UPDATE 1-New Zealand/Australia Morning Call-Global markets

(UPDATE 1) -----------------------(06:43 / 1943 GMT)-----------------------

Stock Markets S&P/ASX 200 5,384.20 -29.64 NZSX 50 5,096.53 -5.41 DJIA 16,314.00 -37.25 Nikkei 14,830.39 -393.72 NASDAQ 4,314.34 +7.16 FTSE 6,620.90 -64.62 S&P 500 1,864.91 -2.72 Hang Seng 22,269.61 -367.66 SPI 200 Fut 5,366.00 -7.00 TRJCRB Index 302.99 -1.94

Bonds (Yield) AU 10 YR Bond 4.070 +0.050 US 10 YR Bond 2.719 -0.047 NZ 10 YR Bond 4.630 -0.005 US 30 YR Bond 3.660 -0.048

Currencies (Prev at 7pm NZST) AUD US$ 0.8985 0.8955 NZD US$ 0.8463 0.8468 EUR US$ 1.3907 1.3856 Yen US$ 102.65 102.90

Commodities Gold (Lon) 1366.00 Silver (Lon) 20.970 Gold (NY) 1349.34 Light Crude 98.05

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Overnight market action with latest New York figures.

EQUITIES

NEW YORK - U.S. stocks were little changed on Wednesday, as equities recouped much of their earlier declines amid signs of progress in diplomatic attempts to ease tensions surrounding Ukraine.

The Dow Jones industrial average .DJI fell 14.54 points, or 0.09 percent, to 16,336.71, the S&P 500 .SPX lost 2.16 points, or 0.12 percent, to 1,865.47 and the Nasdaq Composite

.IXIC added 6.291 points, or 0.15 percent, to 4,313.478.

For a full report, double click on Href="NewsSearch">.N

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LONDON - Britain's top share index fell to a one-month low on Wednesday, led down by G4S after the security firm agreed a settlement with the government over an offenders' tagging scandal.

The UK benchmark .FTSE , which had fallen in the last three sessions, ended down 64.62 points, or 1 percent, at 6,620.90 points, its lowest close since February 10.

For a full report, double click on Href="NewsSearch">.L

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TOKYO - Japan's Nikkei share average fell to a one-week low on Wednesday as investors locked in profits after a recent rally and as caution over Chinese demand continued to hurt such commodity-related shares such as mining and metal companies.

The Nikkei .N225 ended 2.6 percent lower at 14,830.39 points, the lowest closing level since March 4, and the biggest daily drop in more than a month. It had hit a five-week high of 15,312.60 last Friday.

The broader Topix .TOPX index shed 2.1 percent to 1,206.94, with all of its 33 subindexes in negative territory.

For a full report, double click on Href="NewsSearch">.T

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SYDNEY - Australian shares are set to open lower in early trade on Thursday amid concerns over China's economy and Ukraine's future intensifies. Wall Street recouped earlier declines ahead of close of trade.

Stock index futures YAPcm1 fell to 5,366, a 18.2 point discount to the close of the underlying S&P/ASX 200 index

.AXJO . The S&P/ASX 200 index .AXJO fell 29.6 points, to 5,384.2 on Wednesday.

Australian Monthly Labor data will be released at 11.30 a.m.

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FOREIGN EXCHANGE

NEW YORK - Emerging market currencies fell on Wednesday as investor nervousness over China's economy and Ukraine's future intensified, rekindling safe-haven bids for the yen and the Swiss franc.

The yen, steadier so far this year after losing a fifth of its value against the dollar in 2013, was holding strong in early U.S. trading, up 0.3 percent against the dollar at 102.75 yen JPY=EBS . It was up nearly 0.1 percent against the euro at 142.675 yen EURJPY=EBS .

For a full report, double click on Href="NewsSearch">USD/

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TREASURIES

NEW YORK - U.S. Treasuries prices rose in safe-haven bids on Wednesday as worries surrounding the health of China's economy overshadowed the U.S. government's upcoming auction of 10-year Treasury notes.

The 10-year U.S. Treasury note US10YT=RR last traded up 9/32 in price to yield 2.734 percent, up in price from a yield of 2.766 percent late on Tuesday. Bond yields move inversely to their prices.

For a full report, double click on Href="NewsSearch">US/

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COMMODITIES

GOLD

NEW YORK/LONDON - Gold surged 1.3 percent on Wednesday, hitting a near six-month high as fears of more corporate defaults in China and the geopolitical tug-of-war between Russia, Ukraine and the West boosted bullion's appeal as an insurance against riskier assets. Spot gold XAU= gained 1.3 percent to $1,367.04 an ounce by 1:59 p.m. EDT (1759 GMT), having reached $1,370.60, the loftiest since Sept. 20. U.S. COMEX gold futures for April delivery GCJ4 settled up $23.80 at $1,370.50 an ounce

For a full report, double click on Href="NewsSearch">GOL/

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BASE METALS

LONDON - Copper rebounded from earlier losses on Wednesday as a sell-off triggered by concerns about the impact of credit problems in China was considered overdone, but further gains were capped by lingering worries about the outlook for demand.

Three-month copper on the London Metal Exchange (LME) ended at $6,505 a tonne, up 0.5 percent from Tuesday's close.

For a full report, double click on Href="NewsSearch">MET/L

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OIL

New York - U.S. crude oil fell by more than 2 percent on Wednesday, its biggest drop in two months, after the United States announced unexpected plans for a test release of strategic oil reserves while weekly data showed a big rise in crude stockpiles.

U.S. crude CLc1 settled $2.04 lower at $97.99 a barrel, below the 50-day moving average of $98.32 by midday. Brent crude oil futures LCOc1 settled about 53 cents lower at $108.02 per barrel.

For a full report, double click on O/R

- - - - ((Australia/New Zealand bureaux; +61 2 9373 1800/+64 4 802 7980))

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