STOCKS: European shares looked set to open lower and Asian shares fell as investors shied away from risk ahead of the closely fought U.S. presidential election, the result of which could define a clear direction for broader markets. U.S. stocks ended an unusual storm-shortened trading week with a selloff on Friday. (Reuters)
FOREX-Dollar index hits 2-month high after U.S. job data
TOKYO, Nov 5 (Reuters) - The U.S. dollar hit a two-month high against a basket of major currencies after job reports last week highlighted relatively solid U.S. economic fundamentals.
"After the dollar/yen has tested a key Fibonacci level, it needs a bit of consolidation in the very near-term," said Teppei Ino, currency analyst at the Bank of Tokyo-Mitsubishi UFJ.
Politics call the tune in U.S, China and Europe
LONDON, Nov 4 (Reuters) - In the politically packed days ahead, an election, a coronation and a two-part parliamentary vote each has the potential to alter the course of the global economy for years to come.
The election, of course, is on Tuesday for the White House and Congress. Two days later, C hina's ruling Communist party begins the 18th congress in its history.
U.S. fiscal cliff, Europe's debt woes worry G20 (Reuters)
Leading world economies pressed the United States on Sunday to act decisively to avert a rush of spending cuts and tax hikes, warning that the so-called fiscal cliff is the biggest short-term threat to global growth.
GRAINS: Chicago soy extended losses, sliding to its lowest in more than two weeks, while corn was little changed after dropping for two consecutive sessions under pressure from private forecasters raising their estimates for U.S. crops. Wheat edged higher, rising for three out of four sessions as dryness in U.S. Plains and forecasts of rains at the time of harvest in Australia threatened to tighten global supplies. (Reuters)
Informa raises U.S. 2012 soy crop estimate, lowers corn (Reuters)
Private analytics firm Informa Economics raised its estimate of the U.S. 2012 soybean crop to 2.925 billion bushels, from 2.86 billion previously, trade sources said Friday.
Oil trader nightmare: regulated like a bank (Reuters)
Tougher global regulations on derivatives and capital requirements might put small oil traders out of business in the next few years and increase the dominance of just a few major houses, something the regulators might ultimately regret. For the full story, click here
NJ Bayway refinery may be shut for weeks; Hess still idle (Reuters)
Phillips 66's Bayway refinery in New Jersey, the second largest in the region, could be shut for weeks due to heavy damage caused by salt water flooding, a source familiar with operations said on Friday.
Euro Coal-Prices dip with Asia on low demand
LONDON, Nov 2 (Reuters) - Prompt South African coal prices eased below the $81 per tonne mark on Friday amid few signs of demand in an oversupplied market.
One January-loading South African cargo traded today at $80.95 a tonne FOB, down 5 cents from the previous day's deal level as sellers continued to outnumber buyers.
Asia Coal-Australia coal prices sluggish at $82/tonne
PERTH, Nov 2 (Reuters) - Australia's thermal coal price benchmark dropped to around $82 per tonne this week, down from over $84 per tonne last week as demand continued to fall short of supply, with Chinese buyers continuing to be relatively well-stocked ahead of winter.
Australia's Newcastle spot index for the week closed at $82.26 per tonne on Wednesday, down from $84.03 last week, data from online trading platform globalCOAL showed.
OIL: Brent crude hovered around $106 per barrel as a more than 2 percent drop on Friday attracted some buyers, although investors remained focused on the U.S. presidential elections and demand worries. (Reuters)
US regulation may prompt iron ore swaps volume migration (Reuters)
New regulation is likely to deter U.S. investors in iron ore swaps from using the Singapore Exchange, the leading clearer of the product, scattering business to other exchanges and reducing liquidity in this fledgling market.
Iron ore seen steady near $120 this week, China transition eyed
SINGAPORE, Nov 5 (Reuters) - Spot iron ore prices are likely to stabilise around current levels near $120 a tonne this week, with Chinese steel mills continuing to pick up cargoes, but perhaps unwilling to pay too big a premium, given a slow, steady recovery in steel demand.
Market participants are also waiting for the once in a decade leadership transition that China kicks off on Thursday, hoping for policy signals from the new government to aid the world's second-largest economy after a seven-quarter slowdown.
METALS-Copper falls to 2-mth low; U.S. elections, China transition eyed
SHANGHAI, Nov 5 (Reuters) - Copper hit two-month lows as investors shied away from risk with the U.S presidential election, China's leadership transtion and two central banks meetings this week stoking uncertainty over global economic growth.
"The markets did not pick up despite Friday's positive U.S. nonfarm payrolls data, which underlined how cautious everyone is before the U.S. elections and China's Party Congress," said CIFCO Futures analyst Zhou Jie, referring to signs U.S. employers stepped up hiring in October.
PRECIOUS-Gold firms but gains limited by strong dollar
SINGAPORE, Nov 5 (Reuters) - Gold nudged a touch higher paring falls after stronger-than-expected U.S. jobs data sent gold to a two-month low in the previous session, but a stronger dollar curbed the rebound.
"In the short term gold may hover around Friday's low, but there isn't much room on the downside as easing monetary policy is still a global trend," said Li Ning, an analyst at Shanghai CIFCO Futures.
The Baltic index down as capesize rates fall
Nov 2 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, fell on Friday as capesize rates continued to drop.
The overall index, which reflects daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, fell 1.4 percent to 986 points.
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