FOREX: The euro remained under pressure in Asia, though it was off its lows the day before as hopes for progress in Europe's debt crisis offset some of the worries about slowing euro zone growth.
FOREX-Euro pressured, Aussie slips on weak China trade data
The euro remained under pressure in Asia and the Australian dollar skidded after weaker-than-expected Chinese trade data raised fears of a slowdown.
"The Aussie has positive and negative factors. It benefits from high Australian yields on its highly-rated debt, but it's sensitive to the country's exposure to China, and naturally falls on bad economic news like this from its major trading partner," said Masashi Murata, senior currency strategist at Brown Brothers Harriman in Tokyo.
COLUMN-China commodity demand bumping along the bottom
--- (Clyde Russell is a Reuters market analyst. The views expressed are his own) ---
LAUNCESTON, Australia, Aug 10 (Reuters) - Whenever economies are at turning points the data tends to be inconsistent, and this can be seen in China's trade figures for July.
The headline-grabbing slump in exports to growth of just one percent from the year-earlier month, when 8.6 percent was forecast, is a sure sign that the global economy is doing it tough because the world's main factory is finding it hard to sell its wares.
China July commodities imports stay high; outlook weakens
SHANGHAI, Aug 10 (Reuters) - China's imports of key commodities, such as iron ore and copper, defied expectations for a monthly fall to stay high in July, but weak trade figures and a nine-month low in crude oil imports painted a picture of a slowing economy.
China is the world's second-largest oil consumer and the top buyer of iron ore, coal and several industrial metals, with investors and miners around the world relying on its appetite to prop up commodities prices hit by sluggish demand from the United States and Europe.
China July exports undershoot forecasts by big margin
China's July exports rose just 1 percent from a year earlier, undershooting forecasts by a big margin and adding to a downbeat set of monthly data that has boosted expectations of fresh government action to shore up the economy.
U.S. jobs, trade data supports modest economic growth
The number of Americans filing new claims for jobless benefits unexpectedly fell last week, offering hope that some of last month's improvement in job growth could be sustained and give the U.S. economy a lift.
China July soy imports rise to 25-month high
Soybean imports by China, the world's top soy buyer, rose 4.4 percent in July from a month earlier to a 25-month high of 5.87 million tonnes as crushers increased imports to make up for a supply shortfall in peak consumption months.
GRAINS: U.S. new-crop corn rose to a contract high ahead of a key U.S. Department of Agriculture report that is expected to forecast production of the grain at a six-year low, as yields hit levels not seen since 1997.
OPEC says may cut 2013 oil demand growth forecast
OPEC may have to reduce its forecast for growth in world oil demand in 2013 by 20 percent, the exporter group said, citing a vague and turbulent outlook for the global economy.
OIL: Brent crude fell below $113 a barrel as a sharp slowdown in China's trade flows heightened fuel demand worries, though these were partly offset by hopes that the world's second biggest economy would ease monetary policy and so boost oil use.
Euro Coal-S.African bids drop $4/T to $87 with swaps
LONDON, Aug 9 (Reuters) - 07961 931346 if queries Physical prompt South African coal prices softened by $4 a tonne on Thursday after rallying on the previous day to the highest level since June.
September and October loading South African cargoes were bid at $87 and $89 a tonne on Thursday, down from trades at $91 and $92 on the previous day, while delivered Europe prices ended little changed.
Europe's LNG supplies to drop 70 pct by 2015 -Barclays
LONDON, Aug 9 (Reuters) - Supplies of liquefied natural gas (LNG) to Europe are likely to drop by almost 70 percent by 2015 as the booming Asian market sucks up cargoes, Barclays said on Thursday.
As a result, Europe will continue to rely largely on pipeline gas from sources such as Russia and Norway to meet its natural gas needs, Barclays Capital said in a research note.
Iron Ore-Spot prices at 2-1/2 year low, China imports drop
SINGAPORE, Aug 10 (Reuters) - Price offers for spot iron ore cargoes in top consumer China fell after the benchmark rate sagged to its lowest in more than 2-1/2 years as weaker steel demand cut producers' need for the raw material.
