Dow Jones chart reading : downside biased with possible pullback correction.
FTSE chart reading : downside biased with possible pullback correction.
DAX chart reading : downside biased with possible pullback correction.
Hang Seng chart reading : downside biased with possible pullback correction.
Brent crude falls below $110 as equities drop, Japan crisis weighs
SINGAPORE, March 17 - Brent crude fell by as much as 1 percent on Thursday to below $110 as Japan's worsening nuclear crisis buffeted stock markets, raising questions about the impact of the earthquake on growth and energy demand.
"There is so much uncertainty in Japan and its ability to drive economic recovery that it's something that is casting a shadow on the outlook for global growth," said Ben Westmore, a commodities analyst at National Australia Bank.
Corn, wheat rise 1.5 pct after selloff, soy extends gains
SINGAPORE, March 17 (Reuters) - U.S. corn and wheat futures rose around 1.5 percent on Thursday on bargain hunting after a selloff this week triggered by Japan's devastating earthquake, which raised doubts over the nation's grain imports.
"The grain markets are volatile because Japan is a major corn importer and we are not sure about the nuclear situation," said Ker Chung Yang, investment analyst at Phillip Futures in Singapore.
Gold tracks equities lower, ETF holdings inch up
SINGAPORE, March 17 (Reuters) - Gold dropped to stay below $1,400 on Thursday as mounting fears about a nuclear catastrophe in Japan prompted investors to sell the bullion to cover losses in other markets, but a rise in ETF holdings suggested weaker prices had spurred buying interest.
"There are mixed views with respect to the catastrophe in Japan. Few sections of investors believe that demand may see surge in the coming sessions which could take gold to fresh record highs," said Pradeep Unni, senior analyst at Richcomm Global Services in Dubai.
Yen surges, stocks fall as Japan crisis deepens
SINGAPORE, March 17 (Reuters) - The yen surged to a record high against the dollar and shares in Japan and elsewhere in Asia fell on Thursday after U.S. officials said the risk of a catastrophic radiation leak from an earthquake-stricken Japanese nuclear plant was rising.
"Fear is the only factor driving the market today and if you look at news about temperatures rising, things exploding, you're not going to trade calmly, right?" said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments.
Oil : Oil rises 2 pct on Mideast fears, eyes Japan
NEW YORK, March 16 (Reuters) - Oil prices rose 2 percent from near three-week lows on Wednesday as a crackdown on protesters in Bahrain reignited worries unrest in the Middle East could further hit oil supplies.
"The increasing unrest in Bahrain -- and the interest taken by Saudi Arabia in trying to resolve it -- must not be overlooked as a risk driver," said J.P. Morgan analyst Lawrence Eagles in New York.
COMMODITIES: Oil, metals rise, but Japan nuclear woes persist
CHICAGO, March 16 (Reuters) - An early rebound in commodities markets melted away on Wednesday as concern about widening unrest in the Middle East that spurred gains in oil failed to offset worries about Japan's nuclear crisis.
"We remain firmly bullish on the global outlook for the second half, expecting an easing of Chinese macro headwinds in H2 and now anticipate a commodity intensive stimulus and rebuild in Japan," Liberum Capital analyst Dominic O'Kane said in a note.
GLOBAL MARKETS: Yen surges, stocks fall as Japan crisis deepens
SINGAPORE, March 17 (Reuters) - The yen surged to a record high against the dollar, Japanese shares slid and stocks elsewhere in Asia fell on Thursday after U.S. officials said the risk of a catastrophic radiation leak from an earthquake-crippled Japanese nuclear plant was rising.
"Fear is the only factor driving the market today and if you look at news about temperatures rising, things exploding, you're not going to trade calmly, right?" said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments.
Home Construction in U.S. Slumps, Producer Prices Rise in Recovery Hurdle (Bloomberg)
Housing starts in the U.S. plunged to the lowest level in almost a year in February and wholesale prices rose more than forecast, hurdles for a recovery that the Federal Reserve said yesterday is on a “firmer footing.”
European February Inflation Quickens, Adding Pressure on ECB to Raise Rate (Bloomberg)
European inflation accelerated to the fastest in more than two years in February, increasing pressure on the European Central Bank to raise interest rates.
OECD Cuts U.K. Growth Forecast, Urges BOE Restraint on Rates (Bloomberg)
The Organization for Economic Cooperation and Development cut its forecast for U.K. economic growth in 2011 and said the Bank of England should refrain from increasing interest rates until the second half of the year.
