GLOBAL MARKETS: Asian shares surged as investors covered short positions and hunted for bargains while awaiting U.S. Federal Reserve Chairman Ben Bernanke's view on the U.S. economy expected later in the day. European shares were expected to open a touch higher, helped by simmering speculation that the U.S. Federal Reserve could open the door to new monetary stimulus after more weak economic data in the previous session. A surprise decline in June retail sales was the latest worrying sign from the economy, pushing U.S. stocks slightly lower on Monday, but Citigroup's earnings limited losses.
FOREX: The euro rose versus the dollar as purchases from hedge funds triggered a flurry of stop-loss buying, pulling the greenback to a seven-week low against a basket of currencies, exacerbating its losses after poor U.S. retail sales figures.
FOREX-Euro off lows as hedge fund buying triggers stop losses
TOKYO, July 17 (Reuters) - The euro rose versus the dollar on Tuesday as purchases from hedge funds triggered a flurry of stop-loss buying, pulling the greenback to a seven-week low against a basket of currencies, exacerbating its losses after poor U.S. retail sales figures.
In line with a mild increase in risk appetite across Asia on hopes for more monetary stimulus from the world's largest economy, the euro and the Australian dollar bounced off recent lows and also pushed higher versus the yen.
U.S. retail sales fall for 3rd straight month in June
U.S. retail sales fell in June for the third straight month, the longest run of consecutive drops since 2008 when the country was mired in recession.
IMF cuts global growth forecast as emerging economies slow
The International Monetary Fund on Monday cut its forecast for global economic growth and warned that the outlook could dim further if policymakers in the euro zone do not act with enough force and speed to quell their region's debt crisis.
Argentina to approve 15 mln tonnes corn exports-president
Argentina's government will approve the exportation of 15 million tonnes of 2012/13 corn, with an announcement scheduled for Wednesday, President Cristina Fernandez said on Monday.
GRAINS: Chicago corn surged to a contract high, extending a drought-fed rally of more than 40 percent over the last four weeks, as searing heat in the U.S. grain belt dealt yet another a heavy blow to crop yields last week.
Asia crude demand to fall in Sept on refinery disruptions
Asia's sweet crude market could come under pressure for a second month in September as demand is expected to fall with the shutdown of an Australian refinery and a slower pace of operations at a Thai refiner, trade sources said on Tuesday.
OIL: Brent crude stayed just above $103 per barrel on hopes of more policy steps by central banks to stimulate global economic growth ahead of U.S. Federal Reserve Chairman Ben Bernanke's testimony.
Standard Bank cuts aluminium, copper, nickel outlook
July 16 (Reuters) - Standard Bank lowered its outlook for average prices for aluminium, copper and nickel in 2012, while raising the estimate for zinc.
The bank cut its 2012 aluminium forecast to $2,110/tonne on average from $2,140/tonne and its 2013 forecast by $55 to an average of $2,225/tonne, saying production cuts were yet to emerge in spite of weak prices, as higher premiums continue to encourage production capacity to remain on-line.
POLL-Weak economy, sluggish Chinese demand weigh on copper
LONDON, July 16 (Reuters) - A slowdown in global growth and sluggish demand from top consumer China are set to dampen copper prices this year, with a sharp fall in the second quarter prompting a downward revision to forecasts for the year, a Reuters poll showed.
The 31 analysts polled called for cash prices for copper to average $8,003 a tonne in 2012, rising to $8,106 in 2013.
China's nickel ore importers turn to the Philippines -trade
HONG KONG/JAKARTA, July 16 (Reuters) - China's importers of laterite ores used to make nickel have switched to the Philippines as industry curbs reduced shipments from Indonesia, cutting June imports by as much as a quarter from a May record, traders and sources at smelters said.
China's imports of nickel ore and concentrate probably fell about 24 percent to below 5 million tonnes in June from a record 6.55 million in May, said a source at a major producer of nickel pig iron, who declined to be identified in the absence of authorisation to speak to the media.
China refined copper production up 7 pct in June m/m
China's refined copper production rose 7 percent in June, recovering from a three-month low in May and matching a record high set last August, as smelters bet on improving demand in the second half as the government takes steps to boost the economy.
BASE METALS: Copper rose, supported by hopes of more monetary stimulus from the U.S. Federal Reserve, after weak retail sales data added to evidence the world's largest economy was slowing.
PRECIOUS METALS: Gold traded flat ahead of the Federal Reserve Chairman Ben Bernanke's Congressional testimony, which is expected to provide clues on whether the U.S. central bank will launch further monetary stimulus.
METALS-Copper up on stimulus hopes ahead of Bernanke testimony
SHANGHAI, July 17 (Reuters) - Copper rose on Tuesday, supported by hopes of more monetary stimulus from the U.S. Federal Reserve, after weak retail sales data added to evidence the world's largest economy was slowing.
Investors are awaiting Fed Chairman Ben Bernanke's Congressional testimony for clues on whether the central bank will launch further easing measures to shore up the economy.
PRECIOUS-Gold inches up as investors await Bernanke testimony
SINGAPORE, July 17 (Reuters) - Gold edged higher on Tuesday ahead of Federal Reserve Chairman Ben Bernanke's Congressional testimony, which is expected to provide clues on whether the the U.S. central bank will launch further monetary stimulus.
Bernanke's appearance follows lacklustre data in the previous session that showed retail sales fell in June for a third consecutive month, adding to a string of recent soft data suggesting that U.S. economic growth might be faltering.
No comments:
Post a Comment