GLOBAL MARKETS: Asian shares rose as strong corporate profits from U.S. bellwethers allayed fears of a slowdown in earnings, particularly for the beleaguered tech sector, while the euro steadied after overnight weakness. European equities are set to open higher, potentially nudging 2-1/2 month highs thanks to a strong performance in Asia and Wall Street fuelled by a relatively upbeat start to the corporate earnings season. The S&P 500 touched its highest level since early May as corporate profits from bellwethers Intel and Honeywell defied fears of a collapse in earnings.
Merkel set to win Spanish aid vote despite rebels
German lawmakers look set to approve on Thursday Berlin's contribution to a euro zone aid package for Spain's ailing banks in a vote seen as a test of Chancellor Angela Merkel's authority within her centre-right coalition.
FOREX: The euro steadied in Asian trade but remained under pressure after reported comments by German Chancellor Angela Merkel rekindled fears about the euro zone debt crisis, to the benefit of the safe-haven yen.
FOREX-Euro steadies as yen gains on renewed Europe concerns
TOKYO, July 19 (Reuters) - The euro steadied in Asian trade on Thursday but remained under pressure after reported comments by German Chancellor Angela Merkel rekindled fears about the euro zone debt crisis, to the benefit of the safe-haven yen.
Merkel said in an interview posted on her Christian Democratic Union party's website that "We have not yet shaped the European project in a way that we can be sure that everything will turn out well, we still have work to do," according to a media report.
GRAINS: U.S. soybeans rose to a record high as weather maps showing no signs of an end to the drought that has damaged U.S. crops and raised concerns about food supplies.
U.S. drought wilts crops as officials pray for rain
Oppressive heat and a worsening drought in the U.S. Midwest pushed grain prices near or past records on Wednesday as crops wilted, cities baked and concerns grew about food and fuel price inflation in the world's top food exporter.
U.S. crude stocks fall, oil products mixed
U.S. crude oil stockpiles fell less than expected last week even as crude imports rose and refineries scaled back their processing rates, federal government data showed on Wednesday.
OIL: Brent crude held steady above $105, near a seven-week high on geopolitical fears, while comments by the U.S. Fed about the world's biggest economy avoiding a double-dip recession renewed hopes of a recovery in oil demand growth.
Vale Q2 iron ore production rises to 80.54 mln tonnes
Brazilian miner Vale produced 80.54 million tonnes of iron ore in the second quarter, the company said in a securities filing Wednesday.
Goldman Sachs expands physical base metals team
NEW YORK, July 18 (Reuters) - Goldman Sachs has hired Jeff Romanek as a physical metals trader in New York as the U.S. bank continues to bolster its physical commodities trading business, sources told Reuters.
Romanek joined earlier in July after a brief stint at commodities warehousing company CWT Commodities, two sources familiar with the matter said.
China to expand precious metals trading to interbank market-WSJ
July 18 (Reuters) - China has proposed to expand trading of precious metals to its vast interbank market from designated exchanges, in a bid to boost liquidity and help Beijing gain better pricing power amid growing appetite for commodities such as gold, the Wall Street Journal reported.
Citing a person involved with the matter, the Journal said on Wednesday the Shanghai Gold Exchange (SGE) has released draft rules for such interbank trading, which will include spot, forward and swap contracts for precious metals.
INTERVIEW-Steel customers eyeing U.S. election - Steel Dynamics
NEW YORK, July 18 (Reuters) - Steel prices have inched up recently, but the U.S. economy is still moving slowly and buyers are holding off, awaiting the outcome of the presidential election, the chairman of Steel Dynamics said on Wednesday.
"If the economy backs up in a significant way, then we haven't reached the bottom," Keith Busse told Reuters. "But if the economy is not going to regress by any wider measure, I think we probably have."
Italy steel plant facing pollution case shutdown
MILAN, July 18 (Reuters) - Italy's main steel plant faces a possible partial shutdown if a magistrate rules its fumes and dust particles endanger the health of thousands of workers and nearby residents.
The imminent decision follows a lengthy probe into whether dioxin and other chemicals pumped from the ILVA plant have caused an abnormal increase in cancer cases and respiratory and cardiovascular diseases in the southern port of Taranto.
Italy's H1 steel output flat at 14.8 mln T-industry
MILAN, July 18 (Reuters) - Steel output in Italy, the European Union's second-biggest producer after Germany, was flat year on year at 14.8 million tonnes in the first six months of 2012, Italy's steel industry body Federacciai said on Wednesday.
June output dropped 7.9 percent to 2.4 million tonnes, extending a downward monthly output trend seen since April, data published on Federacciai's website (www.federacciai.it) showed.
BASE METALS: Copper held steady after better-than-expected housing data from the United States and China, eased concerns over the impact on demand from a slowdown in the global economy.
PRECIOUS METALS: Gold edged up after two straight sessions of losses as the dollar weakened, although investors were less than convinced of its direction given the uncertainty over Fed's stimulus measures and persistent worries about Europe.
METALS-Copper edges up, cheered by China, U.S. housing data
SHANGHAI, July 19 (Reuters) - Copper inched higher on Thursday after better-than-expected housing data from the United States and China eased concerns about the impact on demand from a slowdown in the global economy.
Prices were also propped up by investors' expectations that China may announce further monetary easing measures as soon as this weekend after Premier Wen Jiabao recently said the government would step up efforts to boost the economy in the second half of the year.
PRECIOUS-Gold edges up on weak dollar, still lacks direction
SINGAPORE, July 19 (Reuters) - Gold edged up on Thursday after two straight sessions of losses as the dollar weakened, although investors were less than convinced of its direction given the uncertainty over Fed's stimulus measures and persistent worries about Europe.
The dollar hit its lowest against a basket of currencies in nearly two weeks. But the greenback, a favoured safe-haven asset, was still up more than 3 percent so far this year.
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