Asian Stocks Decline Third Day as Economies Slow, Europe Concern Flares (Bloomberg)
Asian stocks fell for a third day amid signs of slowing economic growth in China and Japan, and as rising financing costs stoked concern Europe is losing its fight to contain the debt crisis. HSBC Holdings Plc (5), Europe’s biggest lender, fell 2.1 percent in Hong Kong. Industrial & Commercial Bank of China Ltd. dropped 2.6 percent on a report mainland manufacturing may contract for a second month. Toshiba Corp., a maker of laptop computers, home appliances and power plants, sank 3.8 percent after sentiment among Japanese manufacturers worsened. Olympus Corp. (7733) plunged after restated earnings showed the camera-maker inflated assets by $1.3 billion. “Europe’s situation doesn’t seem to be moving in a positive direction,” said Naoteru Teraoka, general manager at Tokyo-based Chuo Mitsui Asset Management Co., which oversees about $29 billion. “Japan is highly vulnerable to overseas factors. The euro has fallen a lot against the yen, which is another headache for exporters.”
FOREX-Euro steady, stuck near 11-month low
SINGAPORE, Dec 15 (Reuters) - The euro held steady on Thursday, but still hovered near an 11-month low hit the previous day as signs the European debt crisis was far from over prompted investors to sell risky assets and bolstered demand for the dollar.
"We need something to get us through the next six to 12 months," Ryan said.
Europe debt woes prompt year-end flight from risk
SINGAPORE, Dec 15 (Reuters) - Asian shares fell into bear market territory for the year and commodities and the euro nursed stinging losses, after fears that Europe's debt crisis is still worsening prompted investors to dump riskier assets and huddle in the safety of the dollar and Treasuries.
"We're quite bearish about the world at the moment," said Damien Boey, equity strategist at Credit Suisse in Sydney. "You're looking at basically the three major economies in the world causing problems."
Corn, soy struggle on European debt woes; soy firms
SINGAPORE, Dec 15 (Reuters) - U.S. corn was little changed after sliding to a nine-month low in the last session, while the benchmark wheat languished at contract lows as concerns over Europe's worsening debt crisis continued to plague the global markets.
"Grains and oilseeds are not in a Christmas mood, it's all because of the macro economic situation," said Ker Chung Yang at Phillip Futures in Singapore. "Buyers are seeing some bargain hunting in soybeans near the psychological support level of $11 a bushel."
Vietnam may cut 2012 rice exports to 6.5 mln T-report
HANOI, Dec 15 (Reuters) - Vietnam may cut its 2012 rice exports to 6.5 million tonnes after shipping a record volume of 7.2 million tonnes this year, and prices could fall on ample supply, a state-run newspaper quoted an Agriculture Ministry official on Thursday as saying.
Thanks to high value of the rice sales in 2011, farmers have been expanding the area of low-quality varieties, Nguyen Tri Ngoc, head of the ministry's Crops Department was quoted by the Vietnam Economic Times newspaper as saying.
Italy 9-mth soft wheat, maize imports up-Anacer
MILAN, Dec 14 (Reuters) - Imports of soft wheat into Italy, a major grain buyer in Europe, jumped 13.4 percent year on year and maize imports surged 38.3 percent in the first nine months of 2011, Italian cereals body Anacer said on Wednesday.
Soft wheat imports rose to 4,027,945 tonnes in the January-September period from 3,552,051 tonnes in the same period of 2010. Maize imports rose to 1,918,962 tonnes from 1,387,358, Anacer said in a statement.
Colombia coffee output falls 13.7 pct in Nov -Growers
BOGOTA, Dec 14 (Reuters) - Colombia's coffee output fell for the eighth straight month in November, dropping 13.7 percent from a year ago due to heavy rains that limited flowering, the coffee growers federation said on Wednesday.
The world's third biggest exporter after Brazil and Vietnam has seen output drop since 2009 and struggled to regain historical production levels because of bad weather and a renovation program to replace aging trees.
Mexico to open tender for 8.1 mln tonnes of coal
Dec 14 (Reuters) - Mexico's Federal Electricity Commission (CFE) will open a tender on Thursday to acquire 8.1 million tonnes of coal to cover energy needs at one of its main thermoelectric plants.
The tender will cover 80 percent of coal needed at the CFE's Petacalco plant in the southwestern Mexican state of Guerrero for 2013 as well as 50 percent needed for 2014, the CFE said in a statement said on Wednesday.
S.Korea Nov LNG imports drop 34.5 pct y/y after stock build
SEOUL, Dec 15 (Reuters) - South Korea's imports of liquefied natural gas (LNG) dropped 34.5 percent in November from a year ago, as the world's second-largest buyer reduced volumes after building winter inventories in September and October, customs data showed on Thursday.
South Korea imported 2.32 million tonnes in November, down from 3.54 million tonnes a year earlier, Korea Customs Service data showed.
India fuel demand growth headed lower: Clyde Russell
--Clyde Russell is a Reuters market analyst. The views expressed are his own.--
SINGAPORE, Dec 14 (Reuters) - India's oil-product demand appears poised for a sharp decline as the economy is battered by slowing industrial growth, a weakening currency and fiscal constraints on the government.
Fuel demand rose 4.1 percent in the first 10 months of 2011 from the same period a year earlier, running ahead of the International Energy Agency's forecast for an increase of 3.6 percent for the whole year.
