Monday, October 31, 2011

20111031 1134 Global Market & Commodities Related News.

Asian Stocks Decline as Acer, Tohuku Electric Report Losses; Qantas Jumps (Bloomberg)
Asian stocks declined, with the MSCI Asia Pacific Index trimming its biggest monthly advance in two years, as companies from Acer Inc. to Tohoku Electric Power Co. reported losses. Acer, the world’s fourth-largest computer maker, fell 2.3 percent in Taipei. Tohoku Electric slumped 6.8 percent after the Japanese utility reported a wider-than-expected net loss. Qantas Airways Ltd. jumped 6.5 percent in Sydney as it plans to resume flights today after a labor regulator barred work stoppages that had prompted Australia’s biggest carrier to ground its fleet. The MSCI Asia Pacific Index dropped 1.6 percent to 122.73 as of 10:57 a.m. in Tokyo. The measure has gained 8.6 percent this month, the most since May 2009, after a breakthrough in Europe boosted confidence the region’s sovereign-debt crisis will be contained, U.S. economic growth accelerated and China hinted at easing monetary policy.

GLOBAL MARKETS-Stocks, euro pause as Europe doubts linger
NEW YORK, Oct 28 (Reuters) - U.S. and European shares took  a breather on Friday after a strong rally on a long-awaited euro zone rescue deal, but a weak sale of Italian bonds showed investor confidence in the agreement was shaky.
"I think we have a long way to go with this (European debt) mess. I still see huge risks," said Stanley J.G. Crouch, who oversees $2 billion as the chief investment officer of Aegis Capital in New York.

COMMODITIES-Markets look past Europe deal after big weekly gain
NEW YORK, Oct 28 (Reuters) - Commodities mostly fell in thin trading on Friday as euphoria from the euro zone debt deal faded, and investors reweighed their outlook after big weekly price gains in metals and oil.
"Beyond the very near-term, we think economic fundamentals will be watched more closely again," Credit Suisse said in a commodities research note.

COLUMN-Ebbing oil prices point to market shift: John Kemp
--John Kemp is a Reuters market analyst. The views expressed are his own--
LONDON, Oct 28 (Reuters) - For all the bullish talk about tight supplies next year if the global economy skirts renewed recession, and occasional sharp short-covering rallies, benchmark oil prices are softening.
In the past six months, each of a series of sharp short-covering rallies has pushed the front-month Brent futures contract  to peak at a lower level than the previous one: $127 on April 11, $126 on April 28, $121 on June 15, $120 on Aug. 1, $116 on Sept. 8, $114 on Oct. 14 and now $112 on Oct. 27.

COLUMN-Oil and gas leases place lenders at risk-Chris Kimmerle
--Chris Kimmerle is a Reuters market analyst. The views expressed are his own.--
NEW YORK, Oct 28 (Reuters) - As the United States continues to deal with the aftermath of the collapsed real estate bubble and the associated erosion of home values, there may be an unrecognized exposure for real estate lenders resulting from the rapid expansion of oil and gas development.
The risk is in states such as Colorado, New York, Ohio and Pennsylvania as well as in the urban, suburban and exurban areas of Denver, Fort Worth and Pittsburgh, and involves the decline in real estate values that follows the severance of surface and mineral rights on mortgaged properties.

Oil prices slip; G20 meeting eyed
PERTH, Oct 31 (Reuters) - Oil prices fell on Monday, with traders cautious ahead of the Group of 20 leaders' meeting later this week that will focus largely on the European debt crisis.  
"I think at the moment we're riding on the back of optimism created from the euro zone plan. In order for prices to stay at this level, the optimism must continue," Jonathan Barratt, managing director of Commodity Broking Services in Sydney, said.

Libya's oil exports to jump to 350,000 bpd in Nov-sources
TRIPOLI, Oct 30 (Reuters) - Libya's crude oil exports will jump to almost 350,000 barrels per day in November, more than double the volume sold the previous month, sources at the National Oil Company (NOC) told Reuters in an interview on Sunday.
The NOC plans to sell a total of up to 14 cargoes of oil from several fields, primarily in the east and at offshore sites which escaped the worst of the damage inflicted by the war and located in areas that were liberated soon after the uprising.

Iran sees no need for emergency OPEC meeting -ISNA
TEHRAN, Oct 30 (Reuters) - Current OPEC president Iran does not envisage holding an emergency meeting of the oil producers' group ahead of a scheduled one in December, Iran's OPEC Governor Mohammad Ali Khatibi was quoted as saying by the student news agency ISNA on Sunday.
"I find it improbable to have an OPEC emergency meeting because there is no emergency matter and the market is balanced," he was quoted as saying.

Petronas wants to boost overseas oil & gas ventures-report
KUALA LUMPUR, Oct 30 (Reuters) - Malaysia's oil and gas firm Petronas wants to "high grade" its international operations by acquiring more valuable assets and exiting from less profitable ventures, the Edge newspaper reported on Sunday. The weekly paper cited Petronas Executive Vice President of Exploration and Production Wee Yiaw Hin as saying the state-linked firm was keen on expanding in Asia, West Africa  and South America. "We actually want to grow our international operations. We will get out of those (countries) where profitability is low. And we have a few more on the list," Wee was quoted as saying.
"Algeria is one. Over there, there is not a big field to develop, costs have gone up, profitability is very weak and its not easy to succeed," he added.

Natural gas ends up 4 pct, cold temps stir buying
NEW YORK, Oct 28 (Reuters) - U.S. natural gas futures ended sharply higher on Friday despite concerns about growing supplies, as cold weather moved into the Northeast and Midwest and stirred up more heating demand.
"The cold weather this week triggered it (rally), and people expect to see more cold as we head into winter, but extended forecasts seem to be trending milder," said Steve Mosley at SMC Advisory Services in Arkansas.

Euro Coal-prices rise despite weaker oil
LONDON, Oct 28 (Reuters) - European prompt physical coal prices rose slightly on Friday, shrugging off falls in oil and coal swaps.
Physical demand remained thin, because some players with long positions lack the capacity to burn coal and many utilities are burning down their stockpiles before ordering new deliveries.

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