Thursday, May 10, 2012

20120510 1127 Global Market & Commodities Related News.

GLOBAL MARKETS-Shares ease on worries over Spanish banks, Greek chaos
TOKYO, May 10 (Reuters) - Asian shares fell for a sixth straight session on Thursday, with sentiment taking a further hit from mounting worries about the health of Spanish banks while deepening political chaos in Greece seemed to put it at risk of insolvency and a euro exit.
"Greek and European issues remain at the forefront," said analysts at Barclays Capital in a note. "However, it appears that political uncertainty is here to stay, and that, combined with weak economic prospects, should keep market concerns elevated. We remain EUR bears," they said, adding that barring a rise in financial sector risks the euro's fall would be gradual.

COMMODITIES-Brent oil up, most others down; focus on Europe
NEW YORK, May 9 (Reuters) - Copper hit a three-week bottom o n W ednesday and gold and a number of agricultural markets closed lower on nagging fears about an economic slowdown in Europe, but the commodities selloff eased somewhat as bargain hunters lifted battered Brent oil prices.
"You're seeing significant economic forces within the European Union slip into recession ... that causes problems for a Chinese economy that is all about growth, and really can't handle any set-backs," said Sean McGillivray, vice president and head of asset allocation for Great Pacific Wealth Management in Oregon.  

Australia gets reality check on commodities
--Clyde Russell is a Reuters market analyst. The views expressed are his own.--
LAUNCESTON, Australia, May 9 (Reuters) - There is a creeping realisation inside Australia that the nation's commodities boom is becoming harder work, with project costs blowing out and questions over whether there will be enough demand from Asia.
Australia's economic success of the past decade and its hopes for future wealth are built on the appetite of Asia, and China in particular, for iron ore, liquefied natural gas, coal and other commodities.

Cautious European refiners cut April stocks
LONDON, May 9 (Reuters) - Cautious European refiners cut crude oil and product stocks in April to near four-year lows in the face of weak demand and high feedstock costs which have continued to pressure margins, forcing some to idle units, particularly in the Mediterranean.
European crude and oil products stocks fell 0.4 percent month-on-month to 1,071.06 million barrels at the end of April, with declines in crude oil, middle distillates and fuel oil, data from industry monitor Euroilstock showed on Wednesday.

OIL-Brent rises on Greece bailout payment, technicals
NEW YORK, May 9 (Reuters) - Brent crude futures climbed back into positive territory in late trading o n W ednesday, snapping five days of losses after approval of a bailout payment to Greece eased worries about euro zone debt.
"Brent keeps stalling and finding resistance trying to get back to its 200-day moving average and U.S. crude is running into support and can't make a decisive move below its 200-day average," said Stephen Schork, president of the Schork Group in Villanova, Pennsylvania.  

NATURAL GAS-US natgas futures end up 3 pct, third straight gain
NEW YORK, May 9 (Reuters) - U.S. natural gas futures powered higher o n Wednesday for a third straight day amid expectations for a supportive weekly inventory report on Thursday and on signs a tighter market may offset milder weather this weak that has slowed demand.
"We're looking at this as technical momentum, though it's not without fresh reminders of last week's weather drag on injection size at a time of sharp coal displacement," Gelber & Associates analyst Pax Saunders said in a report.

EURO COAL-Trades 50c higher but bids drop to $84/T
LONDON, May 9 (Reuters) - European prompt physical coal prices were little changed on Wednesday, having touched fresh two-year lows the previous day, traders and utilities said.
"Global thermal coal markets experienced increased pressure and disruption from the boom in shale gas production in the U.S.," commodities giant Glencore said in its Q1 production report issued on Wednesday.

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