August 12, 2015 / 3:35 AM / 2 years ago

India Morning Call-Global Markets

EQUITIES

NEW YORK - U.S. stocks declined broadly on Tuesday as China's devaluation of its yuan currency hit companies with a big exposure to the world's No. 2 economy and added to worries about the global economic outlook.

The Dow Jones industrial average fell 212.33 points, or 1.21 percent, to 17,402.84; the S&P 500 index lost 20.11 points, or 0.96 percent, to 2,084.07 and the Nasdaq Composite dropped 65.01 points, or 1.27 percent, to 5,036.79.

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LONDON -Britain's benchmark share index fell on Tuesday, led by mining companies and luxury firm Burberry, after China devalued its currency, raising the costs of imports.

Britain's FTSE 100 closed down 1.1 percent. Weakness in commodity stocks has contributed to recent declines in the index, which is now more than 6 percent off April's record high.

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TOKYO - Japanese share prices slid on Wednesday after the Chinese central bank lowered the yuan for a second day, fanning more worries of slowing growth in China.

The Nikkei average fell 1.1 percent to 20,495.40, hitting its lowest level in more than a week, while the broader Topix fell 1.0 percent to 1,670.89.

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HONG KONG - The Hang Seng Index was down 1.42 percent.

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FOREIGN EXCHANGE

TOKYO - The Australian dollar tumbled to its lowest level since 2009 on Wednesday after the Chinese central bank set the midpoint for its yuan at the weakest level since October 2012, firing another salvo in what some fear could be the start of a currency war.

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TREASURIES

NEW YORK - The benchmark 10-year U.S. Treasury note yield slid to a three-month low on Wednesday as Asian financial markets continued to reel after China's surprise devaluation of the yuan, feeding demand for safe-haven assets.

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COMMODITIES

GOLD

MANILA - Gold gained for a fifth session in a row on Wednesday to trade near a three-week high, benefiting from weaker equities after China's devaluation of the yuan stoked fears of a currency war.

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BASE METALS

MELBOURNE - London copper posted a tepid bounce early on Wednesday, after China's yuan devaluation rattled markets and cast a shadow over economic growth in the world's top consumer of metals.

Three-month copper on the London Metal Exchange rose by 0.8 percent to $5,164 a tonne by 0039 GMT, following the biggest slide in a month in the previous session when it fell by 3.5 percent and struck a new six-year low of $5,109 a tonne.

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OIL

SINGAPORE - Crude oil prices fell again on Wednesday as China allowed its currency to fall sharply for a second day, triggering concerns over the country's economic health just as oil production hit multi-year highs.

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