GLOBAL MARKETS-Asian shares drift lower as growth fears hit miners
SINGAPORE, Nov 23 (Reuters) - Asian shares drifted lower on Wednesday, weighed down by mining and technology stocks after a downward revision of U.S. growth data raised new concerns about the faltering global economy.
The euro crept up after the International Monetary Fund beefed up its lending tools to help shield some smaller countries from the euro zone debt crisis.
Asian Stocks Decline After U.S. Growth Slows, Australia Passes Mining Tax
Asian stocks fell, with a regional gauge heading for its lowest close in a month, as a mining tax was approved in Australia and reports showed slower-than- expected economic growth in the U.S. and a slowdown in China’s manufacturing. Samsung Electronics Co. (005930), South Korea’s biggest exporter of consumer electronics, slid 2.3 percent in Seoul on speculation exports will drop as growth in the world’s biggest economy slows. BHP Billiton Ltd. (BHP), the world’s biggest mining company, declined 2.7 percent in Sydney after Australia’s House of Representatives passed a law taxing mining profits. Industrial & Commercial Bank of China Ltd., the nation’s biggest lender, fell 2.1 percent after a report showed China’s manufacturing may have contracted. “Companies in the U.S. are quite cautious given the European situation,” said Ng Soo Nam, the Singapore-based chief investment officer at Nikko Asset Management Asia Ltd., which oversees about $165 billion. “Some countries in Europe will probably go into recession.
Europe cannot drag its feet anymore. Chinese data suggest small and medium-sized manufacturers are already feeling the effects of the liquidity crunch.”
COMMODITIES-Oil gains on Iran, bargain hunters buy metals
NEW YORK, Nov 22 (Reuters) - Oil rose 2 percent on Tuesday, hit by fears of supply dislocations as sanctions against Iran were strengthened, and copper and gold each gained around 1 percent as investors found value at low levels hit a day earlier, when most commodities fell sharply.
"It's Iran sanctions, Egypt and Syria and even Libya today, putting the fear premium into prices, especially ahead of the holiday," said Dominick Chirichella, senior partner, Energy Management Institute in New York.
Venezuela-China oil firms to boost output by 2014
CARACAS, Nov 22 (Reuters) - Oil companies formed as joint ventures between Venezuela and China will produce 1.1 million barrels per day (bpd) by 2014, up from 112,000 bpd at present, Venezuelan Oil Minister Rafael Ramirez said on Tuesday.
Ramirez said that Venezuela and China have agreed on the terms for a new Chinese loan worth $4 billion for oil projects and that the agreement will be signed on Wednesday by socialist President Hugo Chavez.
Libya's 2012 oil supply deals due in a fortnight
ISTANBUL, Nov 22 (Reuters) - Libya's National Oil Corporation (NOC) will inform the winners for its 2012 crude oil contracts within the next two weeks, a senior NOC official told Reuters on Tuesday, as a handful of top officials meet with around 50 hopeful clients from oil majors and top trading houses this week.
The process will determine who wins the best access to the OPEC member's prized light, sweet oil with daily exports worth a nominal $141 million a day once exports return to full flows following wartime disruptions.
Oil up on Iran dispute, IMF lending moves
NEW YORK, Nov 22 (Reuters) - Oil prices rose in choppy trading on Tuesday as efforts to strengthen sanctions on Iran and regional unrest hiked the geopolitical fear premium and offset worries about global economic growth.
"It's Iran sanctions, Egypt and Syria and even Libya today, putting the fear premium into prices, especially ahead of the (U.S. Thanksgiving) holiday," said Dominick Chirichella, senior partner, Energy Management Institute in New York.
Natural gas ekes out gain; cash, crude support
NEW YORK, Nov 22 (Reuters) - U.S. natural gas futures ended higher for a second straight day on Tuesday, boosted along with cash gas by some cooler weather forecasts that should bring about a first round of winter heating demand, traders said.
"After selling off over the last few weeks, natural gas prices have bounced off technical support in the $3.30 level to finish up on the day. However, bearish technicals and fundamentals should continue to limit the recent upside move and are likely to lead to a retest of the $3.20 level over the short-term," said Caprock Risk Management president, Chris Jarvis.
Euro Coal-Prices rise with oil
LONDON, Nov 22 (Reuters) - Prompt physical coal prices rose by around 50 cents a tonne on Tuesday in line with gains in oil and European power prices but trading activity remained thin.
Brent crude rose on Tuesday as efforts to impose stricter sanctions on Iran hiked the geopolitical fear premium and helped offset worries about economic growth and oil demand.
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