GLOBAL MARKETS-Shares fall as stimulus hopes fade, eyes on China PMI
TOKYO, Aug 1 (Reuters) - Asian shares fell on Wednesday after four days of gains, as expectations of stimulus action this week by the U.S. Federal Reserve and the European Central Bank fade, and following signs of deepening Asian economic stress.
"We are looking for, at most, a chance in the Fed's language that extends low rates through at least early-2015, which won't be the stimulus bump market participants have been hoping for," said Christopher Vecchio, currency analyst at DailyFX.
ASEAN path to economic union muddied by South China Sea
JAKARTA, Aug 1 (Reuters) - Discord in Southeast Asia over how to deal with Beijing's claims in the South China Sea comes as the region struggles to overcome competing national interests and form a European Union-style economic community by 2015.
Political leaders and officials say the row may not directly affect plans by the Association of Southeast Asian Nations (ASEAN) for the economic integration of countries ranging from wealthy Singapore to impoverished Myanmar.
COMMODITIES-Big gains in July; focus on Fed/ECB moves next
NEW YORK, July 31 (Reuters) - Oil prices fell sharply on Tuesday as hopes for a quick U.S. stimulus faded, but commodities ended July with their biggest monthly gains since October, due to a broad rally over the past four weeks.
Analysts said investor confidence that has boosted commodities since the end of the second quarter was largely intact, although worries over the U.S. economy and global financial conditions could chip away at prices.
US crude stocks plunge nearly 12 million barrels-API
NEW YORK, July 31 (Reuters) - U.S. crude inventories plunged last week by the most since 2008, and oil product stocks also fell unexpectedly, data from the American Petroleum Institute showed on Tuesday.
Crude inventories fell by 11.6 million barrels in the week to July 27, the API reported, a far steeper drop than the 700,000 barrel decline forecast in a Reuters poll of analysts.
OIL-Oil down 2nd day as stimulus hopes falter
NEW YORK, July 31 (Reuters) - Oil prices fell for a second straight day on Tuesday on expectations that any central bank stimulus may be insufficient to revive economic growth, even as hopes dimmed that the U.S. Federal Reserve will act this week to boost the economy.
"Oil prices are lower on the paradox of slightly better economic data in the form of the Chicago PMI and the consumer confidence reading," said John Kilduff, a partner at Again Capital LLC in New York.
NATURAL GAS-Front-month U.S. natgas futures end down after 7-1/2-month high
NEW YORK, July 31 (Reuters) - Front-month U.S. natural gas futures ended slightly lower on Tuesday on profit-taking, but warm weather forecasts and expectations for another light weekly build in inventories helped limit the downside.
"The temperature outlook remains supportive, with warmer than normal temperatures forecast for most of the continent through August 14 that are likely to translate into below average storage injections," Tim Evans, analyst at Citi Futures Perspective, said in a report.
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