20120718 1618 Global Markets & Commodities Related News.

GLOBAL MARKETS: Asian shares were on the backfoot after Federal Reserve Chairman Ben Bernanke offered a gloomy view of the U.S. economy, but hopes that the central bank is moving closer to more stimulus measures limited the day's losses. European shares were likely to rise, mirroring overnight gains on Wall Street, with above-forecast earnings from some U.S. firms raising expectations that the European reporting season could also surprise markets on the upside. U.S. stocks rose on Tuesday after Coca-Cola and Goldman Sachs joined the growing roster of S&P companies that beat profit forecasts and as Federal Reserve Chairman Ben Bernanke left the door open to more stimulus.

FOREX: The euro rose versus the made limited gains against the dollar after Federal Reserve Chairman Ben Bernanke said the central bank is ready to support the U.S. economy if needed, without being more specific.

FOREX-Yen gains as risk appetite wanes
TOKYO, July 18 (Reuters) - The yen rose against its major counterparts in Asia on Wednesday as investors' appetite for risk faded ahead of an address later in the session by Federal Reserve Chairman Ben Bernanke, a day after he flustered markets with mixed signals.
Bernanke will address the House Financial Services Committee, following his testimony on Tuesday to the U.S. Senate Banking Committee that was downbeat on the U.S. economy, but contained no explicit outline of stimulus steps.

China home prices show signs of stabilising in June
China home prices were flat in June versus May, calculations based on official data showed on Wednesday, breaking eight straight months of decline in a tentative sign that pro-growth government economic policies are gaining traction.

Bernanke offers gloomy view but few new hints on easing
Federal Reserve Chairman Ben Bernanke on Tuesday offered a gloomy view of the economy's prospects, but provided few concrete clues on whether the U.S. central bank was moving closer to a fresh round of monetary stimulus.

GRAINS: U.S. corn rose as the Midwest continued to endure its worst drought in over 50 years, increasing fears of further declines in yield forecasts as 2012/13 supplies tighten.

Gasoline prices dampen US inflation, Fed action eyed
U.S. consumer prices were flat in June as the cost of gasoline dropped, offering some relief for cash-strapped Americans and scope for the Federal Reserve to ease monetary policy further to help the faltering recovery.

US crude stocks fall, products mixed-API
U.S. crude inventories fell more than analysts expected last week, and oil product inventories were mixed as gasoline stocks fell unexpectedly and distillates rose, data from the American Petroleum Institute showed on Tuesday.


Euro Coal-Prices steady, Colombia bombs ignored
LONDON, July 17 (Reuters) - Physical prompt coal prices were again little changed on Tuesday although stronger oil gave some support in earlier trading.
"Oil was higher but fell back in the afternoon, pulling swaps with it, but there were no big moves in other markets to affect coal," one European trader said.

China daily crude steel output dips over July 1-10 -industry data
SHANGHAI, July 18 (Reuters) - China produced 1.958 million tonnes of crude steel a day over the July 1-10 period, down 0.4 percent from the preceding 10 days, industry data showed on Wednesday.
Daily output for large members of the China Iron & Steel Association (CISA) edged up 0.44 percent to 1.657 million tonnes over the period from the preceding 10 days, Chinese industry consultancy Custeel.com said, citing CISA data.

BHP iron ore output up, China worries clip shares
MELBOURNE, July 18 (Reuters) - BHP Billiton  posted strong growth in iron ore production in the June quarter and said it expects to lift Australian iron ore output by 5 percent in the 2013 financial year, despite risks of cooling demand in top customer China.
With Australia's top three iron ore producers, Rio Tinto , BHP and Fortescue Metals Group , busy expanding output, worries are growing over a profit squeeze with iron ore prices down around a quarter from a year ago as Chinese steel mills cut stocks.

OIL: Brent crude slipped below $104 a barrel, snapping five days of gains as Federal Reserve Chairman Ben Bernanke offered no signs of further monetary stimulus to boost growth in the world's top oil consumer.


Iron Ore-Spot hits 8-month low as China steel market sags
SINGAPORE, July 18 (Reuters) - Price offers for imported spot iron ore cargoes in top buyer China fell further after the benchmark ate hit its lowest since November, as a weak steel market thinned demand for the raw material.
"People have been comparing this year to the 2008 crisis. The difference is in 2008, traders wanted to get a loan and the banks refused. But this year, banks want to lend, but traders have refused because they are really pessimistic about the market and the global economy," said an iron ore trader in the port city of Rizhao in China's eastern Shandong province.

BASE METALS: Copper traded higher in what traders called a technical rebound from a fall of 1.2 percent in the prior session after the U.S. Federal Reserve gave few concrete hints of future stimulus measures for the world's largest economy.

PRECIOUS METALS: Gold traded below $1,580 an ounce, after the release of Bernanke's prepared remarks to the Senate Banking Committee, in which he simply repeated the Fed's pledge to act if needed.

METALS-Copper snaps two sessions of losses; gains seen limited
SHANGHAI, July 18 (Reuters) - Copper traded higher on Wednesday in what traders called a technical rebound from a fall of 1.2 percent in the prior session after the U.S. Federal Reserve gave few concrete hints of future stimulus measures for the world's largest economy.
But gains are likely to be capped by lingering worries over the global economy after Fed Chairman Ben Bernanke painted a bleak picture of U.S. economic prospects and as the euro zone struggles with debt problems.

PRECIOUS-Gold steady above $1,580 on Fed stimulus uncertainty
SINGAPORE, July 18 (Reuters) - Gold stayed put above $1,580 an ounce on Wednesday, after dropping in the previous session when the U.S. Federal Reserve Chairman Ben Bernanke disappointed gold bugs by offering no signs of imminent monetary stimulus measures.
The central bank chief reiterated the stance that the Fed was prepared to take further action should the economic conditions worsen, but offered few hints on the timing of such action.


Falling capesize rates pull Baltic index down
July 17 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, fell on Tuesday for the sixth straight day on dropping capesize rates.
"We continue to expect the oversupply of tonnage to keep rates relatively weak over the near to intermediate term," analyst Michael Webber of Wells Fargo said.