Asia Stocks, Won, Metals Gain on Europe Outlook
Asia stocks rallied for a second day, while the South Korean won and metals climbed amid efforts by European policy makers to contain the region’s debt crisis. The yen strengthened and Treasuries snapped a three-day drop before data on U.S. unemployment. The MSCI Asia Pacific Index added 2.2 percent at 11:27 a.m. in Tokyo. Standard & Poor’s 500 Index futures fell less than 0.1 percent after a three-day rally in the U.S. stocks gauge. The won appreciated 0.9 percent. The yen rose 0.2 percent versus the euro. Treasury 10-year yields declined one basis point to 1.97 percent. Oil dipped 0.4 percent in New York after the biggest two-day jump in seven months. Copper and zinc advanced.
European Central Bank President Jean-Claude Trichet said yesterday the ECB will resume covered-bond purchases and reintroduce yearlong loans for banks. He defied calls for an interest-rate cut and acknowledged “downside risks” to the economy have intensified. U.S. data today may show gains in non- farm payrolls last month failed to dent the 9.1 percent unemployment rate, economists surveyed by Bloomberg News said.
GLOBAL MARKETS-Global stocks, oil rise on European bank moves
NEW YORK, Oct 6 (Reuters) - Global stocks rallied for a third straight day and oil prices surged on Thursday on renewed European efforts to aid ailing regional banks and as a ho-hum U.S. jobs report still managed to ease fears of a new recession.
"We're popping back up again, based on the idea they will reach an agreement and rescue us,"
COMMODITIES-Copper up most since early 2010; oil rallies
NEW YORK, Oct 6 (Reuters) - Copper saw its biggest gain in 20 months and oil rose a second straight day on Thursday, as signs that Europe was wrestling its debt crisis under control helped commodities rebound further from last week's loss.
"We have raised cash levels and we are putting some money back to work down at these levels,"
Oil gains 3 pct on ECB bank move, U.S. data
NEW YORK, Oct 6 (Reuters) - Oil prices jumped nearly 3 percent on Thursday, gaining for a second straight day as Europe moved closer to pumping aid to the region's troubled banks and U.S. jobless benefit claims rose less than expected last week.
"Oil traders are looking at the macro-market situation. reacting to the ECB moves and also the better-than-expected jobless claims data,"
NYMEX-Natural gas ends up despite bearish EIA report
NEW YORK, Oct 6 (Reuters) - U.S. natural gas futures ended higher on Thursday for the second time in three sessions as short covering support offset pressure from bearish weekly inventory data, mild weather forecasts and growing supplies.
"It (the storage build) was a shade under expectations, but it was still healthy. The trend is definitely lower, but the market is oversold here1
EURO COAL-Prices stable on scant trade by few buyers
LONDON, Oct 6 (Reuters) - Prompt physical coal prices were little changed on Thursday, after a steep fall of $2 a tonne early in the week, while buyers were thin on the ground.
"Coal swaps rose in very early trading, reflecting moves in the markets in general, but there are few buyers and the bids and offers are far apart,"
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