GLOBAL MARKETS-China data weighs on stocks, copper
NEW YORK, Oct 13 (Reuters) - Global stocks fell and oil and copper declined on Thursday after soft Chinese data drove worries about the strength of world economy.
"Over the last week we have seen a major short squeeze in a number of risk-sensitive assets," said Jens Nordvig, head of G10 currency strategy at Nomura in New York.
Asian Stocks Decline on Europe Downgrades (Bloomberg)
Asian stocks fell, ending a six-day winning streak for the region’s benchmark index, after credit- rating downgrades of Spain and European banks fueled concern the region’s debt crisis will hurt Asian economies and earnings. Esprit Holdings Ltd., a clothier that gets 83 percent of its revenue in Europe, dropped 0.5 percent in Hong Kong. Honda Motor Co., Japan’s second-largest carmaker by market value, lost 2.3 percent in Tokyo. Mitsubishi UFJ Financial Group Inc., Japan’s biggest lender, fell 1.2 percent after JPMorgan Chase & Co., the second-largest U.S. bank by assets, said profit declined. BHP Billiton Ltd. (BHP), the world’s biggest mining company, fell 2.1 percent in Sydney after commodity prices slumped yesterday.
The MSCI Asia Pacific Index dropped 0.7 percent to 116.98 as of 10:51 a.m. in Tokyo. The gauge climbed 9.7 percent in the previous six days, setting the measure on course for its biggest weekly gain since March after German Chancellor Angela Merkel and French President Nicolas Sarkozy pledged to deliver a plan to recapitalize Europe’s banks and address Greece’s debt crisis.
COMMODITIES-Copper, oil lead commodities decline on China growth fears
KUALA LUMPUR, Oct 13 (Reuters) - Copper and crude oil fell in Asian trading on Thursday after China's trade surplus narrowed, raising concerns about growth in the world's second-largest economy at a time when the global outlook remains uncertain.
"The world economy isn't looking very rosy," said Brynjar Bustnes, an analyst at JPMorgan in Hong Kong.
Brent snaps six-day rally as China imports fall
NEW YORK, Oct 13 (Reuters) - Brent crude snapped six sessions of gains on Thursday, trading slightly lower after data showed further declines in oil demand from No. 2 consumer China.
"There is a squeeze going on ahead of November Brent crude's expiry," said Stephen Schork, editor of the Schork Report in Villanova, Pennsylvania.
Natural gas ends higher after 11-1/2-month low
NEW YORK, Oct 13 (Reuters) - U.S. natural gas futures ended up about 1 percent on Thursday in some short-covering ahead of cooler weather, reversing losses that sent the front-month contract to its lowest in nearly a year early in the session.
Government data showed a much larger-than-expected weekly build to inventories, pressuring the contract, but traders said longer-term forecasts calling for below-normal temperatures for much of the country helped boost prices late in the day.
Euro Coal-Prices drop 50 cents as oil falls
LONDON, Oct 13 (Reuters) - Prompt physical coal prices dropped again by around 50 cents a tonne on Thursday as coal echoed oil's sharper fall but to a much lesser extent. Several key players were absent from the market on Thursday and few bids, offers or trades were seen.
Coal swaps, however, saw a steeper drop of over $1.75 in line with oil.
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