Thursday, April 19, 2012

20120419 1455 Global Market & Commodities Related News.

Asia Stocks Drop as Exporters Fall on Spain’s Surging Bad Loans
2012-04-19 01:02:11.525 GMT

By Kana Nishizawa and Yoshiaki Nohara
April 19 (Bloomberg) -- Asian stocks fell, with the regional benchmark index headed for its third day of declines in four, as exporters retreated after bad loans held by Spanish banks surged ahead of bond sales today.
Nikon Corp., a camera maker that gets more than a fifth of its sales from Europe, dropped 2.4 percent. Nippon Sheet Glass Co., a Japanese glassmaker, slumped 6.9 percent in Tokyo, headed for its lowest close since 1976 after its chief executive officer quit over disagreement with the board. OCI Co., a chemicals maker, fell 1.6 percent in Seoul after its first- quarter operating profit declined. Maanshan Iron & Steel Co. maybe active today in Hong Kong after swinging to a net loss in the three months ended March 31.
The MSCI Asia Pacific Index declined 0.3 percent to 124.67 as of 9:53 a.m. in Tokyo before the open of markets in Hong Kong and China. More than twice as many stocks fell for each that rose on the gauge. Spain’s non-performing loans as a proportion of total lending jumped to 8.16 percent in February, the highest level since 1994, from less than 1 percent in 2007, according to Bank of Spain data published yesterday.
“We are seeing the clear need by the authorities to address funding concerns for a number of sovereign issues,” said Tim Schroeders, who helps manage $1 billion in equities at Pengana Capital Ltd. in Melbourne. “Today we will see prices consolidate.”
Japan’s Nikkei 225 Stock Average fell 0.7 percent even as exports rose more than expected in March. South Korea’s Kospi index was little changed. Australia’s S&P/ASX 200 Index increased 0.2 percent.


GLOBAL MARKETS-Euro zone debt fears pressure euro, shares
LONDON, April 18 (Reuters) - Fears of a resurgence in the euro zone debt crisis boosted  demand for safe-haven German bonds on Wednesday, while the Bank of England and a European Central Bank official signalled more monetary policy easing to support growth was unlikely.
"Investor demand for core paper remains firm, with the background threat of crisis tensions ratcheting yet higher, underpinning an overriding desire for capital preservation," said Rabobank strategist Richard McGuire.

COMMODITIES-Euro zone concerns sink markets
NEW YORK, April 18 (Reuters) - Commodity markets ended broadly lower o n W ednesday, reversing the previous session's gains under pressure from new concerns over euro zone debt that also sank U.S. stocks.  U.S. stock markets were sluggish with International Business Machines Corp  and Intel Corp  pulling the Dow Jones industrial average lower.

OIL- Brent stable at $118 as euro zone concerns ease
LONDON, April 18 (Reuters) - Brent crude futures held above $118 on Wednesday as optimism in Germany and a successful Spanish debt auction alleviated fears about the euro zone, but the prospect of further talks between Iran and the West continued to ease pressure on the market.
"The main increase in oil prices between January and April was explained by tension in Iran. Prices are now moving down the same way as talks about setting up a new meeting with Iran are having the opposite effect," Bak Jensen said.

US natgas futures end flat to down in seesaw session
NEW YORK, April 18 (Reuters) - Front-month U.S. natural gas futures ended unchanged on Wednesday in seesaw trade, with concerns about record supplies driving the nearby contract to a 10-year low before technical buying temporarily lifted the market.
"The (inventory) surplus is still building and is going to lead to a premature filling of storage during the injection season. For the short to medium term I doubt natgas is going to reverse the downtrend it has been in for an extended period of time," Energy Management Institute's Dominick Chirichella said.

Euro Coal-Down for fourth day
LONDON, April 18 (Reuters) - European physical coal prices slipped by around $1.00 for the fourth successive day on Wednesday, pressured by oversupply and despite the strengh of gas in Europe, utilities and traders said.  
"Utilities are all full already for this year, the problem is having too much coal," one utility source said.

US crude stocks rise for 4th week, products fall
April 18 (Reuters) - U.S. crude oil inventories rose for a fourth straight week, led by gains on the West Coast, while product stockpiles showed steep declines, data from the Energy Information Administration showed on Wednesday.
Domestic crude stocks rose 3.86 million barrels in the week to April 13, increasing the 4-week build to nearly 22.8 million barrels to mark its biggest since February 2009. The average forecast had been for a rise of 1.4 million barrels in a Reuters survey of analysts.

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