China’s Stocks Sink to 14-Month Low as Investors Predict Economic Slowdown (Bloomberg)
China’s stocks fell, sending the benchmark index to a 14-month low, on concern economic growth will slow as the government maintains measures to curb inflation and demand for exports falters in Europe and the U.S. Jiangxi Copper Co. and Aluminum Corp. of China Ltd. paced declines by commodity producers after metal prices dropped. Shanghai Friendship Group Co. and Dashang Group Co. retreated more than 2 percent among consumer-related stocks after Vice Premier Li Keqiang said the top priority will continue to be stabilizing prices. Most global investors predict Chinese growth will slow to less than 5 percent by 2016, a Bloomberg poll showed. “The European debt problem will remain hanging over the market as there’s no possibility of solving it in the near future,” said Zhang Ling, general manager at Shanghai River Fund Management Co. “That’ll continue to bring turmoil to global financial markets as the appetite for risk assets is falling.”
European Stocks Drop Amid Debt-Crisis Response Concern; U.S. Futures Gain (Bloomberg)
European stocks declined for a second day amid growing concern that policy makers are divided over how to handle the region’s debt crisis. Asian shares and U.S. index futures advanced. The Stoxx Europe 600 Index dropped 0.4 percent to 226.51 at 8:29 a.m. in London. The measure is heading for its worst quarter since 2008, having fallen 17 percent amid concern global economic growth is slowing and policy makers are struggling to contain the European debt crisis. The gauge has lost 4.6 percent this month following a 10 percent slump in August. “The European patient is ill and has already had several different medicines prescribed,” said William De Vijlder, who oversees $778 billion as the global chief investment officer of Paris-based BNP Paribas Investment Partners. “But, to the patient’s frustration, the doctors don’t seem to be able to agree on which medicine is the right one and what dose to prescribe. Fears of a recession are very much alive.”
Commodities, stocks fall on euro crisis fears
SINGAPORE, Sept 29 (Reuters) - Asian shares and commodities fell on growing worries that Europe's intractable debt problems will plunge the world into a second global financial crisis.
"This is being driven by the clear realisation that while there are many plans as to how to deal with the Euro situation, the reality of getting agreement will be that much harder."
FOREX-Euro on track for worst qtr in more than year
TOKYO, Sept 29 (Reuters) - The euro gained on short-covering in volatile, commodity-driven trade after riskier assets bounced off intraday lows, but was still on track to mark its worst quarter since early 2010, with traders preparing for further falls.
"It's very clear to me ... sell EUR/USD, it's going down," said a trader for a European bank in Singapore, citing the risk of debt restructuring by Greece and the possibility that the European Central Bank may cut interest rates.
Soy at 10-month low; wheat, corn fall on economic woes
SINGAPORE, Sept 29 (Reuters) - U.S. soy slid to a new 10-month low while corn lost more ground to drop to its lowest in three months as Europe's debt crisis continued to hammer the commodity markets.
"I think the market is falling due to the economic pessimism. We still see that macroeconomic uncertainty is outweighing the fundamentals," said Lynette Tan, a grains analyst at Phillip Futures in Singapore.
Philippines' NFA head: Typhoon damage on rice worrisome
MANILA, Sept 29 (Reuters) - The head of the Philippines' grain procurement agency said on Thursday he was worried about the damage to rice crops by Typhoon Nesat and could not rule out the need to import rice soon to replenish reserves.
Reports from local governments of heavily-flooded provinces showed a bigger crop damage than the Agriculture department's initial estimates, with damage to standing rice crop in Central Luzon region alone reaching more than 103,000 tonnes, National Food Authority (NFA) Administrator Angelito Banayo told Reuters.
Cosan begins covering Santos sugar terminal
SAO PAULO, Sept 28 (Reuters) - Cosan, The world's largest sugar exporter, has begun building a long-awaited rain shield over a bulk sugar terminal in Brazil's main port of Santos, the company's CEO said on Wednesday.
The cover, which is expected to be fully operational in April 2012 -- the start of the next Brazilian cane season -- should boost the flow of sugar through Cosan's terminal by allowing it to load in rainy weather.
Brazil could add 200 mln T cane in 2 yrs-Cosan
SAO PAULO, Sept 28 (Reuters) - Brazil could add 200 million tonnes of cane to its crop in two seasons, simply through the recovery of existing cane yields, the chief executive of the country's largest sugar and ethanol producer Cosan said on Wednesday.
Yields in Brazil have fallen dramatically this year due to aging cane fields that are overdue for replanting and unfavorable weather conditions during the crop development.
Mexico will not open new sugar import quota in 2011
MEXICO CITY, Sept 28 (Reuters) - Mexico does not need more sugar imports beyond the 150,000-tonne quota opened earlier this year, since there is enough supply to cover national demand, the government said on Wednesday.
"There is one (import quota) for 150,000 tonnes which is in process and right now we don't see a need for another one," Lorenza Martinez, the deputy economy minister, told Reuters.
Brazil cocoa crop to ease back after 2010 surge
BRASILIA, Sept 28 (Reuters) - Brazil's main crop cocoa harvest, which officially starts next week, will be of a fairly typical size but fall far short of last year's stellar harvest, local cocoa analyst Thomas Hartmann said on Wednesday.
