STOCKS: European stock index futures pointed to a rally and Asian stocks rose nearly two percent to hit a five-month high after U.S. lawmakers approved a deal preventing massive tax hikes and spending cuts that threatened to drag the economy into recession. U.S. stocks closed out the last trading day of the year on a high note on Monday. (Reuters)
FOREX-Yen slides as U.S. avoids 'fiscal cliff', dollar retreats
SINGAPORE, Jan 2 (Reuters) - The yen fell broadly and tumbled to an 18-month low versus the euro as U.S. lawmakers passed a bill to avoid the "fiscal cliff", bolstering investors' appetite for risky assets.
"The market is basically in risk-on mode, with Asian equities doing great, the euro being bought and the yen falling across the board," said a trader for a Japanese bank in Singapore.
With final vote, US Congress resolves 'fiscal cliff' drama (Reuters)
The United States averted economic calamity on Tuesday when lawmakers approved a deal preventing huge tax hikes and spending cuts that would have pushed the world's largest economy off the "fiscal cliff" into recession.
China official factory PMI points to steady growth revival (Reuters)
China's official manufacturing purchasing managers' index held steady in December at 50.6, matching November's seven-month high, as growth in new orders was unchanged and the pace of output softened marginally.
U.S. Senate, House ag committees in deal to avert milk price spike (Reuters)
Farm-state lawmakers have agreed to a one-year extension of the expiring U.S. farm law that, if enacted, would head off a possible doubling of retail milk prices to $7 or more a gallon in early 2013.
PetroChina steps up LNG spot imports to meet winter demand (Reuters)
PetroChina, China's largest oil and gas producer, will import an additional 400 million cubic metres of liquefied natural gas from the spot market for the first quarter to meet surging winter demand, parent company CNPC said on Monday.
OIL: Brent crude rose toward $112 to hit a one-month high as the U.S. Congress approved a deal to avert a fiscal crisis, while promising data from top energy consumer China also supported prices. (Reuters)
BASE METAS: London copper hit a two-week high as the U.S. Congress finally reached a deal to avert a fiscal calamity, while upbeat China data indicating steady improvement in the world's top copper consumer also boosted prices. (Reuters)
PRECIOUS METALS: Gold rebounded from intraday lows after the U.S. Congress finally passed a bill that avoids tax hikes and spending cuts worth $600 billion, but the temporary reprieve drew muted reaction from bullion investors in Asia. (Reuters)
METALS-Copper aims at biggest daily rise in 6 weeks on US fiscal deal
SINGAPORE, Jan 2 (Reuters) - London copper rose more than 2 percent headed for its biggest daily rise since mid-November, as the U.S. Congress struck a deal to avert a fiscal disaster and upbeat China data indicating steady improvement in the world's top copper consumer also boosted prices.
"Less tail risk in the U.S., China coming up with a cyclical bound, combined with a weaker dollar. Voila! There you have the higher prices," said Dominic Schnider, an analyst at UBS Wealth Management in Singapore.
PRECIOUS-Gold regains strength, U.S. fiscal crisis ends
SINGAPORE, Jan 2 (Reuters) - Gold rebounded from intraday lows after the U.S. Congress finally passed a bill that avoids tax hikes and spending cuts worth $600 billion, but the temporary reprieve drew muted reaction from bullion investors in Asia.
"Right now nobody really seems to be doing very much. Investors want to see how other markets react, equity markets in particular," said Nick Trevethan, senior metals strategist at ANZ in Singapore.
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