Wednesday, October 17, 2012

20121017 1609 Global Markets & Commodities Related News.

STOCKS: Asian shares rose to their highest in over five months as strong U.S. earnings reports boosted investors risk appetite, while the euro hit a one-month high against the dollar and the yen as Spain retained an investment-grade debt rating. European shares were set to extend the previous session's sharp gains as Moody's confirmation of Spain's investment-grade rating and strong earnings from some U.S. companies improved sentiment. U.S. stocks rallied on Tuesday, giving the S&P 500 its best two-day advance in a month as strong earnings from Johnson & Johnson and other bellwether companies raised hopes for the rest of the U.S. reporting season. (Reuters)

Moody's leaves Spain sovereign rating at investment grade (Reuters)
Spain's government dodged a bullet on Tuesday when Moody's Investors Service affirmed its investment grade rating, assuaging widespread fears that the euro zone country would be cut to a junk rating.

U.S. factory output up modestly, inflation looks in check (Reuters)
The U.S. economy came under pressure from abroad in September as weak global demand appeared to hold back factory output and a surge in gasoline prices dented consumers' spending power, data showed on Tuesday.

FOREX: The euro hit a one-month high against the dollar after Moody's affirmed Spain's investment grade rating, assuaging widespread fears of a downgrade to junk status for the euro zone country.  (Reuters)

FOREX-Euro hits 1-mth peak after Moody's affirms Spain rating
SINGAPORE/SYDNEY, Oct 17 (Reuters) - The euro hit a one-month high against the dollar on Wednesday after Moody's affirmed Spain's investment grade rating, assuaging widespread fears of a downgrade to junk status for the euro zone country.
"You have to wonder whether it makes sense to buy the euro based just on this," said Hiroshi Maeba, head of FX trading Japan for UBS in Tokyo, referring to Moody's decision to keep Spain at Baa3, one notch above junk status.

Governments tackle food price swings, disagree on stocks (Reuters)
Farm ministers called for greater transparency and restrictive measures to contain volatility in food commodity markets at a meeting on Tuesday, but failed to agree on the bold idea of strategic grain stocks and side-stepped food use in biofuels.

GRAINS: Chicago soybeans were little changed, trading near a three-and-half month low on expectations of higher yields in the United States and bumper supplies from South America early next year. (Reuters)

OIL: Brent futures held steady near $114, as expectations that Europe's financial crisis is on the mend renewed hopes of a revival in oil demand growth, while simmering tension in the Middle East provided additional support. (Reuters)

Nov S.African coal at $80/T, lowest since Dec 2009
LONDON, Oct 15 (Reuters) - A November loading panamax cargo of South African coal traded at $80.00 a tonne FOB Richards Bay on Monday on the globalCOAL electronic trading platform.
It was the lowest traded level since end-December 2009, traders said. Coal prices hit a two-year low of $81.65 in June because supply growth outpaced demand.

Euro Coal-Prices tick 25c/T higher, few trades seen
LONDON, Oct 16 (Reuters) - Prompt physical coal prices rose by around 25 cents after falling to fresh lows on the previous day but the market remained oversupplied, traders and utilities said.
Much of the world's coal industry is in Istanbul this week for the biggest annual conference and less spot market activity has been seen as a result.

U.S. crude stocks seen up on higher imports last week (Reuters)
U.S. crude oil inventories were expected to have risen during the week to Oct. 12 due to an anticipated rise in imports, while weak demand likely helped boost gasoline stockpiles, a Reuters poll of analysts showed on Tuesday.

BASE METALS: London copper extended gains into a second session following strong U.S. earnings reports and after Moody's Investors Service affirmed Spain's investment grade rating, soothing some fears over the euro zone economy. (Reuters)

PRECIOUS METALS: Gold inched up, rising for a second day with the support of a stronger euro as concerns about the bloc's debt crisis eased after Moody's affirmed Spain's rating and German business sentiment improved. (Reuters)

China daily steel output rises 4 pct in early Oct -industry body
SHANGHAI, Oct 17 (Reuters) - China's average daily crude steel output rebounded to above 1.9 million tonnes in the first 10 days of October, as rising steel prices prompted mills to lift production even as the demand outlook for the rest of the year remains weak.
Average daily crude steel output in the world's top steel producer rose to 1.916 million tonnes between October 1-10, up 4 percent from September 21-30, data from the China Iron & Steel Association showed on Wednesday.

Iron stabilizes, but outlook remains weak
SINGAPORE/SHANGHAI, Oct 17 (Reuters) - Spot iron ore prices stabilized as steel mills in top buyer China slowed purchases of the raw material amid a weak outlook for demand after a rapid rebound in steel prices nearly stalled this week.
The lack of a strong recovery in demand, along with rising steel output, is likely to weigh on prices, pressuring iron ore.

BHP iron ore output shows clout of mega miners (Reuters)
BHP Billiton is forging ahead with plans to boost iron ore output as low cost mining giants carve out a larger market share and undercut competitors struggling with slower growth from top buyer China.

METALS-Copper up on weaker dlr, U.S. earnings, Spain rating
SHANGHAI, Oct 17 (Reuters) - London copper extended gains into a second session on Wednesday on a weaker dollar, strong U.S. earnings reports as well as Moody's Investors Service's affirmation of Spain's investment grade rating.
"London copper prices have been nudged up by some positive news today, such as Spain's unchanged rating and good U.S. earnings reports. But until we get compelling evidence that the global economy is lifting or that governments are introducing fresh stimulus measures, gains will be limited," said a Shanghai-based trader.

PRECIOUS-Gold extends gains as euro zone worries ease
SINGAPORE, Oct 17 (Reuters) - Gold inched up on Wednesday,  rising for a second day with the support of a stronger euro as  concerns about the bloc's debt crisis eased after Moody's  affirmed Spain's rating and German business sentiment improved.
"Things are improving a little bit, but we are heading  towards significant headwinds in the global economy," said  Jeremy Friesen, commodity strategist at Societe Generale in Hong Kong.

Strong capesize, panamax rates drive Baltic index
Oct 16 (Reuters) - The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry commodities, rose on Tuesday as rates continued to rise for capesize and panamax ships.
The overall index, which reflects daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, rose 4.25 percent to 981 points.

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