Wednesday, June 8, 2011

20110608 1157 Global Market & Commodities Related News.

GLOBAL MARKETS: Asia stocks flat after bearish Bernanke comments
SINGAPORE, June 8 (Reuters) - Asian stocks were flat to slightly lower on Wednesday after bearish comments from U.S. Federal Reserve Chairman Ben Bernanke, adding to fears about the strength of the world economy.
The dollar hovered around one-month lows against a basket of major currencies after Bernanke acknowledged a slowdown in the U.S. economy, but offered no suggestion of further monetary stimulus to support growth. The dollar index then picked up to trade around 73.62.

OIL: Brent jumps 2 pct on dollar, Mideast; eyes OPEC
NEW YORK, June 7 (Reuters) - Brent crude oil rose 2 percent on Tuesday, lifted by a weaker dollar and Middle East conflicts that also pushed its premium to U.S. crude to a record above $17 a barrel.
"OPEC raising production may already be priced in and Brent gets a lift from the euro strength and the weak dollar, and that market is more immediately affected by potential supply threats in the Middle East," said Richard Ilczyszyn, senior market strategist at Lind-Waldock in Chicago.

NATURAL GAS: Natural gas ends near flat, heat lends support
NEW YORK, June 7 (Reuters) - U.S. natural gas futures ended nearly unchanged on Tuesday after an early sell-off, with strong heat this week from Texas to New York underpinning prices despite milder U.S. weather forecasts for next week.
"We had a strong day up on Monday, then they tried to pull back today, but it's still hot and cash has been pretty firm," a Texas-based trader said, noting Henry Hub cash prices at $4.83 were trading at 10-month highs.

COMMODITIES: Dollar dip boosts sector, Mideast strife lifts oil
NEW YORK, June 7 (Reuters) - Most commodities rose on Tuesday, with investors seeking a store of value after a Chinese official's comments about loose U.S. monetary policy drove the dollar to a one-month low.
"While dollar-induced buying could lift commodities over the short-term, it seems to us that markets will have to downplay its impact and refocus on the fact that slowing growth will reduce overall demand and put upward pressure on inventories," Edward Meir, senior commodities analyst at MF.

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