OIL: Crude edge up, above $81/bbl after 0.6 pct fall
TOKYO, Nov 24 (Reuters) - U.S. crude futures edged higher above $81 a barrel on Wednesday after declining 0.6 percent a day earlier, with larger-than-expected falls in U.S. oil product stockpiles providing support to the market.
The American Petroleum Institute said gasoline stocks fell 499,000 barrels and distillate stocks fell 311,000 barrels, the API said. That compared with a Reuters poll for a 1.2 million barrel decline in distillate stockpiles and a 600,000 barrel drawdown in gasoline supplies.
COMMODITY MARKETS: Gold up; others mostly down on euro, Korea tension
NEW YORK, Nov 23 (Reuters) - Gold rose on Tuesday while a number of commodities extended losses after the euro zone debt crisis deepened and fighting broke out on the Korean peninsula.
The mix of fiscal and geopolitical worries unnerved investors already averse to taking big positions in commodities during a trading week shortened by Thursday's Thanksgiving holiday in the United States.
GLOBAL MARKETS: Asian shares fall, dollar firm on Korean tensions
SINGAPORE, Nov 24 (Reuters) - Asian shares fell on Wednesday and the euro hovered near a two-month low to the dollar as regional stocks caught up with a sharp sell-off after North Korea's deadly shelling of a South Korean island and investors sought safety in the U.S. currency.
"Korea trades at a discount to the region on a valuation basis ... If you look back at the last five years when we've had scares they were all seen as buying opportunities," said Todd Martin, Asia equity strategist with Societe Generale.
POLL-US crude inventories seen down as imports dip
NEW YORK, Nov 23 (Reuters) - U.S. crude oil inventories likely fell last week as imports declined, an expanded Reuters poll showed on Tuesday before the release of weekly industry and government data.
Crude stocks fell 2.1 million barrels on average in the week to Nov. 19, according to the poll of 13 analysts.
Newedge to offer clients China futures mkts access
LONDON, Nov 22 (Reuters) - Global brokerage Newedge Group SA said on Monday it planned to offer clients access to four Chinese futures markets so they can tap into growth potential in one of the world's largest economies.
"This is the first platform to offer access in English to Chinese exchange contracts. Further, the platform offers monthly spreading functionality within Chinese exchange-traded contracts," Mike Frawley, global head of metals at Newedge, said in a release.
Euro zone recovery accelerates, still 2-speed -PMI
LONDON, Nov 23 (Reuters) - Economic recovery in a divergent euro zone accelerated this month as a strong resurgence in private sector growth in Germany and France offset persistent stagnation in periphery members, surveys showed on Tuesday.
Markit's Eurozone Flash Services Purchasing Managers' Index, made up of surveys of around 2,000 businesses ranging from banks to hotels, bounced to 55.2 in November from a final reading of 53.3 in October.
Ireland on knife-edge amid bailout fury
STRASBOURG/DUBLIN, Nov 23 (Reuters) - The European Union urged Ireland on Tuesday to adopt an austerity budget on time in order to receive an EU/IMF bailout despite calls for an immediate general election that could disrupt the rescue.
The Dublin government is on a knife-edge with damaged Prime Minister Brian Cowen challenging the opposition to let the 2011 budget pass on Dec. 7 before he calls an early election.
China c.bank soothes mkts with flat bill yield
SHANGHAI, Nov 23 (Reuters) - China's central bank kept the yield on its one-year bills flat at auction on Tuesday, in an apparent attempt not to alarm markets that it might have further monetary tightening in store.
An increase in the yield on the 2 billion yuan ($301 million) of sterilisation paper on offer could have triggered speculation that the People's Bank of China (PBOC) could follow up soon on its recent bank reserve requirement increases with further measures.
PRECIOUS-Gold eases as weak euro snuffs out safe-haven bid
LONDON, Nov 23 (Reuters) - Gold eased on Tuesday as weakness in the euro stemming from the European debt crisis offset any potential price gains from a major exchange of artillery fire on the Korean peninsula.
Conviction is growing in the financial markets that the European Union's joint bailout of Ireland with the IMF will not be enough to quash fears that Portugal and possibly Spain could become the next target of fixed-income investors' anxiety.
FOREX-Dlr gains on Korea tension, euro zone debt worries
LONDON, Nov 23 (Reuters) - The dollar rose on Tuesday after North Korea shelled a South Korean island, adding geopolitical tension to Europe's debt crisis and driving investors to the relative safety of the U.S. currency.
The euro fell towards session lows after German finance minister Wolfgang Schaeuble said the single currency is at stake due to the Irish debt crisis, although it then stabilised.
Korean artillery exchange, Irish debt hit markets
SINGAPORE, Nov 23 (Reuters) - The dollar rose broadly, U.S. Treasuries gained and European and Asian shares and U.S. stock futures fell after a major exchange of artillery fire on the Korean peninsula.
"The market was already quite nervous given the failure of the Irish bailout package to calm sentiment towards other peripheral countries," said Mirza Baig, senior currency strategist with Deutsche Bank in Singapore.
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