Shares rise on growth hopes after firm U.S. data
TOKYO, April 3 (Reuters) - Asian shares rose on the back of strong gains in global equities overnight, after solid manufacturing data from the United States, and as leading Asian exporters offset signs of mild recession in Europe.
"The current market environment is favourable in that it is inching higher while digesting caution and concerns about growth prospects, which suggests sentiment is actually quite solid," said Tetsu Emori, a Tokyo-based commodities fund manager at Astmax Investments.
Commodities and the end of indexing
(John Kemp is a Reuters market analyst. The views expressed are his own.)
LONDON, April 2 (Reuters) - Continued under-performance by the main commodity indices during Q1 should convince any remaining holdouts that passive investment does not work and will never provide a satisfactory return over the medium to long run.
Some firms are promoting the concept of "enhanced beta" strategies that aim to provide a decent return by beating an index or a blended benchmark. But the performance of the main commodity indices has been so poor there is no reason why investors should want to replicate it, whether in enhanced form or not.
Euro zone unemployment reaches near 15-year high
BRUSSELS, April 2 (Reuters) - Unemployment in the euro zone reached its highest level in almost 15 years in February, with more than 17 million people out of work, and economists said they expected job office queues to grow even longer later this year.
Joblessness in the 17-nation currency zone rose to 10.8 percent - in line with a Reuters poll of economists - and 0.1 points worse than in January, Eurostat said on Monday.
Brazil's March soy and iron exports rise vs Feb
SAO PAULO, April 2 (Reuters) - Brazil's exports of soy and iron ore rose in March from February, Trade Ministry data showed on Monday, while shipments of raw sugar slumped from the previous month with little sweetener produced during the interharvest period.
Brazil's soy harvest is now well advanced and all but finished in the top producer of the oilseed, Mato Grosso.
US wheat falls for 2nd day, soy near 7-month top
SINGAPORE, April 3 (Reuters) - Chicago wheat slid 0.7 percent, falling for a second straight day as the improved condition of the U.S. winter crop boosted supply prospects, adding to the growing global stockpile.
"There is a little bit of weakness in wheat as crop conditions have emerged substantially better than when they went into dormancy last year," said Victor Thianpiriya, an agricultural commodity strategist at ANZ.
US corn seeding 3 pct done after warm March-USDA
CHICAGO, April 2 (Reuters) - U.S. farmers had planted 3 percent of this year's corn crop by April 1, matching the fastest pace on record, as they took advantage of warm weather throughout March to start running their planters early, according to U.S. Agriculture Department data issued on Monday.
The report came in below analysts' expectations of 5 percent but provided evidence that farmers do not intend to shift acres to soybeans even though soy prices rallied 5.4 percent in March as the market attempted to buy acres from corn.
Brazil soy crop cut again as harvest nears end-Celeres
SAO PAULO, April 2 (Reuters) - Local forecaster Celeres downgraded the size of Brazil's soy crop for a fourth month on Monday as drought damage became clearer, but said further large cuts to the world's No. 2 producer were less likely as the harvest winds down.
Brazil's crop, which has suffered from dry weather this season like its neighbors Argentina and Paraguay, was forecast at 67.9 million tonnes, down from 69.8 million tonnes in early March, Celeres said in its ninth forecast of the season.
IGC sees record maize crop in 2012/13, stocks up
LONDON, April 2 (Reuters) - Global maize production is projected to rise to a record 900 million tonnes in 2012/13, outstripping demand for the first time since the 2008/09 season, the International Grains Council said on Monday.
The IGC, in a monthly report, also cut its forecast for the global maize stocks at the end of the 2011/12 season following a lower-than-expected estimate for U.S. inventories issued by the U.S. Department of Agriculture on Friday.
Kazakh grain exports 7.8 mln T since July 1
ASTANA, April 2 (Reuters) - Kazakhstan, a major wheat exporter, has so far exported 7.8 million tonnes of grain and flour in grain equivalent during the current marketing year, an Agriculture Ministry official said on Monday.
"If counted together with flour, a total of 7.8 million tonnes of grain has been exported to date in the current marketing year," Anna Buts, director of the ministry's land development and phytosanitary department, told reporters.
Indonesia's Sulawesi March cocoa bean exports fall 69 pct y/y -industry
JAKARTA, April 2 (Reuters) - Indonesia's cocoa bean exports from its main growing island of Sulawesi slumped in March due to a combination of wet weather conditions and cocoa farmers switching to more profitable crops.
Sulawesi cocoa exports fell 69 percent to 3,505.66 tonnes in March from 11,132.01 tonnes a year ago and were down 56 percent from the previous month, Indonesia Cocoa Association data showed on Monday. February exports were at 7,917.7 tonnes.
US gasoline demand at lowest since 2001 in Jan-EIA
NEW YORK/WASHINGTON, April 2 (Reuters) - Higher gasoline prices have cut demand in the United States to the lowest level for the month of January since 2001, data for from the Energy Information Administration (EIA) showed on Monday.
