20121023 1642 Global Markets & Commodities Related News.

STOCKS: European stock index futures pointed to a higher open, with shares set to reverse the previous session's dip and track a late-session bounce on Wall Street. Asian shares were lacklustre with the corporate reporting season getting underway in the region, as investors stayed cautious after global shares faltered overnight on weak earning reports and outlook. (Reuters)

FOREX: The yen hit a three-month low against the dollar and a five-month trough versus the euro, pressured by expectations that the Bank of Japan will further loosen monetary conditions to help the export-reliant economy face a global slowdown. (Reuters)


FOREX-Yen hits 3-month low vs dollar, BOJ easing eyed
SINGAPORE, Oct 23 (Reuters) - The yen hit a three-month low against the dollar and a five-month trough versus the euro, pressured by  expectations that the Bank of Japan will further loosen monetary conditions to help the export-reliant economy face a global slowdown.
"Yen-selling versus the dollar will probably continue ahead of the BOJ (meeting) and while the dollar might see a slight pullback afterwards, I think this trend will persist," Maeba said, adding that the dollar may rise toward 82 yen by year-end.


Euro zone cut fiscal deficit in 2011, debt up
The euro zone's fiscal deficit fell sharply last year as governments slashed expenses and raised taxes to regain market confidence in their public finances, but public debt still climbed, data from the European Union's statistics office showed on Monday. (Reuters)

GRAINS: Chicago wheat edged lower as the market took a breather after rising for four consecutive sessions on concerns over shrinking supplies in the Black Sea region and dryness hurting crops in top exporters the United States and Australia. Soybeans eased as investors shifted their focus to Brazil and Argentina, where farmers are boosting plantings to produce record-large crops early next year. (Reuters)

U.S. corn harvest 87 pct done, soybeans 80 pct
U.S. corn harvest was a record 87 percent complete and farmers had finished 80 percent of soybean harvest as of Sunday, according to a U.S. Agriculture Department report issued on Monday, but the tail end of their combining efforts was expected to be slow due to rain. (Reuters)

As unconventional U.S. oil, gas boom, so do jobs - report
The U.S. oil and gas rush is cutting into jobless numbers, supporting a total of 1.7 million jobs this year, a number that will swell to almost 3 million by 2020, a leading consultant said in a study released on Tuesday. (Reuters)

OIL: Brent futures held steady above $109 as investors judged the previous session's fall in prices to their lowest in nearly three weeks as an opportunity to buy, with simmering tensions in the Middle East providing additional support.  (Reuters)

POLL-US crude stocks projected up for third straight week (Reuters)
U.S. crude oil inventories likely rose for the third straight week on recovered imports, a preliminary Reuters poll of analysts showed on Monday.

BASE METALS: London copper fell and prices remained near the six-week low hit the previous day, as investors played safe ahead of a U.S. Federal Reserve policy meeting, while awaiting China's next policy moves. (Reuters)

PRECIOUS METALS: Gold held above $1,720 an ounce after demand from jewellers helped prices rebound from their lowest in more than a month, but investors were likely to stay on the sidelines ahead of a U.S. Federal Reserve meeting. (Reuters)


Daily aluminium output rises in September- IAI
LONDON, Oct 22 (Reuters) - Daily average aluminium output for September rose slightly to 67,000 tonnes from 66,900 tonnes in August, figures from the International Aluminium Institute (IAI) showed on Monday, after falling recent months.
Production has been on a falling trend between October 2011 and August this year, the figures showed, as aluminium prices come under pressure due to a slowing global economy hitting demand for the metal used in packaging and transport.

Global crude steel output flat in Sept, China edges up
LONDON, Oct 22 (Reuters) - Global crude steel production in September was little changed from a year earlier, World Steel Association (Worldsteel) data showed on Monday, with China raising production slightly while western producers held back output in the face of weak demand.  
Output of steel, used in automaking and construction, was 123.63 million tonnes in September versus 123.62 million a year earlier, Worldsteel figures showed.

METALS-Copper hits fresh 6-wk low; Fed, China eyed
SHANGHAI, Oct 23 (Reuters) - Copper fell to fresh six-week lows as investors played safe ahead of a U.S. Federal Reserve policy meeting, while awaiting China's next policy moves.
"The market is clearly still looking to China as the real driver and the rest of the world is only providing a bit of short-term noise," RBC Capital Markets said in a note.

PRECIOUS-Gold ticks lower on equities, Fed in focus
SINGAPORE, Oct 23 (Reuters) - Gold edged lower after  equities gave up early gains, although demand from  jewellers helped prices rebound from their lowest in more than a month as investors waited on the results of a U.S. Federal  Reserve meeting.
"We are not expecting much, unless there are surprises from the Fed. So I believe gold will still be trading within this  band. A lot of investors are also eyeing the outcome of the  presidential election in the U.S.," said Brian Lan, managing  director of GoldSilver Central Pte Ltd in Singapore.