Friday, May 11, 2012

20120511 1137 Global Market & Commodities Related News.

GLOBAL MARKETS-Asian shares retreat, China data, Europe eyed
TOKYO, May 11 (Reuters) - Asian shares retreated on Friday, spooked by JPMorgan's   $2 billion huge loss from a failed hedging strategy, with   investors warily watching political turmoil in the euro zone as they await new Chinese data for clues on its growth outlook.
"We expect the EUR to remain under pressure as a result, especially as the market debate regarding the use of the EUR as a policy tool gains momentum," suggesting that a rate cut aimed at weakening the euro is likely, Morgan Stanley said in a note.

COMMODITIES-Most markets up, corn down; CRB flat
NEW YORK, May 10 (Reuters) - Most commodity markets rose on Thursday as better-than-expected U.S. jobs data boosted investor confidence, although oil closed mixed and corn tumbled on a government forecast that a bumper crop would help swell domestic stocks of the grain.
The dollar's drop against the euro for the first time in eight sessions helped lift prices of various dollar-denominated commodities.

OIL-Oil ends mixed on China, OPEC, U.S. jobs data
NEW YORK, May 10 (Reuters) - Oil prices ended mixed in choppy trading on Thursday as weaker-than-expected Chinese trade data, higher OPEC production and evidence of a strengthening U.S. jobs market muddied the oil demand outlook.
"Basically, the oil markets are watching Europe and looking for what will happen next, which is not easy to predict," said Mark Waggoner, president of Excel Futures in Bend, Oregon.

New bill takes aims at U.S. oil tax breaks
WASHINGTON, May 10 (Reuters) - Hoping to build on voter anger about high gasoline prices, two U.S. lawmakers launched a new attack on tax breaks for U.S. oil, gas and coal companies on Thursday with a bill they said would cut more than $113 billion in subsidies over 10 years.
The bill goes beyond other recent efforts that have targeted tax breaks for oil companies and includes research programs, loan guarantees and infrastructure funding, said its authors, Senator Bernie Sanders, a left-leaning independent, and Democratic Representative Keith Ellison.

OPEC exports to fall in 4 weeks to May 26 -analyst
LONDON, May 10 (Reuters) - Seaborne oil exports from OPEC, excluding Angola and Ecuador, will fall by 430,000 barrels per day (bpd) in the four weeks to May 26, an analyst who estimates future shipments said on Thursday.  
Exports will reach 23.96 million bpd on average, down from 24.39 million bpd in the four weeks to April 28, UK consultancy Oil Movements said in its latest weekly estimate.

Canada trade surplus rises despite oil-price dip
OTTAWA, May 10 (Reuters) - The value of Canada's imports and exports both dipped in March on weaker energy prices, but analysts said growing export volumes meant the outlook for trade was brighter than it looked.
Statistics Canada said on Thursday the trade surplus rose to C$351 million ($351 million) from $273 million in February as imports declined at a faster rate than exports.

Kazakhstan counts on oil wealth to navigate crisis
ASTANA, May 10 (Reuters) - Kazakhstan is ready to tap a $50 billion oil fund to steer its economy through a possible second crisis, Deputy Prime Minister Kairat Kelimbetov said, also signalling fresh efforts to clean up and privatise the country's struggling banks.
In an interview with Reuters, Kelimbetov said he expected a separate "problem loan" fund to begin operating this month or next, with the capacity to take on between $1 billion and $2 billion in toxic assets held by the banking sector.

NATURAL GAS-US natgas futures end higher after choppy session
NEW YORK, May 10 (Reuters) - Front-month U.S. natural gas futures ended higher on T hursday in a seesaw session as signs of a tightening market and another light weekly inventory build offset moderate temperature forecasts that should slow weather-related demand.
"The (EIA) build was below consensus. It looks like demand is getting a lot of support from the power generation sector, which is eating away at the storage surplus, but I don't think the market is tight enough yet to balance," said Eric Bickel, analyst at Summit Energy, noting supply was still strong.

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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