Asia shares rise on progress in euro zone rescue
TOKYO, Oct 13 (Reuters) - Asian shares rose on growing hopes that Europe is taking concrete steps to contain the region's debt woes and head off a systemic banking crisis.
"Markets are feeling better. The sense is that things are beginning to be put in place, bondholder haircuts, bank recapitalisations and the EFSF expansion," said a Singapore-based trader with an Asian bank referring to the two-year old euro zone debt crisis.
Asian Stocks Rise as European Debt Plan, U.S. Fed Buoy Recovery Confidence (Bloomberg)
Asian stocks rose for a sixth day as European leaders edged closer to a plan for taming the debt crisis and the U.S. Federal Reserve said it discussed more asset purchases, reducing concern about the global economy. Esprit Holdings Ltd. (330), a clothier that gets most of its revenue from Europe, jumped 13 percent in Hong Kong after refuting claims it overstated the number of its Chinese stores. Sony Corp. added 3 percent in Tokyo, even after saying it recalled 1.6 million televisions. BHP Billiton Ltd. (BHP), the world’s No.1 miner, gained 1.5 percent in Sydney after metal prices rose yesterday. BYD Co., the automaker backed by billionaire investor Warren Buffett, soared 11 percent in Hong Kong.
The MSCI Asia Pacific Index rose 1.1 percent to 117.51 as of 3:24 p.m. in Tokyo, taking its advance in the past six days to 9.5 percent. The gauge climbed this week after German Chancellor Angela Merkel and French President Nicholas Sarkozy pledged at the weekend to deliver a plan to recapitalize banks and address Greece’s debt crisis.
Most European Stocks Gain, Alcatel-Lucent Rises (Bloomberg)
Most European stocks rose as construction and technology companies climbed. U.S. futures gained, while Asian shares advanced. Alcatel-Lucent surged 11 percent after the Financial Times reported that France’s biggest telecommunications equipment maker will sell its corporate call-center business. Carrefour retreated 4.1 percent after saying its profit may fall as much as 20 percent this year. Roche Holding AG (ROG) slid 3.2 percent after posting third-quarter revenue that missed analysts’ estimates. The benchmark Stoxx Europe 600 Index gained 0.2 percent to 239.53 at 8:50 a.m. in London as more than three stocks increased for every one that decreased. The gauge rose 1.7 percent yesterday for its biggest six-day rally since January 2009, surging 10 percent. The gauge has still tumbled 18 percent from its high on Feb. 17 amid concern that the sovereign debt crisis in Europe will spread from Greece to the larger economies of Italy and Spain.
China trade momentum softens in face of global woes
BEIJING, Oct 13 (Reuters) - China's trade surplus narrowed in September for a second straight month as growth of exports and imports both pulled back, reflecting global economic weakness and domestic cooling, and giving Beijing ammunition to resist U.S. pressure to allow the yuan to rise more quickly.
Exports increased 17.1 percent last month from a year ago, slowing from a 24.5 percent gain in August, and imports increased 20.9 percent, compared with August's 30.2 percent rise, the customs office said on Thursday.
Punishing China no boon for U.S. manufacturing jobs
LONDON, Oct 12 (Reuters) - For every Apple iPad sold in the United States, the U.S. trade deficit with China increases by about $275.
Yet by far the most value embedded in the device accrues to Apple and sustains thousands of well-paid design, software, management and marketing jobs in the United States.
US wheat falls for 2nd day on supply pressure, soy dips
SINGAPORE, Oct 13 (Reuters) - U.S. wheat slid 0.7 percent, falling for a second straight day as the market was weighed down by a U.S. government report that raised estimates for global supplies.
"U.S. and world wheat supplies are comfortable and are not supportive for high prices," Luke Mathews, a commodity strategist at Commonwealth Bank of Australia, said in a report.
Thai floods damage rice, threaten exports
SINGAPORE/HANOI, Oct 12 (Reuters) - Thailand's worst floods in half a century have inundated farms and mills, squeezing rice supplies from the world's top exporter, while rival Vietnam is expected to default on half a million tonnes as prices of the staple climb.
Flood-damage to Thai rice comes as the nation's new government implemented a scheme that gives farmers a big increase in farmgate prices, raising concerns over food inflation among buyers in Asia, the Middle East and Africa.
UK wheat supplies seen barely changed in 2011/12
LONDON, Oct 12 (Reuters) - Wheat supplies in Britain are seen barely changed in 2011/12 as a slightly larger crop offsets lower opening stocks by comparison with the start of the previous season, the Home-Grown Cereals Authority said on Wednesday.
