Monday, September 20, 2010

20100920 1225 Global Market News.

OIL: Crude steady on U.S. economic woes
SINGAPORE, Sept 20 (Reuters) - Oil was steady on Monday after dropping 3.7 percent last week as supply concerns eased and weak consumer sentiment data set the tone for downbeat expectations about the U.S. economy.
The front-month U.S. contract reached a one-month high above $78 early last week on expectations of an extended closure of the biggest Canada-U.S. crude pipeline.

COMMODITY MARKETS: Gold in week's 3rd record; corn, sugar lead gains
NEW YORK, Sept 17 (Reuters) - Gold had its best week since May as it hit its third record high in four days on Friday and corn, sugar and silver saw big gains too in a week when commodities were whipsawed by currencies and economic data.
"It seems to have been taken as good news," David Wilson, director of metals research at Societe Generale in London, said, referring to the Chinese bank's announcement. "If there is not tightening up, there will still be some lending."

GLOBAL MARKETS: Gold sets new all-time peak as stocks waver
NEW YORK, Sept 17 (Reuters) - Global stocks wavered and oil prices sank on Friday after a worse-than-expected reading of  U.S. consumer sentiment pricked optimism over upbeat earnings from Oracle, while gold prices hit a third high for the week.
"I'm not surprised to see the market struggling a bit on this," Matthew Strauss, senior currency strategist at RBC Capital Markets in Toronto, said of the consumer sentiment report. "It plays into the uncertainties about what a sustainable recovery would look like."

PRECIOUS-Gold at record peaks; silver eyes highest in 30 yrs
LONDON, Sept 17 (Reuters) - Gold leapt to a record high on Friday as a weaker dollar and growing speculation of further quantitative easing by the U.S. Federal Reserve prompted a flurry in investment buying.
Sister-metal silver  was supercharged, benefiting also from gains in prices for industrial metals to test the $21 mark. A break above $21.24 would open the way for prices to hit levels last seen in October of 1980.

FOREX-Dollar steady vs yen but hits 1-month low vs euro
LONDON, Sept 17 (Reuters) - The dollar hovered within striking distance of a one-month high against the yen on Friday, with investors nervous about pushing it too far against the yen as the threat of Japanese intervention hung over the market.
But the dollar fell against other majors, with the euro climbing 0.5 percent to a one-month high, while sterling  also hit its highest in a month. The yen fell on the crosses, dropping to its lowest in more than a month against the euro and a four-month trough versus the higher-yielding Aussie.

World stocks try 3rd week of gains with risk on
HONG KONG, Sept 17 (Reuters) - Global stock markets were on track for a third week of gains and high-yielding currencies strengthened on Friday, while the threat of Japanese intervention kept the yen close to its low for the month against the dollar.
"In addition to the fact that investors aren't still entirely sure about the outlook for the global economy, they are also closely watching whether there would be any comments from the United States on Japan's currency intervention," said Hiroaki Kuramochi, chief equity marketing officer at Tokai Tokyo Securities in Tokyo.

Oil heads for biggest weekly drop in five ahead of pipe restart
SINGAPORE, Sept 17 (Reuters) - Oil was headed for its biggest weekly drop in the last five, erasing gains related to the eight-day shutdown of Enbridge's largest Canada-U.S. pipeline, now scheduled to restart in a matter of hours.
"WTI (is) pressured by the ongoing Cushing bottleneck, and Brent supported by seasonal maintenance to North Sea operations, regional supply issues, and stronger global demand," said JP Morgan oil analysts headed by Lawrence Eagles.

Global stocks try 3rd week of gains; yen steady
HONG KONG, Sept 17 (Reuters) - Global stock markets were on their way to a third week of gains, with emerging markets favoured, while the threat of Japanese intervention kept the yen close to its lows for the month.
"In addition to the fact that investors aren't still entirely sure about the outlook for the global economy, they are also closely watching whether there would be any comments from the United States on Japan's currency intervention," said Hiroaki Kuramochi, chief equity marketing officer at Tokai Tokyo Securities in Tokyo.

GLOBAL MARKETS: Stocks little changed, gold hits record
NEW YORK, Sept 16 (Reuters) - U.S. stocks were little changed on Thursday as data showed the U.S. economy's recovery remained halting, while the dollar rose slightly against the yen a day after Japan's huge intervention to weaken its currency.
"We are just in the same growth path we were before the double-dip fears -- that is why the (stock) market is just kind of stuck, volumes are kind of low, and there is no conviction one way or the other," said John Canally, investment strategist and economist for LPL Financial in Boston.

No comments: