Tuesday, October 12, 2010

20101012 1003 Global Market News.

OIL: Crude falls as Saudis signal steady supplies
SINGAPORE, Oct 12 (Reuters) - Oil fell for a second day on Tuesday after Saudi Arabia signalled OPEC would maintain current production levels at the group's meeting later this week, letting the market focus on a stronger dollar.
Saudi Arabian Oil Minister Ali al-Naimi said he was happy with today's oil market as he arrived in Vienna on Monday for the first meeting of the Organization of the Petroleum Exporting Countries (OPEC) in seven months, to be held on Thursday.

COMMODITY MARKETS: Corn rallies to 2-year high; copper, gold rise too
NEW YORK, Oct 11 (Reuters) - U.S. corn futures surged on Monday, hitting two-year peaks and leading other agricultural commodities higher on the second session of strong gains after the U.S. government slashed its crop outlook, sparking worries of higher prices for food and biofuels.
"For sure, with higher feed grain prices there is potential for upward price pressure particularly on pork, poultry and beef," said Luke Mathews, commodity strategist at Commonwealth Bank of Australia.

GLOBAL MARKETS: World stocks up on Fed easing bets, dlr bounces
NEW YORK, Oct 11 (Reuters) - World stocks drifted slightly higher on Monday as investors bet on further asset buying by the U.S. Federal Reserve and a continuation of global currency flows toward emerging markets.
"It is increasingly being seen as the trade for all seasons," said David Shairp, global strategist at JPMorgan Asset Management.

Saudi's oil minister happy with oil market
VIENNA, Oct 11 (Reuters) - Saudi Arabian Oil Minister Ali al-Naimi said he was happy with today's oil market, comfortable with economic growth and he stood by earlier comment the ideal price was between $70-$80 a barrel.
The remarks reinforce an already widely-held view Thursday's OPEC meeting in Vienna will leave the group's output policy unchanged.  

US payrolls fall and investors bet on Fed move soon
WASHINGTON, Oct 8 (Reuters) - The U.S. economy shed jobs for a fourth straight month in September, hit by government layoffs and slower private hiring, hardening expectations of more stimulus from the Federal Reserve.
The dollar tumbled to a 15-year low against the yen as investors concluded that Friday's weak jobs data meant the U.S. central bank at its Nov. 2-3 meeting was almost certain to pump hundreds of billions of new dollars into the economy.

China Q3 GDP to rise about 9.5 pct y/y -report
BEIJING, Oct 11 (Reuters) - China's gross domestic product is estimated to have risen about 9.5 percent in the third quarter, the slowest pace of growth in a year, state media said on Monday.
The consumer price index in the year to September probably rose about 3.5 percent, the official China Securities Journal said in an editorial. It described the numbers as preliminary estimates and did not cite any sources.

PRECIOUS-Gold firm, silver at 30-yr high on stimulus bet
SINGAPORE, Oct 11 (Reuters) - Spot silver reached a new 30-year high and gold was firm on Monday, after disappointing U.S. payrolls data underpinned hopes of more stimulus from the Federal Reserve and spurred interest in precious metals.
The U.S. economy shed jobs for a fourth straight month in September, hit by government layoffs and slower private hiring.

FOREX-Dollar slips on Fed easing view, but risks a rebound
HONG KONG, Oct 11 (Reuters) - The U.S. dollar slipped on Monday on expectations the Federal Reserve will have to print money to support the economy and discord in international currency policies, though risks of a short-term bounce grew.
The dollar fell to a 15-year low of 81.40 yen but later gained back ground. But the prospect remained that Japan could come into the market to cap the yen's rise, though some dollar bids in thin trading conditions put a floor under the pair for now.

Stocks up, dollar down; emerging flows intact
LONDON, Oct 11 (Reuters) - World stocks rose and the dollar slipped as investors bet on further asset buying by the U.S. Federal Reserve and a continuation of global currency flows towards emerging markets.
"It is increasingly being seen as the trade for all seasons," said David Shairp, global strategist at JPMorgan Asset Management.

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