STOCKS: European stock index futures pointed to a higher open while Asian shares rose on growing expectations of a budget deal in the United States and of further monetary stimulus from Japan. U.S. stocks rallied on Tuesday, capping off the S&P 500's best two-day run in a month. (Reuters)
FOREX: The yen hit a 16-month low against the euro, weighed down by expectations the Bank of Japan will unveil more monetary stimulus on Thursday, after a two-day policy meeting. (Reuters)
FOREX-Yen hits 16-month trough vs euro, BOJ meeting in spotlight
SINGAPORE, Dec 19 (Reuters) - The yen hit a 16-month low against the euro weighed down by expectations the Bank of Japan will unveil more monetary stimulus on Thursday, after a two-day policy meeting.
"We've seen renewed interest in dollar/yen," he said, adding that there were continued expectations that a new Japanese government would keep putting pressure on the Bank of Japan.
Republicans put squeeze on Obama in 'fiscal cliff' talks (Reuters)
Frustrated by their inability to wring more "fiscal cliff" concessions out of President Barack Obama, Republicans in the U.S. House of Representatives announced Tuesday night that they expect to pass their own tax bill as a backup plan to avert the tax hikes and automatic budget cuts set to occur in January.
Argentina to slow wheat shipments due to poor harvest (Reuters)
Argentina will limit wheat shipments in January and February as wet weather dampens harvest prospects but an original export target of 6 million tonnes should still be met, a government official said on Tuesday.
GRAINS: U.S. wheat rose, extending gains into a second straight session on expectations of increased demand, while soybeans slipped on signs of falling demand and corn weakened in tandem. (Reuters)
INTERVIEW- Saudi's Naimi says global oil supply ample, demand good (Reuters)
Both producers and consumers are happy with current crude oil prices and fundamentals, top exporter Saudi Arabia's oil minister Ali Al-Naimi said on Tuesday, adding that given the balance speculators should leave the market alone.
OIL: Brent futures edged up near $109 a barrel, tracking a rally in most other risk assets on expectations that a budget crisis in the United States will be resolved, saving the world's top oil consumer from slipping into recession. (Reuters)
Japan 2013/14 steel output seen down slightly yr/yr (Reuters)
Japan's crude steel output is expected to fall slightly in the new financial year starting next April, from around 106 million to 107 million tonnes projected for 2012/13, hurt by a slump in demand in the shipbuilding sector, industry body the Japan Iron and Steel Federation said on Tuesday.
BASE METAS: London copper was steady as lawmakers in the United States closed in on a deal to avert expiring tax cuts and spending increases that could tip the world's top economy back into recession. (Reuters)
PRECIOUS METALS: Gold regained strength as a weaker U.S. dollar spurred buying from jewellers, but prices were still within sight of an almost four-month low given signs of progress in U.S. fiscal talks that dented bullion's safe-haven appeal. (Reuters)
METALS-Copper supported by progress on U.S. fiscal deal
SINGAPORE, Dec 19 (Reuters) - London copper was steady as lawmakers in the United States closed in on a deal to avert expiring tax cuts and spending increases that could tip the world's top economy back into recession.
"There has been some progress in talks and it seems commodity markets have been supported by that, as well as a combination of the recent improvement in manufacturing data in China and the United States," said commodity analyst Stefan Graber of Credit Suisse in Singapore.
PRECIOUS-Gold bounces on weak dollar; but near 4-mth low
SINGAPORE, Dec 19 (Reuters) - Gold regained strength as a weaker U.S. dollar spurred buying from jewellers, but prices were still within sight of an almost four-month low given signs of progress in U.S. fiscal talks that dented bullion's safe-haven appeal.
"We are likely to see some technical buying. Our support level is now at about $1,640. I don't think any further buying will be sustainable," said Lynette Tan, senior investment analyst at Phillip Futures in Singapore.
Baltic shipping index dips on weaker freight rates
Dec 18 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, fell on Tuesday for a fourteenth straight session as rates for capesizes and panamaxes continued to remain weak.
The main index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, fell 23 points or 3 percent to 743 points.
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