STOCKS: Asian shares touched their highest levels in more than three weeks and European stock index futures opened higher as sentiment improved after a senior U.S. lawmaker said he was "optimistic" on reaching a budget deal before the end of the year to avoid a fiscal crisis. U.S. stocks rose in volatile trade on Wednesday. (Reuters)
FOREX-Euro eases but supported by U.S. fiscal hopes
SINGAPORE, Nov 29 (Reuters) - The euro eased versus the dollar but its losses were limited after comments from U.S. policymakers rekindled hopes for a deal to avoid a sharp fiscal tightening that could hurt the global economy.
"For the moment, the U.S. fiscal cliff seems to be a dominant theme in the market," said Katsunori Kitakura, associate general manager of market-making at Sumitomo Mitsui Trust Bank.
Obama says hopes for deficit deal by Christmas (Reuters)
President Barack Obama said on Wednesday he hoped to reach an agreement with Congress before Christmas to avoid the looming "fiscal cliff" and shrink the budget deficit, and ramped up efforts to rally the public to press Republicans for action.
GRAINS: U.S. wheat futures eased, snapping a seven-day rally that was their longest stretch of gains since July, as a sharp rise in prices temporarily hit export demand. (Reuters)
U.S. cuts crop insurance rates for soybeans, rice despite drought (Reuters)
The U.S. government has ordered crop insurers to charge lower premiums to soybean growers for the second year in a row as part of rate revisions for six major crops, even as many farmers collect on claims following this year's severe drought.
U.S. bans BP from new govt contracts after oil spill deal (Reuters)
The U.S. government banned BP Plc on Wednesday from new federal contracts over its "lack of business integrity" in the 2010 Deepwater Horizon oil spill, possibly imperilling the company's role as a top U.S. offshore oil and gas producer and the No. 1 military fuel supplier.
OIL: Brent crude rose towards $110 a barrel, as U.S. lawmakers appeared to be inching closer to a deal on the "fiscal cliff" and tensions in the Middle East worsened, although investors remained wary of the outlook for oil demand next year. (Reuters)
Rio Tinto to slash costs, steps up iron ore output (Reuters)
Rio Tinto aims to axe $7 billion in costs over the next two years as it faces weaker commodity prices, and despite cutting costs the global miner had managed to beef up production at its lucrative Australian iron ore operations.
BASE METALS: London copper inched up after a prominent U.S. lawmaker expressed confidence the world's top economy would avert a looming fiscal crisis, but worries China's return to growth will be sluggish weighed on sentiment. (Reuters)
PRECIOUS METALS: Gold ticked higher, after suffering its biggest daily decline in nearly four weeks in the previous session, as the looming deadline of the U.S. fiscal crisis kept investors on their toes. (Reuters)
METALS-LME copper edges up, US fiscal hopes support
SINGAPORE, Nov 29 (Reuters) - London copper inched up after a prominent U.S. lawmaker expressed confidence the world's top economy would avert a looming fiscal crisis, but worries China's return to growth will be sluggish weighed on sentiment.
"We expect some degree of resolution to the U.S. cliff but there will still be some drag on the U.S. economy. We are expecting growth of around 2 percent next year," said Thomas Lam, chief economist at DMG & Partners Securities.
PRECIOUS-Gold steady after sell-off, US fiscal talks eyed
SINGAPORE, Nov 29 (Reuters) - Gold steadied to trade in a narrow range, after suffering its biggest daily decline in nearly four weeks in the previous session, as investors nervously eyed a looming deadline for averting a U.S. fiscal crisis.
"Generally people are still pretty bullish on gold and last night was just a one-off correction, nothing extraordinary," said a Singapore-based trader, adding that $1,650-$1,700 would be a good buying level.
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