GLOBAL MARKETS: Asian shares rose on bargain hunting as hopes grew for more U.S. stimulus to support growth and new European measures to contain the euro zone's debt woes, but sentiment remained frail. European stocks will likely open narrowly mixed, reflecting Asia's cautiously positive mood and nearly flat U.S. stock futures which signals a mild start on Wall Street. The S&P 500 fell for a fourth day and the Nasdaq dropped on Wednesday after a rare earnings stumble from Apple, while strong results from Boeing and Caterpillar lifted the Dow.
FOREX: The euro gave back some gains from a short-covering rally the previous day, as persistent worries about Spain's debt woes cloud the outlook for the single currency.
FOREX-Euro dips, takes breather after short-covering bounce
SINGAPORE, July 26 (Reuters) - The euro gave back some gains on Thursday from a short-covering rally the previous day, as persistent worries about Spain's debt woes cloud the outlook for the single currency.
The euro eased 0.1 percent to $1.2146 , but stayed above a two-year low of $1.2042 hit on trading platform EBS earlier this week.
U.S. new home sales tumble but upward trend intact
New U.S. home sales recorded their biggest drop in more than a year in June and prices resumed their downward trend, dealing a setback for the budding housing market recovery.
GRAINS: Chicago new-crop soy slid 2 percent, weighed down by forecasts of rain in parts of the U.S. Midwest which is likely to offer some relief to the drought-hit crop, while corn lost almost 1 percent.
OIL: Brent slipped below $104 per barrel as investors remained worried about fuel demand after a series of weak economic data, although losses were capped by hopes for more U.S. stimulus measures to support growth.
Brazil's Vale profit slumps on China, currency woes
SAO PAULO, July 25 (Reuters) - Brazil's Vale became on Wednesday the latest victim of China's economic slowdown after second-quarter profit tumbled because of slowing demand for iron ore that will spill over into the coming quarters.
Net income at the world's largest producer of the mineral hit its lowest level in more than two years, underscoring its dependence on Chinese purchases of its flagship product. Profit also plummeted after a weakening Brazilian currency lifted debt-servicing and the use of derivatives for hedging.
Chinese iron ore traders sell stock at loss as outlook darkens
SHANGHAI/BEIJING, July 25 (Reuters) - Sharply falling iron ore prices have pushed small Chinese traders to breaking point, forcing them to sell off loss-making inventory as they give up hope for a market rebound anytime soon.
Big trading firms have the financial muscle to hold on for much longer -- traditionally they have been able to hang on until prices recovered. But even state-owned giants like Sinosteel and Minmetals were selling small amounts of stock at a loss, traders said.
Vote seals Hong Kong purchase of London Metal Exchange
LONDON, July 25 (Reuters) - London Metal Exchange (LME) shareholders voted convincingly on Wednesday to accept a $2.2 billion offer by the Hong Kong bourse for the 135-year-old British institution, underscoring a global shift in manufacturing to China, Asia's economic powerhouse.
Hong Kong Exchanges and Clearing Ltd (HKEx) and the LME announced on June 15 they had agreed on an acquisition that would give LME members a gateway to China, the world's biggest metals buyer. The LME is the largest marketplace for materials such as copper, aluminium and zinc.
Slowing U.S. demand hits steel-maker SSAB
STOCKHOLM, July 26 (Reuters) - A slowdown in America hit Swedish specialty steel maker SSAB in the second quarter, adding to the burden of weak European demand and a cooling Chinese economy.
Steelmakers globally are struggling with the debt crisis in Europe, weak growth in Japan and a slower pace of expansion in China, the world's largest producer and consumer.
China refined lead production seen up 10 pct in H2
HONG KONG, July 25 (Reuters) - China's production of refined lead is expected to rise by about 10 percent or 260,000 tonnes in the second half from the first six months of the year, industry sources said, as new capacity comes onstream amid growing demand from battery manufacturers.
Higher production of refined lead, which reached a record 459,000 tonnes in June, means imports are unlikely to grow for much of the second half after falling 7.5 percent from a year earlier in the first half, although traders had hoped weak prices on the London Metal Exchange would spur purchases by China.
China says to tighten regulation of rare earths despite WTO probe
BEIJING, July 25 (Reuters) - China will abide by the outcome of an ongoing World Trade Organisation (WTO) investigation into its policies for the rare earths sector, but will continue to tighten regulation of the industry, an industry ministry spokesman said on Wednesday.
The WTO confirmed on Monday that it would establish a panel to look into complaints made by Europe, Japan and the United States over China's curbs on exports of rare earths, a group of 17 elements used in advanced technologies for the defence, electronics and renewable-energy industries.
BASE METALS: London copper steadied, recovering from a one-month low hit in the prior session as investor sentiment stabilised, but concerns the European debt crisis could yet deepen signalled the bounce could be brief.
PRECIOUS METALS: Gold struggled to extend gains from the previous session and stood steady above $1,600 an ounce, as investors pondered the possibility of more stimulus measures from central banks to revive a flagging global economy.
METALS-Copper steadies from one-month low; euro woes cap gains
SINGAPORE, July 26 (Reuters) - London copper steadied on Thursday, recovering from a one-month low hit in the prior session as investor sentiment stabilised, but concerns the European debt crisis could yet deepen signalled the bounce could be brief.
Three-month copper on the London Metal Exchange traded at $7,434.75 a tonne by 0251 GMT, down 0.15 percent from the previous session, when it hit its lowest in one month, at $7,344.25 a tonne.
PRECIOUS-Gold rises for 3rd day on stimulus expectations
SINGAPORE, July 26 (Reuters) - Gold edged up on Thursday, extending gains to a third session, as hopes of more stimulus measures from central banks to revive a flagging global economy boosted bullion's appeal as a hedge against inflation.
Gold rose to a three-week high on Wednesday, buoyed by expectations that the European Central Bank (ECB) will intervene to prop up the euro zone's ailing finances after an official suggested leveraging a rescue fund to increase its capacity.
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