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Markets extend gains on value hunt, hopes for EU summit
(Reuters) - Markets extended gains in Asia on Tuesday with investors hunting for bargains in shares beaten down to 2012 lows late last week, as hopes grew that Europe could agree on fresh action to tackle its debt crisis while promoting growth.
A Chinese media report saying Beijing will accelerate infrastructure investments to combat slowing growth lifted Hong Kong and Chinese shares by 1.2 percent .HSI and 0.6 percent .SSEC respectively.
European shares looked likely to extend gains, with financial spreadbetters predicting that major European markets .FTSE .FCHI .GDAXI would open as much as 1.0 percent higher. U.S. stock futures were up 0.1 percent. .EU .L .N
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS climbed 1.4 percent, having recovered on Monday from a ...
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Brent steady near $109 ahead of EU summit, Iran talks
(Reuters) - Brent crude held steady near $109 on Tuesday, awaiting the results of two meetings to tackle Europe's debt crisis and Iran's nuclear programme, which could determine the future of global oil demand and supply.
EU leaders may introduce new measures to tackle the euro zone's worsening debt crisis during Wednesday's informal meeting to seek solutions to the Greek political crisis mired in conflict over debt and austerity policies.
Major powers will also meet Iran on Wednesday to discuss its nuclear programme, but tensions with the West remain high as the U.S. Senate unanimously approved a package of new economic sanctions on Iran's oil sector on Monday.
Brent crude edged up 7 cents to $108.88 a barrel by 0448 GMT, but is still about $20 down from March's high. U.S. crude for ...
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Inertia Will Sink The Euro Again
The G8 Summit achieved very little in public which was no real surprise, but there was also an apparent lack of urgency surrounding the Euro-zone situation which was a much greater surprise given a sharp deterioration in the financial sector last week. Where was the urgency for fresh action to help support the Euro banking sector? The absence must surely indicate that Euro-zone and G8 leaders, while paying lip-service to the current strategy, have effectively moved on and are actively planning the next stage of the crisis.
Fear is likely to dominate in the short term and this is likely to keep strong defensive demand for the dollar and yen. In these circumstances, there is no real chance of a sustained Euro rally with 2012 lows likely to be seen. Bond markets will be watched very closely ...
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Copper rises 1 percent on China stimulus hopes
(Reuters) - Copper rose 1 percent in moderate volume on Monday as demand prospects improved after the Chinese premier called for extra efforts to support growth in the world's top metals consumer.
"We should continue to implement a proactive fiscal policy and a prudent monetary policy while giving more priority to maintaining growth," Premier Wen Jiabao said on Sunday.
The supportive comments attracted more interest from copper investors, many of whom had already been buying in the market after prices collapsed last week to their lowest in four months.
"China has already been stimulative this year, and to say that they will be more stimulative or will continue to be stimulative is a positive," said Adrian Day, president at Adrian Day Asset Management, which has $165 million in assets.
" ...
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Oil turns upwards, Greece still weighs
(Reuters) - Oil prices rose back towards $108 per barrel on Monday, after last week's falls, supported by tension between Western countries and Iran as talks were resuming this week and further lifted by the possibility of growth stimulus in China.
Fears of a Greek exit from the euro continued to weigh, however.
A summit of the Group of Eight major economies at the weekend failed to deliver any signal Europe would act quickly to address the risk of a chaotic Greek exit from the euro, leaving investors on alert and curb an upturn in oil prices.
"Gains may be short-lived as EU politicians as usual are having a hard time agreeing on anything. However (there is) an interesting week ahead with the European debt crisis posing a risk on the downside and the potential for nuclear talks with ...
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Greek Chaos Continues But Solution Ultimately Found
- While waiting for the Greek election on 17 June we are likely to see continued high uncertainty and continued high stress in the markets. Things are likely to get worse before they get better.
- Amid this uncertainty, Greek citizens are likely to withdraw more money from their banks and this could escalate into a real bank run.
- A major game of chicken has started between the EU on the one hand and Greek politicians on the other.
- The EU is likely to stand firm on its demands for Greece to deliver austerity and give only a few concessions. The rethoric from the left coalition party Syriza is likely to continue to be fiercely against the EU as it is aiming to become the biggest party and get 50 bonus mandates for this.
- We look at three different post-election scenarios. ...
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Is Facebook Weighing on the Euro or is the Euro Weighing on Facebook?
It has been a lacklustre day post the G8 meeting at the weekend (yawn), the drop in Mark Zuckerberg's net worth seems to be more of a talking point than the continuing Eurozone crisis. But, the Eurozone banking index gives it all away. Bankia, Santander and the usual Spanish suspects all turned lower as we headed into London's lunchtime, which dragged the overall European banking sector down to its lowest level since November 2011. Within a matter of hours EURUSD followed suit and is making fresh lows of the day at 1.2730 (at the time of writing).
Official EU disappointment
Although a temporary bottom may be in place at 1.2624 in EURUSD, the G8 summit highlighted a couple of things that remain negative for the single currency: 1, how divided the Eurozone (and the world) is about how to ...
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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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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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