Asia Stocks Fall as China Says World Must Get ‘Houses in Order’ Before Aid (Source: Bloomberg)
Asian stocks fell after China’s Premier Wen Jiabao said economies “must put their own houses in order” and a former Chinese central-bank adviser said the nation shouldn’t buy bonds from troubled European nations. The MSCI Asia Pacific Index earlier swung between gains and losses after French lenders dismissed concerns over their access to funds, easing concern that Europe’s debt crisis may lead to a freezing of credit markets. Samsung Electronics Co. led technology shares lower after Apple Inc. won backing from a German court for a ban on sales of a Samsung product in the country. Tokyo Electric Power Co. slumped 3.9 percent on speculation Japan’s new trade minister may take a tougher stance on power monopolies.
The MSCI Asia Pacific Index fell 0.7 percent to 117.46 as of 11:52 a.m. in Tokyo after earlier rising as much as 0.3 percent. The measure slumped 8.6 percent last month, the most since May 2010, amid concern global economic growth is slowing as Europe’s sovereign-debt crisis spreads and after Standard & Poor’s cut the U.S. government’s credit rating.
Asian Stocks Gain on Easing Europe Concern (Bloomberg)
Asian stocks swung between gains and losses as oil companies advanced on higher crude prices, countering declines by Japanese utilities. BHP Billiton Ltd. (BHP), Australia’s No. 1 oil producer, climbed 0.6 percent in Sydney after crude prices advanced, while Chinese oil explorer Cnooc Ltd. gained 2.2 percent in Hong Kong. Wynn Macau Ltd. jumped 4.4 percent after a brokerage boosted the stock’s investment rating. Tokyo Electric Power Co. slumped 3.9 percent on speculation Japan’s new trade minister may take a tougher stance on power monopolies, leading utilities lower. Korean Air Lines Co. fell 3.1 percent after Goldman Sachs Group Inc. cut its rating on the stock.
The MSCI Asia Pacific Index fell 0.2 percent to 118.04 as of 11:11 a.m. in Tokyo after earlier rising and falling as much as 0.3 percent. The measure slumped 8.6 percent last month, the most since May 2010, amid concern global economic growth is slowing as Europe’s sovereign-debt crisis spreads and after Standard & Poor’s cut the U.S. government’s credit rating.
GLOBAL MARKETS-Caution grips markets as euro zone talks eyed
SINGAPORE, Sept 14 (Reuters) - A rebound in Asian stocks and the euro stalled and gold edged up on Wednesday as investors waited for convincing signs of progress on taming the euro zone debt crisis.
"Developments in Europe are sending mixed signals, and this will likely keep investors at bay," said Y.S. Rhoo, a market analyst at Hyundai Securities.
Brent crude slips, demand outlook weighs
NEW YORK, Sept 13 (Reuters) - Brent crude prices slipped on Tuesday, dragged down by spread selling and a downward revision to the International Energy Agency's forecast for growth in global oil consumption due to the struggling economy.
"Brent crude and the U.S. product markets are weaker, on demand concerns reinforced by an (IEA) monthly report that trimmed demand," Tim Evans, energy analyst at Citi Futures Perspective in New York, said in a note.
Japan to start buying LNG from U.S. by 2015-Nikkei
Sept 14 (Reuters) - Japan plans to start importing liquefied natural gas (LNG) from the United States as early as 2015 to secure a steady supply amid growing demand for the fuel, Nikkei business daily reported.
Japan's Senior Vice Minister of Economy, Trade and Industry Seishu Makino will meet U.S. Energy Secretary Steven Chu in San Francisco on Tuesday and ask him to allow Japanese private-sector firms to import natural gas, the paper said.
EU plans ban on new investment in Syrian oil
BRUSSELS, Sept 13 (Reuters) - European Union governments reached a preliminary agreement on Tuesday to ban European companies from making new investments in Syrian oil exploration, production and refining industries, EU diplomats said.
Pending final approval, the latest round of Europe's economic sanctions against the government of President Bashar al-Assad could go into effect next week, they said.
NYMEX-Natural gas ends up 2 pct, chart buying helps
NEW YORK, Sept 13 (Reuters) - U.S. natural gas futures ended higher on Tuesday, backed by technical buying after an overnight attempt to move lower stalled despite milder U.S. weather this week, a soft economy and comfortable supplies.
"The market hasn't been able to break down and may be building a technical base here, but there's no real (hot or cold) weather right now," a Houston trader said.
Euro Coal-Oct S.Africa prices slump $6 to $111/T
LONDON, Sept 13 (Reuters) - Prompt South African coal prices slumped by another $6.00 a tonne or 5 percent on Tuesday as traders struggled to find buyers for cargoes due to load in a few weeks' time while DES ARA prices slipped by 25-50 cents.
"Richards Bay prices are massively down from where they were a month ago but they need to fall by at least another $10 if more buyers are to be tempted," one industry source said.
COMMODITIES-U.S. oil at five-week highs; grains slump
NEW YORK, Sept 13 (Reuters) - U.S. crude oil settled at five-weeks highs on Tuesday on expectations of tightening stockpiles in the world's biggest energy consumer, while crop futures mostly slumped on weak demand for grains and soybeans.
"We have a harvest coming and people don't seem too interested in buying before the harvest," said Jack Scoville, analyst with The Price Futures Group. "The demand side of the market is pretty pathetic right now."
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