20121019 1632 Global Markets & Commodities Related News.

STOCKS: European stocks are set to dip, halting their sharp four-session rally, with tech shares set to feel the pinch while Asian shares eased, with technology stocks hit by disappointing earnings from Google Inc and Microsoft Corp. U.S. stocks fell on Thursday. (Reuters)

FOREX: The euro hovered below one-month high against the dollar, looking for a fresh impetus to retest last's month peak while the yen wobbled near a two-month trough against the dollar as speculators bet on another stimulus from the Bank of Japan. (Reuters)

FOREX-Euro hovers below 1-month high, yen under pressure
TOKYO, Oct 19 (Reuters) - The euro hovered below its one-month high against the dollar  having been left unmoved by the European summit, while the yen wobbled near a two-month low against the dollar as speculation mounted over the possibility that the Bank of Japan will take fresh stimulus measures.
"It seems like investors are coming back to the euro zone (bonds). There's a sense of ease that the European Central Bank will buy and support the market," said a trader at a European bank.

Europe advances towards single banking supervisor (Reuters)
European Union leaders took a big stride towards establishing a single banking supervisor for the euro zone, agreeing it would enter into force next year, opening the way for the bloc's rescue fund to inject capital directly into ailing banks.

China trade recovery not confirmed by Sept data -MOFCOM
BEIJING, Oct 19 (Reuters) - China's September trade data, which showed a surge in exports at twice the rate expected and a return to import growth, are not yet enough to confirm that a recovery trend is in place for the external sector, the Commerce Ministry said on Friday.
Ministry spokesman Shen Danyang told a news conference it was still too early to draw such a conclusion.

China trade recovery not confirmed by Sept data -MOFCOM (Reuters)
China's September trade data, which showed a surge in exports at twice the rate expected and a return to import growth, are not yet enough to confirm that a recovery trend is in place for the external sector, the Commerce Ministry said on Friday.

U.S. jobless claims hint labor market improving slowly  (Reuters)
The number of Americans filing new claims for jobless benefits spiked last week, reversing a sharp decline in the prior week but still pointing to a labor market that is slowly healing.

U.S. commodity inflows strong again in Sept; gold shines-Lipper
NEW YORK, Oct 18 (Reuters) - U.S. commodity products and funds saw another strong month of inflows in September as stimulus by global central banks led to a flood of new money, particularly into gold and precious metals offerings, Lipper data showed on Thursday.
Nearly $2.37 billion in net inflows were noted across some 230 U.S.-regulated commodity products and funds tracked by Lipper last month. Precious metals funds drew most of the money as investors sought to hedge against currency weakening from central bank stimulus or monetary easing.

GRAINS: U.S. soybeans slid half a percent after three straight sessions of gains, although the market is on track for its first weekly gain in more than a month, supported by strong demand and slow selling by farmers.  (Reuters)

Sugar prices seen encouraging producers to expand area (Reuters)
Even as world sugar prices encourage producers to expand area to meet an expected steady rise in consumption over the next decade, yields will need to rise to keep pace.

OIL: Brent crude held above $112 a barrel, but remained on track for its third weekly fall in five weeks, as supply concerns diminished with the imminent restart of Britain's largest oilfield. (Reuters)

Exxon seeks to quit flagship Iraq oil project (Reuters)
Exxon Mobil wants to leave its giant oilfield project in southern Iraq, diplomatic sources said, in a move likely to aggravate the country's internal tensions and hamper Baghdad's ambitious energy expansion plans.

BASE METALS: London copper edged down, but was on track to post a 0.6 percent weekly rise following data that suggested China's economy is stabilising and recovery in the United States is slowly gaining traction.  (Reuters)

Japan's crude steel output dips in Sept, first fall in 7 mths
TOKYO, Oct 18 (Reuters) - Japan's crude steel output fell one percent in September from a year earlier, marking its first drop in seven months, after the government ended subsidies for environmentally friendly cars, causing the first dip in new car sales in 12 months.
Crude steel output fell to 8.8 million tonnes, the Japan Iron and Steel Federation said on Wednesday. Output, which is not seasonally adjusted, fell 4.4 percent from August.

Iron ore steadies, but China buyers may resurface
SINGAPORE, Oct 19 (Reuters) - Spot prices of iron ore steadied but may end the week with modest gains that could stretch to next week, when buyers resume purchases on expectations that Chinese steel mills will keep up strong production.
Price offers for imported iron ore cargoes in top consumer China were little changed, although quotes for Brazilian material rose by a dollar per tonne, according to Beijing-based consultancy Umetal.

PRECIOUS METALS: Gold gave up early gains as shares in Asia slipped following a three-day rally and investors took a breather ahead of the outcome of a euro zone summit to solve the region's debt crisis, which could offer support to the euro. (Reuters)

METALS-Copper set for weekly gain after China, U.S. data
SHANGHAI, Oct 19 (Reuters) - London copper edged down but was on track to post a 0.6 percent weekly rise following data that suggested China's economy is stabilising and recovery in the United States is slowly gaining traction.    
"Now that the Chinese and U.S. economies appear to be stable, traders are focusing more on base metals' fundamentals, which are still weak," said CIFCO Futures analyst Zhou Jie.

PRECIOUS-Gold tracks equities lower, heads for 2nd weekly fall
SINGAPORE, Oct 19 (Reuters) - Gold gave up early gains as shares in Asia slipped following a three-day rally and as investors took a breather ahead of the outcome of a summit on solving the euro zone debt crisis, which could support the euro.
"There's some disappointment after (gold) could not pass  through $1,754 to $1,755. And then a stronger dollar dragged  down the market," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong, adding that dealers were also waiting for  the outcome of the euro zone summit.

Baltic index down as capesize, panamax rates drop
Oct 18 (Reuters) - The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry commodities, fell on Thursday, snapping a 13-day rising streak as rates for capesize and panamax ships fell.
The overall index, which reflects daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, fell 1 percent to 989 points.