GLOBAL MARKETS: Asian shares slumped as sluggish U.S. jobs data and cooling inflation in China deepened worries about slowing global economic growth and reinforced risk aversion ahead of a meeting aimed at defining steps to shore up Europe's banks. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.9 percent after rising 1.6 percent for the first week of the third quarter.European stock futures pointed to a broadly flat open, following a steep sell-off in the previous session in the aftermath of sluggish U.S. jobs data, ahead of a batch of economic data out of China this week. U.S. stocks fell about 1 percent on Friday as another month of tepid jobs growth underlined fears the economy was stalling, though not to the point where more economic stimulus from the Federal Reserve was imminent.
China June inflation cools further to 2.2 percent
China's annual consumer inflation cooled to 2.2 percent in June, from May's 3.0 percent, official data showed on Monday, giving Beijing more scope to ease monetary policy to support growth without stoking upward price pressures.
Dismal U.S. hiring shows economy stuck in low gear
U.S. employers hired at a dismal pace in June, raising pressure on the Federal Reserve to do more to boost the economy and dealing another setback to President Barack Obama's reelection bid.
FOREX: The euro steadied after dropping to a two-year low against the dollar early, with little expected to emerge from a meeting of euro zone financial leaders later in the session. The single currency traded as low as $1.2225 in thin early trade as stops were triggered, but recovered to $1.2283.
FOREX-Euro steadies after hitting two-yr lows
TOKYO, July 9 (Reuters) - The euro steadied after dropping to a two-year low against the dollar early on Monday, with little expected to emerge from a meeting of euro zone financial leaders later in the session.
The financial meeting will focus on follow-up steps to European leaders' plan revealed last month to shore up indebted states and banks, but the latest talks may only highlight the initial deal's limitations.
Argentine corn harvest slowed by moisture -gov't
Argentina's 2011/12 corn harvest made slow progress in the last week due to excess moisture that dates back to flooding in May, the Agriculture Ministry said on Friday.
GRAINS: U.S. new-crop corn jumped 3 percent to a contract high, leading strong gains for the grain complex as unfavorable weather across the United State's Midwest persists, threatening crop yields further. Front-month corn touched a high of $7.59-3/4 a bushel, not far from a record high of $7.99-3/4 set in June 2011 and spot-month soybeans rose to $16.48-3/4 a bushel, just below the all-time high of $16.63 notched in July of 2008.
Norway oil pay talks fail again, shutdown looms
Negotiations between Norway's offshore oil workers and employers over pay and pensions failed for a third time on Sunday, risking a total shutdown of oil and gas production from Tuesday, both sides involved in the talks said.
Strikers leave Argentina's biggest oil field
Striking workers have lifted a two-week protest at Argentina's biggest oil field, Cerro Dragon, that forced owner Pan American Energy to cut output, a union leader said on Friday.
OIL: Brent crude climbed toward $99 a barrel as failed labour talks in Norway stoked worries of a total output shutdown, while hopes that China would ease monetary policy and improve fuel demand also supported prices. Brent rose 54 cents to $98.73 a barrel after settling up a slight 0.4 percent last week in choppy trade. U.S. crude was up 33 cents to $84.78 after falling 0.6 percent last week.
Euro Coal-Physical prices ease with oil, gas, power
LONDON, July 6 (Reuters) - Physical prompt coal prices fell on Friday as energy markets responded to weak economic data, losing momentum that had driven a rally earlier in the week.
September coal deliveries to Europe (ARA) were trading $1.5 a tonne below levels seen at the peak of this week's rally.
COLUMN-Iron ore defies commodity slowdown, for now
--Clyde Russell is a Reuters market analyst. The views expressed are his own.--
LAUNCESTON, Australia, July 9 (Reuters) - It's not hard to find bearish views on the steel industry, given renewed recession in Europe and slower growth in China, but these seem in contrast to the resilience in the iron ore market.
China's steel production and consumption is maturing and unlikely to witness rapid growth in the future, while Europe's steel industry is in terminal decline and three-quarters of its capacity may be shut in the next two decades, Wolfgang Eder, the head of European steel body EUROFER said recently.
Low aluminum price seen hurting Alcoa profit
NEW YORK, July 6 (Reuters) - Aircraft and automobile makers may be using more aluminum, but as long as the metal's price remains near two-year lows, Alcoa Inc will struggle, analysts said on Friday.