The HGCA, in its first supply/demand balance for the 2011/12 marketing season which began on July 1, put wheat availability at 17.83 million tonnes, marginally down from 17.91 million in the prior season.
Showers slow down U.S. corn and soy harvesting
CHICAGO, Oct 12 (Reuters) - Showers at mid-week will slow down the harvesting of corn and soybeans in the U.S. Midwest, but the delays will be short-lived, an agricultural meteorologist said Wednesday.
"There are some rains today and tomorrow in most of the Midwest and eastern Plains with the bulk of the rainfall in the west central and eastern Midwest including Missouri, Iowa, Minnesota and western Illinois," said Don Keeney, meteorologist for MDA EathSat Weather.
S.Africa maize deliveries rise to 9.342 mln T -SAGIS
JOHANNESBURG, Oct 12 (Reuters) - Maize deliveries to South African silos rose to 9.342 million tonnes in the week to Oct.7, up from a revised 9.326 million tonnes in the week before, data showed on Wednesday.
White maize deliveries rose to 5.692 million tonnes from a revised 5.685 million tonnes, while yellow maize submissions increased to 3.650 million tonnes
from a revised 3.641 million tonnes, the South African Grain Information Service (SAGIS) said.
Pakistan may import 400,000 T sugar next year
ISLAMABAD, Oct 12 (Reuters) - Pakistan may import up to 400,000 tonnes of refined sugar next year to bolster reserves despite expectations of a bumper crop, officials of the Ministry of Industries said on Wednesday.
The Economic Coordination Committee (ECC), the highest economic decision-making body, is expected to discuss the stock position and prospects for the next crop in a meeting on Thursday, the officials said.
Brent falls to near $111 as China crude imports slow
SINGAPORE, Oct 13 (Reuters) - Brent crude fell to near $111, snapping six days of gains, after trade data from China pointed to slower demand in the world's second-largest oil consumer.
"The fall in crude imports could be attributed to either weak demand or a draw down in inventories," said Brynjar Bustnes, J.P. Morgan analyst in Hong Kong.
China September crude oil imports down 2.8 pct from August
BEIJING, October 13 (Reuters) - China imported 20.45 million tonnes of crude oil in September, down 2.8 percent from 21.04 million tonnes in the previous month, according to data from China's General Administration of Customs.
Imports of oil products fell 18.8 percent to 2.77 million tonnes while exports of oil products rose 3.2 percent to 2.24 million tonnes.
North Sea oil supplies to improve in November
LONDON, Oct 12 (Reuters) - Crude oil output from nine North Sea grades is set to rise by nearly 2 percent in November from the previous month due to higher supplies of some Norwegian streams.
Output will average 1.792 million barrels per day (bpd) in November, up from a planned 1.761 million bpd in October, according to provisional loading
programmes.
IEA cuts oil demand forecast while US more bullish
WASHINGTON/LONDON, Oct 12 (Reuters) - The International Energy Agency cut its global oil demand growth projection on Wednesday while the U.S. government increased its outlook for 2012, making it the most bullish forecaster as the economy heads into an uncertain year.
The U.S. Energy Information Administration's outlook for oil demand growth next year was much stronger than the Paris-based IEA's projection and the forecast issued by the Organization of the Petroleum Exporting Countries on Tuesday.
W.Europe steel output may halve by 2030-Voestalpine
PARIS Oct 12 (Reuters) - Steel production in Western Europe is likely to halve in the next 20 years as most basic grade steel production will migrate from Europe to lower cost countries, the Chairman and CEO of Austrian steelmaker Voestalpine told Reuters.
"It is realistic to think that this will happen," Wolfgang Eder, also president of the European steel producer association Eurofer, said in an interview on Wednesday on the sidelines of the annual World Steel Association conference.
LME copper retreats from two-week high
SHANGHAI, Oct 13 (Reuters) - London copper slipped 1.6 percent after meeting strong technical resistance above $7,500, with lingering worries over the euro zone crisis and uncertainties ahead of key Chinese data this week also weighing on base metals.
"Copper is now moving sideways trying to consolidate in a new technical range. Equities went up slightly but not as much as yesterday so they won't be lifting base metals as much," CiFCO Futures analyst Zhou Jie said.
China Sept iron ore imports up 2.5 pct at 60.57 mln T
BEIJING, Oct 13 (Reuters) - China imported 60.57 million tonnes of iron ore in September, up 2.5 percent compared with the previous month and the highest monthly figure since January, official data from China's customs authority showed on Thursday.
