GLOBAL MARKETS-Shares up on U.S. earnings, euro steadies
HONG KONG, July 19 (Reuters) - Asian shares rose as strong corporate profits from U.S. bellwethers allayed fears of a slowdown in earnings while the euro steadied after being hit by reported comments from German Chancellor Angela Merkel that rekindled fears about the euro zone debt crisis.
"We have not yet shaped the European project in a way that we can be sure that everything will turn out well, we still have work to do," Merkel said in an interview posted on her Christian Democratic Union party's website, according to a media report.
COMMODITIES-Soybeans at record high; oil up for 6th day
NEW YORK, July 18 (Reuters) - Soybeans hit record highs on Wednesday on fear that it will be the next to wither after corn from the worst U.S. drought in 56 years, while oil markets climbed for a sixth day on escalating violence in Syria and tensions over Iran.
"Equity markets turning solid is probably the best thing that is working for the copper market," said Sterling Smith, vice president of commodity research at Citibank's Institutional Client Group in Chicago.
OIL-Oil at 7-wk peak on Middle East tensions, strong gasoline
NEW YORK, July 18 (Reuters) - Oil prices rose on Wednesday, hitting a seven-week peak as violence in Syria and tensions with Iran reinforced geopolitical fears and U.S. Federal Reserve Chairman Ben Bernanke downplayed the risk of a double-dip recession.
"Crude continues to show upside bias after the (second-quarter) sell-off, with the economy slowing seeming to be priced in and geopolitical worries and the gasoline draw down supportive," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut.
NATURAL GAS-Heat, nuke outages back big U.S. natgas futures gain
NEW YORK, July 18 (Reuters) - Front-month U.S. natural gas futures ended 6 percent higher on Wednesday as widespread heat across much of the nation and several unexpected nuclear plant outages triggered strong demand for gas.
"Weather (heat) was the big early driver. Multiple nuclear reactors (went) offline today due to unplanned maintenance issues. Also looming out there is the storage picture," Gelber & Associates analyst Pax Saunders said in a report.
EURO COAL-Oct ARA trades at $90/T, down 25 cents
LONDON, July 18 (Reuters) - Physical prompt coal prices were little changed for a third day on Wednesday, with a few DES ARA European trades reported at numbers a few cents away from the most recent deals done at around $90.25 a tonne.
"Oil has been one of the major factors because there's been so little to give coal direction and the prompt months in particular are still under pressure from oversupply," one European trader said.
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