Monday, September 26, 2011

20110926 1112 Global Market & Commodities Related News.

GLOBAL MARKETS-Stocks gain, euro steadies on Europe hopes
Sept 26 (Reuters) - Asian shares rose and the euro steadied on Monday on reports that European leaders, under pressure from tumbling markets, were working on new ways to stop the fallout from the euro zone sovereign debt crisis wreaking more damage on the world economy.
MSCI's broadest index of Asia Pacific shares outside Japan rose 0.6 percent, after dropping 7.5 percent last week. Tokyo's Nikkei, which was closed for a holiday on Friday as regional markets fell, eased 0.4 percent.

China’s Stock Index Swings Between Gains, Losses Amid Inflation Concerns (Bloomberg)
China’s stocks swung between gains and losses as comments from the central bank governor that inflation remains the nation’s “top concern” overshadowed record-low equity valuations. China Vanke Co. and Gemdale Corp. declined among developers after China Business News said the city of Chongqing will start imposing a property tax on existing villas. Anhui Conch Cement Co. gained 1.3 percent after Citic Securities Co. said cement stocks may rebound on valuations. China Coal Energy Co., the nation’s second-largest coal producer, advanced 1.7 percent after its parent increased its stake. The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, dropped 2.7 points, or 0.1 percent, to 2,430.46 as of 10:25 a.m., erasing an earlier gain of 0.4 percent and set for the lowest close since July 16, 2010. It lost 2 percent last week, its fourth weekly decline. The CSI 300 Index (SHSZ300) fell 0.1 percent to 2,666.52.

Oil skids to 6-week lows on economic angst
NEW YORK, Sept 23 (Reuters) - Oil fell to six-week lows on Friday, as fresh concerns about the euro zone added to the economic gloom that knocked as much as 9 percent off prices this week.
"A weakening global economy where recession possibilities have been reinforced by a dramatic 18 percent plunge in copper prices this week continues to suggest weakening forward oil fundamentals," said Jim Ritterbusch, president of Ritterbusch & Associates in Galena, Illinois.

China considers policy shift to boost shale gas
CHENGDU, Sept 25 (Reuters) - China may treat shale gas as separate from conventional hydrocarbons to encourage companies outside of state-owned industry to invest, government officials said on Sunday.
It may also offer pricing and other incentives across the industry to further to tap the potentially huge resource.

NYMEX-Natural gas ends lower; mild weather forecast
NEW YORK, Sept 23 (Reuters) - Front-month U.S. natural gas futures ended lower on Friday for a fourth straight day, as pressure from forecasts for mild weather next week outweighed early short covering ahead of the weekend.
"I think people were a little hesitant to stay short ahead of the weekend, but the weather looks bearish, and the tropics look clear right now for the Gulf (of Mexico)," said Steve Mosley at SMC Advisory Services in Arkansas.

Euro Coal-Prompt steady but Calendar swaps tumble
LONDON, Sept 23 (Reuters) - Prompt physical coal prices were steady to slightly lower on Friday but Calendar 2012 and 2013 coal swaps dropped by over $2.00 in line with the meltdown in world stocks, oil and base metals, triggered by global economic concerns.
"Coal prices have remained high, despite the weakness in the global growth outlook and in our view they are likely to remain so over the coming years," French investment bank Natixis said in its weekly Commodities Report.

COMMODITIES-Markets slide, investors fear slowing world demand
NEW YORK, Sept 23 (Reuters) - Commodities slid again on Friday, dragging a benchmark index to its lowest since late November as investors sold risky assets on fears governments had done too little to head off a global recession.
"Financial markets are sick and tired of the authorities in Europe and in the U.S. twiddling their thumbs and not doing substantive things to solve this crisis of the global economy," said Barton Biggs, managing partner at New York-based Traxis Partners.

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