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India Morning Call-Global Markets
February 5, 2015 / 2:52 AM / 3 years ago

India Morning Call-Global Markets

EQUITIES

NEW YORK - The S&P 500 and Nasdaq ended lower on Wednesday, snapping a two-day rally as energy shares slid with oil prices and as investors’ anxiety about the euro zone returned in the closing minutes of trading.

The benchmark index added to losses late in the session after the European Central Bank abruptly cancelled its acceptance of Greek bonds in return for funding. The move means the Greek central bank will have to provide its banks with tens of billions of euros of additional emergency liquidity in coming weeks.

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LONDON - Britain’s top equity index retreated from five-month highs on Wednesday as oil stocks slipped, while investment company Hargreaves Lansdown fell after its interim profits declined.

The FTSE 100 index closed down by 0.2 percent at 6,860.02 points, after reaching its highest level since September on Tuesday.

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TOKYO - Japan’s Nikkei share average dipped on Thursday on news of the European Central Bank’s hardline stance on Greek debt and fresh falls in oil prices, while investors took profits in Toyota and some others after their unsurprising earnings.

Hitachi dived more than 10 percent after its earnings failed to meet investors’ high expectations, although Sony 6758.T jumped more than 10 percent after forecasting smaller losses.

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HONG KONG - Hang Seng Index trading up 0.23 percent.

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FOREIGN EXCHANGE

SYDNEY - The euro took a spill early on Thursday after the European Central Bank said it will no longer accept Greek bonds as collateral for its liquidity operations, dealing a blow to Athens which is seeking debt relief from euro zone lenders.

The common currency last traded at $1.1331, having fallen as far as $1.1315. It has completely reversed a short-covering rally that lifted it to $1.1534 on Tuesday.

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TREASURIES

NEW YORK - The European Central Bank’s surprise move to stop accepting Greek bonds as collateral to raise cash caused a late safehaven rally in the U.S. Treasuries on Wednesday, erasing initial losses tied to encouraging U.S. and European economic data.

The ECB’s decision reduced earlier optimism Greece’s new leftist government might reach a timely deal with ECB and other euro zone partners to keep its banks afloat and to avert a possible cash crunch as early as March.

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COMMODITY

GOLD

SINGAPORE - Gold rose for a second session on Thursday after China moved to cut banks’ reserve requirement, following other central banks in the world trying to spur growth and fight deflation.

Spot gold was up 0.2 percent at $1,271.96 an ounce by 0026 GMT, adding to a 0.8 percent gain on Wednesday.

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BASE METALS

LONDON - London copper sank on Thursday from two-week highs touched the session before as traders who bought copper on talk of fresh easing measures by China took profits after it cut its bank reserve requirements.

Three-month copper on the London Metal Exchange had fallen 0.8 percent to $5,657 tonne by 0147 GMT. Prices hit the highest since Jan. 21 at $5,755 a tonne on Wednesday before closing with modest gains.

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OIL

NEW YORK - Oil prices crashed on Wednesday, with U.S. crude losing 9 percent in one of its biggest daily routs ever, as record high oil inventories in the United States cut short a four-day rally.

The abrupt turn, coming after a 19 percent price gain between Thursday and Tuesday, also raised questions on whether the market had found a bottom to the selloff that began last summer and is now in its eighth month.

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---- (Compiled By Dipika Lalwani)

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