Fed Signals Further Stimulus Unlikely as Economic Recovery Gains Strength (Bloomberg)
Federal Reserve officials signaled they’re unlikely to expand a $600-billion bond purchase plan as the recovery picks up steam and the threat that inflation will fall too low begins to wane.
The economy is on a “firmer footing, and overall conditions in the labor market appear to be improving gradually,” the Federal Open Market Committee said in a statement yesterday after a one-day meeting in Washington. While commodity prices have “risen significantly,” inflation expectations have “remained stable.”
U.K. Jobless Claims Unexpectedly Drop to Two-Year Low on Rebound From Snow (Bloomberg)
U.K. unemployment claims unexpectedly fell in February by the most in eight months, adding to signs that the economy may be recovering from the impact of the winter freeze.
U.S. Producer Prices Rise More than Forecast, Led by Food, Oil (Bloomberg)
Wholesale costs in the U.S. rose more than forecast in February, led by food prices at a more than three-decade high and a surge in energy.
SINGAPORE, March 17 - Brent crude fell by as much as 1 percent on Thursday to below $110 as Japan's worsening nuclear crisis buffeted stock markets, raising questions about the impact of the earthquake on growth and energy demand.
"There is so much uncertainty in Japan and its ability to drive economic recovery that it's something that is casting a shadow on the outlook for global growth," said Ben Westmore, a commodities analyst at National Australia Bank.
Corn, wheat rise 1.5 pct after selloff, soy extends gains
SINGAPORE, March 17 (Reuters) - U.S. corn and wheat futures rose around 1.5 percent on Thursday on bargain hunting after a selloff this week triggered by Japan's devastating earthquake, which raised doubts over the nation's grain imports.
"The grain markets are volatile because Japan is a major corn importer and we are not sure about the nuclear situation," said Ker Chung Yang, investment analyst at Phillip Futures in Singapore.
Gold tracks equities lower, ETF holdings inch up
SINGAPORE, March 17 (Reuters) - Gold dropped to stay below $1,400 on Thursday as mounting fears about a nuclear catastrophe in Japan prompted investors to sell the bullion to cover losses in other markets, but a rise in ETF holdings suggested weaker prices had spurred buying interest.
"There are mixed views with respect to the catastrophe in Japan. Few sections of investors believe that demand may see surge in the coming sessions which could take gold to fresh record highs," said Pradeep Unni, senior analyst at Richcomm Global Services in Dubai.
Yen surges, stocks fall as Japan crisis deepens
SINGAPORE, March 17 (Reuters) - The yen surged to a record high against the dollar and shares in Japan and elsewhere in Asia fell on Thursday after U.S. officials said the risk of a catastrophic radiation leak from an earthquake-stricken Japanese nuclear plant was rising.
"Fear is the only factor driving the market today and if you look at news about temperatures rising, things exploding, you're not going to trade calmly, right?" said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments.
Oil : Oil rises 2 pct on Mideast fears, eyes Japan
NEW YORK, March 16 (Reuters) - Oil prices rose 2 percent from near three-week lows on Wednesday as a crackdown on protesters in Bahrain reignited worries unrest in the Middle East could further hit oil supplies.
"The increasing unrest in Bahrain -- and the interest taken by Saudi Arabia in trying to resolve it -- must not be overlooked as a risk driver," said J.P. Morgan analyst Lawrence Eagles in New York.
COMMODITIES: Oil, metals rise, but Japan nuclear woes persist
CHICAGO, March 16 (Reuters) - An early rebound in commodities markets melted away on Wednesday as concern about widening unrest in the Middle East that spurred gains in oil failed to offset worries about Japan's nuclear crisis.
"We remain firmly bullish on the global outlook for the second half, expecting an easing of Chinese macro headwinds in H2 and now anticipate a commodity intensive stimulus and rebuild in Japan," Liberum Capital analyst Dominic O'Kane said in a note.
GLOBAL MARKETS: Yen surges, stocks fall as Japan crisis deepens
SINGAPORE, March 17 (Reuters) - The yen surged to a record high against the dollar, Japanese shares slid and stocks elsewhere in Asia fell on Thursday after U.S. officials said the risk of a catastrophic radiation leak from an earthquake-crippled Japanese nuclear plant was rising.
"Fear is the only factor driving the market today and if you look at news about temperatures rising, things exploding, you're not going to trade calmly, right?" said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments.
Home Construction in U.S. Slumps, Producer Prices Rise in Recovery Hurdle (Bloomberg)
Housing starts in the U.S. plunged to the lowest level in almost a year in February and wholesale prices rose more than forecast, hurdles for a recovery that the Federal Reserve said yesterday is on a “firmer footing.”
