GLOBAL MARKETS: Asian shares rallied, led higher by a strong result from smartphone maker Samsung Electronics, after the European Central Bank rejuvenated risk appetite and steadied the euro by signalling its resolve to defend the euro zone. European shares were set to extend the previous day's rally, driven by hopes of strong action by the European Central Bank after President Mario Draghi pledged to take all necessary steps to protect the euro zone from collapse. U.S. stocks rode a wave of hope inspired by comments from European Central Bank President Mario Draghi on Thursday, ignoring mixed corporate results to focus on the strongest signal yet of the ECB's intentions to protect the euro zone.
FOREX: The euro steadied in Asian trading after rallying on European Central Bank chief Mario Draghi's vow to hold the euro zone together, as investors prepared for U.S. second-quarter gross domestic product data later in the session.
FOREX-Euro takes breather after Draghi sparks short-covering
TOKYO, July 27 (Reuters) - The euro steadied in Asian trading on Friday after rallying on European Central Bank chief Mario Draghi's vow to hold the euro zone together, as investors prepared for U.S. second-quarter gross domestic product data later in the session.
The euro traded at $1.2294 , down from a two-week high of $1.2330 hit overnight but well above a two-year low of $1.2042 marked on trading platform EBS earlier this week. The next upside target is $1.2395-$1.2407, which is 50 percent retracement of the decline from 1.2748 on June 18 to this week's low.
U.S. jobless claims fall, still volatile due to auto jobs
The number of Americans filing new claims for jobless benefits fell last week to near a four-year low but an unusual pattern for summer factory shutdowns kept hopes in check that the weak labor market was improving.
CME Q2 profit beats view, CEO says climate challenging
July 26 (Reuters) - CME Group Inc , the biggest U.S. futures exchange operator, reported a better-than-expected second-quarter profit on Thursday, a bright spot amid the pall cast on the industry after the recent failures of two futures brokerages.
The collapse Of MF Global last October and of smaller Peregrine Financial Group this month have shaken investor confidence in the industry's ability to safeguard funds, ratcheting up the pressure on CME, which is already struggling to attract trading amid a sluggish and uncertain economic recovery.
ICE to end New York floor trading after 142 years
The 142-year-old tradition of floor-based open-outcry trading at the former New York Cotton Exchange is coming to an end as the last of its contracts -- options on futures tied to agricultural products such as sugar and cocoa -- go exclusively electronic.
GRAINS: Chicago new-crop soy slid 2 percent, weighed down by forecasts of rain in parts of the U.S. Midwest which is likely to offer some relief to the drought-hit crop, while corn lost almost 1 percent.
Largest U.S. farm lender watching legislative 'tug of war'
The worst U.S. drought in more than 50 years has exposed grain and especially livestock producers to substantial credit risks so farmers will count on Congress to deliver a new Farm Bill that addresses their needs, the head of the U.S. Farm Credit Administration (FCA) said.
China-Canada oil deal raises political hackles in Washington
The U.S. government should block a bid by China's state oil company CNOOC for Canadian oil company Nexen until China's government provides fair access for U.S. companies that want to invest in China, a top Democratic senator plans to tell Treasury Secretary Timothy Geithner on Friday.
OIL: Brent remained over $105 per barrel, buoyed by a European Central Bank pledge to protect the euro zone and hopes for fresh stimulus in the United States, though it stayed on track for its biggest weekly drop in more than a month.
Euro Coal-Prices steady, Oct ARA trades at $90/T
LONDON, July 26 (Reuters) - Physical prompt coal prices moved only slightly higher by around 25 cents on Thursday to touch $90.00 a tonne with an October DES trade, but activity remained minimal.
"The indexes (of benchmark prices) are not accurate - the market is really weaker than they show," one European trader said.
Iron Ore-Spot prices drift lower amid lacklustre Chinese demand
SHANGHAI, July 27 (Reuters) - Spot prices for iron ore cargoes to China extended losses, putting the index on course for its biggest weekly fall since October 2011, with buying interest from Chinese steelmakers still low despite a slight recovery in rebar futures prices.
