GLOBAL MARKETS: Stocks and euro stable, limiting risk reduction
SINGAPORE, July 19 (Reuters) - Asian stocks outside Japan were steady on Tuesday, as resilient technology shares and a stable euro are expected to limit the persistent risk reduction sparked by the threat of default in the United States and Europe.
"There is rising risk that disappointment at the EU Summit (21st July) on the absence of support measures for Spain and Italy will see the crisis worsen. This is our base case scenario given that Europe will deal with Greece, more than one year too late," Royal Bank of Scotland strategists said in a note.
OIL: Oil falls on U.S., European debt fears
NEW YORK, July 18 (Reuters) - Crude oil prices fell on Monday due to growing fears of a sovereign debt default on either side of the Atlantic and on the possibility of another emergency stock release from the International Energy Agency.
"People are cautious about what's happening, especially in Europe where some see the debt crisis worsening," said Joachim Azria, analyst at Credit Suisse in New York.
NATURAL GAS: Natural gas ends flat in seesaw trade, heat supports
NEW YORK, July 18 (Reuters) - U.S. natural gas futures ended unchanged on Monday in a seesaw session, but forecasts for more heat this week in the Northeast and Midwest drove the nearby contract to a five-week high at midday.
"A good part of the action has been short covering. There's been a material (hotter) shift to the weather forecast," said Martin King, analyst at FirstEnergy Capital in Calgary.
COMMODITIES: Oil, most markets dip on US/EU woes; gold at record
NEW YORK, July 18 (Reuters) - Oil fell more than 1 percent on Monday after fears of a sovereign debt default on either side of the Atlantic drove most commodities lower, while gold hit record highs as investors hunted for safe havens.
"The oil market has been volatile over the past month and with the focus on the debt problems in Europe, traders are moving into 'wait and see' mode during the summer lull," said Joachim Azria, analyst at Credit Suisse in New York.
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