Thursday, January 3, 2013

20130103 1128 Global Markets & Energy Related News.

GLOBAL MARKETS-Asia stocks, oil take breather after rally
HONG KONG, Jan 3 (Reuters) - Many Asian stocks were set to start with mild gains while oil eased following the previous session's rally as investors look ahead to negotiations on the U.S. debt limit and spending cuts.

FOREX-Yen edges up after hitting 29-month low vs dollar
SINGAPORE, Jan 3 (Reuters) - The yen bounced after hitting a 29-month low versus the dollar, having come under pressure earlier after U.S. lawmakers forged a deal to avoid huge tax increases and spending cuts, fueling demand for riskier investments.
"Technically dollar/yen looks somewhat overbought here. It's gone a long way in a very short time," said Callum Henderson, global head of FX research for Standard Chartered Bank in Singapore, adding that the dollar could see some consolidation in the near term before heading higher.

United States avoids calamity in 'fiscal cliff' drama
WASHINGTON, Jan 1 (Reuters) - The United States averted economic calamity on Tuesday when lawmakers approved a deal to prevent huge tax hikes and spending cuts that would have pushed the world's largest economy off a "fiscal cliff" and into recession.
The agreement hands a clear victory to President Barack Obama, who won re-election on a promise to address budget woes in part by raising taxes on the wealthiest Americans. His Republican antagonists were forced to vote against a core tenet of their anti-tax conservative faith.

U.S. manufacturing ends 2012 up despite 'cliff' fear
NEW YORK, Jan 2 (Reuters) - U.S. manufacturing ended 2012 on an upswing despite fears about the "fiscal cliff," data showed on Wednesday.
U.S. factories returned to growth in December after contracting the previous month, the Institute for Supply Management said. Its index of national factory activity rose to 50.7 up from 49.5 in November, narrowly beating the consensus forecast in a Reuters poll. The ISM index had fallen to a 40-month low in November.

OIL-Oil rises on US fiscal deal, hits highest since Oct
NEW YORK, Jan 2 (Reuters) - Oil prices rose to 11-week highs on Wednesday as part of a cross-market rally after the U.S. Congress approved a deal to avert tax hikes and spending cuts that threatened economic growth.
"There was the fiscal cliff euphoria, but the markets are a little overdone and people realize you still have the debt ceiling battle, social security taxes going up and dealing with spending sequestration and budget cuts," said Mark Waggoner, president at Excel Futures Inc.

POLL-US Crude stocks seen down last week on lower imports
Jan 2 (Reuters) -  U.S. commercial crude oil stockpiles likely fell last week due to lower imports as refiners drew down for year-end tax purposes, a preliminary Reuters poll of eight analysts showed on Wednesday.  
The survey, taken ahead of weekly inventory reports from industry group the American Petroleum Institute (API) and the U.S. Department of Energy's Energy Information Administration (EIA), forecast that crude stocks had dropped by 600,000 barrels on average for the week ended Dec. 28.

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