China's iron ore imports fell for a second straight month in July as steel mills curbed output in the face of sluggish demand. Imports dropped to 57.87 million tonnes last month from 58.31 million tonnes in June, preliminary customs data showed on Friday.
German steel group says order decline has bottomed
FRANKFURT, Aug 9 (Reuters) - The German Steel Federation said it believed the decline in new orders for flat steel products had reached a bottom but warned the euro zone would have to resolve its debt crisis before any long-term recovery could take place.
The group, which represents steelmakers in Europe's biggest economy, said on Thursday inventory levels for flat steel products had fallen to low levels and should not decline any further.
New orders started falling in February and have stabilised since June.
China July iron ore imports slip 0.8 pct from June
China's iron ore imports fell 0.8 percent in July from the previous month as mills in the world's top steel producer reduced production because of waning demand.
China July copper imports up 5.9 pct, beating expectations
HONG KONG, Aug 10 (Reuters) - China's copper imports rose 5.9 in July from the previous month and gained 19.5 percent from a year earlier, preliminary customs data showed on Friday, reversing a decline in June despite slowing economic activity in the world's top consumer of the metal.
The increase was unexpected after weak domestic demand had been forecast to cut term shipments.
BASE METALS: Copper fell on soft China trade data, despite a rise in copper imports in July, as surprisingly weak import and export numbers marked a second day of gloomy data from the world's top metals consumer
PRECIOUS METALS: Gold inched down as shares in Asia paused for breath after recent rallies, though it remained on track for its second weekly rise in three weeks, bolstered by hopes China could move to stimulate growth.
METALS-Copper dragged down by weak China trade data
Copper fell on soft China trade data, despite a rise in copper imports in July, as surprisingly weak import and export numbers marked a second day of gloomy data from the world's top metals consumer.
"We understand that consumer demand is still sluggish," said CIFCO futures analyst Zhou Jie, pointing to a fall in futures prices as evidence of market nonchalance to the better-than-expected numbers.
PRECIOUS-Gold inches down but China stimulus hopes support
Gold inched down as shares in Asia paused for breath after recent rallies, though it remained on track for its second weekly rise in three weeks, bolstered by hopes China could move to stimulate growth.
"I think people are looking for China to reduce the reserve (requirement) and then pump more money. They are hoping for weak U.S. data, and maybe QE3 will be coming in September," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong, referring to a third round of asset purchases by the Fed.
"The market is a bit mixed ... On the physical side, there are people buying a small amount of gold, but on other hand, some are taking profits."
Baltic index falls further on low shipping activity
Aug 9 (Reuters) - The Baltic Exchange's main sea freight index, used to track rates for ships carrying dry commodities, fell further on Thursday for the 23rd straight day, due to very thin shipping activity.
The main index, which reflects daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, lost 22 points or 2.71 percent to reach 790 points, the lowest since March this year.
Global slump sinks Britain's oldest shipping firm
LONDON, Aug 9 (Reuters) - Britain's oldest shipping firm, Stephenson Clarke Shipping Ltd, has gone into liquidation after nearly 300 years of trading, becoming a casualty of the worsening global downturn.
Established in 1730, Stephenson Clarke had tried to sell its ships and cut costs in the face of crashing rates for dry bulk shipping on which it relied - transporting cargoes such as coal, grain and iron ore.
Eagle Bulk Shipping loss widens on lower charter rates
Aug 8 (Reuters) - Drybulk shipper Eagle Bulk Shipping Inc reported a wider quarterly loss on depressed charter rates as the sector continues to grapple with oversupply.
The company's net loss widened to $23.1 million, or $1.46 per share, in the second quarter, from $1.4 million, or 9 cents per share, a year earlier.
Baltic index slips on paucity of fresh cargoes
Aug 8 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, dropped on Wednesday due to a scarcity of fresh cargoes.
The main index, which gauges the cost of shipping commodities including iron ore, coal and grain, fell 2.87 percent or 24 points to 812 points.
No comments:
Post a Comment