Total U.S. oil demand fell almost 4.5 percent in January from a year earlier, the statistical arm of the Department of Energy said in its Petroleum Supply Monthly report, declining by 853,000 barrels per day to 18.27 million bpd.
Brent holds above $125 on U.S. data, North Sea supply delay
SINGAPORE, April 3(Reuters) - Brent crude was steady above $125 a barrel after sharp gains in the previous session, supportedby fresh signs of a sustained recovery in top oil consumer the United States and the prospect of tighter crude supplies from the North Sea.
"The mood has changed a bit with the good PMI numbers from China and the U.S., although the risks in the euro zone remain," said Victor Say, an analyst with Informa Global Markets in Singapore.
Copper hovers near 2-week high in slow trade
SINGAPORE, April 3 (Reuters) - Copper held near two-week peaks as positive manufacturing data in the United States and China kept investors' upbeat mood mostly intact in slow trading in Asia.
"The Chinese PMI data is so volatile so I would be rather cautious and U.S. construction spending, which is a real, hard number compared to ISM, remains weak," he said.
Aquila to sell stakes in coal mines to fund iron ore push
SYDNEY, April 3 (Reuters) - Aquila Resources said it plans to sell its stakes in two Australian coal mines part-owned by Vale in order to help fund its share of an iron ore project in the country's rich western iron belt.
Headed by Tony Poli, a former accountant who made billions riding Australia's mining boom, Aquila has agreed to sell its 50 percent interest in the Isaac Plains coal mine to Sumitomo Corp subsidiary Ocean Coal Mining for A$430 million ($447 million).
Race on to dig more zinc mines even as glut persists
SYDNEY, April 2 (Reuters) - Zinc miners are betting a long-running global supply glut of the metal used in steel making will turn into a deficit over the next five years as old mines run dry, sparking massive investment in new projects.
From Australia to Africa to the European Union, mining firms are laying the groundwork to dig up an additional 1 million tonnes-plus of zinc annually, nearly one-tenth of world consumption and more than is parked in London Metal Exchange warehouses already overflowing with unsold metal.
KGHM buys another 29 pct of Ajax Mining for $30 mln
WARSAW, April 2 (Reuters) - Polish copper miner KGHM bought another 29 percent in its Canadian joint venture with Abacus Mining for $29.9 million, raising its bet on Canada as its second base, KGHM said on Monday.
KGHM now holds 80 percent in the KGHM Ajax Mining copper and gold project. The state-controlled miner sees the project's investment needs at $795 million, with the mine's planned launch set for 2015.
Gold edges up on dollar weakness; policy cues eyed
SINGAPORE, April 3 (Reuters) - Gold edged up in holiday-thinned trade on the back of a weaker dollar but remained in a tight range as investors awaited cues on the outlook of the U.S. economy and potential policy moves in the world's largest economy.
"People are watching for signs of possible monetary policy moves in the United States, as well as the moves in the currency market," said Ronald Leung, a dealer at Lee Cheong Gold Dealers in Hong Kong.
Baltic sea index flat on sluggish trade
April 2 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, remained flat on Monday, as a slight uptick in capesize rates was offset by sluggish activity for smaller vessels.
The overall index, which gauges the cost of shipping commodities such as iron ore, cement, grain, coal and fertilizer, was steady at 934 points. The index has fallen more than 46 percent this year.
METALS-Copper hovers near 2-week high in slow trade
SINGAPORE, April 3 (Reuters) - Copper held near two-week peaks on Tuesday as positive manufacturing data in the United States and China kept investors' upbeat mood mostly intact in slow trading in Asia.
Copper rose more than 2 percent on Monday, its biggest single-day gain since February, although thin trading volumes - with China shut for a public holiday - made it difficult for the industrial metal to extend the rally.
PRECIOUS-Gold edges up on dollar weakness; policy cues eyed
SINGAPORE, April 3 (Reuters) - Gold edged up on Tuesday in holiday-thinned trade on the back of a weaker dollar but remained in a tight range as investors awaited cues on the outlook of the U.S. economy and potential policy moves in the world's largest economy.
Investors are looking for clues on policy direction from the minutes of the last U.S. Federal Reserve policy meeting, due on Tuesday, although Fed officials on Monday signalled little appetite for further monetary steps to stimulate U.S. growth in an economy that is gradually strengthening.
FOREX-Yen hits 3-wk high on stop-loss buying, short-covering
TOKYO, April 3 (Reuters) - The yen hit a three-week high on Tuesday on a flurry of stop-loss buying that kicked in after investors reduced massive short positions built in recent weeks, though the broad trend for a weakening Japanese currency remained intact.
The dollar tumbled from the previous day's peak of 83.31 yen to a session low of 81.55 after stop-loss trades were triggered in the 81.90-80 area, with traders citing sales by offshore leveraged funds and some Japanese investors.
No comments:
Post a Comment