FOREX-Euro hugs 2-week low on worry about Italian leadership
TOKYO, Dec 10 (Reuters) - The euro flirted with two-week lows against the dollar after Italian Prime Minister Mario Monti offered to resign, raising political uncertainty over who will lead the euro zone's third-biggest economy out of the debt crisis.
"If Monti's pro-euro stance is to back off, that should raise concerns about the euro," said Junya Tanase, chief currency strategist at JPMorgan Chase in Tokyo.
China surprises with weak exports, signals slow recovery (Reuters)
China's exports growth slowed sharply to a much lower than expected 2.9 percent in November, underscoring the global headwinds dragging on an economy showing otherwise solid signs of a pick up in domestic activity.
U.S. employment ducks Superstorm Sandy's punch (Reuters)
U.S. companies kept up their slow but steady hiring pace in November, defying predictions that Superstorm Sandy would deal a big blow to the labor market.
GRAINS: Chicago corn futures eased to a three-week low, extending losses for the third straight session, crimped by sluggish exports from top supplier the United States and expectations of higher inventory forecast by the USDA. (Reuters)
Agentina to cut wheat export 25 pct due to poor harvest-paper (Reuters)
Major wheat supplier Argentina will trim the quantity of 2012/2013 wheat destined for overseas shipment to 4.5 million tonnes from a previous 6 million due to a smaller than forecast harvest, a local newspaper reported on Saturday.
OIL: Brent crude held above $107 a barrel, snapping five straight days of losses, as promising data from the world's top two oil consumers revived hopes for growth in demand in a well-supplied market. (Reuters)
China's iron ore imports near 2-year high in Nov (Reuters)
China's November iron ore imports rose 17 percent from the previous month to their highest in almost two years, according to customs data issued, as steel mills stocked up on the steelmaking raw material due to higher profit margins.
BASE METAS: London copper hit its highest in almost two months after data showed China's factory output growth accelerated to eight-month highs in November, but lingering worries that the euro zone may return to recession next year kept a lid on gains. (Reuters)
PRECIOUS METALS: Gold traded steady above $1,700 an ounce, as a drop in the U.S. unemployment rate did little to dampen the outlook for easy monetary policy, which is expected to be reaffirmed at a Federal Reserve meeting later this week. (Reuters)
China's iron ore imports near 2-year high in Nov
BEIJING, Dec 10 (Reuters) - China's November iron ore imports rose 17 percent from the previous month to their highest in almost two years, according to customs data issued on Monday, as steel mills stocked up on the steelmaking raw material due to higher profit margins.
Imports were 65.78 million tonnes in November, their highest since January 2011. Total imports in the first 11 months of the year were 672.9 million tonnes, up 8 percent compared to the same year-ago period.
METALS-Copper hits near 2-month high on China data
SINGAPORE, Dec 10 (Reuters) - London copper hit its highest in almost two months after data showed China's factory output growth accelerated to eight-month highs in November, but lingering worries that the euro zone may return to recession next year kept a lid on gains.
"We've been gathering signs that things in China are going to stabilise and hopefully improve in the year ahead. So the outlook is looking a little bit more favourable for industrial metals," said Alexandra Knight, an economist with National Australia Bank in Melbourne.
PRECIOUS-Gold inches up as Fed seen to stay accommodative
SINGAPORE, Dec 10 (Reuters) - Gold inched up as a drop in the U.S. unemployment rate did little to dampen expectations that the Federal Reserve will maintain easy monetary policy when it meets later this week.
"Market expectation is that there could be more quantitative easing towards the end of the month, and this will be supportive of gold," said Lynette Tan, an analyst at Philip Futures in Singapore.
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