European February Inflation Quickens, Adding Pressure on ECB to Raise Rate (Bloomberg)
European inflation accelerated to the fastest in more than two years in February, increasing pressure on the European Central Bank to raise interest rates.
OECD Cuts U.K. Growth Forecast, Urges BOE Restraint on Rates (Bloomberg)
The Organization for Economic Cooperation and Development cut its forecast for U.K. economic growth in 2011 and said the Bank of England should refrain from increasing interest rates until the second half of the year.
Fed Signals Further Stimulus Unlikely as Economic Recovery Gains Strength (Bloomberg)
Federal Reserve officials signaled they’re unlikely to expand a $600-billion bond purchase plan as the recovery picks up steam and the threat that inflation will fall too low begins to wane.
The economy is on a “firmer footing, and overall conditions in the labor market appear to be improving gradually,” the Federal Open Market Committee said in a statement yesterday after a one-day meeting in Washington. While commodity prices have “risen significantly,” inflation expectations have “remained stable.”
U.K. Jobless Claims Unexpectedly Drop to Two-Year Low on Rebound From Snow (Bloomberg)
U.K. unemployment claims unexpectedly fell in February by the most in eight months, adding to signs that the economy may be recovering from the impact of the winter freeze.
U.S. Producer Prices Rise More than Forecast, Led by Food, Oil (Bloomberg)
Wholesale costs in the U.S. rose more than forecast in February, led by food prices at a more than three-decade high and a surge in energy.
US corn futures close sharply lower, extending recent losses as investors continue to worry about a global economic slowdown. Japan's crisis continued to hang over the grains as falling equities sent traders to the sidelines. Commodity funds exited long positions on the perception prices peaked at a 32-month high March 4, says John Kleist, analyst at ebottrading.com. Funds sold an estimated 28,000 contracts, a large amount. "They're deserting old crop because it's not working anymore," Kleist says. CBOT May corn falls 19 1/2c at $6.16 1/2 a bushel. (Source: CME)
US wheat futures settle mostly lower on global growth concerns. Japan's crisis is expected to reduce the country's grain purchases near-term. CBOT May wheat closes down 5 3/4c at $6.62/bushel while KCBT May edges up 1 1/4c to $7.78 1/4 and MGE May slips 1 1/2c to $8.06. (Source: CME)
New York manufacturing, employment rise
NEW YORK, March 15 (Reuters) - Manufacturing in New York state rose to a nine-month high in March, but a sharp slowing in new orders suggested that economic growth could be less robust in future months.
Meanwhile, the U.S. Federal Reserve maintained its ultra-loose monetary policy on Tuesday, saying the economy was gaining traction while flagging potential inflation risks from costlier energy and food.
PRECIOUS-Gold firms as markets steady; "all eyes" on Japan
LONDON, March 16 (Reuters) - Gold firmed in Europe on Wednesday as investors took advantage of the previous day's 2 percent price drop to buy the metal, and as the extreme risk aversion that prompted a flight to liquidity on Tuesday eased.
"Gold may recover and stabilise, but there could be more downward pressure," said Quantitative Commodity Research consultant Peter Fertig. "It all depends on how tactical people are in managing the situation at the Fukushima nuclear power plant.
FOREX-Yen hits 4-mth high vs dollar as intervention looms
NEW YORK, March 16 (Reuters) - The yen neared a record peak against the dollar on Wednesday, but analysts say expectations Japan will intervene to weaken the currency if it gets much stronger may provide a good opportunity to buy the greenback.
"The daily momentum is a bit oversold but not as much as in October," he said. "And the weekly.
U.S. corn drops to 2-mth low, wheat up 2 pct on crop worry
SINGAPORE, March 16 - U.S wheat futures rallied by 2 percent paring the previous session's 7.35 percent slump and soy also rallied as commodity and equity markets regained composure after a series of steep losses since Friday's earthquake in Japan. "Grains have come down too far, too fast. The trade at the moment is to sell corn, buy wheat and soy. Weather concerns for corn had built in more of a premium," said Jonathan Barratt, managing director, Commodity Broking Services.
China farmers to grow more grains, cotton; less soy
BEIJING, March 16 (Reuters) - Chinese farmers plan to grow more grains and cotton this year while acreage for soy and sugar crops are likely to fall, the ministry of agriculture said.
Grain acreage is likely to grow 0.3 percent this year from last year, of which farmers intend to grow 2.1 percent more corn and 1.9 percent more rice in northeast provinces, the country's corn belt, the ministry said, citing a survey of farmers.
