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US markets close off day's high; Asia weak on Syria woes

In the US, the Dow gave up much of a 120 points intra-day rally as Syrian fears escalated and markets still squeezed out small gains supported by positive economic data on Tuesday. European shares closed down in choppy trade.

September 04, 2013 / 09:16 AM IST

Asian markets were trading weak in morning trade Wednesday while US markets closed off day's high Tuesday and European shares ended down in choppy trade.


Among Asian markets, Hang Seng, Nikkei, Straits Times, Kospi and Taiwan Weighted were down 0.2-1 percent.


Meanwhile, in the US, the Dow gave up much of a 120 points intra-day rally as Syrian fears escalated and markets still squeezed out small gains supported by positive economic data on Tuesday. European shares closed down in choppy trade.


In the currency space, the dollar hit a six week high after stronger-than-expected US economic data bolstered expectations the Federal Reserve will start scaling back stimulus this month. The euro-dollar traded at 1.316 and the yen stood at 99.5/USD. The rupee lost ground breaching the 68-per-dollar mark on Tuesday, before RBI intervention lifted the currency off the day's lows.


In commodities, crude prices rose as lawmakers voiced support for military action against Syria, raising new fears about an armed conflict that could crimp supply. Brent traded at USD 115.7/barrel while Nymex rose above USD 108/barrel giving up some gains towards close

From precious metals space, gold prices rose as much as 1.4 percent intra-day to within striking distance of a 3.5-year high as the consensus against Syria developed before giving up some gains.

first published: Sep 4, 2013 09:16 am

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