20130108 1103 Global Markets & Energy Related News.

GLOBAL MARKETS-Asian shares capped ahead of earnings reports
TOKYO, Jan 8 (Reuters) - Asian shares steadied on Tuesday but prices were capped by investor caution ahead of corporate earnings season for the last quarter of 2012 and the European Central Bank's policy meeting later in the week.
"Trading for the new year kicked off in full force yesterday and it is natural for investors to start cautiously with profit taking from the new year's rally," said Yuji Saito, director of foreign exchange at Credit Agricole in Tokyo. "I expect position adjustments to continue ahead of key events such as the ECB meeting and earnings reports starting with Alcoa," Saito said.

PREVIEW-China Q4 GDP growth seen rebounding to 7.8 pct
BEIJING, Jan 8 (Reuters) - China's annual economic growth may have quickened to 7.8 percent in the fourth quarter a Reuters poll showed, snapping seven straight quarters of weaker expansion, but the recovery is likely to be tepid and the economy may need continued policy support.
The median forecast of 24 analysts polled is for gross domestic product to have expanded 7.8 percent in Q4 from a year earlier, quickening from 7.4 percent in the third quarter -- the weakest expansion since the depths of the global financial crisis in early 2009.

Euro zone sentiment rises for 5th month in row in January
BERLIN, Jan 7 (Reuters) - Euro zone sentiment improved for a fifth consecutive month in January, with investors' expectations rising to their highest level in almost two years after a successful Greek bond buyback and a dip in Spanish jobless figures.
Research group Sentix said its monthly index tracking investor sentiment in the 17-nation currency bloc climbed to -7.0 in January, up from -16.8 in December, coming in well above a Reuters consensus forecast for an increase to -15.0.

FOREX-Yen corrects higher against dollar, euro from recent lows
TOKYO, Jan 8 (Reuters) - The yen bumped higher against the dollar and the euro in early Asian trading on Tuesday, as investors took profits after the Japanese unit's recent surge.
"From a fundamental and technical perspective, the euro/dollar appears poised for a stronger recovery," said Kathy Lien, managing director at BK Asset Management.

OIL-Oil firm, Brent's premium to U.S. narrowest since Sept
NEW YORK, Jan 7 (Reuters) - Brent crude oil prices were steady above $111 a barrel on Monday while U.S. crude futures edged higher, cutting the spread between the two benchmarks by a penny to its narrowest since September as a U.S. pipeline expansion project neared completion.
"U.S. pipelines and infrastructure will be one of the key areas the market focuses on this year," said Andy Lebow, vice president at Jefferies Bache in New York. "Traders were expecting the Seaway expansion to start a little later so knowing it could be flowing at a higher rate from this week has helped support U.S. crude relative to Brent."

Iraq Dec oil exports slip to 2.34 mbpd, official says
BAGHDAD, Jan 7 (Reuters) - Iraq's oil exports fell to 2.34 million barrels per day (bpd) in December from 2.62 million bpd in November due to a slowdown in Kurdistan exports, rough weather and technical problems with a single point mooring terminal, an official said on Monday.
Iraq shipped 2.02 million bpd from the southern oil hub of Basra, down from 2.194 million bpd in November, said Abdul-Ilah Qasim, an energy adviser to the Iraqi government.

Argentina cuts oil export tax as it seeks to lure investment
BUENOS AIRES, Jan 7 (Reuters) - Argentina unveiled a new system of export taxes on oil shipments on Monday that will cut levies as the government seeks to lure investment to revive stagnant production.
The change means energy companies will receive $70 per barrel of exported oil, up from $42 previously. Argentina controls the price of oil exports in order to guarantee domestic supply.