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Treasury prices fall as G8 leaders back Greece in euro zone
(Reuters) - Treasuries prices fell slightly on Monday after world leaders over the weekend backed keeping Greece in the euro zone, easing some demand for safe haven U.S. debt, and as $99 billion in new Treasuries supply scheduled for this week was seen weighing on prices.
A summit of the Group of 8 leading industrialized nations on Saturday said they had an interest in having Greece stay in the euro zone and said they would balance European austerity in the region with U.S. style-stimulus seen as vital to healing ailing euro-zone economies.
Investors are looking to the European Central Bank for signs that the central bank will offer new long-term loans as bank funding stresses in the region again rise, though the ECB is not expected to act unless conditions in the worsen.
"There was a ...
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Exclusive: South Korea poised to halt Iran oil imports from July: sources
(Reuters) - South Korea will effectively become the first of Iran's major Asian customers to halt oil purchases from July 1, when a European Union insurance ban will prevent further imports.
South Korea's largest oil refiner SK Energy (096770.KS) will stop Iranian oil imports after the ban takes effect, two sources with direct knowledge of the matter said on Monday.
Last month, industry sources said the only other South Korean refinery that buys Iranian crude, Hyundai Oilbank, would stop imports from June.
Iran exports most of its 2.2 million barrels of crude per day to Asia, home to its four biggest buyers China, India, Japan and South Korea.
But U.S. and EU sanctions aimed at halting Iran's nuclear program by reducing its oil revenues have made purchases difficult, with the impending ...
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Gold retreats as softer euro curbs rebound
(Reuters) - Gold eased a touch on Monday as a retreat in the euro arrested the metal's rebound from its 2012 lows, but prices remained supported near $1,600 an ounce as investors bet the metal's price correction had been overdone.
Spot gold was down 0.2 percent at $1,588.69 an ounce at 1220 GMT, while U.S. gold futures for June delivery were down $3.30 an ounce at $1,588.60.
Last week, gold fell to its lowest this year at $1,527 an ounce, before staging its biggest two-day rally since October as traders holding short positions rushed to cover.
"I suspect that what we saw last week was partly short covering, and that has helped us on the way up, with maybe a little bit of extra safe-haven interest," Mitsui Precious Metals analyst David Jollie said.
"In the next few weeks leading up to ...
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Crude rebounds slightly on Goldman Sachs, China`s stimulus signs
Crude oil climbs up today after many sessions of declining as the EU oil embargo for Iranian oil is on the verge, but the G8 leaders agreed together to pump the emergency oil reserves and there will be extra supply if sanctions on Iran lead to a surge in prices.
Crude oil opened today’s session at $91.34 and reached so far a high of $92.17 and a low of $90.17, where it is currently trading around $91.95 a barrel.
In fact, crude found a slight support from the summit’s outcome which raised the pressure on European leaders to act more seriously and effectively to fight the crisis and try to keep Greece in the bloc if it meets all the commitments.
The main support which been behind this upside momentum for crude is China, as it could take new steps to stimulate growth. The Chinese ...
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European Market Update : 21/05/2012
Spain's banking sector said to be calling on market regulator for renewed ban on short-selling
Economic Data
(EU) ECB: €809M borrowed in overnight loan facility €839M prior; €762.4B parked in deposit facility v €785.1B prior
(JP) Japan Apr Nationwide Dept. Sales Y/Y: 1.3% v 14.1% prior; Tokyo Dept. Store Sales Y/Y: 6.7% v 26.7% prior
(IN) India Apr CPI Y/Y: 10.4% v 9.4% prior
(DE) Germany Apr Producer Prices M/M: 0.2% v 0.3%e; Y/Y: 2.4% v 2.5%e
(HU) Hungary Mar Avg Gross Wages Y/Y: 2.7% v 6.5%e v 6.9% prior
(RU) Russia Narrow Money Supply w/e May 14th (RUB): 6.93T v 6.88T prior
(ES) Spain Central Bank (BOS): Mar Bad Loan Ratio at 8.37% v 8.16% prior; - Lending -3.1% y/ym, Deposits -4.2% y/y
(IT) Italy Mar Industrial Orders M/M: 3.5% v 1.0%e; Y/Y: -14.3% v -13.2% prior
(IT) Italy ...
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Brent edges up toward $108, Greece weighs
(Reuters) - Oil prices edged higher on Monday, nearing $108 per barrel as worries about Greece's possible exit from the euro dominated the agenda, despite the prospect of an economic stimulus in China and concerns about Iran as talks with world leaders start this week.
A summit of the G8 at the weekend failed to deliver any signal that Europe would act quickly to address the risk of a chaotic Greek exit from the euro, leaving investors in a state of alert, curbing an upturn in oil prices.
"Gains may be short-lived as EU politicians as usual are having a hard time agreeing on anything. However an interesting week ahead with the European debt crisis posing a risk on the downside and the potential for nuclear talks with Iran to fail on the upside," said Thorbjoern Bak Jensen, oil analyst at ...
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Gold steadies as softer euro curbs rebound
(Reuters) - Gold steadied in Europe on Monday as a retreat in the euro arrested the metal's rebound from its 2012 lows, but prices remained supported near $1,600 an ounce as investors bet the metal's price correction had been overdone.
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Spot gold was at $1,591.50 an ounce at 0932 GMT against $1,592.00 late on Friday. U.S. gold futures for June delivery were down $1.30 an ounce at $1,590.60.
Last week, gold fell to its lowest this year at $1,527 an ounce, before staging its biggest two-day rally since October as traders holding short positions rushed to cover.
"I suspect that what we saw last week was partly short covering, and that has helped us on the way up, with maybe a little bit of extra safe-haven interest," Mitsui Precious Metals analyst David Jollie said.
"In the next few weeks ...
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Copper up but Greek contagion fears weigh
(Reuters) - Copper extended gains on Monday, rising from four-month lows hit last week despite investors' concern about the risk of contagion if Greece defaults on its debt and leaves the euro.
Leaders of G8 major industrialized nations meeting at the weekend vowed to take steps to combat financial turmoil and revitalize a global economy threatened by Europe's debt crisis, but they offered no specific prescription for debt-crippled Greece which is to hold elections on June 17.
Recent opinion polls show Greek voters are returning to the establishment parties that negotiated its bailout, offering potential salvation for European leaders.
But deepening banking sector instability in Spain heightened concerns about contagion from Greece's political turmoil, meaning investors will likely stay ...
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LME copper gains on soft dollar; Europe eyed
(Reuters) - London copper rose on Monday after last week's steep losses, as a weak dollar, technical buying and a pickup in Chinese spot demand supported prices, although worries about the euro zone debt crisis capped gains.
Hopes for stimulus from top consumer China after the country's premier called for additional efforts to support growth on Sunday proved to be a bright spot for copper, which has shed about 9 percent in London over the last three weeks.
But market participants warned the upward momentum may be short-lived, given the chaos in Europe, where political problems threaten to drive Greece out of the euro zone and indebted Spanish banks keep their country's borrowing costs high.
Three-month copper on the London Metal Exchange rose 1.2 percent to $7,742 a tonne by 0713 GMT, ...
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