STOCKS: European stock index futures pointed to a higher open, halting a two-day slide, as China's better-than-expected macro data reassured investors on the outlook for the world's second biggest economy. Asian shares extended losses tracking U.S. markets which fretted over the U.S. fiscal cliff and the risk of it tipping the economy into recession, as well as ongoing doubts about a workable bailout for Greece. (Reuters)
FOREX-Euro near 2-month low on deepening economic gloom
TOKYO, Nov 9 (Reuters) - The euro buckled near a two-month low against the dollar, dogged by a bleak economic outlook in the euro zone, uncertainty on Greece's aid deal and lack of hints from policymakers on when Spain will ask for financial aid.
Risk sentiment was also hurt as U.S. shares fell to fresh three-month lows as investors grew concerned that Washington may not deal quickly with the "fiscal cliff" - automatic spending cuts and tax hikes due next year that threaten to push the U.S. into recession.
China inflation cools, leaving scope for policy easing (Reuters)
China's annual consumer inflation eased to its slowest pace in nearly three years in October, official data showed on Friday, giving policymakers scope to further loosen monetary policy if needed to support growth in the world's second-biggest economy.
Draghi open to ECB rate cut, done helping Greece (Reuters)
The euro zone economy shows little sign of recovering before the year-end despite easing financial market conditions, European Central Bank President Mario Draghi said on Thursday, leaving open the possiblity of an interest rate cut in the months ahead.
FAO slashes grain f'casts, world food prices stay high (Reuters)
Global supply of key cereal staples including wheat is to tighten sharply in the 2012/13 crop season as wheat and maize output feels the pinch of the worst U.S. drought in more than half a century, data from the United Nations food agency showed.
GRAINS: U.S. wheat was largely unchanged, holding gains from the last four sessions and remaining on track for its biggest weekly climb since late July, with harsh weather threatening crops in top exporters. Soybeans edged higher and corn was almost flat ahead of a key U.S. Department of Agriculture report, which is expected to boost forecasts for U.S. corn and soybean crops despite a devastating drought this year across the nation's grain belt. (Reuters)
OPEC admits significant impact of shale oil on supply (Reuters)
OPEC acknowledged for the first time on Thursday that technology for extracting oil and gas from shale is changing the global supply picture significantly, and said demand for crude would rise more slowly than it had previously expected.
OIL: Brent crude futures steadied above $107 and were poised to end the week with a marginal gain, their first in four, but prices are likely to remain under pressure as the outlook for the global economy, and fuel demand, remains weak. (Reuters)
BASE METALS: London copper edged up for a second session, after a dip this week to its lowest levels in two months enticed some Chinese bargain-hunters to restock the metal, but a looming U.S. fiscal crisis and lingering euro zone worries will curb prices. (Reuters)
PRECIOUS METALS: Gold rose to a three-week top, on track for its first weekly gain in four, as hopes U.S. monetary policy would remain loose after President Barack Obama's re-election and worries about looming fiscal woes boosted bullion's appeal. (Reuters)
China gold demand seen at record high in 2012
LONDON, Nov 8 (Reuters) - China's gold demand is expected to grow 1 percent this year to a record of around 860 tonnes, the global head of metals at consultancy Thomson Reuters GFMS said on Thursday, with both jewellery and investment sales rising.
That increase means China will overtake India as the world's biggest consumer of gold for the first time on a yearly basis, Philip Klapwijk told the online Reuters Global Gold Forum.
METALS-LME copper edges up, but U.S. fiscal worries drag
SHANGHAI, Nov 9 (Reuters) - London copper edged up for a second session, after a dip this week to its lowest levels in two months enticed some Chinese bargain-hunters to restock the metal, but a looming U.S. fiscal crisis and lingering euro zone worries will curb prices.
Three-month copper on the London Metal Exchange rose 0.8 percent to $7,690 per tonne by 0352 GMT, after having gained 0.3 percent in the previous session. It is on track for a weekly rise of 0.3 percent.
PRECIOUS-Gold hits 3-week high on US fiscal concern
SINGAPORE, Nov 9 (Reuters) - Gold rose to a three-week top, on track for its first weekly gain in four, as hopes U.S. monetary policy would remain loose after President Barack Obama's re-election and worries about looming fiscal woes boosted bullion's appeal.
The market is now worrying about the U.S. "fiscal cliff", automatic tax hike and spending cuts amounting to $600 billion due to take effect early next year that could send the U.S. economy back to recession. This is boosting investor appetite for safe-haven assets like gold.
Baltic index flat, capesize rates recover
Nov 8 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, remained flat on Thursday as capesize rates recovered and panamax rates slipped further.
The overall index, which reflects daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, remained at 916 points from Wednesday.
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