20120904 1642 Global Markets & Commodities Related News.

GLOBAL MARKETS: Asian shares eased on concerns over weakening regional and global economic activity, but expectations of more stimulus from central banks and hopes for progress in tackling Europe's debt crisis lent support. European stock futures pointed to a steady open, with investors staying cautious ahead of Thursday's policy meeting of the European Central Bank, which could announce some positive steps to ease borrowing costs of stressed countries. 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-Euro firmer on ECB hopes, holds nears 2-month high
SINGAPORE/SYDNEY, Sept 4 (Reuters) - The euro pushed higher against the dollar on Tuesday, nearing a two-month high hit last week, supported by hopes the European Central Bank will soon unveil details of a plan to tackle the region's debt crisis.
"I don't see a big drop in euro/dollar from here, given the anticipation ahead of the Fed meeting," said Mitul Kotecha, head of global foreign exchange strategy for Credit Agricole in Hong Kong.

FOREX: The euro rose against the dollar, nearing a two-month high hit last week, supported by hopes the European Central Bank will soon unveil details of a plan to tackle the region's debt crisis. (Reuters)

Germany in row with Brussels over banking supervision (Reuters)
Germany clashed with Brussels on Monday over plans to give the ECB new banking supervision powers, saying it was unrealistic for it to oversee more than the bloc's biggest institutions and wrong to expect the new body to be in place by year-end.

Factory gloom deepens, orders shrink: PMIs (Reuters)
A contraction in manufacturing business spread further around the world in August as the euro zone's troubles inflicted more damage on the global economy, business surveys showed on Monday.

Celeres holds forecast for record Brazil soybean crop  (Reuters)
Brazil's new 2012/13 soybean crop is seen producing a record 78.1 million tonnes, up 17.8 percent from last year and likely surpassing U.S. output for the first time, local analyst Celeres said on Monday.

GRAINS: Chicago soybeans climbed to a record high as declining exports from Brazil provided new evidence that global supplies were shrinking after poor production in South America and a historic drought in the United States.  (Reuters)

OIL: Brent futures rose for a fourth day in Asia, reaching more than $116 per barrel on persistent hopes for stimulus measures from central banks in the United States and Europe, with key policy meetings this week and next. (Reuters)

Most Louisiana refineries restarting; near 60 pct of oil output shut (Reuters)
Most of the oil refineries affected by Hurricane Isaac in the U.S. state of Louisiana were restarting on Monday, while nearly 60 percent of offshore crude oil production in the Gulf of Mexico remains offline, according to U.S. government reports.

S.Africa police fire teargas as mine unrest spreads (Reuters)
South African police fired teargas and rubber bullets to disperse striking miners at a gold mine near Johannesburg on Monday, the latest outbreak in a wave of labour militancy spreading from platinum mining into other parts of the sector.

Brazil iron mining outlook undimmed by price drop
RIO DE JANEIRO, Sept 3 (Reuters) - Investment in new Brazilian iron ore mining capacity will be strong for at least two to three years despite plunging prices and problems in China and Europe that could sap demand, according to Brazil's state development bank BNDES.
While the bank's total mine lending fell 45 percent in the first six months of the year, demand for credit by Brazilian and foreign companies suggest that final 2012 lending may be close to the 3 billion reais ($1.48 billion) loaned for mine projects in 2011, Guilherme Cardoso, chief of BNDES's basic industry department, and department manager Pedro Landim told Reuters late Friday.

BASE METALS: London copper edged lower on signs of flagging growth in top metals consumer China, though prices were supported by enduring hopes the European Central Bank (ECB) will this week kick off a round of global easing.  (Reuters)

PRECIOUS METALS: Gold edged higher to the highest level in more than five months as lacklustre manufacturing data from around the globe fanned speculation of imminent easing measures from central banks. (Reuters)

METALS-Copper edges lower, stimulus hopes limit losses
SINGAPORE, Sept 4 (Reuters) - London copper edged lower on Tuesday on signs of flagging growth in top metals consumer China, though prices were supported by enduring hopes the European Central Bank (ECB) will this week kick off a round of global easing.
"If (the ECB) came out with something that was pretty concrete - that they were going to buy bonds - then that would be a big trigger that people would get pretty bulled up on ... but equally if they don't do too much of anything, it could pile on some more pressure," said Credit Suisse metals analyst Ivan Szpakowski.

PRECIOUS-Gold hits 5-1/2 mth high on stimulus hopes, US silver rallies
SINGAPORE, Sept 4 (Reuters) - Gold edged higher on Tuesday to the highest level in more than five months after lacklustre manufacturing data from around the globe fanned speculation of imminent easing measures from central banks.
"Silver looks more at the stimulus implications of weak data," said Nick Trevethan, senior commodity strategist at ANZ in Singapore, adding that the strength in base metals had also helped underpin silver.