STOCKS: European stock index futures pointed to slightly lower open, pausing after the biggest daily gain in 10 weeks, with a downgrade of France's credit rating capping sentiment. Asian shares rose tracking U.S. stocks which bounced higher for a second consecutive session on Monday as investors were encouraged by the early atmosphere surrounding talks to tackle the nation's fiscal crunch. (Reuters)
FOREX-Yen dangles near 7-month low vs dollar, seen vulnerable
SINGAPORE, Nov 20 (Reuters) - The yen hovered near a seven-month low against the dollar and was likely to stay under pressure in the near term, dealers said, amid mounting political calls for more aggressive monetary expansion.
"I think we are going to see new highs," said Todd Elmer, currency strategist at Citi in Singapore, referring to the dollar's outlook versus the yen. "We are going to break out of the topside of the range around 82. The risk is that we could extend a little beyond that point."
Moody's strips France of AAA-rating with one-notch cut
PARIS/NEW YORK, Nov 19 (Reuters) - Moody's stripped France of its prized triple-A badge on Monday, cutting the sovereign credit rating on Europe's No. 2 economy by one notch to Aa1 from Aaa, citing an uncertain fiscal outlook and deteriorating economy.
The downgrade, which follows a cut by Standard & Poor's in January, was widely expected but is still a blow to Socialist President Francois Hollande as he strives to convince the world he can fix France's public finances and stalled economy.
Euro zone to move on unfreezing Greek aid on Tuesday (Reuters)
Euro zone finance ministers will give a tentative go-ahead for the disbursement of 44 billion euros in emergency loans to Greece on Tuesday, but the money will only be paid on Dec. 5 if the country meets all remaining conditions.
GRAINS: Chicago wheat rose for a second straight session, lifted by renewed concerns over global supplies as U.S. crop ratings dropped to a record low for the month of November following dry weather. Soybeans eased after closing higher on Monday on expectations of a rebound in Chinese demand, while corn was little changed, holding on to last session's 1.6 percent climb amid tight supplies. (Reuters)
U.S. wheat crop ratings fall more than expected (Reuters)
The U.S. Agriculture Department said on Monday its rating of the winter wheat crop fell to 34 percent good to excellent, below analysts' expectations, due to persistent dry conditions in the U.S. Plains.
IEA says world oil markets remain well supplied (Reuters)
World oil markets are well supplied despite the loss of nearly 1 million barrels a day of crude from Iran following sanctions by the United States and European Union, the head of the International Energy Agency (IEA) told Reuters on Monday.
OIL: Brent crude held steady above $111 a barrel, less than a dollar off a one-month top hit in the previous session, on hopes a U.S. budget crisis will be averted and on supply worries triggered by tension in the Middle East. (Reuters)
China considers tax cut for iron ore miners -paper (Reuters)
China is considering cutting taxes for domestic iron ore miners, state media reported, as mining firms in the world's top consumer of the ore struggle to compete with overseas rivals.
China considers tax cut for iron ore miners -paper
SHANGHAI, Nov 20 (Reuters) - China is considering cutting taxes for domestic iron ore miners, state media reported on Tuesday, as mining firms in the world's top consumer of the ore struggle to compete with overseas rivals.
The country's Ministry of Industry and Information Technology (MIIT) will work with the finance ministry and other parties on a proposal to cut the current total tax rate of around 25 percent by up to half, the China Securities Journal reported, without citing sources.
China daily crude steel output rises 1.6 pct in early Nov -industry data
SHANGHAI, Nov 20 (Reuters) - China's average daily crude steel output rose 1.6 percent to 1.957 million tonnes for the first ten days of November from the preceding period, industry data showed on Tuesday, as large mills lifted output on a recent rally in steel prices.
Large steelmakers in the world's top steel producer boosted output in the period to 1.638 million tonnes per day, up by around 8 percent from Oct. 21-31, data from the China
Iron & Steel Association (CISA) seen by Reuters showed.
Japan crude steel output suffers biggest annual fall in 9 mths
TOKYO, Nov 19 (Reuters) - Japan's crude steel output registered its biggest annual fall in nine months in October, as a decline in domestic car production and an increase in imports of construction steel reduced demand.
Output fell 6.7 percent from a year earlier to 8.84 million tonnes, the Japan Iron and Steel Federation said on Monday.
METALS-Copper eases from 2-week high, Greece aid supports
SINGAPORE, Nov 20 (Reuters) - London copper edged back from two-week highs hit the previous session when the U.S. housing market showed unexpected vitality, while Greece was set to receive another round of aid, boosting risk appetite and soothing worries over metals demand.
"We had a bit more positive news coming out of Europe, but you really want to see whether that optimism can be sustained," said Jonathan Barratt, chief executive of Barratt's Bulletin, a Sydney-based commodity research firm.
PRECIOUS-Gold steady on Mideast tension, hopes for US fiscal talks
SINGAPORE, Nov 20 (Reuters) - Gold traded steady following its biggest one-day rise in two weeks, supported by hopes of a U.S. solution to its fiscal problems and Middle East tension, but weighed down by a firmer dollar as a result of France's rating downgrade.
"People are feeling a bit at ease about the budget talks in Congress," said Yuichi Ikemizu, head of Japan commodity trading at Standard Bank.
BASE METALS: London copper edged back from two-week highs hit the previous session when the U.S. housing market showed unexpected vitality, while Greece was set to receive another round of aid, boosting risk appetite and soothing worries over metals demand. (Reuters)
PRECIOUS METALS: Gold traded steady following its biggest one-day rise in two weeks, supported by hopes of a U.S. solution to its fiscal problems and Middle East tension, but weighed down by a firmer dollar as a result of France's rating downgrade. (Reuters)
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