GLOBAL MARKETS: Asian shares retreated from a two-week high as investors scaled back their expectations of strong stimulus from the U.S. Federal Reserve and fretted about economic growth after manufacturing surveys from the euro zone and China depicted a bleak outlook. MSCI's broadest index of Asia-Pacific shares outside Japan slipped 1.2 percent and was set for a weekly loss of 0.5 percent. European stock index futures pointed to further losses, hurt by worries over global growth and as investors scale back expectations of a new round of stimulus from the Federal Reserve following comments made by a Fed member. U.S. stocks fell on Thursday as expectations for quick stimulus action from the Federal Reserve faded and Chinese and euro zone data pointed to a stalling global economy.
FOREX:The euro eased versus the dollar but still held near a 7-week high hit the previous day, its downside seen limited in the near term by the potential for the further unwinding of euro short positions.
FOREX-Euro eases, support seen from trimming of bearish bets
SINGAPORE, Aug 24 (Reuters) - The euro eased versus the dollar on Friday but still hovered near a 7-week high hit the previous day, its downside seen limited in the near term by the potential for the further unwinding of euro short positions.
"The moves that have taken place are nothing more than position unwinding," said Satoshi Okagawa, senior global markets analyst for Sumitomo Mitsui Banking Corporation in Singapore, referring to the trimming back of euro-bearish bets.
OIL: Brent futures fell below $115 per barrel in Asia on signs of economic weakness across the globe, while doubts about more easing by the Federal Reserve and renewed worries over Europe's debt crisis also weighed.
Euro Coal-prices drop on improving Colombian exports
LONDON, Aug 23 (Reuters) - Physical prompt coal prices continued this week's downward trend on Thursday as prospects for rising Colombian exports and weak European demand pulled down the market, traders said.
A Colombian rail strike led to a supply squeeze in the Atlantic basin early in August, but analysts said the seaborne Atlantic coal market would return to a surplus by the end of August as Colombia ramps up exports.
Indian coal imports seen rising as global prices fall
NEW DELHI, Aug 22 (Reuters) - Indian coal imports are expected to rise in the financial year through March 2013 as more end-users turn overseas, prompted by a narrowing gap between the domestic and international prices of thermal coal.
Excess supply has hammered international thermal coal prices in recent months, with top exporter Indonesia cutting its output forecast to around 360 million tonnes from 390 million to 400 million for 2012.
Spain in talks with euro zone over sovereign aid -sources
Spain is negotiating with the euro zone over conditions for international aid to bring down its borrowing costs though the country has not made a final decision to request a bailout, three sources with knowledge of the matter said on Thursday.
U.S. data point to slow pace of healing in economy
Growth in the U.S. manufacturing sector picked up i n August, a sign the economy is resisting the global economic chill although a rise in new jobless claims last week pointed to a still-sluggish labor market.
Grain body slashes crop forecasts as droughts bite
Devastating droughts in the United States and Russia are set to drive global stocks of maize (corn) and wheat to multi-year lows, a world cereal body said on Thursday, heightening fears of a food price crisis on a scale last seen in 2008.
GRAINS: Chicago soybeans bounced back and were on track for their biggest weekly gain in a month, supported by higher-than-expected U.S. exports which showed a drought-fed rally has done little to temper demand.
Texas refiners thirsty for Eagle Ford crude
Two U.S. refiners on Thursday unveiled plans that will allow them to use more of the lower-cost crude oil from the prolific Eagle Ford shale play in South Texas.
Iron Ore-Slump extends, ore below $100, Shanghai rebar at record low
SINGAPORE, Aug 24 (Reuters) - Shanghai steel futures stretched their losing streak to a 10th day running on Friday, hitting a record low and giving steel producers more reason to shun iron ore cargoes as prices of the raw material dropped below $100 for the first time since 2009.
A slowing economy in China, the world's biggest consumer of iron ore and steel, is squeezing demand for these commodities and traders are worried the price slide would extend unless Beijing revives steel demand via stronger stimulus steps.
China steel mills skip iron ore cargoes as prices slide
SINGAPORE/SHANGHAI, Aug 22 (Reuters) - China's steel mills have defaulted on supply contracts or deferred shipment of up to 4 million tonnes of iron ore this month, traders said, the latest evidence that a slowdown in the country's economy is hurting the world's top steel market.
The wave of defaults and deferrals, the second this year, comes on the heels of a 23 percent drop in iron ore prices so far in 2012. Iron ore has perhaps been the hardest hit commodity as economic growth in top buyer China slows to what is expected to be its weakest pace in more than a decade.
BASE METALS: Copper dropped, coming off one-month highs hit in the previous session as hopes for more U.S. stimulus measures faded and on worrying signs that Spain, the fourth-largest economy in the euro zone, could need sovereign aid.
PRECIOUS METALS: Gold hovered near a 4-1/2 month high, poised for its biggest weekly rise in more than two months, as investors pondered the possibility of imminent bond buying by the U.S. Federal Reserve.
Indian gold buyers refrain as prices hit record high
MUMBAI, Aug 23 (Reuters) - India's benchmark gold futures rose 1.26 percent on Thursday to hit a new peak, driving away physical traders seeking to stock the yellow metal in the middle of the festive season.
The key gold for October delivery on the Multi Commodity Exchange (MCX) hit its peak at 30,699 rupees per 10 grams, before trading 1.09 percent higher at 30,646 rupees, backed by overseas leads, though a stronger rupee kept the upside limited.
METALS-Copper eases as US stimulus hopes fade; Spain eyed
"Base metal prices rose on stimulus hopes yesterday, powering copper above $7,600, but the upward momentum proved to be short-term when those hopes were not followed up with real policies," said an analyst with an international trading firm, who declined to be identified as he was not authorised to speak to the media.
"With stimulus hopes still priced in at these levels, there is more downside room in copper as these hopes fade."
PRECIOUS-Gold eases from 4-1/2 month high, Fed eyed
SINGAPORE, Aug 24 (Reuters) - Gold eased from a 4-1/2 month high on Friday but was still poised for its biggest weekly rise in more than two months as investor expectations of imminent bond buying by the U.S. Federal Reserve cooled slightly.
"Gold has already priced the expectation for QE3 (a third round of quantitative easing), and short-covering related to the minutes has also helped gold rally over the past few days," said Dick Poon, manager of precious metals at Heraeus in Hong Kong.
Baltic index up on higher capesize rates
Aug 23 (Reuters) - The Baltic Exchange's main sea freight index, which measures rates for ships carrying dry commodities, was up on Thursday for the second straight day on higher rates seen in the capesize sector.
The overall index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, rose 0.42 percent or 3 points to 715 points.
Asia Dry Bulk-Rates to hover near 2012 low on ample supplies
SINGAPORE, Aug 23 (Reuters) - Rates for dry bulk ships on key Asian dry bulk freight routes are expected next week to hover within striking distance of this year's lows as ample vessel supplies limit support from strong Chinese coal imports, ship brokers said on Thursday.
China's coal imports in July dropped 10.3 percent from the record high purchases of June, but shipments by the world's top producer and consumer of the fuel were still up from year-ago levels, official customs data showed on Tuesday.
No comments:
Post a Comment