The average earnings estimate has been cut over the past week from 15 cents per share and Wall Street now expects Alcoa to post only a 5-cent per share second-quarter profit on Monday, according to Thomson Reuters I/B/E/S. That compares with 32 cents per share in the same quarter last year.
European crisis weighs on Aluminium Bahrain sales
ABU DHABI, July 8 (Reuters) - Aluminium Bahrain's output edged up 1.7 percent in the first half of 2012 but sales were almost flat as weak economic growth in Europe dampened demand in the first quarter, Alba said on Sunday.
Production at one of the world's largest aluminium smelters was 443,533 tonnes in the first half of the year, against 436,256 tonnes in the same period of 2011, a company statement said.
Iron Ore-Shanghai rebar slips, iron ore traders wary
SHANGHAI/SINGAPORE, July 9 (Reuters) - Shanghai steel futures dropped for a second day on Monday as demand in the world's top steel consumer remained tepid, although Beijing may come up with more steps to revive growth after consumer and producer prices eased more than expected.
China's annual consumer inflation slowed to a 29-month low of 2.2 percent in June, while producer prices eased even faster to a 31-month trough.
COLUMN-Iron ore defies commodity slowdown, for now
LAUNCESTON, Australia, July 9 (Reuters) - It's not hard to find bearish views on the steel industry, given renewed recession in Europe and slower growth in China, but these seem in contrast to the resilience in the iron ore market.
China's steel production and consumption is maturing and unlikely to witness rapid growth in the future, while Europe's steel industry is in terminal decline and three-quarters of its capacity may be shut in the next two decades, Wolfgang Eder, the head of European steel body EUROFER said recently.
Australia's P.Hedland June iron ore shipments to China down
SYDNEY, July 9 (Reuters) - Iron ore shipments to China from Australia's Port H edland f ell b y 7 .6 p ercent in June from the previous month, according to port authority data.
Shipments to China retreated to 16 . 09 million tonnes from 17.42 million tonnes in May, the data showed. Iron ore shipments were still up 16 percent on June last year.
Honbridge picks pipeline for Brazil iron mine -paper
RIO DE JANEIRO, July 7 (Reuters) - Hong Kong's Honbridge Holdings Ltd plans to build a 420-kilometre (260-mile) pipeline to ship iron-ore from a mine in Brazil's Minas Gerais state to a port on the country's Atlantic coast, the Estado de Minas newspaper reported on Saturday.
The pipeline will carry a slurry of water and fine, processed iron ore to the port of Ilheus in Brazil's Bahia state, as part of Honbridge $3.6 billion Sul America de Metais (SAM) project, the paper said, citing Minas Gerais officials.
BASE METALS: London copper was steady as data showing China's inflation cooled in June triggered hopes for policy easing by the top consumer of the metal, offsetting a bleak U.S. jobs report that drove down prices in the prior session. Three-month copper on the LME edged up 0.1 percent to $7,538.75 per tonne, snapping three sessions of losses. The most-active October copper contract on the SFE fell 1.1 percent to 55,130 yuan per tonne.
PRECIOUS METALS: Gold steadied around $1580 an ounce, failing to find direction on uncertainty over whether the U.S. jobs data would prompt any imminent policy action. Spot gold was trading around $1581.65 an ounce. U.S. gold futures contract for August delivery was up 0.2 percent to $1,581.20.
METALS-LME copper steady after China inflation data
SHANGHAI, July 9 (Reuters) - London copper was steady on Monday as data showing China's inflation cooled in June triggered hopes for policy easing by the top consumer of the metal, offsetting a bleak U.S. jobs report that drove down prices in the prior session.
China's annual consumer inflation came in at 2.2 percent, from May's 3.0 percent, leaving room for Beijing to ease policy without stoking upward price pressures and helping most commodities recover from previous session's losses triggered by the dismal U.S. jobs data.
PRECIOUS-Gold extends losses to 3rd session after US data
SINGAPORE, July 9 (Reuters) - Gold inched down on Monday, extending losses to a third session, on a lack of conviction the U.S. Federal Reserve would take measures to stimulate the economy anytime soon even after a disappointing jobs report.
U.S. non-farm payrolls increased by just 80,000 in June, lower than a forecast of 90,000, raising pressure on the Fed to do more to help the frail recovery.
Baltic index up on better rates for bigger vessels
July 6(Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, rose Friday as rates for both capesize and panamax vessels improved.
The overall index, which reflects the daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, was up 1.7 percent to 1,157 points. The index has risen 15.2 percent on week.
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