China Indicator Shows Growth Quickening (Source: Bloomberg)
A Chinese leading indicator climbed, adding to evidence that the world’s second-biggest economy is maintaining momentum as Premier Wen Jiabao extends a campaign to cool inflation. The index rose 0.5 percent to 155 in May, The Conference Board said on its website today, citing a preliminary reading. The gauge is designed to capture prospects over the coming six months. April’s index was revised to a 0.1 percent gain from a previous 0.2 percent increase. China, the world’s fastest-growing major economy, may expand more than 9 percent this year, even after the central bank boosted interest rates and controlled lending to cool the quickest inflation in three years in June. Growth may be strong enough to withstand more monetary tightening as local governments raise spending on low-cost housing and manufacturers build more factories in inland provinces.
GLOBAL MARKETS: Stocks gain on U.S. debt deal hopes, tech results
HONG KONG, July 20 (Reuters) - Asian shares rose on Wednesday as indications of progress on a U.S. budget-reduction deal boosted investor confidence while encouraging quarterly numbers from Apple Inc and International Business Machines Corp helped Asia's beaten-down tech sector gain for a second day.
With just two weeks left until the U.S. government runs out of money to pay bills, President Barack Obama seized on a plan by a bipartisan group of senators that could revive stalled U.S. debt talks and the prospect of a long-term deficit reduction deal to avert a default.
OIL: Oil rises on US housing data, deficit talks
NEW YORK, July 19 (Reuters) - Crude oil rose on Tuesday as investor confidence rose on strong U.S. housing data and renewed hope for an agreement in Washington on thorny budget issues.
"Fundamentally, nothing much has changed, but the strength in the housing starts and the strength in the euro helped find new length this morning," said Carl Larry, Director of Blue Ocean Brokerage in New York.
POLL-US crude stocks seen slipping for 7th week
BANGALORE/NEW YORK, July 19 (Reuters) - U.S. crude oil stockpiles were forecast down for the seventh straight week due to higher refinery utilization and a decline in imports, an extended Reuters poll showed on Tuesday ahead of weekly inventory reports.
All but one of 14 analysts polled projected a drawdown in crude, with the average forecast at 1.7 million barrels for the week to July 15.
U.S. begins delivering oil sold from reserve
WASHINGTON, July 19 (Reuters) - The U.S. Energy Department said on Tuesday it has started delivering some of 30 million barrels of crude oil auctioned off earlier this month from the Strategic Petroleum Reserve.
The department is expected to provide details later this week, possibly as early as Wednesday, on which oil companies and trading firms have begun receiving their crude, a department official said.
US gasoline demand up after 2-week fall - MasterCard
NEW YORK, July 19 (Reuters) - U.S. retail gasoline demand rose for the first time in three weeks as consumers got back in their cars after a post-Independence Day hiatus, MasterCard said in its weekly SpendingPulse report on Tuesday.
Average gasoline demand in the week to July 15 rose 0.3 percent year-on-year and jumped 3.7 percent versus the previous week, the report said.
NATURAL GAS: Natural gas slips midday, heat limits downside
NEW YORK, July 18 (Reuters) - U.S. natural gas futures, lightly pressured by the milder weather outlook for next week, slipped slightly midday Tuesday, but record or near-record heat this week in key consuming regions helped limit the downside.
"It's hot, but there's no news. People are waiting for the (EIA build) number to come out (on Thursday), so I don't see prices doing much until then," a New York-based trader said.
COMMODITIES: Oil, copper up on US housing; gold down after record
NEW YORK, July 19 (Reuters) - Oil rose more than 1 percent on Tuesday, erasing the previous session's losses after strong U.S. housing data and progress in U.S. deficit reduction talks, while gold ended down after hitting another record high.
"There is a recovery unfolding; it's just glacially slow and requires incredible scrutiny to discern it," said Richard DeKaser, economist at Parthenon Group in Boston.
Libya denies rebel victory claim in Brega oil town
MISRATA, Libya, July 18 (Reuters) - Rebel forces have routed most of Muammar Gaddafi's troops in the Libyan oil town of Brega in the biggest boost for the insurgents' military campaign in eastern Libya in weeks, a rebel spokesman said on Monday.
The rebel fighters have encircled Brega, an oil export terminal with a refinery and chemical plant which for months marked the eastern limit of Gaddafi's control, rebel spokesman Shamsiddin Abdulmolah said.
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