Asian Stocks Fall After Fitch Says Europe Crisis Threatens U.S. Banks (Bloomberg)
Asian stocks fell for a third day, with the regional benchmark heading for its lowest close in four weeks, after Fitch Ratings said a worsening European debt crisis poses a “serious risk” to U.S. banks, stoking concern about the global financial system. Standard Chartered Plc. (2888), the U.K.’s No 2 lender by market value, fell 3.6 percent in Hong Kong. Esprit Holdings Ltd. (330), a clothier that counts Europe as its biggest market, dropped 5 percent. Olympus Corp. jumped 13 percent after a report Japan’s top banks would continue to support the scandal-hit company. The MSCI Asia Pacific Index slid 0.6 percent to 115.49 as of 11:12 a.m. in Tokyo, with about two stocks falling for each that rose. The gauge headed for its lowest close since Oct. 20.
Singapore’s Exports Slide the Most in 30 Months as Electronics Sales Slump (Bloomberg)
Singapore’s exports fell the most in more than two years in October as a slowing global economy curbed demand for electronics products. Non-oil domestic exports fell 16.2 percent from a year earlier, after a revised 4.6 percent decline in September, the island’s trade promotion agency said in a statement today. The median of 12 estimates in a Bloomberg News survey was for a 7.8 percent drop. Singapore’s expansion will stall over the next few quarters as the global economy worsens, before a “modest recovery” in the second half of 2012, the central bank said last month. The European debt crisis and elevated U.S. unemployment are damping demand for goods made in Asia, with South Korean exports rising at the slowest pace in two years in October.
GLOBAL MARKETS-Asian shares, euro fall on jitters over France
TOKYO, Nov 17 (Reuters) - Asian shares and the euro fell further on Thursday as doubts deepened about Europe's ability to stop its sovereign debt crisis from spinning out of control, with the region's biggest nations split over the European Central Bank's bond buying role.
"European leaders have failed to clear up doubts about the effectiveness of the region’s bailout fund, as it has yet to collect funds, aggravating investor jitters," said Yuji Saito, director of the foreign exchange division at Credit Agricole Bank in Tokyo.
COMMODITIES-US oil races above $100; other commods down
NEW YORK, Nov 16 (Reuters) - U.S. oil closed at five-month highs above $100 on Wednesday, sharply narrowing its discount to London's Brent crude, the more common world oil benchmark now, and bucking a lower trend in other commodities.
"The reversal of the Seaway will likely accelerate the anticipated clearing of the Midwest surplus, reducing the reliance next year on expensive barge transportation," Goldman Sachs analyst David Greely wrote in a note to clients. The bank brought forward its $6.50 spread forecast by six months.
Brent crude slips more than $1 to $110.75/bbl
SINGAPORE, Nov 17 (Reuters) - Brent crude futures slipped more than $1 in early Asian trade on Thursday on concerns about demand growth, as France and Germany clash over the role the European Central Bank should adopt to tamp down the region's sovereign debt crisis.
Natgas ends lower for 6th day, front hits 1-yr low
NEW YORK, Nov 16 (Reuters) - U.S. natural gas futures ended lower on Wednesday for a sixth straight day, with concerns about bloated supplies and fairly mild weather this month again driving the front-month contract to a one-year spot chart low.
"There's no (cold) weather to speak of and there's a lot of gas around. The forecasts still look pretty mild, and inventories are likely to hit an all-time high tomorrow, so there's no reason to do any heavy buying here," a Pennsylvania-based trader said.
Euro Coal-Prices tick up, flurry of S.Africa trades
LONDON, Nov 16 (Reuters) - Prompt physical coal prices crept higher by 25 cents on Wednesday in line with firmer oil.
A flurry of January and February South African trades went through on trading platform global COAL but this was more likely due to cargoes needing to have nomination dates given 45 days prior to loading than any rise in demand, traders said.
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