GLOBAL MARKETS-Asian stocks rebound as Bernanke soothes investors
SINGAPORE, March 27 (Reuters) - Asian stocks rebounded on Tuesday and the dollar eased after Federal Reserve Chairman Ben Bernanke said ultra-loose monetary policy was still needed to reduce unemployment even though the U.S. economy has shown signs of improvement.
"We are clearly addicted to this highly liquid market, and Bernanke has reassured that it (will) stay up this way," said Kent Engelke, chief economic strategist at Capitol Securities Management.
COMMODITIES-Gold surges on dollar weakness; soy at 6-month tops
NEW YORK, March 26 (Reuters) - Gold prices rose their most in two months on Monday, adjusting to a dollar weakened by
comments from the U.S. Federal Reserve chief, while soybeans hit six-month highs on diminishing crop prospects from top exporter Brazil.
"The Bernanke comments and the overnight German confidence reading were on the plus side" for gold, said John Kilduff, partner at Again Capital, a commodities fund in New York.
OIL-Oil rises, Bernanke comments lift markets
NEW YORK, March 26 (Reuters) - Oil rose on Monday as comments from U.S. Federal Reserve Chairman Ben Bernanke reinforced expectations that interest rates will be kept low.
"The Bernanke comments and the overnight German confidence reading were on the plus side, but without further Iran and North Korea jitters, the positive economic news is more than priced in," said John Kilduff, partner at Again Capital LLC.
NATURAL GAS-US natgas futures end down, spreads to winter widen
NEW YORK, March 26 (Reuters) - U.S. natural gas futures ended lower on Monday after an early move upward, with front months losing the most amid record-high supplies and milder late-week forecasts despite recent declines in drilling and cool temperatures to start the week.
"It is worth noting that the current 11-15 day forecast is more neutral, with some shift in the overall pattern that points to less bearish storage figures n the offing, provided that forecast holds up," said Tim Evans at Citi Futures Perspective.
EURO COAL-Prices move sideways, under downward pressure
LONDON, March 26 (Reuters) - Prices for prompt physical coal deliveries remained little changed on Monday, but were expected
to come under downward pressure from ample supply and reduced European demand at the end of the winter heating season.
"The increasing pressure from growing inventory levels suggests that at some point, (South African) Richards Bay benchmarks will have to start shedding some value ... (and) with the effects from the (Australian) flood easing now, Newcastle FOB is likely to price itself lower and this could further put pressure on those Richards Bay prices," Barclays Capital said in a research note.
UK energy price hikes could have been worse
LONDON, March 26 (Reuters) - British wholesale energy prices have risen much faster than retail prices in the past decade, debunking criticism that utilities are using wholesale rises to overcharge customers for their bills.
Record profits at some utilities in recent years have helped spur outrage by consumer groups, which have accused power and gas suppliers of overcharging customers by passing on wholesale price rises while failing to lower them when wholesale rates ease.
US gas price spike revives fight over energy taxes
WASHINGTON, March 26 (Reuters) - Exxon Mobil, the world's most profitable corporation, says it paid more than 45 percent of its 2011 income in taxes, while critics say it paid much less. So which is it?
The answer is that it depends on how the calculation is made and who is making it - a point that is becoming more important as gasoline prices and oil company profits soar.
RBS halts India tanker payment due to Iran sanctions
NEW DELHI/SINGAPORE, March 26 (Reuters)- The Royal Bank of Scotland has halted payments to a Greek ship owner which transported Iranian oil for an Indian shipping company, in line with Western sanctions aimed at hindering Iranian crude exports, shipping sources told Reuters.
The European Union in January placed an immediate ban on new contracts to import, purchase or transport Iranian crude and petroleum products. EU members with existing contracts, however, can honor them until July 1.
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