Asian shares fell for a second successive day as another batch of lacklustre U.S. data stoked concerns that the recovery in the world's biggest economy is faltering. U.S. stocks fell on Thursday as economic data sent mixed signals on the recovery a day before the April payrolls report, while shares of Green Mountain plunged after poor results.
The dollar held steady versus the yen and euro, but could face downside risks if U.S. jobs data disappoints and stirs renewed speculation about further monetary easing from the U.S. Federal Reserve.
FOREX-Dollar steady before US jobs; euro above 2-week low
SINGAPORE, May 4 (Reuters) - The dollar held steady versus the yen and euro on Friday, but could face downside risks if U.S. jobs data disappoints and stirs renewed speculation about further monetary easing from the U.S. Federal Reserve.
"We've gone back to that situation where when the weaker data comes out, we start to price in more chance of QE3 and therefore the dollar goes weaker," said Rob Ryan, FX strategist at BNP Paribas in Singapore, referring to the possibility of the Fed launching another bond-buying programme.
Chicago wheat rose for a second day with support from short covering, but the market is on track for its biggest weekly loss since February on expectations of near-record U.S. yields adding to ample global supply.
Brazil cane crush starts slow in rainy harvest
Cane crushing in world top sugar producer Brazil reached 4.74 million tonnes by April 15, cane industry association Unica said on Thursday, behind the 6.99 million tonnes crushed by this time last year due to a late start to the harvest.
Argentina exchange chops soy view to 41 mln tonnes
A leading Argentine grains exchange slashed another 2 million tonnes off its forecast for 2011/12 soy production on Thursday due to the impact of bad weather including a sharp drought that has battered yields.
Algeria buys 120,000 tonnes U.S. HRW wheat -trade
Algeria bought four cargoes, or a total of about 120,000 tonnes, of U.S. hard red winter wheat on Thursday for shipment this month, U.S. traders said.
Brent crude held above $116 ahead of a key U.S. payrolls report, with the benchmark poised for its steepest weekly fall since December due to concerns over the health of the global economy and easing supply disruption fears.
OPEC says pumping hard to bring oil price down
OPEC is working hard to bring down oil prices that jumped towards $130 a barrel earlier this year, its secretary general said on Thursday, and is pumping much more than its official target even as exports from cartel-member Iran dwindle.
LME to invest in Asia, expand Singapore office-CEO
The London Metal Exchange (LME), the world's biggest marketplace for industrial metals, will invest heavily in Asia and is planning to expand its Singapore office, Chief Executive Martin Abbott said.
Indonesia to impose tax, curbs on raw metal exports
Indonesia will impose a new export tax on metal ores and prohibit the shipment of raw minerals unless miners submit plans to build smelters, in a decision likely to shake up mining in one of the world's major metals exporters.
London copper edged up, after touching one-week lows in the previous session, although the modest gains reflect caution ahead of a key U.S. jobs report after a recent spate of soft data underscored the fragility of the U.S. recovery.
Gold held near its weakest in a week as cautious investors and jewellers stayed on the sidelines ahead of the release of a U.S. payrolls report, which could revive hopes of a third round of U.S. Federal Reserve bond buying.
METALS-LME copper edges off 1-week low ahead of US data
SHANGHAI, May 4 (Reuters) - London copper edged up on Friday, after touching one-week lows in the previous session, although the modest gains reflect caution ahead of a key U.S. jobs report after a recent spate of soft data underscored the fragility of the U.S. recovery.
"Copper remains bound in small ranges as we await clearer trading cues. While ShFE copper's upside is limited by high stockpiles in China, LME copper's upside is capped by fears of a tightening squeeze in the LME cash-to-three-months premium," Great Wall Futures analyst Li Rong said.
PRECIOUS-Gold near 1-week low ahead of U.S. jobs data
SINGAPORE, May 4 (Reuters) - Gold held near its weakest in a week on Friday as cautious investors and jewellers stayed on the sidelines ahead of the release of a U.S. payrolls report, which could revive hopes of a third round of U.S. Federal Reserve bond buying.
"Whether or not the data is going to be bad, the market is still in a range trade. The upside is a bit limited for a little while. Nobody wants to enter the market, said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.
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