Wednesday, February 29, 2012

20120229 1058 Global Market & Commodities Related News.

GLOBAL MARKETS-Stocks firm, euro steady ahead of ECB
HONG KONG, Feb 29 (Reuters) - Asian stocks firmed and the euro held its ground on Wednesday ahead of a fresh cash injection by the European Central Bank, while strong U.S. consumer confidence data and a drop in oil prices bolstered Wall Street.
Markets expect European banks to borrow about 500 billion euros ($670 billion) of cheap funds on offer from the ECB later on Wednesday, although forecasts range from 200 billion to 750 billion euros, according to a Reuters poll.
GLOBAL MARKETS-Stocks firm, euro steady ahead of ECB
HONG KONG, Feb 29 (Reuters) - Asian stocks firmed and the euro held its ground on Wednesday ahead of a fresh cash injection by the European Central Bank, while strong U.S. consumer confidence data and a drop in oil prices bolstered Wall Street.
Markets expect European banks to borrow about 500 billion euros ($670 billion) of cheap funds on offer from the ECB later on Wednesday, although forecasts range from 200 billion to 750 billion euros, according to a Reuters poll.

COMMODITIES-Metals jump as oil prices fall, euro climbs
NEW YORK, Feb 28 (Reuters) - Crude oil fell about 2 percent by Tuesday's close as investors took profits after recent gains, while other commodities, like gold and base metals, were lifted by a stronger euro, Europe's expected injection of low-interest cash, and improved U.S. consumer confidence.
"They are almost saying that we're going to let you lend pretty much on anything, as long as they don't allow free capital outflows," said Howard Simons, strategist at Bianco Research Group in Chicago.

Oil's rise puts sanctions under spotlight
(John Kemp is a Reuters market analyst. The views expressed are his own)
LONDON, Feb 28 (Reuters) - U.S. and EU sanctions on Iran's crude oil exports and its central bank were not supposed to affect either the volume of oil available or its price, provided markets reacted "rationally".
That was the conclusion of an influential report on the "Oil Market Impact of Sanctions Against the Central Bank of Iran", circulated by sanctions advocates at the Foundation for Defense of Democracies in Washington.

Oil drops again amid fears of slowing demand
NEW YORK, Feb 28 (Reuters) - Oil prices fell a second day on Tuesday as worries that recent price increases may hurt demand prompted investors to sell and take profits on recent gains, moves that more than offset support from possible Middle East supply disruptions.
"This sell-off is nothing but profit-taking," said Tony Rosado, options broker at GA Global Markets in New York.

US natural gas ends down for 4th day, forecasts turn milder
NEW YORK, Feb 28 (Reuters) - U.S. natural gas futures ended lower on Tuesday for a fourth straight session as the milder overnight turn in computer weather models and bloated supplies continued to weigh on prices despite some signs that the market may be tightening.
"Continued weak weather patterns as we wind down the heating season remains the primary price driver," Gelber & Associates analyst Pax Saunders said in a report, noting gas fundamentals were still "awful".

Euro Coal-Prices drop $1/T on oil, oversupply
LONDON, Feb 28 (Reuters) - Prompt physical coal prices fell by around $1.00 a tonne on Tuesday in line with an earlier dip in oil and pressured by oversupply, particularly in Europe.
"You can easily find all sorts of coal, every origin is available and U.S. material is being offered by traders, utility traders and producers directly - there's still too much coal," a source at a major European utility said.

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