Tuesday, September 20, 2011

20110920 1608 Global Market & Commodities Related News.

Stocks Climb in Europe as Technology Companies Gain; U.S. Futures Advance (Bloomberg)
European stocks climbed, erasing earlier losses, as technology and construction companies rose. U.S. futures were little changed, while Asian shares dropped. SAP AG (SAP) gained 1.2 percent after a U.S. judge asked Oracle Corp. to consider revising its request for a review of a court order overturning a damage award against the German software maker. A gauge of technology companies gained 1.4 percent. EON AG and RWE AG (RWE) both climbed more than 3 percent after a court suspended a tax on companies that use nuclear fuel. The Stoxx Europe 600 Index rose 0.7 percent to 226.58 at 8:59 a.m. in London. Standard & Poor’s 500 Index futures expiring in December rose 0.1 percent, while the MSCI Asia Pacific Index slipped 0.8 percent.

China’s Stocks Rise From 14-Month Low; Commodity Producers Gain (Bloomberg)
China stocks rose, with the benchmark index climbing from a 14-month low, as investors speculated recent declines were overdone. PetroChina Co. rebounded from a record low and China Construction Bank Corp. (939) advanced from its lowest close since January 2009. Anhui Conch Cement Co. paced gains for building material producers after Premier Wen Jiabao said China will continue to promote the construction of public rental housing. The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, added 0.4 percent to 2,447.76 at the 3 p.m. close, rising from its lowest level since July 16, 2010. The CSI 300 Index (SHSZ300) gained 0.4 percent to 2,689.84 today.

U.S. Stock Futures Pare Losses; S&P 500 Contract Declines 0.1% (Bloomberg)
U.S. stock futures pared their decline, with futures on the Standard & Poor’s 500 Index expiring in December slipping 0.1 percent to 1,196.3 as of 8:38 a.m. in London. Equities slumped yesterday, halting a five-day rally for the S&P 500, amid concern Greece will fail to qualify for more financial aid needed to avoid default. During the trading session that ended at 4 p.m., Bank of America Corp. and JPMorgan Chase & Co. slid at least 2.8 percent, following a slump in European lenders. Alcoa Inc. lost 3.3 percent, pacing declines in commodity producers. Hewlett-Packard Co. dropped 2.6 percent as companies most-dependent on economic growth fell.

FOREX-Euro tumbles on Italy downgrade, Greece worries
TOKYO, Sept 20 (Reuters) - The euro slid sharply, moving closer to a seven-month low against the greenback after Standard and Poor's cut its debt rating on Italy and as investors fret over whether Greece can borrow badly needed cash from international lenders.
"The downgrade is clearly negative for the euro, but I don't think anyone at this stage is particularly surprised or shocked that it has happened," said Teppei Ino, a currency analyst at Bank of Tokyo-Mitsubishi UFJ in Tokyo.

Tokyo Steel to lift Oct product prices
TOKYO, Sept 20 (Reuters) - Tokyo Steel Manufacturing Co , Japan's biggest construction steelmaker, said on Tuesday it will raise all product prices in October for the first time in seven months amid signs of robust growth in demand from the construction market.  
The company will raise prices of products such as rebars, wire rods and shapes by 3,000 to 5,000 yen ($39-65) per tonne. The price of H-shape beams will rise by 5,000 yen to 79,000 yen.

Brazil's CSA sees steel output up 67 pct by 2012
RIO DE JANEIRO, Sept 19 (Reuters) - ThyssenKrupp's  $6.5 billion Rio de Janeiro slab mill will raise output by 67 percent to 5 million tonnes per year by 2012, a company official said on Monday.
CSA ThyssenKrupp, a joint venture with Brazilian mining giant Vale, is ramping up production despite a slowdown in the United States and Europe and turmoil in global capital markets, Financial Vice President Rodrigo Tostes said in an interview.

China's steel demand growth seen to weaken -CISA
SHANGHAI, Sept 20 (Reuters) - Growth in steel demand in China is expected to slow in near future and prices will fluctuate in response to the gloomy global economy, the China Iron & Steel Association (CISA) said on Tuesday in its monthly report.
"Steel oversupply will hardly improve as steel output remains high amid slowing growth of steel-consuming sectors and growing difficulties in steel exports," CISA said.

Ukraine Sept steel output seen steady - Union
KIEV, Sept 19 (Reuters) - Ukraine is likely to marginally raise its crude steel output to 3.06 million tonnes in September from 3.03 million in August, Ukrainian specialist news agency UGMK said on Monday.
The agency quoted local steel producers' union Metalurgprom as saying Ukraine was likely to produce 3.03 million tonnes of steel in October.

Italy 8-month steel output up 11.2 pct yr/yr-industry
MILAN, Sept 19 (Reuters) - Steel output in Italy, the European Union's second-biggest producer after Germany, rose 11.2 percent year-on-year to 18.695 million tonnes in the first eight months of 2011, industry body Federacciai said on Monday.  
In August alone, Italy's steel output jumped 25.6 percent to 1.385 million tonnes, according to data published on Federacciai's website.

Mongolia mining curbs key for environment-president
NEW YORK, Sept 19 (Reuters) - Mongolia's law banning mining in the country's river and forest areas is necessary to protect the mineral-rich Asian country's environment and herdsmen's livelihoods, President Tsakhia Elbegdorj said on Monday.
"Half of the territory is covered by exploration licenses. I think that's enough," he said in an interview in New York on the sidelines of the United Nations General Assembly.

METALS-Copper steady at 9-mth low; Shanghai copper falls 1 pct
SHANGHAI, Sept 20 (Reuters) - London copper slipped 0.1 percent after dropping to more than nine-month lows in the previous session on concerns the global economic slowdown will crimp demand for the metal.
"Larger companies with access to bank credit to use copper for trade financing have been able to buy LME copper even if it is at a slight premium to ShFE copper since they can offset losses with the cheaper financing they get from a letter of credit," Du said.

PRECIOUS-Gold steady after Italy downgrade; Fed ahead
SINGAPORE, Sept 20 (Reuters) - Gold held steady, after Standard and Poor's downgrade of Italy's credit rating heightened worries about the euro zone debt crisis ahead of a key U.S. Federal Reserve policy meeting.
"We are seeing small buying interest," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong. "Most people are waiting for the Fed meeting which is expected to show a clear direction."

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