GLOBAL MARKETS-Asian shares sluggish on euro zone contagion fears
TOKYO, Nov 16 (Reuters) - Asian shares struggled on Wednesday as signs that rising borrowing costs were affecting AAA-rated France stirred fears that even core euro zone members may not escape contagion from the region's debt crisis.
"Markets are clearly expecting a circuit breaker to alleviate pressure on periphery bond yields," said David Scutt, a trader at Arab Bank Australia in Sydney. "If no announcement is forthcoming in the days ahead, one suspects that situation could unravel fairly quickly."
COMMODITIES-Oil leads drop as markets turn volatile
NEW YORK, Nov 14 (Reuters) - Oil prices fell on Monday after new governments in Italy and Greece failed to assuage fears about Europe's debt crisis, threatening to put commodities on a renewed path of volatility.
"The markets are realizing there are real economic problems in Europe," Christophe Barret, oil analyst at Credit Agricole, said as the weak industrial data, political woes and the euro-era high price for Italy's 5-year bonds combined to pressure global markets.
Japan Buys 800,000 Tons of Corn From Ukraine as Cheaper U.S. Alternative (Bloomberg)
Japan, the world’s largest corn importer, bought about 800,000 metric tons of the grain from Ukraine as a cheaper alternative to U.S. supply after the European nation removed a tax on exports last month. The purchase, made by five Japanese trading companies, was for shipments in November to March at about $20 a ton cheaper than U.S. corn, Nobuyuki Chino, president of Continental Rice Corp. in Tokyo, said in an interview today. Chino, who has traded grains for three decades and worked for Continental Grain Co. of the U.S. before establishing his company in 1999, declined to identify the companies as the information is not open to the public. Ukraine’s corn exports in October may have climbed to a record as export demand spurred prices and farmers sold the grain after a 12 percent tax was removed last month, researcher UkrAgroConsult said Nov. 8.
Oil up on economic data despite EU contagion worry
NEW YORK, Nov 15 (Reuters) - Oil prices rose on Tuesday on supportive data that pointed to continued economic growth in the fourth quarter, sending U.S. crude to a 16-week peak and offsetting concerns that the euro zone debt crisis will keep spreading.
"The U.S. data helped, especially the retail sales, the Germany and France growth wasn't so bad and the expiration of December Brent and U.S. crude options will add to the volatility even as everyone worries about Europe's debt problems," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut.
POLL-US crude stocks seen down on lower imports
Nov 15 (Reuters) - U.S. crude oil inventories were expected to have fallen last week for the second straight time on lower imports and slightly higher refinery runs, an expanded Reuters poll of analysts showed on Tuesday.
On average, U.S. crude stockpiles were forecast down 1.2 million barrels for the week ended Nov. 11, the poll of eight analysts showed. In the week to Nov. 4, crude stocks in the United States fell 1.37 million barrels to 338.09 million barrels, Energy Information Administration data showed.
Natgas ends down for 5th day, front hits 1-yr low
NEW YORK, Nov 15 (Reuters) - U.S. natural gas futures ended lower on Tuesday for a fifth straight day, with concerns about growing supplies and fairly mild weather this month driving the front-month contract to a one-year spot continuation chart low.
"People are looking at the inventory level, and that's spooking some of them, and it looks like it's going to be pretty mild for the next couple of weeks," a West Coast trader said.
Euro Coal-Prices stable despite oil rise
LONDON, Nov 15 (Reuters) - Prompt physical coal prices moved a marginal 25 cents higher on Tuesday despite a rise of over $1.00 in oil after solid German and French growth data.
"The market's been fairly flat, no real change in prices with barely anything trading, it's just following oil and the euro not fundamentals, not yet," one major European trader said.
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