Japan rebounds after sell-off, lifts others
LONDON, March 16 (Reuters) - Japanese stocks rebounded from a major pummelling that some investors thought overdone, lifting equities elsewhere and allowing the yen to dip from a near record high against the dollar. "Uncertainty in the Fukushima nuclear power plant is clearly making market participants very nervous," said Kazuhiro Takahashi, general manager at Daiwa Securities Capital Markets in Tokyo.
'Get used to higher food costs'-experts
CHICAGO, March 15 (Reuters) - Higher food prices are here to stay.
A rising tide of global forces is supporting the surge in prices for important food staples like meat, dairy and grains, commodity experts said at the Reuters Global Food and Agriculture Summit on Tuesday.
"This is a pretty sustainable increase ... A number of factors have been building over time in terms of the commodity increase: world economic growth, rising crude oil prices, increased Chinese import demand all have conspired," said Bill Lapp, president of Advanced Economic Solutions, a commodity analytical firm based in Omaha, Nebraska.
US wheat futures settle mostly lower on global growth concerns. Japan's crisis is expected to reduce the country's grain purchases near-term. CBOT May wheat closes down 5 3/4c at $6.62/bushel while KCBT May edges up 1 1/4c to $7.78 1/4 and MGE May slips 1 1/2c to $8.06. (Source: CME)
New York manufacturing, employment rise
NEW YORK, March 15 (Reuters) - Manufacturing in New York state rose to a nine-month high in March, but a sharp slowing in new orders suggested that economic growth could be less robust in future months.
Meanwhile, the U.S. Federal Reserve maintained its ultra-loose monetary policy on Tuesday, saying the economy was gaining traction while flagging potential inflation risks from costlier energy and food.
PRECIOUS-Gold firms as markets steady; "all eyes" on Japan
LONDON, March 16 (Reuters) - Gold firmed in Europe on Wednesday as investors took advantage of the previous day's 2 percent price drop to buy the metal, and as the extreme risk aversion that prompted a flight to liquidity on Tuesday eased.
"Gold may recover and stabilise, but there could be more downward pressure," said Quantitative Commodity Research consultant Peter Fertig. "It all depends on how tactical people are in managing the situation at the Fukushima nuclear power plant.
FOREX-Yen hits 4-mth high vs dollar as intervention looms
NEW YORK, March 16 (Reuters) - The yen neared a record peak against the dollar on Wednesday, but analysts say expectations Japan will intervene to weaken the currency if it gets much stronger may provide a good opportunity to buy the greenback.
"The daily momentum is a bit oversold but not as much as in October," he said. "And the weekly.
U.S. corn drops to 2-mth low, wheat up 2 pct on crop worry
SINGAPORE, March 16 - U.S wheat futures rallied by 2 percent paring the previous session's 7.35 percent slump and soy also rallied as commodity and equity markets regained composure after a series of steep losses since Friday's earthquake in Japan. "Grains have come down too far, too fast. The trade at the moment is to sell corn, buy wheat and soy. Weather concerns for corn had built in more of a premium," said Jonathan Barratt, managing director, Commodity Broking Services.
China farmers to grow more grains, cotton; less soy
BEIJING, March 16 (Reuters) - Chinese farmers plan to grow more grains and cotton this year while acreage for soy and sugar crops are likely to fall, the ministry of agriculture said.
Grain acreage is likely to grow 0.3 percent this year from last year, of which farmers intend to grow 2.1 percent more corn and 1.9 percent more rice in northeast provinces, the country's corn belt, the ministry said, citing a survey of farmers.
Japan rebounds after sell-off, lifts others
LONDON, March 16 (Reuters) - Japanese stocks rebounded from a major pummelling that some investors thought overdone, lifting equities elsewhere and allowing the yen to dip from a near record high against the dollar. "Uncertainty in the Fukushima nuclear power plant is clearly making market participants very nervous," said Kazuhiro Takahashi, general manager at Daiwa Securities Capital Markets in Tokyo.
'Get used to higher food costs'-experts
CHICAGO, March 15 (Reuters) - Higher food prices are here to stay.
A rising tide of global forces is supporting the surge in prices for important food staples like meat, dairy and grains, commodity experts said at the Reuters Global Food and Agriculture Summit on Tuesday.
"This is a pretty sustainable increase ... A number of factors have been building over time in terms of the commodity increase: world economic growth, rising crude oil prices, increased Chinese import demand all have conspired," said Bill Lapp, president of Advanced Economic Solutions, a commodity analytical firm based in Omaha, Nebraska.
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