Asian Stocks Advance on Optimism Euro Leaders Will Complete Greek Bailout (Source: Bloomberg)
Asian stocks rose, with the benchmark index set to gain for a third day in four, amid optimism euro-area finance chiefs will complete a second Greek bailout, and before policy announcements by the Bank of Japan and U.S. Federal Reserve today. Nintendo Co. (7974), a manufacturer of game consoles that gets a third of its sales in Europe, rose 1 percent in Osaka. Wynn Macau Ltd., a unit of the casino operator founded by billionaire Steve Wynn, jumped 7.4 percent in Hong Kong after Deutsche Bank AG said Macau casino revenue may grow 25 percent in 2012. Cathay Financial Holding Co., a Taiwan-based insurer, gained 6.9 percent in Taipei after a report the company is seeking a partnership with a Chinese bank.
“It seems like the Greek bond deal is going through; that issue is off the table, at least for the time being,” said Stephen Halmarick, Sydney-based head of investment markets research at Colonial First State Global Asset Management, which oversees about $150 billion. “I wouldn’t expect much out of the BOJ, and obviously people will wait and see what the Fed says.” The MSCI Asia Pacific Index rose 1.1 percent to 127.49 as of 12:03 p.m. in Tokyo, with almost four stocks climbing for each that fell. All 10 industry groups in the measure advanced.
GLOBAL MARKETS-Dollar off highs, shares firmer before Fed, BOJ
SINGAPORE, March 13 (Reuters) - The dollar hovered below an 11-month high against the yen on Tuesday and regional shares edged higher, as investors awaited policy decisions by the Bank of Japan and the U.S. Federal Reserve.
Currency traders have said that there has been some market speculation that the BOJ may conduct more monetary easing on Tuesday, an outcome that could spark another sell-off in the Japanese currency.
COMMODITIES-Oil, metals end down on dollar rally; corn bucks trend
NEW YORK, March 12 (Reuters) - Oil snapped a three-day run-up on Monday and metals prices fell too as the dollar rallied on the notion that a recovering U.S. economy will get less stimulus money than initially thought.
"Investors are beginning to feel that the oil price has reached its upper limit and are taking profits while they can," said Carsten Fritsch, commodity analyst at Commerzbank.
Surging U.S. oil exports cannot stay hidden forever
--Robert Campbell is a Reuters market analyst. The views expressed are his own--
NEW YORK, March 12 (Reuters) - America's periodic gasoline price debate is usually a mix of willful ignorance and cynicism that achieves little but oil executives must be hoping the latest episode dies down before the United States' massive fuel exports get much attention.
After all, exports of diesel fuel, and increasingly gasoline, are now crucial profit centers for many U.S. refineries, hard pressed by shrinking domestic demand.
China oil demand as good as it gets
-- Clyde Russell is a Reuters market analyst. The views expressed are his own. --
SINGAPORE, March 12 (Reuters) - China's record crude imports in February are most likely as high as they will go, at least for the coming months, as rising prices, refinery maintenance and slower economic growth curb demand.
China swallowed a record 5.95 million barrels per day of crude last month from overseas, continuing a recent strong run of imports.
OIL-Oil slips on China, Europe growth concerns
NEW YORK, March 12 (Reuters) - Oil prices fell on Monday on concerns about slowing growth in China and recession in Italy, along with reduced fears of immediate supply disruption because of tensions with Iran.
"You have growth concerns in China with their trade deficit and Italy confirming it's in recession and worry about Spain and with no more provocative headlines over the weekend and talks still expected, some of the Iran fear premium is being taken off," said Phil Flynn, analyst at PFGBest Research in Chicago.
NATURAL GAS-US natural gas ends down 2 pct, stays near 10-yr low
NEW YORK, March 12 (Reuters) - U.S. natural gas futures slid just over 2 percent on Monday, managing to remain above a recent 10-year low despite weaker crude, mild late-winter weather and swollen inventories.
"With less than two weeks to the start of spring and with the weather conditions already spring-like in many parts of the country, the probability that total natural gas in inventory will end at an all-time record high level is increasing by the week," said Energy Management Institute's Dominick Chirichella.
Colombian drivers demand a bigger cut of oil boom
BOGOTA, March 12 (Reuters) - Colombian drivers on Monday called for a one-day boycott of filling stations to pressure for lower gasoline prices in a country that has one of Latin America's fastest-growing oil industries.
Colombians are irate at increases in government-controlled gasoline prices while energy companies are flocking to the country's oilfields and production has nearly doubled in five years.
EURO COAL-Prompt prices fall again on weak demand
LONDON, March 12 (Reuters) - Prompt physical coal prices fell again on Monday by around $1.00 a tonne as buyers pulled back and oil slipped below $125 a barrel.
"Oil's down, the energy complex is weaker so it's no surprise coal has come off slightly - except that when oil prices were steady last week, coal didn't react," one European trader said.
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