GLOBAL MARKETS-Shares, euro drift lower as EU summit jitters weigh
SINGAPORE, Dec 8 (Reuters) - Asian shares and the euro drifted down on Thursday as investors fretted over whether European leaders can agree a plan to tackle the euro zone's two-year-old debt crisis at a make-or-break summit this week.
A report that the G20 was preparing a $600 billion lending facility for the International Monetary Fund (IMF) to help Europe gave a late lift to U.S. stocks and briefly boosted the euro, but the effect faded after it was denied by G20 and IMF officials.
Asia Stocks Fall on Data, Before EU Summit (Bloomberg)
Asian stocks (MXAPJ) dropped ahead of a European summit on the region’s sovereign debt crisis, and as economic data from Japan and Australia signaled the global economy is slowing. Tokyo Electric Power Co., the operator of the power plant at the center of the biggest nuclear disaster in 25 years, sank 9.1 percent after the Mainichi newspaper reported it may be effectively nationalized. Fanuc Corp. (6954), a maker of industrial robots, slid 1 percent in Tokyo. LG Electronics Inc. (066570), a home appliances maker that gets more than a fifth of its revenue from Europe, fell 3.6 percent in Seoul. City Developments Ltd. (CIT), Singapore’s second-biggest real- estate company by market value, led declines among the city’s property developers after the government imposed additional taxes on purchases of private residential property.
COMMODITIES-European meetings weigh on complex, gold rises
NEW YORK, Dec 7 (Reuters) - Gold moved higher on Wednesday, while copper and U.S. grains fell amid ongoing nervousness about the euro zone economic crisis and pessimism ahead of Friday's EU summit.
"Such a big unknown event risk is making people quite cautious and, heading into year-end as well, no one really wants to take any positions and it adds to that lack of interest in the market," said Standard Chartered analyst Daniel Smith.
Oil falls on higher U.S. stocks, EU worries
NEW YORK, Dec 7 (Reuters) - Crude futures fell back on Wednesday, weighed down by an unexpected increase in U.S. stockpiles and doubts that a credible deal to resolve Europe's debt crisis will be reached at a summit on Friday.
"The market seems unwilling to fall too far ahead of the EU meeting and the euro has bounced back also," said Tom Bentz, director at BNP Paribas Prime Brokerage Inc in New York.
China wants Sudan oil deal by Christmas -special envoy
JUBA, Dec. 7 (Reuters) China is pressing Sudan and South Sudan to resolve a row over oil transit fees by late December to prevent more export disruptions from the newly separate nations, China's special envoy said on Wednesday.
South Sudan, which seceded from the North in July, pumps around 75 percent of the formerly united country's roughly 500,000 barrels per day of oil output.
NYMEX-Natural gas ends down on mild forecast, high supply
NEW YORK, Dec 7 (Reuters) - U.S. natural gas futures ended lower on Tuesday, as record-high supplies and fairly mild extended weather forecasts pressured the complex despite some cold this week in Texas and parts of the South.
"Weather drives the market right now, and expectations for above normal temps in the East region have provided the downside," said Eric Bickel, analyst at Summit Energy.
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