"The majority of steel mills that I've spoken to remain pessimistic about the steel and iron ore market outlook in the near future, and a further fall to $110 a tonne isn't far away," said an iron ore trader in coastal Dalian city.
Italy partly closes ILVA steel plant after pollution probe
Eight executives linked to the ILVA steel plant in southern Italy have been placed under house arrest and prosecutors have ordered the plant's partial closure, in a clampdown on pollution which threatens thousands of jobs in an impoverished region.
PREVIEW-Brazil steel mills seen posting mixed earnings
SAO PAULO, July 26 (Reuters) - Brazil's steelmakers are likely to post mixed earnings in the second-quarter, when stronger sales volumes and prices are expected to have largely offset high inventory, costs and weak demand for some products, a Reuters poll of analysts showed on Thursday.
Results are seen reaffirming analysts' views that Brazilian mills, facing their worst industry crisis in years, are headed for a very gradual recovery. Better-than-expected data could help reverse drops in steel shares, which have priced in a grim quarterly profit outlook.
Japan June rolled copper output down 6.1 pct yr/yr
TOKYO, July 26 (Reuters) - Japan's rolled copper output fell 6.1 percent in June from a year earlier, hit by sluggish sales of air conditioners and weak demand for chips on the global market in the wake of a European credit woes.
June production fell to 67,953 tonnes after seasonal adjustment, in its 12th consecutive year-on-year decline, the Japan Copper and Brass Association said.
China's daily crude steel output rises near 2 pct in mid-July-CISA
SHANGHAI, July 27 (Reuters) - China's daily crude steel output rose 1.8 percent from early July to 1.993 million tonnes over July 11-20, data from the China Iron & Steel Association (CISA) showed on Friday.
CISA estimated China's total steel production based on its major members accounted for about 80 percent of the total production.
Vale says well-positioned for slowdown, eyes recovery
SAO PAULO/RIO DE JANEIRO, July 26 (Reuters) - Brazil's Vale sought to reassure investors on Thursday that it is well-positioned to weather a slowdown in Chinese demand, a day after it posted its worst earnings results in two years.
On a conference call to discuss second-quarter results, Vale executives said the company's low-cost production model would help shield it from the drop in demand for metals. They also said the company expects the global iron ore market to rebound soon, even though prices show no signs of an imminent recovery.
BASE METALS: Copper edged higher, buttressed by returning confidence in the euro after the European Central Bank's chief reinforced a commitment to the single currency, while focus shifted to a key U.S. economic indicator later in the session.
PRECIOUS METALS: Gold held steady above $1,600 an ounce, on course for its biggest weekly gain in more than a month, after European Central Bank President Mario Draghi signalled the bank would do whatever was necessary to hold the euro zone together.
METALS-Copper edges up after Draghi; eyes US data
SINGAPORE, July 27 (Reuters) - Copper edged higher on Friday, buttressed by returning confidence in the euro after the European Central Bank's chief reinforced a commitment to the single currency, while focus shifted to a key U.S. economic indicator later in the session.
Three-month copper on the London Metal Exchange traded at $7,502 a tonne by 0244 GMT, up 0.43 percent and adding to small gains seen in the prior session.
PRECIOUS-Gold steady, heads for best week since mid-June
SINGAPORE, July 27 (Reuters) - Gold held steady above $1,600 an ounce on Friday, on course for its biggest weekly gain in more than a month, after European Central Bank President Mario Draghi signalled the bank would do whatever was necessary to hold the euro zone together.
Gold in the past few months has moved largely in tandem with the euro and riskier assets, with a relentless debt crisis in the euro zone chipping away at bullion's safe-haven appeal with investors piling into assets perceived safer, such as the dollar, yen and US Treasuries.
Baltic index drops on lower capesize, panamax rates
July 26 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, fell for the thirteenth straight time on Thursday, as sluggish activity continued to pull down panamax and capesize vessel rates.
"Demand continues for yet another week to lack the required momentum needded to allow any improvement in the capesize market. Both basins are showing limited interest and tonnage list have swollen considerably in both Australia and South America," said George Lazaridis, head of research with Greek shipbroker Intermodal.
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