STOCKS: Asian shares inched up on hopes that Greece can avoid a near-term bankruptcy, with the market focusing on a euro zone finance ministers meeting later in the day, but a regional Spanish vote favouring separatist parties capped gains. Europe's main stock indexes looked set to open lower as investors take a breather following a sharp five-day rally, ahead of a meeting of euro zone finance ministers on Greece. U.S. stocks rose for a fifth day during a holiday-shortened, thinly traded session on Friday as investors picked up recently beaten-down shares of large technology companies. (Reuters)
FOREX-Euro touches 7-month peak vs yen, supported on Greek hopes
SINGAPORE/SYDNEY, Nov 26 (Reuters) - The euro hit a seven-month high against the yen and held near a one-month peak versus the dollar supported by hopes that Greece will finally secure new emergency loans to keep it afloat.
"There is optimism around in regards to the euro area's ability to achieve a deal on Greece," said Emma Lawson, senior currency strategist at the National Australia Bank, adding further upside in euro/dollar was likely.
Euro zone, IMF to seek Greece deal, debt write-off main problem
Euro zone finance ministers and the International Monetary Fund will seek to unfreeze the second bailout package for Greece, but they first need to agree if some of the official loans to Athens might eventually be forgiven to cut Greek debt. (Reuters)
U.S. looks best of 2013 economic runners
Forecasts for 2013 that are now landing thick and fast show Federal Reserve Chairman Ben Bernanke is not alone in believing it could be a very good year for America if politicians can avoid tumbling off the so-called fiscal cliff. (Reuters)
GRAINS: U.S. soybeans edged higher for the second consecutive session, as talk of Chinese demand supported the oilseed to a near one-week high. Corn rose slightly, lingering near a two-week high, while wheat firmed, buoyed by global tightness in key exporting countries. (Reuters)
Drought scorches Brazil's northeast sugar cane crop
One of the worst droughts in three decades will slash Brazil's northeastern sugar cane crop this season by as much as 30 percent in some areas, said leaders of the cane industry in the region, which is in the midst of crushing. (Reuters)
BP reorganises oil production unit
BP unveiled a reoganisation of its oil and gas production operations on Friday, reversing a change it enacted after the Gulf of Mexico oil spill. (Reuters)
OIL: Brent crude held at $111 a barrel as hopes Greece can avoid a near-term bankruptcy brightened the outlook for oil demand from Europe, while violent protests in Egypt reignited supply concerns. (Reuters)
Italy's Lucchini to halt steel furnace temporarily
Lucchini, Italy's second largest steel producer, will temporary shut down its Piombino blast furnace in December due to weak market conditions, the debt-burdened company said on Friday. (Reuters)
BASE METALS: London copper edged down after rising for two weeks in a row, although signs of economic recovery in top consumer China and hopes for Greece to avert an imminent bankruptcy kept a floor under prices. (Reuters)
PRECIOUS METALS: Gold shrugged off the influence of a firmer euro and turned lower as speculators booked profits after prices rallied to their highest in more than a month in the previous session on technical buying. (Reuters)
METALS-Copper steady after two weeks of gains; Greece supports
SINGAPORE, Nov 26 (Reuters) - London copper held steady after rising for two weeks in a row, as signs of economic recovery in top consumer China and hopes for Greece to avert an imminent bankruptcy kept a floor under prices.
"We think metals prices will continue rangebound for the rest of the year," said Beijing-based metals analyst Wan Ling of commodities research house CRU Group.
PRECIOUS-Gold comes off 1-month high despite firmer euro
SINGAPORE, Nov 26 (Reuters) - Gold shrugged off the influence of a firmer euro and turned lower o as speculators booked profits after prices rallied to their highest in more than a month in the previous session on technical buying.
"It's been a huge spike, so I believe people are cautious as they are still many unresolved issues ahead. There will be a budget meeting in the U.S. tonight to try and find a solution to avert the fiscal cliff. This is one of the issues," said Brian Lan, managing director of GoldSilver Central Pte Ltd.
Baltic index up as panamax rates rise amid tight vessel supply
Nov 23 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, rose for the 11th straight day on Friday, as rates for panamax vessels strengthened. The overall index, which gauges the cost of shipping commodities such as iron ore, cement, grain, coal and fertilizer, rose 6 points or 0.55 percent to 1,090 points.
China to launch its own dry freight index
SHANGHAI/LONDON, Nov 23 (Reuters) - The Shanghai Shipping Exchange (SSE) will launch China's first dry bulk and oil import indices next week to track vessels carrying goods and energy to the world's largest commodities consumer, the exchange president told Reuters on Friday.
The new dry bulk index will launch on Nov. 28 based on strict price collection from charterers, brokers and ship owners and focus only on China, SSE President Zhang Ye said in an interview.
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