20121018 1604 Global Markets & Commodities Related News.

STOCKS: Asian shares struck a seven-month high as worries  about a sharper slowdown in global growth eased after a slew of Chinese data signalled stabilisation in the world's second largest economy, and the U.S. produced positive economic news.European stocks opened higher. The S&P 500 rose for the third consecutive day on Wednesday after housing starts hit a four-year high, but the Dow was weighed down by IBM after it posted weak revenue. (Reuters)

China economy slows for 7th quarter, pick-up seen in Q4 (Reuters)
China's economy slowed for a seventh straight quarter in July-September, missing the government's target for the first time since the depths of the global financial crisis, but other data released on Thursday pointed to a year-end rebound.

COLUMN-China GDP points to steadier commodity demand
--Clyde Russell is a Reuters market analyst. The views expressed are his own.--
LAUNCESTON, Australia, Oct 18 (Reuters) - It's probably not going to be too hard to find bearish analysis of China's economic growth data, but much of this will miss the point.
While the 7.4 percent expansion in gross domestic product in the third quarter from a year earlier was lowest since the first quarter of 2009, all this tells us is what we already knew.

China Q3 GDP growth 7.4 pct y/y, below official target
BEIJING, Oct 18 (Reuters) - China's economy slowed for a seventh straight quarter in July-September, missing the government's target for the first time since the depths of the global financial crisis.
The National Bureau of Statistics said GDP grew 7.4 percent in the third quarter from a year earlier - in line with  forecasts from economists polled by Reuters - the first miss of the official target since 6.5 percent growth in the first quarter of 2009.

U.S. housing starts surge in positive sign for economy (Reuters)
Groundbreaking on new U.S. homes surged in September to its fastest pace in more than four years, a sign the housing sector's budding recovery is gaining traction and supporting the wider economic recovery.

U.S. housing starts surge in positive sign for economy
WASHINGTON, Oct 17 (Reuters) - Groundbreaking on new U.S. homes surged in September to its fastest pace in more than four years, a sign the housing sector's budding recovery is gaining traction and supporting the wider economic recovery.
Housing starts increased 15 percent last month to a seasonally adjusted annual rate of 872,000 units, b eating even the most optimistic forecasts on Wall Street, C ommerce Department data showed on Wednesday.

FOREX: The euro held near a one-month high against the dollar as a fall in Spanish bond yields, strong U.S. housing data and hopes for a year-end rebound in China boosted optimism on the global economy. (Reuters)

FOREX-Euro near 1-month high on optimism over Spain, global economy
TOKYO/SYDNEY, Oct 18 (Reuters) - The euro held near a one-month high against the dollar as a fall in Spanish bond yields, strong U.S. housing data and hopes for a year-end rebound in China boosted optimism on the global economy.
"Some of the China numbers were pretty strong so financial markets may welcome these numbers," Ayako Sera, market economist at Sumitomo Trust Bank.

UK wheat imports soar following poor crop (Reuters)
Britain remained on track to become a net wheat importer in the 2012/13 season for the first time in more than a decade on Wednesday following a poor harvest this summer with customs data showing imports far outstripped exports in August.

GRAINS: U.S. wheat rose 0.7 percent, gaining for a second consecutive session as dry weather in top exporters the United States and Australia renewed concerns over tightening global supplies. (Reuters)

China's September crude runs hit record high (Reuters)
China's refinery throughput in September rose 7 percent from a year earlier to a record daily rate of 9.43 million barrels per day (bpd), after new refining capacity came on stream in the world's second-largest oil consumer.

OIL: Brent futures held above $113, buoyed by hopes for a rebound in year-end economic growth in China, the world's second-biggest oil consumer, and with simmering tension in the Middle East providing additional support. (Reuters)

China daily crude steel output rises 2 pct in Sept
SHANGHAI, Oct 18 (Reuters) - China's average daily crude steel output rose to 1.932 million tonnes in September, up 2 percent from 1.894 million tonnes in August, government data showed on Thursday, as a rebound in prices encouraged mills to boost production.
On a full-month basis, total crude steel production stood at 57.95 million tonnes in September, down one percent from August, to mark the lowest output since February, data from the National Bureau of Statistics showed.

BASE METALS: London copper rose for a third session, boosted by data that showed China's economy stabilising and a recovery in the U.S. housing sector gathering pace.. (Reuters)

PRECIOUS METALS: Gold was slightly weak as investors looked for fresh leads from a European Union summit after shrugging off data showing China's economy slowed for a seventh quarter as expected. (Reuters)

METALS-London copper edges up for 3rd day; focus on China data
SHANGHAI, Oct 18 (Reuters) - London copper rose for a third session boosted by data that showed China's economy stabilising and a recovery gathering pace in the U.S. housing sector.  
"Base metals are up on today's economic data, which, coupled with the premier's optimism over the economy, signalled that China's economy has mostly likely bottomed out in the third quarter. The U.S. economy also seems to be improving," said Orient Futures derivatives director Andy Du.

PRECIOUS-Gold steady after China data, euro zone summit eyed
SINGAPORE, Oct 18 (Reuters) - Gold traded flat retaining gains from the previous two days, as investors looked  for fresh leads from a European Union summit after shrugging off data showing China's economy slowed for a seventh quarter as  expected.
"In the short term, the $1,730 support level will continue  to feel a lot of pressure as investors focus on the euro zone  summit," said Chen Min, an analyst at Jinrui Futures in the  southern Chinese city of Shenzhen.