Asian shares inched up but gains were limited as political uncertainty and disappointing data in Europe raised fears the euro zone could struggle to push through austerity measures and may stay in recession until late in the year. U.S. stocks fell on Monday as political turmoil in Europe cast doubts on the euro zone's ability to push through measures to end its debt crisis and as Wal-Mart sank following a report it stymied a bribery probe.
The Australian dollar hit a two-week trough after soft inflation data bolstered expectations of deep interest rate cuts by the Reserve Bank of Australia, while the euro was subdued ahead of a debt sale in the Netherlands.
FOREX-Aussie at 2-wk low as inflation data opens door to rate cut
TOKYO, April 24 (Reuters) - The Australian dollar hit a two-week trough after soft inflation data bolstered expectations of deep interest rate cuts by the Reserve Bank of Australia, while the euro was subdued ahead of a debt sale in the Netherlands. "Certainly the prospects of them going (cutting) more than once is going up, the way the European situation is developing."
Australia says end-March wheat stocks dip 9 pct
Australia's bulk storage of wheat fell 2 million tonnes from the previous month to 21.3 million tonnes at the end of March, the Australian Bureau of Statistics said on Tuesday.
U.S. wheat edged up, while corn was little changed after climbing 1.6 percent in the last session on forecasts for crop-threatening cold weather and talk of Chinese buying.
Vietnam 2012/13 coffee output to rise 10 pct in Daklak-official
Output from the next 2012/2013 coffee crop in Daklak, Vietnam's top growing province, is forecast to rise around 10 percent to 430,000-450,000 tonnes, or 7.2 million to 7.5 million bags, thanks to good weather, an industry official said on Tuesday.
Brazil cotton exports seen record large -producers
Brazil's 2011/12 cotton exports should jump by more than half from last season to a record 1.3 million tonnes, the national producers' association said, as cooling domestic demand shifts the sector's focus to foreign markets.
Brent crude was steady under $119 a barrel as fears over the health of the euro zone economies and political uncertainty countered worries over a production stoppage in the North Sea and potential supply disruptions from Iran.
India says importing 14 mln tonnes of oil from Iran
India, the second-largest consumer of Iranian oil after China, said it was now importing 14 million tonnes of crude from Iran and has "substantially" reduced its imports from the country as the deadline to comply with Western sanctions against Tehran looms.
COLUMN-Global steel output too good to last?
--Andy Home is a Reuters columnist. The opinions expressed are his own--
LONDON, April 23 (Reuters) - Global steel production was on a surge at the end of the first quarter, apparently shrugging off a period of weakness over the end of last year and the beginning of this year.
Indeed, in annualised terms March's output of 1,557 million tonnes was an all-time record, marginally eclipsing the previous high seen in June 2011, according to the latest figures from the World Steel Association.
German steel industry sees demand steadying
HANNOVER, Germany, April 23 (Reuters) - The German steel industry, which includes sector giants such as Salzgitter and ThyssenKrupp , said on Monday demand was stabilising. "After a massive reduction of stock during the fourth quarter of 2011, steel processors and especially the distribution sector have refilled their inventories during the beginning of this year," the main industry association said.
US rejects duties on steel wire from China, Mexico
WASHINGTON, April 23 (Reuters) - A U.S. trade panel on M onday rejected proposed duties on steel wire from China and Mexico after determining U.S. producers were not harmed or threatened by the imports. The U.S. International Trade Commission voted 4-2 to deny duties in the case filed last year by steel wire companies in California, Pennsylvania, Tennessee, Michigan and Oklahoma.
London copper rose as arbitrage traders took advantage of a price fall in the previous session that helped narrow its premium over Shanghai copper.
Gold struggled to move higher in thin trade as investors waited for a U.S. Federal Reserve meeting to shed some light on the central bank's monetary policy amid caution over a resurfacing crisis in Europe.
METALS-Copper treads water on investors' caution
SHANGHAI, April 24 (Reuters) - Copper was largely flat as political uncertainty and lacklustre economic data in Europe kept investors on the sidelines waiting for clearer price signals in a market dulled by China's high stockpiles and weaker than expected demand. "We are stuck somewhere in the middle of a technical range where the shorts don't want prices to be any higher and longs don't want prices to be any lower," said an LME trader.
PRECIOUS-Gold edges down amid euro zone worries; Fed eyed
SINGAPORE, April 24 (Reuters) - Gold edged lower as investors waited for a U.S. Federal Reserve meeting to shed some light on the central bank's monetary policy amid caution over a resurfacing crisis in Europe. "If the Fed fails to hint at more quantitative easing, we may see a sharp drop in gold prices," said Hou Xinqiang, an analyst at Jinrui Futures in the southern Chinese city of Shenzhen.
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