Asian shares rise, euro steady ahead of summit
SINGAPORE, Aug 16 (Reuters) - Asian stock markets rose after Wall Street shares climbed for a third straight session, while the euro steadied as traders awaited talks between leaders of France and Germany on what further measures they can take to contain Europe's debt crisis.
"Sovereign debt concerns remain a persistent negative for the (euro), as the EU's latest attempt at delivering a comprehensive solution to the region's vulnerabilities has disappointed investors," analysts at Standard Chartered said in a research note.
German Economy Almost Stalled in Q2 (Source: Bloomberg)
The German economy, Europe’s largest, almost stalled in the second quarter as the region’s sovereign-debt crisis weighed on confidence. Gross domestic product, adjusted for seasonal effects, rose 0.1 percent from the first quarter, when it jumped a revised 1.3 percent, the Federal Statistics Office in Wiesbaden said today. Economists had forecast growth of 0.5 percent, according to the median of 33 estimates in a Bloomberg News survey. From a year earlier, GDP increased 2.8 percent. The worse-than-expected GDP data from Germany, which had been powering euro-area growth, add to signs Europe is flirting with a renewed economic slump as the debt crisis curbs spending across the region. France’s recovery unexpectedly ground to a halt in the second quarter, Italian and Spanish expansion remained sluggish and Greece’s economy contracted.
US wheat down 0.5 pct after 5-day rally; corn, soy ease
SINGAPORE, Aug 16 (Reuters) - U.S. wheat futures fell 0.5 percent , snapping a five-day rising streak as a firm dollar and weaker crude oil weighed.
"For the time being the crop condition is steady and forecast this morning not overly worrying which is helping to alleviate crop concerns," said Brett Cooper, a senior manager of markets at FCStone Australia.
Vietnam's new coffee crop to arrive in October-farmers
HANOI, Aug 16 (Reuters) - Fresh Vietnamese robusta beans are expected to arrive in October, a month earlier than usual for the new crop, and output should be high thanks to favourable rainy weather, coffee farmers and an analyst said on Tuesday.
"This year the harvest will be early, and the weather has been very good," said a farmer in the key growing province of Daklak. The province produces a third of Vietnam's coffee.
W.Canada farmers start winter wheat, barley harvest
WINNIPEG, Manitoba, Aug 15 (Reuters) - Western Canadian farmers have harvested about 30 percent of winter wheat and 2 percent of the barley crop, the Canadian Wheat Board said on Monday in its weekly bulletin.
Warm temperatures have accelerated crop development and some harvesting of spring wheat has begun in some areas, the board said.
Philippines to sell 300,000T sugar, to include refined
CEBU, Philippines, Aug 16 (Reuters) - The Philippines wants to sell more than 300,000 tonnes of sugar this year, up from 200,000 tonnes targeted previously, and will for the first time also offer refined sugar, the agriculture minister said on Tuesday.
Proceso Alcala said the country expects to close the 2010/11 season in end-August with 780,000 tonnes of sugar stocks.
Asia's demand offers relief to world sugar surplus
CEBU, Philippines, Aug 15 (Reuters) - The global sugar market will see a sizeable surplus in the next crop year but rising Asian demand, led by China, and lower-than-expected output in top exporter Brazil may offer opportunity for producers to expand sales, industry officials said.
Demand from China and Indonesia, which together account for about 3 percent of world sugar production, could help ease the surplus estimated at around 4 million tonnes in the crop year to September 2012, the International Sugar Organization (ISO) said.
Indonesia sees savings with India sugar imports
JAKARTA, Aug 15 (Reuters) - Increased production and cheaper freight costs will enable India to become a leading sugar exporter to Indonesia from next year, the Indonesian Sugar Association (AGI) said on Monday.
Indonesia, Southeast Asia's largest sugar consumer, currently imports 60 percent of its sugar from Thailand, 20 percent from Brazil and 10 percent from Australia, Colo Sewoko, acting secretary for the AGI told Reuters.
Brent drops, below $110 on weak US data, firm dlr
SINGAPORE, Aug 16 (Reuters) - Brent crude futures edged down , after rising nearly $2 a day earlier, as soft U.S. economic data renewed fears of weaker oil demand from the world's top oil consumer and a rebound in the dollar spurred selling.
"The manufacturing data took quite a hit, and that could account for the weakness," said Ben Le Brun, CMC Markets analyst in Sydney.
POLL-U.S. crude stockpiles seen down on lower imports
BANGALORE/NEW YORK, Aug 15 (Reuters) - U.S. crude oil stockpiles are expected to have fallen for a second straight week due to lower imports, a preliminary Reuters poll showed on Monday ahead of weekly inventory data.
Four of eight analysts polled expected a drop in crude stockpiles for the week to Aug. 12, with the average forecast a drawdown of 300,000 barrels.
LME copper dips on shaky economic outlook
SINGAPORE, Aug 16 (Reuters) - London copper futures slipped 0.3 percent as a tentative outlook for the global economy prompted investors to cash in on early gains, although hopes of Chinese buying kept losses in check.
"Risk appetite has staged a partial recovery. But with the recent volatility we've seen, those who get nervous easily sell on rallies," said Citigroup analyst David Thurtell.
China steel mills raise Sept product prices as demand picks up
SHANGHAI, Aug 16 (Reuters) - More of China's leading steel mills have decided to raise prices of their main products for September bookings, aiming to catch up with rising spot market prices and in anticipation of stronger demand next month.
Two leading mills, Wuhan Iron & Steel Co Ltd and Beijing Shougang Co Ltd , will raise September prices for their main flat steel products in the wake of a similar move by Baoshan Iron & Steel Co Ltd (Baosteel) last
Friday to take advantage of growing demand.
Copper use grows more than expected in 2011-Brook Hunt
LONDON, Aug 15 (Reuters) - Global copper demand will grow by 5.4 percent this year, exceeding predictions made at the start of the year, despite lower than expected offtake in top consumer China and the impact of the earthquake in Japan, Brook Hunt said on Monday.
World demand for copper -- used in power and construction -- will reach 20.3 million tonnes in 2011, helped by stronger than anticipated growth in Europe and the United States.
US crop ratings seen steady as weather improves
CHICAGO, Aug 15 (Reuters) - U.S. corn and soybean ratings were expected to hold steady after rainy and cooler weather in the Midwest stabilized the crops, which had been suffering throughout a dry hot summer.
"The cool down, a little more normal rain pattern certainly is benefiting the crops," said Rich Nelson, director of research for Allendale Inc.
Cautious copper product users hold back orders -Luvata
LONDON, Aug 15 (Reuters) - Financial turmoil and potentially serious damage to global economic growth have unnerved consumers, many of which are now waiting longer to place orders, international copper product maker Luvata told Reuters on Monday.
Ian Scarlett, Luvata's head of metals, said the backlog on the company's order book had fallen and that buyers of copper products had become a lot more nervous in the last few weeks as the U.S. and euro zone debt crisis escalated.
Gold holds steady ahead of Franco-German summit
SINGAPORE, Aug 16 (Reuters) - Spot gold held onto gains made in the previous session , but hopes that a Franco-German summit will make progress to help quell the region's sovereign debt crisis are expected to keep a lid on prices.
"There seems to be quite a bit of optimism before the meeting which has sent the euro to a three-week high to the dollar," said Ong Yi Ling, an analyst at Phillip Futures.
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