Tuesday, October 4, 2011

20111004 1153 Global Market & Commodities Related News.

GLOBAL MARKETS-Stocks, euro plunge on Greek default fears
NEW YORK, Oct 3 (Reuters) - World stocks fell to a two-year low and the euro tumbled to its weakest level against the yen in more than a decade on Monday as growing expectation of a Greek default increased fears of another global recession.
An admission by Athens that it will miss its deficit target of 7.6 percent this year reignited worries about a Greek default. The price of U.S. crude oil tumbled 2 percent, while a bid for safety stoked demand for U.S. Treasury debt.

Asia Stocks Fall on Europe Debt Crisis Concern (Bloomberg)
Asian stocks fell, driving a regional benchmark gauge toward its lowest close in more than two years, as disagreement among policy makers over how to resolve Europe’s debt crisis dimmed the outlook for exporters and banks. Esprit Holdings Ltd., a clothier that counts Europe as its biggest market, dropped 4.9 percent in Hong Kong. Samsung Electronics Co., which gets a fifth of its sales in Europe, lost 2.6 percent in Seoul. Mitsubishi UFJ Financial Group Inc. (8306), Japan’s No. 1 listed lender by market value, sank 3.5 percent in Tokyo. Mitsubishi Corp., Japan’s biggest commodities trader, slumped 6.7 percent as oil and metal prices tumbled.
The MSCI Asia Pacific Index fell 1.8 percent to 108.18 as of 12:10 p.m. in Tokyo, extending its biggest quarterly decline in almost three years. The measure is headed toward the lowest close since July 2009 as benchmark indexes worldwide drop more than 20 percent from their peaks, entering a so-called bear market. Asian stocks also fell today after Goldman Sachs Group Inc. cut its forecast for earnings growth in Asia excluding Japan.

COMMODITIES-Bruised copper cuts loss on US data; gold jumps
NEW YORK, Oct 3 (Reuters) - Upbeat U.S. economic reports shored up copper from a 14-month low and crude from a two-month low on Monday, but Europe's debt crisis and weak global growth kept pressure on most commodities after a September rout.
The Reuters-Jefferies CRB index of 19 commodities fell to its lowest since Nov. 23 as October trading commenced, before steadying to end off 0.6 percent after the U.S. Institute of Supply Management's September manufacturing index posted a rise that beat expectations.

US crude tumbles more than a dollar on Greece, dollar
SINGAPORE, Oct 4 (Reuters) - U.S. crude oil fell more than a dollar on Tuesday, pressured by debt concerns in Greece and a stronger dollar.
U.S. crude for November delivery  fell to an intraday low of $75.92 a barrel, down $1.69 in early Asia trading.

Libya sees major pick-up in oil output in Oct
TRIPOLI, Oct 3 (Reuters) - Libya will start pumping crude at two major oilfields in about two weeks, doubling production to 700,000 barrels a day by year-end, the country's top oil industry official told Reuters in the latest sign that output is being restored far quicker than many had expected.
While the resumption in operations at Repsol-operated  Sharara field and Eni  part-owned Elephant will help to boost output, the head of the National Oil Corp also warned that Libya's biggest oil terminal at Es-Sider may take more than a year to be fully repaired.

NYMEX-Natgas ends down for 4th day, front hits 11-mth low
NEW YORK, Oct 3 (Reuters) - U.S. natural gas futures ended lower on Monday for a fourth straight session, with moderate weather forecasts and concerns about growing supplies again driving the nearby contract to another 11-month low.
"The economic news doesn't look good, oil is down and the weather forecast doesn't look too bullish. It looks like storage is going to get pretty full by the time the weather turns colder," a Texas-based trader said, noting big storage builds over the last few weeks, with more expected.

EURO COAL-Drops $1.50/T on Greek debt
LONDON, Oct 3 (Reuters) - Prompt physical coal prices fell sharply on Monday by around $1.50 a tonne after Greece's admission that it will miss its deficit target this year sent markets reeling.
"Everything's gone to hell today, in almost every market, nobody's bidding, everybody's on the sidelines waiting for the dust to settle," one European trader said.

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