Wednesday, November 7, 2012

20121107 1702 Global Markets & Commodities Related News.

STOCKS: European markets opened higher after a U.S. election victory for President Barack Obama removed uncertainty over leadership of the world's biggest economy. Asian shares traded mixed. U.S. stocks climbed on Tuesday, the last day of trading before the U.S. election results came to a close, as investors looked forward to a resolution to the drawn-out race for the White House. (Reuters)

FOREX:The dollar fell broadly in Asia in reaction to U.S. President Barack Obama's election victory, as his re-election was seen ensuring that the Federal Reserve's quantitative easing will be in place.  (Reuters)

FOREX-Dollar falls after Obama wins, fiscal cliff looms
TOKYO, Nov 7 (Reuters) - The dollar fell broadly in Asia in reaction to  U.S. President Barack Obama's election victory, as his re-election was seen ensuring that the Federal Reserve's quantitative easing will be in place.
"The Fed's quantitative easing is essentially a policy to cheapen the dollar," said Yunosuke Ikeda, senior forex strategist at Nomura Securities. "Republicans have been criticising the policy, but it seems like that policy is likely to stay."

Americans hand Obama a second term, challenges await (Reuters)
President Barack Obama won a second term in the White House on Tuesday, overcoming deep doubts among voters about his handling of the U.S. economy to score a clear victory over Republican challenger Mitt Romney.

Obama win has U.S investors staring at fiscal cliff
NEW YORK, Nov 7 (Reuters) - U.S. investors will hit trading floors this morning with the same president and the same problems in gridlocked Washington. First up: a looming budget crisis that could send the U.S. economy reeling.
President Barack Obama beat back Republican challenger Mitt Romney to win a second term, but he will still have to contend with a Republican-controlled House of Representatives that could make forging a compromise on pressing issues like the coming "fiscal cliff" difficult.

In the end, Obama won on the economy
WASHINGTON, Nov 7 (Reuters) - In the end, President Barack Obama won re-election on the issue that was supposed to send him packing: the sluggish U.S. economy.
The United States is still digging out from the deepest recession in 80 years, and employers are barely adding enough jobs to keep pace with population growth. Trillions of dollars of household wealth have vanished in the housing bubble, while the gap between rich and poor widens.

Greece to vote on austerity, protests intensify (Reuters)
Greece's coalition government hopes to overcome its own divisions and defy protesters' fury at parliament's gates on Wednesday to push through an austerity package needed to secure an injection of aid and avert bankruptcy.

GRAINS:U.S. wheat futures slid, giving up some of the last two sessions' gains accumulated on concerns that adverse weather could curb supplies in top exporters the United States and Australia. Soybeans were little changed after gaining 0.8 percent on Tuesday amid lacklustre trading in agricultural markets as investors awaited the result of the U.S. presidential election. (Reuters)

ICO revises up 2011/2012 world coffee output to 134.5 mln bags (Reuters)
The International Coffee Organization has revised up its forecast for 2011/2012 world coffee output to 134.53 million bags, a rise of 0.8 percent from the previous year, citing record high output from Vietnam and Honduras.

Alberta has huge shale oil, gas resources – study (Reuters)
A new study has identified immense oil and gas resources in Alberta's emerging shale prospects, suggesting a string of recent takeovers and land buys will yield impressive production gains for some of the world's largest oil companies.

OIL:Brent futures traded around $111 per barrel as concerns about weak demand in a fragile economy and Greece outweighed supply disruption worries on escalating tension in the Middle East. Front-month Brent futures were trading up 28 cents at $111.38 per barrel.  (Reuters)

AngloGold suspends work at world's deepest mine (Reuters)
AngloGold Ashanti again suspended operations at its Mponeng mine in South Africa after a sit-in protest just two days after striking miners returned to work.

BASE METALS: London copper rose over 1 percent as the dollar slipped after television networks projected President Barack Obama winning the U.S. presidential race, spurring hopes Washington will continue with economic stimulus measures.  (Reuters)

PRECIOUS METALS: Gold extended gains after President Barack Obama was re-elected in the U.S., paving the way for continued monetary stimulus in the world's largest economy.  (Reuters)

China to resume stockpiling base metals soon -sources
HONG KONG, Nov 6 (Reuters) - China is expected to soon resume stockpiling of some base metals, including copper and aluminium, buying the metals from domestic smelters hurt by weak demand, industry sources said on Tuesday.
China is the world's top consumer of industrial metals. Its smelters, hit by slowing economic growth, have lobbied the government to revive a state-run scheme to stockpile industrial metals in hopes that it would support prices.

METALS-LME copper rises as Obama win hits dollar
SHANGHAI, Nov 7 (Reuters) - London copper rose more than 1 percent after U.S. President Barack Obama won a second term in the White House, spurring hopes Washington will continue with economic stimulus measures and pushed down the greenback.  
"Many investors are taking this to mean that the next government will continue to be more inclined towards stimulus policies and rule out any sudden monetary tightening," said CIFCO Futures analyst Zhou Jie.

PRECIOUS-Gold hits 2-week high on Obama victory
SINGAPORE, Nov 7 (Reuters) - Gold extended gains to hit its highest level in two weeks after President  Barack Obama was re-elected in the United States, paving the way for continued monetary stimulus in the world's largest economy.
Obama's victory helps gold as it means quantitative easing  is set to continue, said Yuichi Ikemizu, branch manager for  Standard Bank in Tokyo.
"I think gold will be going back to $1,800 this year. We are going to see higher gold (prices) in the coming days, weeks and  months," he added.

Baltic index dips as rates for bigger vessels tumble
Nov 6 (Reuters) - The Baltic Exchange's main sea freight index, which gauges the cost of shipping commodities such as iron ore, cement, grain, coal and fertiliser, fell on Tuesday as rates for bigger vessels continued to decline.
The main index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, fell 24 points or 2.47 percent to 947 points.

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