Japan Consumer Prices Fall on World Slowdown (Bloomberg)
Japan’s consumer prices fell for the first time since June, casting doubt on central bank forecasts for the world’s third-biggest economy to emerge from more than a decade of deflation. Consumer prices excluding fresh food slid 0.1 percent in October from a year earlier, the statistics bureau said in Tokyo today. Barclays Capital says declines may persist for two years even as the BOJ forecasts gains of 0.1 percent for the year starting April and 0.5 percent in the following 12 months. Commodity prices are sinking on the risk of another global slump, while a yen trading near postwar highs has cut the cost of imports. As Japan struggles to recover from the March earthquake and tsunami that left about 19,000 people dead or missing, declining prices may weigh on consumer spending and erode company profits.
“It’s highly probable that consumer prices will keep falling at a moderate pace as the effect of oil prices and the strong yen gradually surface,” said Yoshiki Shinke, a senior economist at Dai-Ichi Life Research Institute in Tokyo. “Price growth isn’t in sight for Japan.”
GLOBAL MARKETS-Asian shares, euro fall on Europe deadlock
TOKYO, Nov 25 (Reuters) - Asian shares and the euro both hovered near seven-week lows on Friday as European officials failed to soothe investor fears that the euro zone's debt crisis could trigger a credit crunch if funding costs run out of control.
"Disappointment that officials continue to tinker with the trivial rather than consider the bold pushed risk appetites lower and increased the downside risks to the outlook for the European sovereign debt.
COMMODITIES-Oil, metals slide on German bond sale, China data
NEW YORK/LONDON, Nov 23 (Reuters) - Commodities slid on Wednesday after top raw material consumer China reported weaker factory growth and the near flop of a German bond sale raised concerns the debt crisis was threatening Europe's biggest economy.
"It is a complete and utter disaster," said Marc Ostwald, strategist at Monument Securities in London, after the Bundesbank was forced to retain almost half of a sale of 6 billion euros of debt due to a shortage of bids by investors.
Oil climbs on stock draws, France moots Iran import ban
LONDON, Nov 24 (Reuters) - Oil prices rose modestly in holiday-thinned trading on Thursday after France said it was pushing for a Europe-wide ban on crude imports from Iran, ratcheting up geopolitical risk in a tightening market.
"The bottom line is that while it is relatively easy (and not very courageous) for countries that do not import Iranian crude oil to call for an embargo on imports, it will be very difficult for countries that do import Iranian crude oil to join in such non-UN sanctions," said Olivier Jakob, managing director at Petromatrix in Zug, Switzerland.
Japan sees 2012 LNG demand rising by 20 mln T
MOSCOW, Nov 24 (Reuters) - Japanese demand for liquefied natural gas (LNG) is expected to rise by 20 million tonnes next year in the aftermath of the Fukushima nuclear disaster, a Japan Oil, Gas and Metals National Corp company official said on Thursday.
"Additional LNG demand will rise by 20 million tonnes in 2012 (compared to 2010) if all the reactors under inspection do not restart their operations," Daisuke Harada, JOGMEC's deputy general manager, told an energy conference in Moscow.
Libya's oil flows at 750,000 bpd, recovery
TRIPOLI, Nov 24 (Reuters) - Libyan oil output has climbed to 750,000 barrels per day (bpd) and remains on track to reach pre-war production levels by the end of next year, the chairman of the National Oil Corporation (NOC) said on Thursday.
"We're building up production, we're doing fine," Nuri Berruien told Reuters in an interview.
Euro Coal-S.Africa coal trades below $100/T
LONDON, Nov 24 (Reuters) - Physical South African coal prices broke through support at $100.00 a tonne on Thursday and further steep falls are likely due to the pressure of unsold tonnage and limp demand in both the Atlantic and Pacific markets.
"Everything's off, macros are bearish, you can't ship more than a teaspoon of coal in a barge on the Rhine in Germany due to low water levels, nobody needs coal and there is a huge amount coming to Europe from the U.S., bought in 2010 and from elsewhere," one major European trader said.
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