SINGAPORE, Aug 23 (Reuters) - Asian shares edged up on Tuesday after modest gains on Wall Street, but remained deep in negative territory for the month, while gold hit another record above $1,900 an ounce as investors continued to fret about the health of the global economy.
"We are not hearing much good news out of Europe or the United States," said Darren Heathcote, head of trading at Investec Australia.
Asian Stocks Climb, Copper Gains
Asian stocks climbed for the first time in four days, while copper paced gains among metals amid speculation the Federal Reserve will take steps to bolster the faltering U.S. economic recovery this week. Gold rallied to a fourth straight record and debt-default risk increased. The MSCI Asia Pacific Index added 0.4 percent at 11:19 a.m. in Tokyo. Futures on the Standard & Poor’s 500 Index rose 0.1 percent. Copper advanced 0.8 percent, wheat gained for a third day, while gold topped $1,910 an ounce for the first time. The Markit iTraxx Asia index, which tracks the cost of insuring the region’s bonds from default, headed for its highest close since May 2010.
Asian shares are rebounding from the lowest level since September 2010 before central bankers meet this week in Jackson Hole, Wyoming, where Fed Chairman Ben S. Bernanke’s hint of a second round of asset purchases last year spurred a 28 percent rally in the S&P 500 that ended on April 29. Data may show German manufacturing grew at a slower pace and sentiment weakened, while U.S. home sales declined.
Brent crude slips as Libya oil restart eyed
NEW YORK, Aug 22 (Reuters) - Brent crude edged lower on Monday in choppy trading as investors hoped the process to restart oil exports from OPEC member Libya would begin soon as the country's six-month-old civil war neared an end.
"While the Libyan leadership could be in the state of flux for several more days or even a few weeks, developments thus far strongly suggest a return of Libyan exports to the global market place," Jim Ritterbusch, president at Ritterbusch & Associates in Galena, Illinois, said in a note.
S&P may upgrade Bolivia on oil, gas investments
NEW YORK, Aug 22 (Reuters) - Standard & Poor's on Monday said it may upgrade Bolivia's credit ratings if planned new oil and gas investments translate into stronger growth prospects for the country.
S&P revised to positive from stable the outlook on Bolivia's foreign-currency rating, just three months after raising it to B-plus. A positive outlook means an upgrade is possible in the next two years.
Libya's Ghanem says some oil output could restart soon
LONDON, Aug 22 (Reuters) - Libya will be able to restart some oil output soon, in a few months, although it will take as long as 18 months to reach the pre-war level, the country's former top oil official said on Monday.
Shokri Ghanem, who defected from the government of Muammar Gaddafi in May, also expressed hope in an interview with Reuters the country would move to a democratic future as Libyan rebels held much of the capital, Tripoli.
NYMEX-Natural gas ends down 1 pct as storm fears fade
NEW YORK, Aug 22 (Reuters) - U.S. natural gas futures ended lower on Monday, as newly-formed Hurricane Irene looked set to steer clear of Gulf of Mexico gas production and moderate Northeast and Midwest temperatures continued to slow demand.
"Temps across the northern tier have moderated, and the storm (Irene) looks like it's going to miss the Gulf. I think prices are going to fall further, to a level where we pick up more market share," a Texas trader said, noting gas prices at $3.50 should draw more coal switching demand from utilities.
Euro Coal-Prices flat despite oil's moves
LONDON, Aug 22 (Reuters) - European coal prices ended little changed on Monday despite a more than 1 percent fall in Brent crude, utilities and traders said.
"The Indians have been much more lively as buyers than they had been for a few months but they still don't like prices of over $100 a tonne for South African," one major South African exporter said.
COMMODITIES-Brent oil down on Libya restart hope, gold surges
NEW YORK/LONDON, Aug 22 (Reuters) - Brent crude fell on Monday on hopes Libya would soon resume oil output after rebels entered Tripoli, while gold hit another record as global economic worries spurred safe-haven buying.
"Gold is driven by the expectation that at some point inflation will come back, and a continuation of people looking for a safe haven beside just the U.S. Treasury bonds," said Leo Larkin, metals equity analyst at Standard & Poor's.
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