December 8, 2014 / 3:07 AM / in 3 years

India Morning Call-Global Markets

EQUITIES

NEW YORK - The Dow and S&P 500 closed a seventh straight weekly advance on Friday as a better-than-expected jobs report indicated strong economic growth, but perhaps to the point where interest rates could rise sooner than previously anticipated.

The Dow Jones industrial average rose 58.69 points, or 0.33 percent, to 17,958.79, the S&P 500 gained 3.45 points, or 0.17 percent, to 2,075.37 and the Nasdaq Composite added 11.32 points, or 0.24 percent, to 4,780.76.

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LONDON - Britain’s top equity index bounced back on Friday, with financial stocks among the best performers, as stronger-than-expected U.S. employment data buoyed global stock markets.

The U.S. data pushed Britain’s blue-chip FTSE 100 index higher. The FTSE, which had fallen 0.6 percent on Thursday, closed up by around 1 percent at 6,742.84 points.

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TOKYO - Japanese stocks were steady on Friday as a downward revision in third quarter GDP figures were balanced by hopes for exporters due to a weaker yen and optimism over the U.S. economy.

The Nikkei benchmark was flat at 17,916.83 at 0141 GMT, after breaking through the 18,000 barrier to hit a fresh 7-1/2 year high of 18,030.83.

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HONG KONG - Hang Seng Index is trading 0.75 percent higher.

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FOREIGN EXCHANGE

SYDNEY - The dollar started trade on Monday at its highest in over five years against a basket of major currencies, having rallied hard late last week on the back of a surprisingly robust U.S. employment report.

Short-term Treasury yields shot higher, widening the premium paid by U.S. two-year paper to 65 basis points over bunds and near the widest since early 2007.

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TREASURIES

NEW YORK - U.S. Treasuries prices dropped on Friday after data showed U.S. employers hired more workers in November than during any month in nearly three years, boosting expectations for the U.S. Federal Reserve to raise interest rates by mid-2015. The yield on U.S. 2-year Treasuries rose to its highest since May 2011, according to Reuters data.

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COMMODITIES

GOLD

SINGAPORE - Gold extended losses to a third session on Monday as a robust U.S. nonfarm payrolls report boosted the dollar to its highest in over five years, dulling bullion’s appeal as a hedge.

Spot gold eased 0.2 percent to $1,189.94 an ounce by 0020 GMT.

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BASE METALS

SYDNEY - London copper was steady on Monday and holding above last week’s four-and-a-half-year lows, as the focus shifted to China’s trade data due out later in the day for further trading cues from the world’s top user of metals.

Three-month copper on the London Metal Exchange traded at $6,460.50 a tonne by 0135 GMT, up 0.2 percent from the previous session when it hit a one-week top of $6,526 a tonne.

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OIL

NEW YORK - Oil prices fell by more than a dollar on Monday to near their lowest levels since 2009 after Morgan Stanley cut its price forecast for Brent, saying oversupply will likely peak next year with OPEC deciding not to cut output.

Brent crude for January delivery dropped to a low of $67.73 a barrel, near last week’s trough of $67.53 which was its weakest since October 2009. It was down 97 cents at $68.10 by 0051 GMT.

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Our Standards:The Thomson Reuters Trust Principles.
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