Asia stocks hit 3-year high; euro extends gains
SINGAPORE, April 4 (Reuters) - Asian shares rose to their highest in nearly 3 years after strong U.S. jobs growth spurred optimism about the global economy, and the euro hit an 11-month peak against the yen amid expectations of a euro zone rate hike later this week.
"Firmness in U.S. shares and the weakness of the yen, especially against the euro, encouraged buying in the export-related sector," said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management in Tokyo.
US crude climbs to 2-1/2 yr peak on MidEast tension, jobs data
SINGAPORE, April 4 (Reuters) - U.S. crude prices extended gains hit their highest in more than 2-1/2 years above $108, while Brent also edged up, supported by positive jobs data from top oil consumer the United States and supply worries triggered by the unyielding turmoil in the oil rich Middle East.
"We have supply concerns which we haven't had for the last few years and this is mostly related to Libya now," said John Vautrain of energy consulting firm Purvin and Gertz.
U.S. revives pipeline safety push, asks Congress to act
WASHINGTON, April 4 (Reuters) - The Obama administration renewed its push on Monday for tougher pipeline safety regulation following accidents in recent years that killed dozens of people and disrupted energy markets.
Transportation Secretary Ray LaHood sought to revive legislation that would put more teeth into inspections and fines that critics claim are woefully inadequate for the size and importance of the U.S. oil and gas network.
Libya rebels battle Gaddafi forces in oil town
BREGA, Libya, April 3 (Reuters) - Warplanes flew over Brega on Sunday as rebels fought troops loyal to Muammar Gaddafi for control of the east Libyan oil town, rebel fighters said.
Near the eastern gate of Brega, a sparsely populated settlement spread over more than 25 km (15 miles), aircraft and the thud of explosions and machinegun fire could be heard.
Corn rises for third day on tight supply, highest since '08
SYDNEY, April 4 (Reuters) - U.S. corn futures rose for a third straight session touching their loftiest since the 2008 global food crisis and could be on track to set a fresh record soon on fears of tight supplies.
"That's the primary factor supporting the corn market. And the other grains are largely riding on corn's coattails."
Thailand likely to miss 2011 rubber target - traders
BANGKOK, April 4 (Reuters) - Thailand, the world's biggest rubber producer and exporter, may miss its target of producing rubber at 3.3 million tonnes this year as some rubber plantation areas were completely destroyed by flood and landslides, traders said on Monday.
"It's too early to estimate at this moment, but I don't think we can achieve the 3.3 million tonnes we aimed to produce earlier as a significant amount of rubber trees were destroyed," Prapas Uernontat, secretary general of the Thai Rubber Association, told Reuters.
Copper slips; jobs jubilation swamped by China demand fear
SINGAPORE, April 4 (Reuters) - Base metals fell in London, down 0.5 percent on average, led by copper's 0.7 percent slide in light trade during a two-day market holiday in China.
"The focus right now is less about the U.S. jobs market and more about Chinese buying -- or rather their reluctance to buy," said a trader in Singapore.
Australia sees risk of cyclone off Pilbara iron ore districts
PERTH, April 4 (Reuters) - A tropical low off Australia's northwest coast may develop into a cyclone off the coast of the Pilbara iron ore district by mid-week, the Bureau of Meteorology said on Monday, potentially disrupting mining and shutting down oil and gas platforms.
The low, which is currently off the Kimberley coast, could cause rain and flooding in the coastal region of the Kimberly on Monday, the bureau said.
Gold edges up on high oil prices, euro strength
SINGAPORE, April 4 (Reuters) - Spot gold edged up, as higher oil prices amid the ongoing Middle East crisis and a firm euro on expectations of a European Central Bank rate hike lent support.
"We saw the continuous geopolitical risk in the Middle East crisis, and oil prices going higher. It certainly looks to me that gold has been tracking both oil and euro quite closely in past few days," said Darren Heathcote, head of trading at Investec Australia.
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