLD

SINGAPORE - Gold retained gains from a four-day rally on Friday and was headed for its best week in nearly four months as a slump in equities and growing worries over the global economy attracted safe-haven bids for the metal.

Spot gold was holding steady at $1,224.06 an ounce by 0035 GMT, after gaining for four straight sessions.

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BASE METALS

SYDNEY - London copper slipped on Friday and was set to end little changed on the week, after worsening economic indicators from Germany rekindled global growth concerns that have cast a pall on the outlook for metals.

German exports plunged in August by their largest amount since the height of the financial crisis and leading institutes slashed their forecasts for growth, fuelling a debate on whether Berlin is doing enough to prop up Europe's economy and its own.

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OIL

NEW YORK - Brent crude futures tumbled by more than a dollar to below $89 a barrel on Friday to trade near the weakest since 2010 as rising supply and a weakening global economic outlook stretched a months-long slump in oil prices.

Brent crude for November delivery was down 93 cents at $89.12 a barrel by 0114 GMT after falling as low as $88.91. The benchmark dropped to as far as $88.42 on Thursday, its lowest intraday level since December 2010.