Asian Stocks Advance for Second Day on Optimism Over U.S. Economic Outlook (Bloomberg)
Asian stocks rose for a second day as increases in Australian building permits and U.S. consumer credit added to signs the global economy is weathering Europe’s debt crisis. Australia & New Zealand Banking Group Ltd. led the nation’s lenders higher. Honda Motor Co. (7267), a Japanese carmaker that gets about 44 percent of sales from North America, increased 1.5 percent in Tokyo. Olympus Corp. surged 21 percent as the camera maker sued current and former executives over their roles in a $1.7 billion cover-up of losses. The MSCI Asia Pacific Index gained 0.8 percent to 115.60 as of 10:50 a.m. in Tokyo, with more than two shares rising for each that fell. The gauge increased 0.9 percent last week as manufacturing growth from China to the U.S. boosted confidence in the global economy. Stocks pared gains at week’s end as France faced higher borrowing costs at a bond auction.
GLOBAL MARKETS-Shares, euro rise; Europe worries weigh
TOKYO, Jan 10 (Reuters) - Asian shares and the euro rose on Tuesday, but concerns over funding of euro zone sovereigns ahead of key auctions this week and of the debt crisis spilling over into the wider financial system kept investors cautious about taking riskier positions.
"EURUSD continues to trade below $1.2800, and prospects for EUR remain bleak," analysts at BNP Paribas said.
COMMODITIES-Crop markets dominate as soy, corn, cocoa rally
NEW YORK, Jan 9 (Reuters) - U.S. soybean and corn prices rebounded sharply on Monday from two straight losing sessions as renewed fears about a drought in South America helped agricultural markets dominate the day's action in commodities. "This is do-or-die week for the moisture down in South America. They still have some double-crop beans and some corn to plant and that would be at risk if it stays on the drier side," said Mark Schultz, chief analyst at Northstar Commodity Investments Co in Minneapolis.
Oil falls on euro zone concern, eyeing Iran
NEW YORK, Jan 9 (Reuters) - Oil prices fell on Monday on concerns about the euro zone's economy, but the decline was limited by fears about Iran's threats to shut the Strait of Hormuz oil-shipping route and Tehran's ongoing dispute with the West over the Iranian nuclear program. "Overall, the geopolitical premium is supporting amid tensions with Iran, but on the other hand the price of crude in euros remains high and will hurt demand in Europe," Olivier Jakob from Zug-based consultancy Petromatrix said.
Saudi to supply full Feb crude to Asia -sources
TOKYO, Jan 10 (Reuters) - Saudi Arabia, the world's top crude exporter, will supply full contracted volumes of crude oil in February to at least two Asian term buyers, unchanged from January, industry sources familiar with the matter said on Tuesday. "As usual, there were no cuts," the source said. "It was as expected."
The two buyers were not considering using an option to buy additional crude on top of the contractual volumes despite rising tensions over Tehran's ongoing dispute with the West over the Iranian nuclear programme.
POLL-U.S. crude stocks seen up on higher imports
Jan 9 (Reuters) - U.S. commercial crude oil stockpiles were expected to have modestly risen last week as imports continued to rise, a preliminary Reuters poll showed on Monday.
On average, domestic crude oil inventories were forecast up 200,000 barrels, according to the poll of six analysts. Four analysts forecast a build in crude inventories.
NYMEX-Natural gas ends down despite colder late-week forecast
NEW YORK, Jan 9 (Reuters) - U.S. natural gas futures ended lower on Monday in fairly light trade, with mild early-week weather and record high supplies pressuring the complex despite the colder outlook for later this week and next week that should boost heating demand. "The surplus that is building in inventory ... is going to get harder and harder to work off until it gets cold over a major portion of the U.S.," Energy Management Institute's Dominick Chirichella said in a report.
Euro Coal-Prices dip with oil, utility selling
LONDON, Jan 9 (Reuters) - Prompt European physical coal prices fell by $1 to $2 per tonne on Monday, in line with weaker oil, as some smaller European utilities started to sell cargoes they would not need due to the mild winter. "The market's looking a bit more bearish because in Europe there's been lower coal burn than expected, the winter's been mild, it's wet and windy but not cold, China won't be back until the end of January and the shorts seem to have covered," one utility source said.
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