OIL: Crude lowest in 7-weeks as econ worries intensify
SINGAPORE, Aug 25 (Reuters) - Crude was steady below $72 on Wednesday, trading at seven-week lows, after sliding 2 percent a day earlier on fears that major economies may slip back into recession following dismal U.S. housing data. Last Wednesday, the EIA said U.S. combined commercial stockpiles of crude and refined products in the week to Aug. 13 hit the highest level since weekly records began in 1990, and the highest level since 1980 according to the agency's monthly data.
COMMODITY MARKETS: US housing sales slide slams oil, copper, grains
NEW YORK, Aug 24 (Reuters) - A huge drop in U.S. home sales on Tuesday sent slew of commodities tumbling, including oil, copper, grains and coffee futures, as the economic outlook and demand prospects dimmed, but a sliding dollar provided some support for commodities.
"Existing home data was worse than expected and is putting pressure on everything," said Tom Bentz, broker at BNP Paribas Commodity Futures Inc in New York.
GLOBAL MARKETS: Stocks drubbed, yen gains as US housing teeters
NEW YORK, Aug 24 (Reuters) - World stocks fell to one-month lows on Tuesday and the yen hit a 15-year high as dismal U.S. housing data added to fears the global economic recovery would fizzle out.
"The wheels are coming off the recovery," said Keith Springer, president of Capital Financial Advisory Services in Sacramento, California.
Euro zone industrial orders surge in June
BRUSSELS, Aug 24 (Reuters) - Euro zone industrial new orders rose slightly more than expected during the month of June, data showed on Monday, boding well for economic growth in the third quarter of 2010.
Industrial orders in the 16-nation currency zone increased 2.5 percent month-on-month for a 22.6 percent annual gain, European Union statistics office Eurostat said.
ANALYSIS-Dollar becomes funding currency as yields tumble
NEW YORK, Aug 23 (Reuters) - The dollar is quickly becoming a funding currency for purchases of higher yielding assets as U.S. Treasury yields slump and the U.S. economic outlook remains uncertain.
While the dollar is still far from surpassing the Japanese yen and the Swiss franc as the world's funding currency of choice, investors are no longer rushing to buy the greenback as a safe haven any time trouble erupts worldwide.
World stocks slide; yen buoyant
LONDON, Aug 24 (Reuters) - World stocks fell as investors fretting about an anaemic global recovery dumped risky assets and fled into government debt and other safe-haven assets including the yen, which hit a 15-year high against the dollar.
"If the U.S. housing data today is weak, that could take the market down," said Justin Urquhart Stewart, director at Seven Investment Management. "In light volumes, it's reacting to every bit of news, and the next economic news could be bad. M&A news has had a disproportionate effect."
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