GLOBAL MARKETS: Dollar reels after S&P credit warning; bonds firm
HONG KONG, July 15 (Reuters) - The U.S. dollar fell in early Asian trade on Friday after ratings agency Standard & Poor's warned it would downgrade the United States credit rating while Asian stocks are expected to start on a weaker note following a lower close on Wall Street.
S&P said there is at least a 1 in 2 chance it could cut the U.S.'s much prized "AAA" rating if a deal on raising the government's debt ceiling is not agreed soon. Earlier this week, Moody's warned of a possible downgrade.
OIL: Oil falls as Bernanke says no easing yet
NEW YORK, July 14 (Reuters) - Oil prices fell for the first time in three days on Thursday after Federal Reserve Chairman Ben Bernanke said the central bank was not ready yet to take more monetary easing measures, dashing hopes that energy demand would get a boost from fresh economic stimulus.
"The big headline today for the oil market is Bernanke's qualification of what some expected to be QE3," said David Kirsch at PFC Energy. Many had expected the Fed to boost the economy with a third round of government bond buying, or quantitative easing, QE3 in market shorthand.
NATURAL GAS: Natgas trims early loss, still ends down after EIAs
NEW YORK, July 14 (Reuters) - Front-month U.S. natural gas futures trimmed morning losses but ended slightly lower on Thursday, as prospects for more severe heat next week partly offset early selling after a bearish weekly inventory report.
"I thought we'd see more selling given the (bearish) EIA number, but we got a late session bounce, maybe on the weather forecast," a West Coast trader said, noting strong heat returns to the Midwest and Northeast next week after a brief mild up.
EURO COAL: Prices stable, Aug S.African trades at $114.75
LONDON, July 14 (Reuters) - Prompt physical coal prices were stable on Thursday but few trades were reported.
"The market ought to be softening a bit more given the lack of demand but prices don't want to come down much," one European trader said
COMMODITIES: Most markets dive on Bernanke; gold hits record
NEW YORK, July 14 (Reuters) - Commodities tumbled on Thursday, erasing most gains from a day ago, after Federal Reserve Chairman Ben Bernanke dashed hopes for another quick economic stimulus that could have boosted raw materials demand.
"Bernanke backed away from QE3," Richard Franulovich, senior currency trader at Westpac in New York, said, referring to the third round of quantitative easing markets had been expecting from the Fed.
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