Friday, June 8, 2012

20120608 1106 Global Market & Commodities Related News.

GLOBAL MARKETS-Shares weaker despite China rate cut, Bernanke weighs
TOKYO, June 8 (Reuters) - Asian shares edged lower on Friday, hurt by disappointment that Federal Reserve Chairman Ben Bernanke gave no clues on whether a U.S. easing was in the offer, outweighing any positive effect from China rate cuts.
"We believe that the closing of short USD positions by the private sector, driven either by a rise in risk aversion or by a shift in investment sentiment in favour of U.S. assets, will push the USD higher," said Morgan Stanley in its research note.

COMMODITIES-Soy jumps on China rate cut; oil, gold down on Fed
NEW YORK, June 7 (Reuters) - Soybeans had their largest rally in two months o n Thursday after China cut interest rates, but oil returned to below $100 a barrel and metals mostly fell as U.S. Federal Reserve Chairman Ben Bernanke disappointed investors expecting a stimulus.
"We're still bearish in the short term," Guy Wolf, a macro strategist at Marex Spectron and a commentator on metals, said.  

OIL - Brent crude falls $1 on US stimulus uncertainty
SINGAPORE, June 8 (Reuters) - Brent crude prices fell by more than a $1 to below $99 a barrel, pressured by uncertainty about the fragile economic recovery in top oil consumer the United States after its central bank chief offered few clues about more stimulus measures.
Federal Reserve Chairman Ben Bernanke said on Thursday the U.S. central bank was ready to shield the economy if financial troubles mount but offered few hints that further monetary stimulus was imminent.

NATURAL GAS - US natgas futures end down 6 pct after EIA data
NEW YORK, June 7 (Reuters) - Front-month U.S. natural gas futures ended down sharply on Thursday, sinking to their lowest in five weeks after a government report showed a weekly inventory build well above market expectations.  
"Today's EIA report was bearish from the perspective that the injection was above the consensus level," Energy Management Institute's Dominick Chirichella said in a report.

EURO COAL-Prices slip by $1/T to nudge 2-year low
LONDON, June 7 (Reuters) - European prompt physical coal prices dropped by around $1 a tonne for a second day running, touching the two-year low of $85.00 reached in May, on expectations for more delays and price renegotiations by Chinese buyers in coming weeks.
"This is China, this is not new. All these problems and games have been seen before whenever the price crashes," said one trader with a prompt cargo of South African coal destined for China.

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