Brent little changed at $105 after biggest drop since Sept
SINGAPORE, Dec 15 (Reuters) - Brent crude futures were little changed at $105, after plunging the most in nearly three months in the previous session after Italy's borrowing costs skyrocketed and renewed fears about the euro zone's debt crisis.
"There is still a lot of uncertainty surrounding Europe and that is worrying investors," said Ken Hasegawa, commodity derivatives manager at Newedge Brokerage in Tokyo. "Although there was an agreement, a lot of countries are involved and they need to get the deal cleared," he said, referring to last week's European summit.
Diesel runs dry in southern China gas stations - report
Dec 15 (Reuters) - Widespread diesel shortages are hitting southern China, with many filling stations posting "no diesel" signs ahead of high seasonal demand, the China Review News reported on its website.
The newspaper reported long queues at filling stations along the expressway linking Beijing and Hong Kong, while in the southeastern province of Zhejiang, a line of trucks awaiting fuel at a gas station stretched for 2 km.
Nickel premiums eye Chinese demand next year
LONDON, Dec 14 (Reuters) - Nickel premiums in Europe could see a recovery early next year say some traders and producers who expect recently eased bank reserve requirements in China to help spur demand for raw materials.
"The Chinese government has just eased the lending regulations for its banks so we could see a bit of a pick-up in January if we stay at these levels," a source at a nickel producer said.
China 2012 steel output, iron ore imports growth to slow
SINGAPORE, Dec 15 (Reuters) - Growth in China's steel output and iron ore imports will slow next year as the world's top steel market keeps a tight grip on its property sector, putting pressure on iron ore prices, a Reuters poll showed.
Despite slower growth, steel output and iron ore imports would still hit record levels in 2012, reflecting Beijing's efforts to invest in public housing and infrastructure.
Top Brazil iron ore state to tax mining from Jan
Dec 14 (Reuters) - Brazil's Para state, home to the country's largest iron ore mine, will impose a 6.45 reais-per-tonne ($3.45) tax on iron ore, likely pushing up the cost of ore produced there by Brazilian mining giant Vale .
Vale is the world's largest iron ore exporter and the Carajas mine it operates in Para is the source of nearly 10 percent of all world exports. At today's exchange rate and spot iron ore price, the tax could add about 2 percent to the price of a tonne of the mineral.
China's aluminium imports to rise as arbitrage opens -trade
HONG KONG, Dec 14 (Reuters) - China's primary aluminium imports are likely to rise until March with investors and merchants ramping up purchases after an arbitrage window between the London Metal Exchange and Shanghai opened for the first time since 2009, traders said on Wednesday.
Benchmark three-month LME aluminium dropped more than 18 percent from end-2010 to $2,017.5 per tonne around noon on Wednesday. Shanghai third-month aluminium contract fell by less than 6 percent during the same time, supported by lower domestic production.
Shanghai copper, zinc fall on Europe debt fears
KUALA LUMPUR, Dec 15 (Reuters) - Copper prices in Shanghai fell for a sixth day, tracking losses in most commodities overnight, after Italy's borrowing costs spiked and deepened fears about the euro zone debt crisis.
"Markets are frustrated and disappointed, waiting for a road map on the resolution of the two-year-old debt crisis," said Ong Yi Ling, an investment analyst at Phillip Futures in Singapore.
Copper mkt seen in 343,400 T surplus Jan-Oct 2011
LONDON, Dec 14 (Reuters) - The global copper market was in a surplus of 343,400 tonnes from January to October 2011 which was larger than a surplus of 18,200 tonnes in the whole of 2010, consultancy World Bureau of Metal Statistics (WBMS) said on Wednesday.
World refined copper production rose to 16.29 million tonnes, up 2.0 per cent compared to the same months last year.
Gold steady after carnage, Europe trouble eyed
SINGAPORE, Dec 15 (Reuters) - Spot gold wallowed near a 2-1/2-month low after dropping 3.5 percent in the previous session, as investors remained nervous about the euro zone debt crisis amid the year-end rush to liquidate positions.
"It's not only because of the stronger dollar, the year-end fund redemption and margin call demand from other markets also contributed to the sell-off," said a Shanghai-based trader.
India's Rajesh Exports to import more gold for retail thrust
MUMBAI, Dec 14 (Reuters) - India's Rajesh Exports , the world's biggest jewellery maker, expects to raise gold imports 17 percent next year to power its renewed thrust in the competitive and fragmented local jewellery market as a cushion against a volatile export market, its chairman said on Wednesday.
"The profitability in exports is always lower due to bulk business, and the profitability on retail is higher. The idea is to increase our profitability on our revenues," said Rajesh Mehta, chairman of Rajesh Exports.
METALS-Shanghai copper, zinc fall on Europe debt fears
KUALA LUMPUR, Dec 15 (Reuters) - Copper prices in Shanghai fell for a sixth day on Thursday, tracking losses in most commodities overnight, after Italy's borrowing costs spiked and deepened fears about the euro zone debt crisis.
"Markets are frustrated and disappointed, waiting for a road map on the resolution of the two-year-old debt crisis," said Ong Yi Ling, an investment analyst at Phillip Futures in Singapore.
PRECIOUS-Gold extends losses after carnage on Europe woes
SINGAPORE, Dec 15 (Reuters) - Spot gold weakened further on Thursday after dropping 3.5 percent in the previous session, as investors remained nervous about the euro zone debt crisis amid the year-end rush to liquidate positions.
"It's not only because of the stronger dollar, the year-end fund redemption and margin call demand from other markets also contributed to the sell-off," said a Shanghai-based trader.
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