20120903 1656 Global Markets & Commodities Related News.

GLOBAL MARKETS: Asian shares rose after U.S. Federal Reserve Chairman Ben Bernanke kept the door open for further stimulus if needed, while weak economic indicators across the region raised hopes for additional growth-bolstering steps in Asia as well. European stock futures pointed to a lower open, with a survey showing a contraction in China's manufacturing activity dampening sentiment and prompting investors to trade in a tight range before this week's meeting of the European Central Bank.U.S. stocks rose on Friday after Federal Reserve Chairman Ben Bernanke, expressing "grave concern" for the stagnating U.S. job market, said the central bank was prepared to take further steps to strengthen the economy if necessary. (Reuters)

FOREX: The euro steadied against the dollar, drawing support from hopes the U.S. Federal Reserve and the European Central Bank would soon take policy steps to revive their respective economies. (Reuters)

FOREX-Euro steadies; Aussie hit by weak China, domestic data
TOKYO, Sept 3 (Reuters) - The euro steadied against the dollar drawing support from hopes the U.S. Federal Reserve and the European Central Bank would soon take policy steps to revive their respective economies.
The Australian dollar fell to fresh six-week lows against both the dollar and the yen as the market reacted in dismay to more signs of weakness in the Chinese economy and a set of weak Australian data.

Bernanke says Fed ready to act but short on specifics (Reuters)
Federal Reserve Chairman Ben Bernanke on Friday left the door wide open to a further easing of monetary policy, saying the stagnation in the U.S. labor market was a "grave concern," but he stopped short of providing a clear signal of imminent action.

China official services PMI rises to 56.3 in August (Reuters)
China's official purchasing managers' index for the services sector rose to 56.3 i n August from 55.6 in July, but industry expectations are weakening, a survey from the National Bureau of Statistics showed on Monday.

Isaac's remnants bring rain to drought-hit US Midwest (Reuters)
The remnants of Hurricane Isaac brought rain to drought-stricken parts of the lower U.S. Midwest on Saturday after the storm killed at least 30 people on its trek across the Caribbean and Louisiana and Mississippi, authorities said.

Energy firms boost US Gulf oil, natgas output after storm (Reuters)
Energy companies were restoring offshore oil and natural gas production and restarting refineries on Sunday as the recovery from Hurricane Isaac shifted into high gear.

OIL: Brent crude edged lower after Chinese data pointed to a further slowdown in the world's No.2 oil consumer, but prices stayed above $114 per barrel as investors remained optimistic that more global economic stimulus measures may be on the way.  (Reuters)

China's Tianjin sets 2015 coal consumption cap
LONDON, Aug 31 (Reuters Point Carbon) - The Chinese city of Tianjin has set an absolute cap on coal consumption in 2015 at 63 million tonnes, an increase of 31.3 percent from 2010, indicating that carbon emissions will continue to grow strongly even after the city launches an emissions trading scheme next year.
The city of 13 million people located just south of Beijing has capped coal use to reduce the fossil fuel's share of the energy mix to 40 percent by the middle of this decade, according to statements on municipal government websites Thursday.

Asia Coal-Australia coal prices dip, global oversupply weighs
PERTH, Aug 31 (Reuters) - Australian coal prices dipped during the week, despite an increase in interest from Chinese buyers as a global oversupply of coal continued to keep the market bearish.
Prices have likely hit a bottom, however, market sources and analysts said, as production cuts globally begin to take effect.

Strike deadline nears for two steelmakers in U.S. (Reuters)
Some U.S. steelworkers could mark the Labor Day holiday on strike if negotiations for new employment contracts with U.S. Steel and ArcelorMittal break down by Saturday's midnight (0400 Sunday GMT) deadline.

China's steel traders expose banks' bad debts
SHANGHAI/HONG KONG, Sept 3 (Reuters) - China's banks are coming after the country's steel traders, hauling executives into court to chase down loans that some traders said they didn't initially need and can't now repay.
The heavy push to recover the loans is another sign of strain on China's financial system at a time when the country's leaders are contemplating another round of stimulus to boost the economy, and when banks are worried about bad debts piling up.

China's Jiangxi Copper starts new 400,000 T product plant
HONG KONG, Aug 31 (Reuters) - China's top refined copper producer Jiangxi Copper Company   said it had started trial production this month at a 400,000-tonne-per-year manufacturing plant that uses refined copper, boosting demand prospects in the world's largest copper consuming country.
China's implied consumption of refined copper fell 0.8 percent in the second quarter of the year from January-March as the economy grew at its slowest pace in three years. In the second quarter of 2011, implied consumption rose 5.7 percent.

Iron Ore-Shanghai rebar drops after China data, ore pressured
SINGAPORE, Sept 3 (Reuters) - China steel futures fell more than 1 percent on Monday after data showed the manufacturing sector in the world's top steel consumer continues to struggle, suggesting a near-term recovery in demand is unlikely.
That puts more pressure on iron ore prices, which stayed near their lowest level in close to three years, despite a modest bounce on Friday.

India's April-July steel imports up 53 pct
MUMBAI, Aug 31 (Reuters) - India's finished steel imports jumped 53.3 percent to 2.88 million tonnes in April to July, bucking worldwide weakness, as rising sales of cars and fridges in Asia's third-largest economy boosted demand and buyers took advantage of lower global prices.
India, the world's fourth-largest steel producer, has been a net importer since 2008. Imports could continue to rise as uncertain power supplies and bureaucratic hurdles to accessing raw materials have resulted in slower capacity additions despite growing demand.

Despite China slowdown, Australia miners bet on Africa
PERTH, Aug 31 (Reuters) - Australian miners are betting that Africa will be the next frontier for iron ore, as they look beyond a fall this week in the price of the steel-making ingredient to its lowest level in nearly three years, battered by cooling Chinese demand.
African countries could eventually rival Pilbara, Australia's main iron ore mining region and producer of about half of the world's seaborne iron ore supply, mining executives gathered at a meeting in Perth said on Friday.

BASE METALS: London copper edged higher on hopes that central banks around the world will step in to fuel economic growth after concerns about the U.S. jobs sector and gloomy China factory data. (Reuters)

PRECIOUS METALS: Gold hovered near a five-month peak, supported by hopes for more stimulus measures after U.S. Federal Reserve Chairman Ben Bernanke gave a grave assessment of the economy last week.  (Reuters)

METALS-Copper up on economic stimulus hopes after gloomy China data
SINGAPORE, Sept 3 (Reuters) - London copper edged higher on hopes that central banks around the world will step in to fuel economic growth after concerns about the U.S. jobs sector and gloomy China factory data.
A contraction in China's factory sector activity intensified in August as both output and new orders dropped while manufacturers cut prices to compete for business, a survey showed on Monday.

PRECIOUS-Gold near 5-month high on stimulus hopes
SINGAPORE, Sept 3 (Reuters) - Gold hovered near a five-month peak supported by hopes for more stimulus measures after U.S. Federal Reserve Chairman Ben Bernanke gave a grave assessment of the economy last week.
Bernanke left the door wide open to a further easing of monetary policy but gave few hints on any imminent action. Gold benefits from loose monetary policy, as rampant cash printing boosts inflation outlook and drives investors to gold, seen as a good hedge against rising prices.

Baltic index down on weak panamax rates
Aug 31 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, fell on Friday as weakness in the panamax segment outweighed a small rise in capesize rates.
The overall index, which reflects daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, fell 0.57 percent to 703 points. The index has fallen about 2 percent this week.