Stocks poised for first weekly drop in a month
HONG KONG, April 15 (Reuters) - Asian shares were poised for their first weekly losses in a month, as investors took profits after a recent rally while a pick-up in inflationary pressures sent gold racing to yet another record high on Friday.
"The weakness in markets this week is expected after the smart comeback we have seen recently with inflationary concerns again coming to the forefront," said Jan Lambregts, global head of financial markets research at Rabobank.
Moody’s Cuts Ireland Rating Two Levels, Outlook Negative (Source: Bloomberg)
Ireland’s credit rating was cut two levels by Moody’s Investors Service to the lowest investment grade rating as the government struggles to plug the budget deficit and restore economic growth.
European Stocks, U.S. Futures Are Little Changed; Nestle, Syngenta Climb (Source: Bloomberg)
European stocks and U.S. index futures were little changed as better-than-forecast results at companies from Nestle SA to Syngenta AG offset a report that China’s inflation accelerated to the fastest pace since 2008. Asian shares retreated.
Asia Stocks Decline as China Inflation Boosts Rates Speculation (Source: Bloomberg)
Asian stocks fell, dragging the regional index toward its first loss in four weeks, after China reported that inflation in the world’s second-largest economy increased faster than estimated, increasing speculation that the government will need to do more to contain growth.
Nestle Sales Beat Analyst Estimates on Emerging Markets (Source: Bloomberg)
Nestle SA (NESN), the world’s largest food company, reported first-quarter sales growth that beat analysts’ estimates, helped by sales of Maggi noodles in India and Pure Life bottled water in emerging markets.
Greece to Unveil Austerity Measures to Meet Deficit Goals (Source: Bloomberg)
Greece will announce measures today to meet its deficit-reduction goals after the country’s bond yields hit new highs amid talk it may restructure its debt.
India Inflation Quickens to 8.98%, Increasing Pressure on Rates
India’s inflation accelerated in March, beating the central bank’s estimate and increasing pressure for higher interest rates. The benchmark wholesale-price index rose 8.98 percent from a year earlier after an 8.31 percent gain in February, the commerce ministry said in a statement in New Delhi today. The median forecast of 28 economists in a Bloomberg News survey was for an 8.36 percent increase.
U.S. wheat rises, corn steady on supply concerns
SINGAPORE, April 15 (Reuters) - U.S. wheat futures rose around half a percent on Friday and corn was steady, with tight supplies and broad-based strength across commodities continuing to support grains.
"We have seen a firmer open in the grains and oilseed complex which is correlating with a firmer open in the crude oil market as well," said Luke Mathews, a commodity strategist with Commonwealth Bank of Australia in Sydney.
Manila's NFA seeks extra rice imports to build reserves
MANILA, April 15 (Reuters) - The Philippines' National Food Authority said on Friday it is seeking offers from local traders to import an additional 187,000 tonnes of rice this year to build up reserves of the national staple in case of any supply problems.
The volume is on top of the 860,000 tonnes that the Southeast Asian country, the world's top buy in recent years, already plans to import this year.
Kraft to sell Gevalia coffee at US supermarkets
NEW YORK, April 14 (Reuters) - Kraft Foods Inc will begin selling its Gevalia coffee at supermarkets and other U.S. retailers in August, the company said on Thursday.
The move gets Kraft back into the U.S. premium grocery coffee business after its contentious split with Starbucks Corp this March. The companies had been long-time grocery distribution partners.
Ivory Coast lifts ban on cocoa exports, taxes
ABIDJAN, April 14 (Reuters) - Ivory Coast's President Alassane Ouattara formally lifted a nearly three-month ban on cocoa and coffee exports as well as on related tax payments, his television channel said on Thursday.
"The president of the republic orders that the measures suspending coffee and cocoa exports as well as tax payments be lifted," TCI television said.
Argentine soy, corn output seen higher-exchange
BUENOS AIRES, April 14 (Reuters) - Argentina's 2010/11 soy harvest is expected to come in at 49.2 million tonnes, up from a previous prediction of 48.8 million tonnes, the Buenos Aires Grains Exchange said on Thursday.
"The harvest of the first plots in northwestern and northeastern parts of the country promises very high production," the weekly report said.
N.American Q1 2011 cocoa grind rises 2.16 pct
NEW YORK, April 14 (Reuters) - North American cocoa grindings rose in the first quarter of 2011 at the low end of forecasts, as many countries were believed to have made up for a lack of processing from top grower Ivory Coast.
Grindings rose 2.16 percent to 118,633 tonnes, up from 116,122 tonnes in the first quarter of 2010, data from the National Confectioners Association showed Thursday.
Crushing of Brazil cane crop spreads, yields up
SAO PAULO, April 14 (Reuters) - Ninety mills have begun crushing Brazil's 2011/12 cane crop (April-March), industry association Unica said Thursday, adding that about 200 more are expected to begin operating over the next few weeks.
A year ago, the number of mills working was much higher as there were 60 million tonnes of cane left uncut from the previous cycle that were ready to be harvested.
London trims gains, Shanghai falls after China data
SINGAPORE, April 15 (Reuters) - Shanghai copper declined and London prices trimmed early gains on Friday, as worries on further tightening in China lingered after data showed strong economic growth and a 32-month high for March consumer prices.
"The market is still worried about tightening," said Zhou Jie, an analyst at Shanghai CIFCO Futures, "But prices are unlikely to drop much as physical market is pretty supportive."
China March refined copper, aluminium output hit records
HONG KONG, April 15 (Reuters) - China's production of refined copper and primary aluminium rose 23.7 percent and 7.4 percent respectively from a year earlier in March, hitting monthly records for both metals on expanded capacity and sufficient supply of raw materials.
China produced 470,000 tonnes of refined copper in March, up from the previous monthly record of 444,000 tonnes in December 2010, and a rise of 21.8 percent from the short month of February, data from the National Bureau of Statistics showed on Friday.
China March daily crude steel output dips 1 pct from Feb
SHANGHAI, April 15 (Reuters) - China's daily crude steel output in March fell 1 percent after hitting a record high in February, data from the National Bureau of Statistics showed on Friday.
China produced 59.42 million tonnes of crude steel in March, which was up 9 percent from February because of the holiday-shortened month.
Gold hits record on weak dollar, China inflation data
SINGAPORE, April 15 (Reuters) - Gold jumped to another record high on Friday after the dollar fell to its lowest since late 2009 against a basket of major currencies, taking silver to a 31-year high, while inflation pressures in China also helped lift bullion's appeal.
"We see gold peaking at $1,500 an ounce. We think there could be some more upside in gold in the short term, especially in this environment of high inflation and rising oil prices," said" Natalie Robertson, commodities strategist at ANZ.
Gold Surges to Record as Inflation Concern Stokes Demand (Source: Bloomberg)
Gold gained to a record and silver climbed to the highest level in 31 years as inflation in China accelerated more than forecast, underscoring the challenge that central bankers worldwide face in combating rising prices.
Oil Trades Near Three-Day High Amid China's Economic Expansion, Inflation (Source: Bloomberg)
Oil traded near the highest in three days in New York as investors weighed accelerating inflation in China against economic expansion in the world’s second-biggest crude user.
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