GLOBAL MARKETS: Asian shares held steady as investors awaited U.S. Federal Reserve Chairman Ben Bernanke's speech to international central bankers gathering in Jackson Hole on Friday and a European Central Bank meeting next week. European shares were expected to open mixed, extending a sideways move as mixed economic data and uncertainty over further stimulus measures from central banks keep investors on tenterhooks. U.S. stocks ended little changed in another day of scarce activity on Tuesday after mixed economic data gave investors little reason to shift their focus from Federal Reserve Chairman Ben Bernanke's speech on Friday. (Reuters)
FOREX-Euro stalls near 7-wk high, Aussie still fragile
SYDNEY/TOKYO, Aug 29 (Reuters) - The euro steadied near its seven-week peak on Wednesday, after getting swept higher by a wave of short covering overnight, while the Australian dollar languished at one-month lows on persisting worries about Chinese growth.
"Is it really a good sign that a central bank governor suddenly cancel his plan? The market may be reading it wrong. It could be because he has some urgent issues to deal with," said Kimihiko Tomita, forex manager at State Street, noting that the ECB data showed private-sector deposits at Spanish banks fell at a record pace in July.
FOREX: The euro held near its seven-week peak, having been swept higher by a wave of short covering overnight, while the Australian dollar languished at one-month lows on persisting worries about Chinese growth. (Reuters)
U.S. home prices gain again but consumer mood cools (Reuters)
U.S. home prices rose for the fifth consecutive month in June, a fresh sign of improvement as the recovery in the housing market picks up steam.
GRAINS: U.S. wheat rose, gaining for the first time in six sessions, on concerns key producer Russia may curb exports of the drought-hit grain at an agricultural ministry meeting later this week. Soybeans extended gains into a second session on export demand from China and corn edged up as damage to crop yields in the U.S. Midwest from the worst drought in more than 50 years continued to underpin prices. (Reuters)
G20 to wait for US crop report before food price action (Reuters)
G20 nations taking stock of the third global food price surge in four years will wait for September's crop report from the U.S. Department of Agriculture before deciding whether to take joint action on the issue, France's farm minister said on Tuesday.
G7 urges higher oil output, warns on reserves (Reuters)
Finance ministers of the Group of Seven most industrialized nations urged oil-producing countries on Tuesday to raise output to ensure the market is well supplied, while warning that the West was ready to tap strategic oil reserves to offset rising prices that could hamper global growth.
US crude stocks forecast down for 5th straight week - RTRS (Reuters)
U.S. crude oil stockpiles were forecast to have fallen for the fifth week in a row last week due to lower imports, an expanded Reuters poll ahead of weekly industry and government reports showed on Tuesday.
OIL: Brent crude futures slipped towards $112 per barrel on expectations Hurricane Isaac, which hit land in Louisiana, would spare Gulf Coast oil production facilities from significant damage. (Reuters)
Euro Coal-Prices seen stable as Colombia exports offset U.S.
LONDON, Aug 28 (Reuters) - Physical coal prices in Europe will likely to remain near current levels as improved Colombian exports are offset by slowing supplies from the United States, Barclays Capital said on Tuesday.
Coal prices have been declining for much of the first half of the year as weak demand clashed with rising exports from the United States, where coal-fired electricity generation has become unprofitable as a result of the shale gas boom in North America.
S.Africa seeks platinum belt peace and wage talks (Reuters)
South Africa is seeking a "peace accord" in its embattled platinum belt to cool tensions with feuding unions before starting wage talks to end a deadly strike that has paralysed miner Lonmin.
BASE METALS: Copper traded lower as some investors liquidated positions to meet margin calls in Shanghai equities and Shanghai rebar futures, which fell in the session. (Reuters)
PRECIOUS METALS: Gold held near the highest in more than four months as investors await U.S. Federal Reserve Chairman Ben Bernanke's speech later this week for any hints of further stimulus measures. (Reuters)
Iron Ore-Shanghai rebar slumps for 13th day, iron near 3-yr low
SINGAPORE, Aug 29 (Reuters) - China steel futures fell more than 2 percent to a record low on Wednesday, dogged by weakening demand in the world's top consumer that has pushed down the price of raw material iron ore to its weakest in nearly three years.
The most-traded rebar for January delivery on the Shanghai Futures Exchange hit a session trough of 3,366 yuan ($530) a tonne, its lowest since the bourse launched rebar futures in 2009. It was down 2.1 percent at 3,381 yuan by the midday break.
China's Baosteel sees steel prices staying under pressure
SHANGHAI, Aug 27 (Reuters) - Baoshan Iron & Steel , China's biggest listed steelmaker, expects steel prices to remain under pressure for the rest of this year as the industry shows no sign of curbing output and steps to stimulate the economy take time to kick in.
"Steel prices will unlikely increase much in the second half of this year due to the oversupply. Prices are expected to stay at low levels," the company said on Monday, as it posted a 53-percent drop in first-half profit, excluding one-off items.
METALS-LME copper eases ahead of Jackson Hole
SHANGHAI, Aug 28 (Reuters) - Copper traded lower on Wednesday as some investors liquidated positions to meet margin calls in Shanghai equities and Shanghai rebar futures, which fell in the session.
"When Shanghai equities fell and Shanghai rebars started plunging, copper got dragged down," said Orient Futures analyst Andy Du.
PRECIOUS-Gold holds near 4-1/2 month high, focus on Fed
SINGAPORE, Aug 29 (Reuters) - Gold held near the highest in more than four months on Wednesday as investors await U.S. Federal Reserve Chairman Ben Bernanke's speech later this week for any hints of further stimulus measures.
"We see near-term risks of a reversal if Jackson Hole does not deliver what the market is hoping for and gold could challenge $1,650 support and possibly $1,630," said Nick Trevethan, senior metals strategist at ANZ in Singapore.
Baltic index up on higher Atlantic activity
Aug 28 (Reuters) - The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry commodities, rose for a fifth straight day on Tuesday on an increase in Atlantic activity.
The overall index, which reflects daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, gained 7 points or 0.98 percent to 724 points.
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