But despite the increase, Chinese traders remain pessimistic about their prospects in the coming months amid uncertainties about the global economy and tightening domestic credit.
Freeport Indonesia says ramps up copper output
TIMIKA, Indonesia, Oct 12 (Reuters) - Freeport Indonesia has ramped up copper concentrate production at its strike-hit Grasberg mine, taking it to more than 4,000 tonnes per day in October, and plans to ship 79,000 tonnes this week.
This has taken output at the world's second-biggest copper mine from just 54 tonnes on Sept. 18, days after the start of a strike by around half its workforce, and up to around three-quarters of its normal production, undermining the month-long industrial action over pay.
China Sept copper imports rise 11.8 percent on-month
HONG KONG, Oct 13 (Reuters) - China's imports of unwrought copper and semi-finished copper products rose 11.8 percent from the previous month to a 16-month high in September as importers took spot shipments on improved margins.
The world's top copper consumer imported 380,526 tonnes of anode, refined copper, alloy and semi-finished copper products in September, the highest level since May 2010 and a gain of 3.3 percent from September 2010, data from the General Administration of Customs showed on Thursday.
Freeport Indonesia says ramps up copper output
TIMIKA, Indonesia, Oct 12 (Reuters) - Freeport Indonesia has ramped up copper concentrate production at its strike-hit Grasberg mine, taking it to more than 4,000 tonnes per day in October, and plans to ship 79,000 tonnes this week.
This has taken output at the world's second-biggest copper mine from just 54 tonnes on Sept. 18, days after the start of a strike by around half its workforce, and up to around three-quarters of its normal production, undermining the month-long industrial action over pay.
China Sept iron ore imports up 2.5 pct at 60.57 mln T
BEIJING, Oct 13 (Reuters) - China imported 60.57 million tonnes of iron ore in September, up 2.5 percent compared with the previous month and the highest monthly figure since January, official data from China's customs authority showed on Thursday.
But despite the increase, Chinese traders remain pessimistic about their prospects in the coming months amid uncertainties about the global economy and tightening domestic credit.
W.Europe steel output may halve by 2030-Voestalpine
PARIS Oct 12 (Reuters) - Steel production in Western Europe is likely to halve in the next 20 years as most basic grade steel production will migrate from Europe to lower cost countries, the Chairman and CEO of Austrian steelmaker Voestalpine told Reuters.
"It is realistic to think that this will happen," Wolfgang Eder, also president of the European steel producer association Eurofer, said in an interview on Wednesday on the sidelines of the annual World Steel Association conference.
Tata may cut Europe steel output if order books weak
LONDON, Oct 12 (Reuters) - Tata Steel , the world's No. 7 steelmaker, may cut production further in Europe in the next few months if steel orders weaken, Karl-Ulrich Köhler, CEO of Tata Steel in Europe said on Wednesday.
The company had already cut production capacity from 85-90 percent in the first half this year to 80-85 percent currently, it said.
METALS - LME copper retreats from two-week high
SHANGHAI, Oct 13 (Reuters) - London copper slipped 1.6 percent on Thursday after meeting strong technical resistance above $7,500, with lingering worries over the euro zone crisis and uncertainties ahead of key Chinese data this week also weighing on base metals.
Three-month copper on the London Metal Exchange fell to $7,406.25 a tonne by 0412 GMT, after touching $7,544.75, its highest since Sept. 28 ,in the previous session, and closing 3.2 percent higher.
PRECIOUS-Gold steady on Europe hope; tight physicals help
SINGAPORE, Oct 13 (Reuters) - Gold prices held steady on Thursday, as optimism for a solution to the euro zone crisis underpinned sentiment, while tight physical supply in Asia continued to lend support.
A day after Slovakia's parliament voted against the expansion of the euro zone's rescue fund, parties in the outgoing government struck a deal with the leftist opposition to ratify the expansion by Friday, effectively ending a crisis that had threatened the currency's main safety net.
Gold steady on Europe hope; tight physicals help
SINGAPORE, Oct 13 (Reuters) - Gold prices held steady, as optimism for a solution to the euro zone crisis underpinned sentiment, while tight physical supply in Asia continued to lend support.
"Gold is likely to remain in range trade as everyone is waiting for the euro zone to reveal how it will solve the debt crisis by the end of the month," said Dick Poon, manager of precious metals at Heraeus in Hong Kong.
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