Asian Stocks Drop as Europe Stops Greek Aid on Vote, Fed Cuts U.S. Outlook
Asian stocks declined as European leaders withheld aid to Greece after the country said it will hold a referendum on a bailout package and the U.S. Federal Reserve cut its forecast for the world’s biggest economy. HSBC Holdings Plc (HSBA), Europe’s biggest lender, dropped 2.7 percent in Hong Kong on speculation a default by Greece will threaten bank earnings. United Overseas Bank Ltd. (UOB), Singapore’s No. 3 lender by market value, sank 3.5 percent after posting profit that missed estimates. LG Electronics Inc. (066570), the world’s third-biggest mobile phone maker that gets about 30 percent of sales from North America, slumped 9.4 percent amid speculation the company may sell new shares.
The MSCI Asia Pacific Excluding Japan Index slipped 1.8 percent to 410.72 as of 10:09 a.m. in Hong Kong. The measure gained 13 percent last month, the most since May 2009, as Europe appeared to be closing in on a deal to contain its debt crisis, reports showed the U.S. economy grew faster and China hinted at easier monetary policy.
GLOBAL MARKETS-Stocks, euro, oil fall as investors shun risk
SINGAPORE, Nov 3 (Reuters) - Asian shares, the euro and the Australian dollar all fell on Thursday as fears that Europe's debt crisis could unleash financial chaos prompted investors to continue shedding riskier assets in favour of the relative safety of the dollar.
U.S. stock futures also eased, stepping back from a Wall Street rebound on Wednesday, as leaders of the world's biggest economies began arriving in France for a G20 summit set to be dominated by concerns that Greece is on course for default.
COMMODITIES-Slight rise after 3-day loss, Greece still focus
NEW YORK, Nov 2 (Reuters) - Commodities rose after encouraging preliminary U.S. jobs data for October on Wednesday, breaking a three-day decline, but markets ended sharply off the day's highs on caution over Greek turmoil.
"The Fed did not give any indication about QE3, which the market was on the lookout for," said John Kilduff, partner at Again Capital LLC, an energy hedge fund in New York.
COLUMN-If everybody likes oil below $100, why is it higher?: Clyde Russell
--Clyde Russell is a Reuters market analyst. The views expressed are his own.--
SINGAPORE, Nov 2 (Reuters) - Producers and consumers are happy with Asian crude oil prices in a range between $80 and $100 a barrel is the consensus emerging from the Singapore International Energy Week.
Sounds great, small problem is that the regional benchmarks are already north of $100 a barrel and show little sign of dropping, even in the face of confusion in Europe and a slowing global economy.
LNG spot trade to thrive despite tighter supplies
SINGAPORE, Nov 2 (Reuters) - More flexible liquefied natural gas (LNG) supply contracts that allow for unsold cargoes to be diverted to the spot market will help boost trading of the fuel, said the chief executive of Singapore's upcoming LNG terminal.
Singapore is building a 6 million tonnes per year (tpy) regasification facility primarily to meet growing domestic demand for power, but also as a platform to facilitate spot trading as more LNG traders set up operations in the city-state.
Oil mixed weighing Europe woes, Fed outlook
NEW YORK, Nov 2 (Reuters) - Brent crude fell and U.S. crude edged up in volatile trading on Wednesday, as investors weighed concerns about the euro zone debt crisis against the potential for further monetary easing in the United States.
"The Fed did not give any indication about QE3, which the market was on the lookout for," said John Kilduff, a partner at hedge fund Again Capital LLC in New York.
Natural gas ends lower, mild weather weighs
NEW YORK, Nov 2 (Reuters) - U.S. natural gas futures ended lower for a second straight session on Wednesday, pressured by moderating weather forecasts, growing supplies and economic concerns.
"All of the normal natural gas drivers remain biased to the bearish side," said Energy Management Institute's Dominick Chirichella.
Euro Coal-Prices dip 50 cents as stocks, euro rise
LONDON, Nov 2 (Reuters) - European prompt physical coal prices dipped by a marginal 50 U.S. cents, or 0.4 percent, on Wednesday as equities and the euro rose, after having fallen by over $3 earlier this week in line with oil and copper.
"It's been extremely quiet -- few serious bids or offers and very little change to prices," one utility trader said.
No comments:
Post a Comment