Thursday, January 17, 2013
20130117 1643 Gobal Markets & Commodities Related News.
STOCKS: European stock index futures pointed to a weaker start and Asian shares fell as investors avoided strong bets before results from major U.S. companies and a slew of economic data from China. U.S. stocks ended mixed on Thursday. (Reuters)
FOREX: The dollar edged higher against the yen after a media report quoted Japan's economics minister as saying that his recent comments on the yen had been misinterpreted. (Reuters)
FOREX-Euro rises to 9-1/2 month high versus sterling
LONDON, Jan 17 (Reuters) - The euro rose to a 9-1/2 month high against sterling as worries about the poor UK economic outlook contrasted with better sentiment towards the single currency.
The euro rose 0.3 percent on the day to 83.33 pence, its highest level since early April. It hit stiff technical resistance at 83.33 pence, equivalent to 1.20 euros per pound and a key level for British companies looking to hedge their foreign exchange exposure.
Factory, price data give hopeful signs for U.S. economy (Reuters)
The U.S. economy ended 2012 on a surprisingly sound note as factory output climbed and low inflation lifted consumers' purchasing power, signs the economy may be able to weather the higher tax bills that rang in the new year.
Sahara hostage siege turns Mali war global (Reuters)
Islamist fighters have opened an international front in Mali's civil war by taking dozens of Western hostages at a gas plant in the Algerian desert just as French troops launched an offensive against rebels in neighbouring Mali.
Rain needed by month's end for Argentina to hit corn target (Reuters)
Argentina needs rain by the end of the month to maximize corn yields and to realize forecasts that the global supplier will have a record harvest of 28 million tonnes, farmers and agronomists say.
OPEC sees weaker demand for its crude in 2013 (Reuters)
OPEC expects demand for its crude to be lower than expected in 2013 because of higher supply from rival producers, indicating inventories could build up substantially even after a cut in output by top exporter Saudi Arabia.
OIL: Brent futures weakened to stay below $110 a barrel as concerns about a weakening global economic outlook revived demand worries, but prices were supported from supply concerns after Islamist militants attacked an Algerian gas field. (Reuters)
China aluminium consumption to pick up but lag output -industry (Reuters)
China's consumption of aluminium is set to pick up speed this year, though not by enough to keep up with production as a swelling surplus of the metal caps prices, industry sources and a leading analyst said.
BASE METAS: London copper inched up following a four-session losing streak, with robust U.S. factory data bolstering the outlook for demand, but caution ahead of Chinese growth data later this week tempered gains. (Reuters)
PRECIOUS METALS: Gold traded flat as investors, concerned about the duration of ultra-loose monetary policy, refrained from betting big on an economic recovery while easing concerns about immediate supply shortages from South Africa clipped platinum's seven-day rally. (Reuters)
METALS-Copper edges up on US factory data; caution on China
SINGAPORE, Jan 17 (Reuters) - London copper inched up following a four-session losing streak, with better-than-expected U.S. factory data bolstering the outlook for demand, but caution ahead of Chinese growth data later this week tempered gains.
"There seems to be a bit more confidence in the economic outlook which has clearly favoured some relief in metals prices," said analyst Stefan Graber of Credit Suisse in Singapore.
PRECIOUS-Gold flat, platinum snaps seven-day rally
SINGAPORE, Jan 17 (Reuters) - Gold traded steady on Thursday as investors, concerned about the duration of ultra-loose monetary policy, refrained from betting big, while easing concerns about immediate supply shortages from South Africa clipped platinum's seven-day rally.
"If growth continues to be really good, it could shift central banks' bias from easing to tightening, which would not be good for the precious metals complex," said Jeremy Fries, commodity strategist at Societe Generale in Hong Kong.
Posted by MW Chong at 4:43 PM