20120814 1700 Global Market & Commodities Related News.

GLOBAL MARKETS: Asian shares rose as investors hunted for bargains while waiting for more economic figures from Europe and the United States later in the day, after recent data showed the euro zone's debt woes were eroding business activity globally. European stock index futures pointed to a higher open on expectations that a slew of economic releases in Europe and  the United States later in the day might strengthen the case for more monetary stimulus to tackle a slowdown in global growth. U.S. stocks ended slightly lower on Monday as fatigue set in after a six-day rally and disappointing Japanese growth data provided a fresh reminder of the headwinds facing the global economy. (Reuters)

FOREX: The euro pushed higher, extending some of the previous session's gains in Asian trade, as the market cautiously tested the upside ahead of euro zone and U.S. economic data.(Reuters)

FOREX-Euro pushes higher ahead of euro zone GDP data
TOKYO, Aug 14 (Reuters) - The euro pushed higher on Tuesday, extending some of the previous session's gains in Asian trade, as the market cautiously tested the upside ahead of euro zone and U.S. economic data.  
"Low liquidity in the summer could mean that market moves are small, or it could amplify moves," said Kimihiko Tomita, head of foreign exchange for State Street Global Markets in Tokyo.

Euro zone output expected to shrink in Q2(Reuters)
Euro zone output is seen declining in the second quarter when the European Union releases data on Tuesday, as the debt crisis hurts confidence, making businesses reluctant to invest and consumers worried about spending.

German economy grows 0.3 pct in second quarter (Reuters)
German gross domestic product grew 0.3 percent in the second quarter, seasonally-adjusted data showed on Tuesday, slightly beating expectations on the back of solid exports and consumption.

Petrobras makes big oil find in Brazil's sub-salt-partner(Reuters)
Brazil's Petrobras has made "one of the most significant oil discoveries" in the country's offshore sub-salt area, a partner in the discovery said, raising expectations the state-led oil company has made another giant find in a hot exploration region.

GRAINS: Chicago new-crop soybeans were little changed after previous session's losses as an improved weather outlook for the U.S. Midwest weighed on prices, while corn rose half a percent on supply worries. (Reuters)

U.S. soybean health improves with rain-USDA(Reuters)
The condition of the U.S. soybean crop improved last week, helped by recent rains that may boost harvest prospects for a crop that struggled through much of the summer due to the worst drought in five decades.

OIL: Brent futures held steady above $113 as investors awaited GDP data out of two of Europe's powerhouse economies to gauge the region's energy demand outlook, while tensions in the Middle East supported prices. (Reuters)

COLUMN-Iron ore curve flattening shows turning point nearer
--Clyde Russell is a Reuters market analyst. The views expressed are his own.--
LAUNCESTON, Australia, Aug 14 (Reuters) - Iron ore spot prices are likely to fall further in the short term, but are getting closer to a turning point if previous trends in the swaps curve are repeated.
The Singapore-traded iron ore swaps curve has been flattening recently, with the six-month contract currently 3.17 percent below the front-month's $114 a tonne.

METALS-LME copper eases ahead of U.S., Europe data
SHANGHAI, Aug 14 (Reuters) - London copper edged down to a 1-1/2-week low on Tuesday, weighed by poor physical demand and disappointment at the lack of economic stimulus measures by China, the United States and Europe despite a bleaker global outlook.
"Shanghai equities fell from mid-morning, dampening sentiment, especially because there are no sign of those stimulus measures many investors have been hoping for," said CIFCO Futures analyst Zhou Jie.

BASE METALS: London copper ticked up after four straight sessions of losses, although prices are expected to stay within tight ranges ahead of data from Europe and the United States that will be scoured for clues on the health of the global economy.(Reuters)

PRECIOUS METALS: Gold inched up, after dropping in the previous session, as investors waited to see if data from Europe and the United States would indicate more weakness in the global economy and prompt central banks to take stimulus measures(Reuters)

PRECIOUS-Gold ekes out gains before U.S., euro zone data
SINGAPORE, Aug 14 (Reuters) - Gold inched up on Tuesday,  after dropping in the previous session, as investors waited to  see if data from Europe and the United States would indicate  more weakness in the global economy and prompt central banks to  take stimulus measures.
"Gold is likely to remain in the range of $1,600 and $1,630  an ounce while people wait for central bank actions," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong, adding that buying interest from Shanghai ebbed after prices  failed to push through the $1,625 level over the past two days.