Tuesday, May 8, 2012

20120508 1104 Global Market & Commodities Related News.

GLOBAL MARKETS-Shares revive after Europe election uncertainty
TOKYO, May 8 (Reuters) - Shares and riskier assets recovered on Tuesday from the previous day's plunge, as sentiment improved on hopes Spain would use public funds to bolster its struggling banks, although wariness remained over Greece.
"After fears regarding the week-end elections, markets return to what they do best, namely range trading and squeezing concentrations of positions," said Sebastien Galy, strategist at Societe Generale, adding that the next key events included negotiations for a coalition government in Greece and the announcement of some form of bad bank scheme for Spain.

COMMODITIES-Up after early drubbing on Europe; nickel jumps
NEW YORK, May 7 (Reuters) - Commodities rebounded on Monday after the huge selloff of the previous session, with nickel staging a big rally and bargain hunting lifting oil prices from their lows after investors shrugged off earlier fears about election outcomes in Europe.
"The uncertainties that have emerged in Europe are going to contribute to a downside bias to the trading range," Nicholas Snowdon, an analyst with Barclays Capital in New York, said.

OIL-Oil dips as Europe's election results fan uncertainty
NEW YORK, May 7 (Reuters) - Oil prices inched lower on Monday, but settled well above lows reached after European election results revived worries about the euro zone debt crisis, reinforcing anxiety about anemic economic growth and petroleum demand fueled by last week's U.S. employment data showing slower job creation.
"It finally dawned on everyone that a socialist leading France is not the same thing as, say, a socialist leading America," said John Kilduff, partner at Again Capital LLC.
 
NATURAL GAS-US natgas futures end up on low storage estimates
NEW YORK, May 7 (Reuters) - U.S. natural gas futures ended higher on Monday, backed by expectations for another supportive weekly inventory report, but moderate weather and still-high supplies kept prices range bound.
"Expectations this week are for another below-average (EIA) storage build. Fundamentals are still bearish, but storage numbers are starting to come off, showing that demand (particularly from the power sector) is strong," said Eric Bickel, analyst at Summit Energy.
 
EURO COAL-ARA prices tick higher, China on sidelines
LONDON, May 4 (Reuters) - European coal prices crept higher by 25 cents a tonne on Friday as the market steadied after hitting two-year lows earlier in the week on weakening fundamentals.
"While exports of U.S. coal may make some economic sense we believe their impact will continue to be marginal," Deutsche Bank  said in a research note on Friday.

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