Most Asia Stock Indexes Advance as Lower China CPI May Allow Policy Easing
Most Asian stock indexes rose as slowing inflation in China added to speculation the government may be able further ease monetary policy in the world’s second- largest economy. Japanese stocks fell as weaker exports added to evidence Europe’s crisis is crimping global demand. Zoomlion Heavy Industry Science & Technology Co., a Chinese construction machinery maker, gained 3.3 percent in Hong Kong. Nissan Motor Co. (7201), Japan’s third-biggest carmaker, fell 1.2 percent after the nation’s current-account surplus narrowed on weak overseas demand. QBE Insurance Group Ltd., an Australian property and casualty insurer, tumbled 23 percent after predicting a drop in 2011 profit. The MSCI Asia Pacific Index (MXAP) dropped 0.1 percent to 116.17 as of 11:25 a.m. in Tokyo, with five shares falling for every four that rose. The gauge advanced 1.7 percent in the past three days amid bets that China will ease monetary policy. The MSCI Asia Pacific excluding Japan Index climbed 0.2 percent.
GLOBAL MARKETS-Shares subdued as Spain auction puts investors on edge
TOKYO, Jan 12 (Reuters) - Asian shares were subdued and the euro hovered near a 16-month low on Thursday as worries about euro zone sovereign funding kept investors risk-averse ahead of a Spanish debt sale that is seen as a key test of confidence. "We see testing times ahead for the market, with uncertainty reverting higher, European currencies remaining under pressure," and safe haven assets such as the U.S. dollar getting fresh support, said analysts at Barclays capital in a research note.
COMMODITIES-Energy leads lower prices
NEW YORK, Jan 11 (Reuters) - U.S. commodities prices ended mixed on Wednesday with energy markets seeing some of the biggest declines as concerns over European debt drove oil prices down and mild weather and a surplus of natural gas sent prices tumbling. "There's no really cold weather on the horizon, so no one's burning any gas, and we're producing like crazy. The only thing to do is keep selling it," a New York-based trader said, adding gas prices could test the $2 level this year.
Japan eyes significant cut in Iran crude imports -media
TOKYO, Jan 12 (Reuters) - The Japanese government has started coordinating with the domestic oil industry on significantly cutting crude imports from Iran, aiming to secure a waiver for Japanese banks from U.S. sanctions against Iran over its nuclear programme, the Yomiuri newspaper said on Thursday.
Tokyo is unlikely to ban Iranian oil imports completely as it is difficult to quickly secure alternatives, with Iran accounting for about 9 percent of total imports, and the size of the reduction will be decided based on consultations with the United States, the paper said without citing sources.
Canada PM to visit China, seeking higher oil sales
OTTAWA, Jan 11 (Reuters) - Canadian Prime Minister Stephen Harper plans to visit China next month as his government looks to open new markets for oil sands crude in the wake of Washington's decision to delay approval of a major pipeline from Alberta to Texas.
Harper is scheduled to fly to Beijing in the second week of February and aims to deepen economic ties with the Asian powerhouse, the prime minister's office said in a statement on Wednesday after he met with China's ambassador.
U.S. gasoline futures test below 300-day moving avg
NEW YORK, Jan 11 (Reuters) - U.S. gasoline futures briefly dipped below their 300-day moving average on Wednesday, dragged down by data showing a strong build in U.S. oil stocks and tepid demand. U.S. front-month February gasoline futures fell 0.95 cent to settle at $2.7633 a gallon, after falling to $2.7328 and pushing below the 300-day moving average of $2.7494 a gallon.
Natural gas ends down 6 pct, front hits 28-month low
NEW YORK, Jan 11 (Reuters) - U.S. natural gas futures ended lower on Wednesday for a third straight day, with fairly mild winter weather and record high supplies driving the front-month to its lowest level in more than two years and the biggest three-day slide seen in 14 months. "The withdrawals from storage this winter have been below average, and it that doesn't look like that trend will change based on the (fairly mild) weather outlook and strong production," said Eric Bickel, commodity analyst at Summit Energy in Kentucky.
Euro Coal-Prices fall $1/T with oil, low coal burn
LONDON, Jan 11 (Reuters) - Prompt European physical coal prices slipped by around $1.00 a tonne on Wednesday as utilities sold coal swaps in the face of weak coal burn across most of northern Europe after the warmest winter for 30 years. "There was a lot of utility selling earlier today, everybody's got too much coal and the burn outside of southern Europe has been poor," one European utility source said.
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