July 14, 2015 / 3:30 AM / 2 years ago

India Morning Call-Global Markets

EQUITIES

NEW YORK - U.S. stocks finished sharply higher on Monday, with the Dow Jones industrial average re-emerging in positive territory for the year, after euro zone leaders reached a tentative deal to bail out Greece.

The improved European picture led to best three-day run this year for the S&P 500 and Nasdaq Composite.

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LONDON - Britain's top equity index hit a two-week high on Monday, with banks among the best performers, after euro zone leaders agreed on a road map to a third bailout for near-bankrupt Greece.

The FTSE 100 index closed 1 percent up at 6,737.95 points, with advances in banks - highly geared to market declines - adding the most points to the index.

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TOKYO - Japanese stocks surged on Tuesday morning to a 1-1/2-week high after Greece agreed to a debt deal with its creditors, lifting all sectors while the weaker yen supported overall sentiment.

The Nikkei share average rose 1.6 percent to 20,419.95 in mid-morning trade, after rising as high as 20,435.53 earlier, the highest since July 3.

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HONG KONG - Hang Seng Index was down 0.29 percent.

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FOREIGN EXCHANGE

TOKYO - The dollar strengthened against the yen and euro on Tuesday after Greece finally agreed to a debt deal with its creditors, allowing market focus to shift back towards U.S. and European yield differentials.

The greenback performed well against its Japanese peer, which lost its safe-haven appeal with the worst-case-scenario of Greece exiting the euro seemingly averted.

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TREASURIES

U.S. Treasury yields rose on Monday after Greek and euro zone leaders reached a deal that is likely to keep Greece in the single currency and as a large corporate bond deal weighed on the market.

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COMMODITIES

GOLD

MANILA - Gold stretched losses from the previous session on Tuesday as the dollar clung to gains on expectations the U.S. Federal Reserve was on course to increase interest rates this year.

Spot gold was down 0.2 percent at $1,155.35 an ounce by 0229 GMT, after dropping as much as 1.1 percent on Monday.

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BASE METALS

MELBOURNE - London copper was steady on Tuesday after European leaders reached a deal on a Greek bailout, while nickel prices fell on profit-taking after jumping 4 percent the session before.

Three-month copper on the London Metal Exchange had ticked down 0.1 percent to $5,583 a tonne by 0216 GMT, following small losses the previous session. Copper prices plumbed a six-year trough of $5,240 a tonne last week.

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OIL

SINGAPORE - Oil prices dipped early on Tuesday as the market waited for an announcement on a nuclear deal between Iran and six global powers that could see an easing of sanctions against Tehran and a gradual increase in its oil exports.

Front-month U.S. crude futures were trading at $51.62 per barrel at 0145 GMT, down 58 cents. Front-month Brent crude LCOc1 dropped 45 cents to $57.40 a barrel.

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