India Morning Call-Global Markets

EQUITIES

NEW YORK - U.S. stocks closed higher on Wednesday, fueled by gains in oil companies and speculation that upcoming first-quarter earnings reports might not be quite as weak as previously thought.

All 10 major S&P 500 sectors gained, with the energy index leading, up 2.3 percent. U.S. crude CLc1 jumped more than 5 percent after a lower-than-expected build of U.S. crude stockpiles.

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LONDON - Britain's top share index reached a record high on Wednesday, helped by gains for domestic retailers such as Next , Dixons Carphone (LSE: DC.L - news) and Sports Direct.

Dixons, the electricals and mobile phone retailer, was up 2 percent after German mobile telephone company Drillisch agreed to buy the UK company's chain of telecoms shops, The Phone House Deutschland, for a combination of shares and future cash flows

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TOKYO - Japanese stocks slipped to more than a one-week low on Thursday morning as investors cut back on some recent outperformers including food companies and drugmakers, while Sharp Corp surged on restructuring hopes.

Sharp rallied as much as 4.2 percent to a four-month high after a source said it and its main banks are to meet on Thursday to agree on a nearly $2 billion rescue for the loss-making electronics firm.

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HONG KONG - Hang Seng Index is up 0.1 percent.

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FOREIGN EXCHANGE

SYDNEY - The dollar nursed modest losses against the yen and euro early on Thursday, but suffered bigger falls versus commodity currencies led by the Canadian dollar.

The loonie jumped to three-month highs of C$1.2280 per USD CAD=D4 after the Bank of Canada surprised markets yet again, this time by indicating no further easings are imminent. In January, the BOC stunned investors with a cut.

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TREASURIES

NEW YORK - U.S. Treasury debt prices were little changed on Wednesday, after weaker than expected economic data earlier in the day added to bets that the Federal Reserve is likely to wait longer to raise interest rates.

U.S. industrial output posted its biggest drop in more than 2-1/2 years in March in part as oil and gas well drilling plummeted, highlighting the negative impact of lower crude prices and a strong dollar on the economy.

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COMMODITIES

GOLD

SINGAPORE - Gold extended gains above $1,200 an ounce on Thursday, rising for a second straight session on a softer dollar and weak data on U.S. industrial production.

Spot gold gained 0.4 percent to $1,206.55 an ounce by 0026 GMT, after climbing 0.7 percent on Wednesday.

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BASE METALS

SYDNEY - London copper edged higher on Thursday, but stayed near four-week lows, after weak U.S. factory growth dragged on the dollar, easing pressure on commodity prices.

U.S. industrial output posted its biggest drop in more than 2-1/2 years in March, pushing the dollar to its lowest against a basket of currencies in more than a week. A weaker greenback gives commodity buyers holding other currencies more purchasing power.

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OIL

NEW YORK - Brent crude oil prices opened at their highest level since February and close to 2015 highs in early Asian trading on Thursday after a near 6 percent rally the previous session, but analysts warned that the market remains oversupplied.

Oil prices jumped steeply on Wednesday after U.S. inventories built up more slowly than expected and talks between major oil producers this week triggered speculation of production cuts, although most analysts said these were currently unlikely.

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