Tuesday, November 23, 2010

20101123 0919 Global Market News.

OIL: Crude steady below $82/bbl; tracking dollar swings
SINGAPORE, Nov 23 (Reuters) - U.S. crude futures were steady on Tuesday, trading around $82 a barrel, tracking moves in the dollar and worries about euro zone indebtedness.
The euro stayed on the backfoot early in Asia on Tuesday, having suffered a steep reversal overnight after political uncertainty in Ireland quickly quashed initial euphoria over a bailout plan.

COMMODITY MARKETS: Down as Ireland problem festers; cotton off 5 pct
NEW YORK, Nov 22 (Reuters) - Copper fell 2 percent on Monday and oil and most crops extended losses from last week as fading investor enthusiasm over Ireland's debt rescue bumped up the dollar and weighed on commodities.
 "This thing is not for the faint of heart," said Jim Nunn, a cotton dealer at Nunn Cotton Co in Brownsville, Tennessee. "All of these markets tend to over-extend themselves at some point in time, and this one certainly has been that."

GLOBAL MARKETS: Euro, stocks edge down amid Irish gloom
SINGAPORE, Nov 23 (Reuters) - The euro fell on Tuesday  after suffering a sharp reversal in the previous session, as  initial relief at a bailout plan for Ireland was undermined by  political turmoil in the former "Celtic Tiger" and fears of a  wider euro zone crisis.
"They've addressed the Greek problem, they're addressing  the Irish problem, people are now questioning where is the  next one ... the political turmoil in Ireland also doesn't  help," said Grant Turley, strategist at ANZ in Sydney.

Commods open interest decline biggest since '08
NEW YORK, Nov 19 (Reuters) - Open interest in U.S. commodities fell more this week than any week since Lehman Brothers collapsed in 2008, data showed Friday, as investors pulled money from markets on concern about debt in the euro zone and higher interest rates in China.
Data on trader commitments compiled by the Commodity Futures Trading Commission showed a drop of 328,179 contracts in open interest for 18 commodities during the week to Nov. 16, accounting for a 3.75 percent fall.

Markets, partners relieved at Ireland rescue
DUBLIN/LONDON Nov 22 (Reuters) - Financial markets rallied slightly and European Union partners voiced relief on Monday after Ireland agreed in principle on a three-year bailout package with the EU and the IMF to salvage its shattered banks.
European shares rose 0.7 percent in early trade, the euro  climbed and Irish borrowing costs fell in response to an outline rescue deal intended to stop contagion spreading to other fragile euro zone economies.

China says confident price pressures in check  
BEIJING, Nov 22 (Reuters) - China sought on Monday to  reassure people that inflation will remain in check, voicing  confidence that ample grain supplies and excess capacity in  industry will keep a lid on price pressures.
Economists said the effort to manage inflation  expectations was meant to reinforce an array of measures in  recent days to curb actual inflation, including Friday's order  to banks to hold more of their deposits in reserve instead of  lending them out.

PRECIOUS-Gold tracks euro higher, shrugs off China's move
SINGAPORE, Nov 22 (Reuters) - Gold ticked higher on Monday  as the euro gained after Ireland's rescue deal, helping the  metal resist pressure from China's move to tighten its economy.
China's steps to rein in inflation could dim gold's appeal  in the world's second-largest consumer after India, but  dealers said a drop in bullion prices from all-time high  levels were   attracting purchases from other consumers in Asia.      

FOREX-Euro gains after Ireland seeks aid; market wary
LONDON, Nov 22 (Reuters) - The euro rose on Monday after Ireland sought an international bailout to tackle its debt crisis but analysts said budgetary worries in other euro zone countries would keep investors wary about the single currency.
The euro climbed to a one-week high of $1.3786 , piercing the 38.2 percent retracement of its Nov 4-18 fall at $1.3765, with analysts saying a sustained break would be needed for a further correction towards resistance at $1.3864, a 50 percent retracement of that November sell-off.

Euro, Asia stocks get fillip from Irish bail-out
SYDNEY, Nov 22 (Reuters) - The euro, Asian stocks and  commodities jumped in a relief rally after global  financial authorities agreed to save debt-swamped Ireland and  protect Europe's wider financial stability.
"There are still a lot of issues in Europe," said Alex  Boggis, who heads fund manager Aberdeen's business in Hong  Kong. Aberdeen manages around $15 billion in Hong Kong and  China.

Grains have increasing impact on shipping market
PARIS, Nov 19 (Reuters) - Grains trades have increased volatility in the global dry bulk shipping market and will start to support freight rates from 2012, ship broker Howe Robinson's joint chairman said on Friday.
Deliveries of new bulkers ordered before global turmoil in 2008 have been weighing on the freight market even as a record large U.S. soybean crop and the third-largest corn crop come off the fields and head to destinations across the world.

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