GLOBAL MARKETS-Asian shares dip, euro subdued after Spanish vote
TOKYO, Nov 21 (Reuters) - Asian shares fell on Monday as uncertainty remained over how euro zone leaders would respond to mounting funding difficulties for European banks, while a crushing election win for Spain's centre-right opposition raised hopes for reforms.
"Those policies would undoubtedly be welcomed by markets, yet may not be enough to stabilize the Spanish sovereign. Ultimately, we think it is likely that the ECB will need to step up its support," Barclays Capital analysts said in a research note.
COMMODITIES-Most markets down again; oil snaps 6 weeks of gain
NEW YORK, Nov 18 (Reuters) - Most commodities fell again on Friday, with U.S. oil prices finishing their first week lower since early October on worries over Europe and selling by investors taking profit from six weeks of gains.
"Liquidations on the December contract and profit-taking ahead of the Thanksgiving holiday (next) week pulled down U.S. crude futures," said Phil Flynn, analyst at PFGBest Research in Chicago.
Japan Exports Fall as China Sees Prolonged World Slump
Japanese exports dropped more than forecast in October, Singapore said its growth may slow to 1 percent next year and China signaled the global economy faces an extended slide. The reports may raise pressure on policy makers in export- reliant Asia to implement further stimulus measures. A record of the Bank of Japan’s Oct. 27 meeting today showed one board member favored adding 10 trillion yen ($130 billion) in asset purchases, and Chinese Vice Premier Wang Qishan said his nation must adopt more “forward looking” and flexible monetary policy. “Things are going to get worse before they get better,” said Vishnu Varathan, a Mizuho Corporate Bank Ltd. economist in Singapore. “Export growth will slow across Asia and we may see financial shocks coming through. Asian policy makers are going to become stimulatory all over again.”
Japan’s finance ministry reported today that shipments abroad fell 3.7 percent in October from a year before, the first drop in three months and an indication the nation’s rebound from the record March earthquake will slow. Singapore’s trade ministry said the nation’s gross domestic product may rise 1 percent to 3 percent in 2012, after a 5 percent gain this year, in a projection that didn’t incorporate a European recession.
Saudi sees balanced oil market as OPEC meeting nears
RIYADH, Nov 20 (Reuters) - The global oil market looks balanced, Saudi oil minister Ali al-Naimi indicated on Sunday, while the secretary general of the Organization of the Petroleum Exporting Countries said some producers need to cut back as Libyan output rebounds.
Speaking at the same conference in the Saudi capital with less than a month to go before OPEC meets, the head of the International Energy Agency (IEA) reiterated the major consumer group's concern that stubbornly high oil prices and tight supplies could harm fragile global economic growth.
Oil dips on economic concerns, spread selling
NEW YORK, Nov 18 (Reuters) - Oil fell on Friday as a bout of profit-taking following big moves in spreads this week overtook early euro zone optimism.
"(Prices) got a lift early on because the ECB was buying bonds, but I think there is some skepticism about how much leeway the ECB has to support the bond market that way," said Tim Evans, energy analyst for Citi Futures Perspective in New York.
Natural gas ends down, front month hits 1-year low
NEW YORK, Nov 18 (Reuters) - U.S. natural gas futures ended lower on Friday as record high supplies and fairly mild November weather drove the front-month contract to a one-year low for the fifth straight session.
"The rig count (decline) is the only point of light for the bulls. The weather still looks above normal, and the cash market has been very weak," said Steve Mosley at SMC Advisory Services in Arkansas, noting Henry Hub cash prices have been trading at 30 cents or more below futures.
Euro Coal-Prices steady, no trades seen
LONDON, Nov 18 (Reuters) - Prompt physical coal prices were broadly steady on Friday with no fresh trades reported.
"Yesterday and the day before there was some activity and traders today looked happy to sit the week out," one European dealer said.
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