GLOBAL MARKETS: Equities fall as risk on hold, US dollar steadies
SINGAPORE, June 2 (Reuters) - Asian stocks dropped on Thursday, with investors spooked by a sell-off on Wall Street overnight and a steady stream of soft data from major economies that has put a damper on risk-taking ahead of Friday's U.S. payrolls report.
Readings of economies around the world from China to the United States have been for the most part undershooting forecasts, raising questions about how well risky assets will hold up once the Federal Reserve's $600 billion bond buying programme ends this month.
OIL: Crude stays weak after U.S. crude stocks build
TOKYO, June 2 (Reuters) - U.S. crude futures extended declines on Thursday after an unexpected jump in U.S. crude inventories, also hurt by an industry report that OPEC may increase oil output at its meeting next week.
OPEC will discuss increasing oil output by up to 1.5 million barrel per day (bpd) when it meets next week, with a 1 million-bpd rise the most likely outcome, industry publisher Energy Intelligence reported late on Wednesday, citing OPEC sources and delegates.
NATURAL GAS: Natgas reverses two-session gain on weather forecast
NEW YORK, June 1 (Reuters) - U.S. natural gas futures settled lower on Wednesday, reversing two sessions of gains as expectations for some moderation in hot weather forecasts cut the cooling demand outlook.
"Mother Nature's been very, very bullish in terms of the weather forecast," said Kyle Cooper, managing director with IAF Advisors in Houston. "The weather's still bullish, just not quite as bullish as last couple of weeks."
EURO COAL: Prices stable, watching for China import rise
LONDON, June 1 (Reuters) - Coal prices were stable on Wednesday, returning to the levels seen at the start of the week after oil prices fell, traders said.
"Coal's back to where it was on Tuesday now that oil has fallen again but everybody's watching for Chinese new buying - the sentiment from Bali was pretty bullish," one European trader said.
COMMODITIES: Oil, copper buckle under data, gold hits 1-mth high
NEW YORK, June 1 (Reuters) - Most commodities fell on Wednesday, as surprisingly weak U.S. jobs and manufacturing data fed fears about the outlook for raw materials demand, but safe-haven buying of gold boosted the precious metal to a one-month high.
"The problem is, the economy in the U.S. is getting worse," said Shawn Hackett, president of Hackett Financial Advisors in Florida.
OPEC to consider up to 1.5 mln bpd output hike-EIG
NEW YORK, June 1 (Reuters) - OPEC will discuss increasing oil output by up to 1.5 million barrel per day (bpd) when it meets next week, industry publisher Energy Intelligence reported late on Wednesday, citing OPEC sources and delegates.
A formal production hike would run counter to expectations that the Organization of the Petroleum Exporting Countries (OPEC) would hold fire at its June 8 meeting, opting not to bow to Western pressure to officially raise output even as some of its members have acted independently to pump more crude.
POLL-U.S. crude stocks seen down on weaker imports
BANGALORE/NEW YORK, June 1 (Reuters) - U.S. crude oil inventories fell last week as imports declined, an expanded Reuters poll of analysts showed on Wednesday ahead of reports from the private and public sectors.
Crude stocks were forecast down 1.3 million barrels, on average, in the week to May 27. Ten of 13 analysts expected a drawdown, while two projected a build and one predicted no change.
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