Hartmann, who is based in Brazil's top cocoa state Bahia and has worked in the sector for four decades, said pod counter estimates showed the state would produce 800,000-900,000 60-kg bags compared with 1.26 million bags in 2010's main crop
India extends ban on vegoil exports - govt
NEW DELHI, Sept 28 (Reuters) - India has extended a ban on exports of vegetable oils by a year to Sept. 30, 2012, a government statement said on Wednesday, continuing its cautious approach in farm trade to ensure local supplies at moderate prices.
India, the world's biggest cooking oil importer, used to export tiny quantities of coconut and groundnut oils before the ban was imposed in early 2008.
Brent crude falls to about $103 on stockpile gain, euro crisis
SINGAPORE, Sept 29 (Reuters) - Brent crude fell to near $103 declining for a second day after a bigger-than-expected increase in U.S. stockpiles heightened concern that demand may slow and doubts over the eurozone rescue fund weighed on confidence.
"A lot has been talked about but no agreement is in place," for the eurozone, said Alvin Liew, a senior economist at UOB Research in Singapore. "The uncertainty is out there."
N. America aluminum shipments fall 1.6 pct in July
NEW YORK, Sept 28 (Reuters) - Demand for U.S. and Canadian aluminum products, measured as shipments from domestic producers plus imports, fell by 1.6 percent in July from a year earlier, and slid 8.2 percent from June, an aluminum industry group said on Wednesday.
For the year through July, however, aluminum shipments were up 6.0 percent, the report said.
Japan Aug aluminium shipments at 19-mth low
TOKYO, Sept 28 (Reuters) - Japanese shipments of aluminium products fell to their lowest level since January 2010, hit by slowing exports to Southeast Asia and China and a slower-than-expected pick up in domestic demand, an industry group said on Wednesday.
The Japan Aluminium Association data showed shipments of Japanese aluminium products fell 1.5 percent in August from a year earlier to 154,684 tonnes, down year-on-year for the third month in a row.
LME copper extends losses ahead of German vote
SHANGHAI, Sept 29 (Reuters) - Copper fell as investors worried over a German vote to beef up the euro zone's rescue fund.
"Copper prices had been very high with very bullish news priced in, including the prospective significant re-stocking by China, which is not playing out at the moment," Citigroup analyst David Thurtell said.
Japan Aug zinc exports rise 24 pct yr/yr
TOKYO, Sept 29 (Reuters) - Japan's refined zinc exports rose 24 percent in August from a year earlier to 7,846 tonnes, climbing year-on-year for the first time since January as output gradually recovered from the massive earthquake in March.
Exports have been hit by the March 11 quake and tsunami, which shut nearly 65 percent of the country's production capacity for zinc, used in automotive steel sheet and construction materials.
China's iron ore imports seen soaring to 1 bln T
QINGDAO, China, Sept 28 (Reuters) - China's iron ore imports may surge to 1 billion tonnes by 2015, up around 60 percent from last year, with the world's biggest steel producer able to cope with a potential recession in developed economies, miners said on Wednesday.
China is the biggest buyer of the steel-making raw material and firm Chinese demand has been largely behind the strength in spot iron ore prices which, at above $170 a tonne, have trebled from late 2008.
METALS-LME copper extends losses ahead of German vote
SHANGHAI, Sept 29 (Reuters) - Copper fell as investors worried over a German vote to beef up the euro zone's rescue fund.
"Copper prices had been very high with very bullish news priced in, including the prospective significant re-stocking by China, which is not playing out at the moment," Citigroup analyst David Thurtell said.
PRECIOUS-Gold falls 1 pct on rising dollar, growth fears
SINGAPORE, Sept 29 (Reuters) - Gold extended losses and dropped more than 1 percent as investors turned to the safety of the U.S. dollar on uncertainty about a resolution of Europe's debt crisis that has stirred up fears for global growth.
"The dollar is likely to strengthen on a broad scale, at least short-term. That's definitely going to be weighing on performance. Closer to the 200-day daily moving average, we should find the bottom and I think that's still there," said Dominic Schnider, an analyst at UBS Wealth Management.
Gold falls 1 pct on rising dollar, growth fears
SINGAPORE, Sept 29 (Reuters) - Gold extended losses and dropped more than 1 percent as investors turned to the safety of the U.S. dollar on uncertainty about a resolution of Europe's debt crisis that has stirred up fears for global growth.
"The dollar is likely to strengthen on a broad scale, at least short-term. That's definitely going to be weighing on performance. Closer to the 200-day daily moving average, we should find the bottom and I think that's still there," said Dominic Schnider, an analyst at UBS Wealth Management
Vietnam to allow more gold imports this week-source
HANOI, Sept 29 (Reuters) - The State Bank of Vietnam has granted quotas for gold companies and banks to import four to five tonnes of the precious metal this week in an effort to narrow the gap between domestic and world prices, an industry source said on Thursday.
The central bank gave importers quotas late on Tuesday and the gold would be delivered this week, said the source, who is familiar with the development.
Canada's Banro to start Congo gold mine in October
TWANGIZA, Democratic Republic of Congo, Sept 28 (Reuters)-Canadian gold mining company Banro will start producing gold at its Democratic Republic of Congo mine on Oct. 10, ramping up output to 120,000 ounces per year by January, the company said on Wednesday.
Banro's Twangiza mine, in the eastern province of South Kivu where rebel groups operate, is the first new gold mining project in Congo for more than half a century.
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