GLOBAL MARKETS: European shares were set to open a touch higher, buoyed by expectations the European Central Bank will deliver further stimulus or support to tackle the euro zone debt crisis at a meeting later in the day. Most Asian shares fell on Thursday and U.S. stocks slipped on Wednesday on disappointment that the Federal Reserve offered no new measures to stimulate the economy.
FOREX-Dollar clings to gains after Fed; all eyes on ECB
The dollar held on to gains against major currencies after the Federal Reserve refrained from offering new stimulus, leaving global investors focused on the European Central Bank meeting later on Thursday for any action that could revive their appetite for risk.
"It's really difficult to see how they are going to live up to the market's expectations," said Mitul Kotecha, head of global foreign exchange strategy for Credit Agricole in Hong Kong.
FOREX: The euro edged up against the dollar while uncertainty prevailed on whether the European Central Bank will take bold action to tackle the region's debt crisis after the after the U.S. central bank held off from monetary stimulus.
FX COLUMN-Japan MOF should go for August USD/JPY buying
LONDON, Aug 1 (Reuters) - With Japan's Finance Minister Jun Azumi again saying on Wednesday that he would not rule out any possible step against excessive moves by the Japanese yen, perhaps it's time for more concrete action.
There are sound economic, political and even historical reasons why the Azumi should put his money where his mouth is and intervene to weaken the Japanese currency -- and soon.
ECB's Draghi faces leadership test over euro pledge
European Central Bank President Mario Draghi faces intense pressure from investors, European leaders and even the United States to deliver on Thursday on his pledge to do whatever it takes to save the euro.
Fed says economy may need help, keeps policy on hold
The Federal Reserve stopped short of offering new monetary stimulus on Wednesday even as it signaled more strongly that further bond buying could be in store to help a U.S. economic recovery that it said had lost momentum this year.
GRAINS: Chicago soybeans slid half a percent, falling for a third straight session as forecasts of rains in the U.S. Midwest weighed on the market, while corn inched higher on hopes of end-user demand.
Coal, iron ore, steel prices ominous indicators
Many shipping firms and bulk commodities traders have a piece of advice for anyone who thinks the world economy may be headed for an upturn soon, led by Chinese industry.
OIL: Brent crude steadied near $106 a barrel as investors looked to Europe for policy easing measures after the U.S. Federal Reserve dashed their hopes by deferring fresh monetary stimulus.
Weak China demand spurs importers to cut nickel shipments
HONG KONG, Aug 1 (Reuters) - Chinese traders are delaying term nickel imports and returning at a discount metal they had bought as China's slowing economy, and maintenance at major stainless steel mills, further cuts consumption, traders say.
China is the world's biggest consumer of nickel, which is used in making stainless steel and in other industries, and its implied consumption of nickel in the first six months of the year is down by 11.3 percent from a year ago to 157,346 tonnes.
LME gears up for warehouse deliveries review
LONDON, Aug 1 (Reuters) - The London Metal Exchange (LME) has taken the first step to carry out a formal review into deliveries from the warehouses it monitors, it said on Wednesday, as it mandated a new daily out-flow rate for nickel and tin.
The LME's warehousing operations have been dogged by controversy since big banks and trading houses including Goldman Sachs and JP Morgan Chase bought warehousing operations.
BASE METALS: London copper rose, rebounding from near one-week lows hit in the previous session as investors looked to Europe for more easing measures after the U.S. Federal Reserve dashed hopes by deferring fresh monetary stimulus.
PRECIOUS METALS: Gold found support at $1,600 an ounce, although was capped by uncertainty on whether the European Central Bank will take bold action to tackle the region's debt crisis after the U.S. central bank dashed hopes of any imminent stimulus.
METALS-LME copper climbs as markets eye ECB easing
London copper rose, rebounding from near one-week lows hit in the previous session as investors looked to Europe for more easing measures after the U.S. Federal Reserve dashed hopes by deferring fresh monetary stimulus.
"I don't see the market going anywhere for the moment. The market is still waiting for the ECB today and U.S. jobs data tomorrow. But the situation here is still very bearish," Shanghai-based commodities analyst Judy Zhu of Standard Chartered said.
PRECIOUS-Gold steady after drop on Fed, eyes on ECB
Gold found support at $1,600 an ounce, although it was capped by uncertainty over whether the European Central Bank will take bold action to tackle the region's debt crisis after the U.S. central bank dashed hopes of any imminent stimulus.
"Investors took profit yesterday after the Fed meeting. If the ECB announces any helpful measures, it will likely pressure the dollar and help the gold," said Lynette Tan, an analyst at Phillip Futures in Singapore.
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