GLOBAL MARKETS: Asia stocks dip, euro pushes higher before ECB
HONG KONG, June 9 (Reuters) - Asian stocks slipped for a sixth straight day on Thursday as investors cut exposure to risky assets on signs the global economy is losing steam, even as oil prices and the high-yielding Australian dollar pushed higher.
The Federal Reserve's beige book summary of economic conditions confirmed that the economy slowed in May due to higher gasoline prices and the supply chain disruptions following Japan's earthquake and tsunami in March.
OIL: Oil jumps as OPEC talks fail, eyes Saudi solo hike
NEW YORK, June 8 (Reuters) - Oil prices jumped on Wednesday after OPEC failed to reach a deal to increase output, raising fears of supply shortages later this year that could fuel a further price rally, imperiling the economic recovery.
"Oil prices rising over $120 per barrel will have a severe impact on the world economy, and we would continue to see sluggish numbers coming out of the US and other countries," said Thorbjorn Bak Jensen, oil market analyst at A/S Global Risk Management Ltd.
NATURAL GAS: Natural gas ends up, front hits 4-1/2-mth high
NEW YORK, June 8 (Reuters) - U.S. natural gas futures ended with modest gains on Wednesday, with strong heat stretching from Texas to New York driving the front month to its highest level since late January despite milder weather forecasts for next week that should slow demand.
"Heat continues to support the contract, but the surge at the end was due to light expectations for storage (build) on Thursday relative to the norms," Gelber & Associates analyst Pax Saunders said.
EURO COAL: S.Africa discount deepens on lack of buying
LONDON, June 8 (Reuters) - Fixed coal prices remained robust on Wednesday, bolstered by a $2 rise in oil but South African FOB coal values are starting to feel downward pressure because of a lack of buying interest in the Atlantic and Pacific.
"It makes no sense to be shipping contracted South African coal to Europe, the contango is too small to be worth the stockpiling costs," one European utility source said.
COMMODITIES: OPEC twist lifts oil; corn jumps ahead of USDA
NEW YORK, June 8 (Reuters) - Commodities gained broadly on Wednesday, with oil rising as much as 2 percent before closing off its peak after other OPEC members resisted top producer Saudi Arabia's plan to hike output and moderate prices.
"This is one of the worst meetings we have ever had," said Ali al-Naimi, oil minister of Saudi Arabia, the most influential member in OPEC.
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