A rally in Asian shares fizzled out as markets marked time while European indices were poised to open little changed before the European Central Bank's policy decision later in the day, as investors consolidated recent gains ahead of widely anticipated moves from the European Central Bank and the Bank of England to stimulate the economy. U.S. markets were closed on Wednesday in observance of Independence Day.
The euro wallowed near one-week lows, with trading subdued in the wake of the U.S. holiday and ahead of a widely expected interest rate cut by the European Central Bank later in the day.
FOREX-Euro on defensive as ECB policy decision looms
TOKYO, July 5 (Reuters) - The euro wallowed near one-week lows on Thursday, with trading subdued in the wake of the U.S. holiday and ahead of a widely expected interest rate cut by the European Central Bank later in the day.
The ECB is due to announce its decision at 1145 GMT, followed by a news conference by ECB President Mario Draghi. A Reuters poll of economists showed the majority expect the central bank to cut its main rate by 25 basis points to 0.75 percent, but they were evenly split on whether the ECB will lower its deposit rate.
Relentless heat in the key U.S. corn- and soybean-growing areas drove benchmark Chicago corn futures higher on Tuesday, marking the golden grain's biggest eight-day advance in 3-1/2 years as drought brought worries about world grain supplies.
Bahia cocoa flow slows as warehouses fill up
Deliveries of cocoa from Brazil's top producing state Bahia eased off in the last week as warehouses became crammed after weeks of abundant arrivals, data from Bahia Commercial Association and comments from analyst Thomas Hartmann showed.
Ukraine sees 20-21 mln T early grains crop in 2012
Ukraine, hit by poor weather during the sowing and wintering of major crops, expects to harvest 20 million-21 million tonnes of early grains - mostly wheat and barley - in 2012 against 34 million tonnes in 2011, farm minister Mykola Prysyazhnyuk said.
Bulgaria to reap over 4 mln T of wheat-Agmin
Bulgarian farmers will harvest over 4 million tonnes of wheat this year, more than initially expected due to rains in May, deputy Agriculture Minister Svetlana Boyanova said on Wednesday.
Australian raw sugar exports face wet weather delay
Australian raw sugar exports are likely to be delayed as wet weather slows the harvest of sugar cane, even though most of the crushing operations that were disrupted last week by rain have resumed, refining firms said on Wednesday.
Brent futures slipped below $100 a barrel as fresh evidence of weakness in European economies sparked demand concerns, even as investors kept up their hopes for stimulus measures to counter fragile global growth.
Norway oil talks fail, strike could last weeks-union
An 11-day strike in Norway's oil sector, which has slowed shipments from the world's eighth-largest exporter, could drag on for weeks, a labour union said on Wednesday after a second round of talks with employers failed to produce a deal over pensions.
Wary of sanctions, Kenya cancels Iran oil deal
Kenya is cancelling an agreement to import 4 million tonnes of Iranian crude oil per year because of international sanctions against Iran, its top energy official said on Wednesday.
EXCLUSIVE-Japan to import no Iranian oil in July-sources
Japan will not import any Iranian crude in July as buyers held back to avoid any risk of running foul of EU sanctions targeting insurance, which have severely disrupted the OPEC member's supplies, industry and government sources said on Wednesday.
Cost to secure aluminium soars, industry seethes
LONDON, July 4 (Reuters) - The cost paid to secure aluminium supplies in Europe has soared to record highs, with the metal still being used chiefly as a financing tool of choice for investors, leaving manufacturers and smaller merchants scrambling for stocks.
Aluminium premiums - money paid over and above the benchmark London Metal Exchange (LME) cash price to secure physical delivery - are supposed to reflect regional supply and demand trends.
INTERVIEW-Italy steel industry sees tough years ahead
Italy's steel industry, the second biggest in the European Union after Germany, will have to wait a few years for the crisis-hit economy to recover and drive a return of production volumes to a pre-crisis level, a senior industry executive said on Wednesday.
Copper traded largely steady as investors waited for the result of a European Central Bank meeting, at which interest rates are expected to be cut to a record low, a move which may stimulate economic growth and help boost metals demand.
Gold edged up, shrugging off a firm dollar, ahead of an expected rate cut by the European Central Bank that should boost liquidity and enhance bullion's appeal.
METALS-Copper steady ahead of ECB rate decision
SHANGHAI, July 5 (Reuters) - Copper traded largely steady on Thursday as investors waited for the result of a European Central Bank meeting, at which interest rates are expected to be cut to a record low, a move which may stimulate economic growth and help boost metals demand.
Three-month copper on the London Metal Exchange shed 0.1 percent to $7,714.50 per tonne by 0421 GMT, after falling 1.2 percent i n the prior session.
PRECIOUS-Gold inches up on ECB rate cut hopes
SINGAPORE, July 5 (Reuters) - Gold edged up on Thursday, shrugging off a firm dollar, ahead of an expected rate cut by the European Central Bank that should boost liquidity and enhance bullion's appeal.
A recent raft of weak economic data has piled up pressure on central banks to take a more accommodative stance to nurture a fragile global recovery, putting gold on track for a third consecutive session of gains.
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