(Reuters) - Brent crude held at $120 on Wednesday, after posting steep losses in the previous session, as a cut in global oil consumption forecast by the EIA and an unexpected surge in U.S. crude stocks reinforced fears demand growth may slow. The cut by the U.S. Energy Information Administration (EIA) followed weak economic numbers from the two top oil consumers - China and the United States - suggesting the global economy may be in more trouble than it appeared. These factors overshadowed concerns of supply disruption from the Middle East.
Tuesday, April 10, 2012
Brent steady at $120; demand growth worries weigh
(Reuters) - Brent crude held at $120 on Wednesday, after posting steep losses in the previous session, as a cut in global oil consumption forecast by the EIA and an unexpected surge in U.S. crude stocks reinforced fears demand growth may slow. The cut by the U.S. Energy Information Administration (EIA) followed weak economic numbers from the two top oil consumers - China and the United States - suggesting the global economy may be in more trouble than it appeared. These factors overshadowed concerns of supply disruption from the Middle East.
Buying The Dips In Gold Has Been The Right Move For A Decade
Although the yellow metal has been on a spectacular 11-year bull run, recent strength in the economy–or at least the rising likelihood that the Fed will not be as loose in its creation of liquidity–has some investors thinking gold’s heyday is over.
Beans, Beans, Good For The Bulls
Soybean prices have been on a tear in recent months, testing a seven-month high on Monday. The CBOT May Soybean contract is in focus as it is trading at levels last seen in August 2011.
Market Of The Rising Yen As Treasury Yields Plunge
With the weaker U.S. jobs data on Friday, the belief that the U.S. could lead global growth this time around is waning, as China is falling back and Europe is buried in austerity and debt crisis. As such, U.S. yields have now fallen back below the breakout level of 2.08%, which was induced on March 13 by the “less dovish” Fed statement.
Japan Keeps Rates Below 0.1%, Debasing Yen
Gold’s London AM fix this morning was USD 1,643.75, EUR 1,255.92, and GBP 1,037.72 per ounce. Thursday's AM fix was USD 1,622.50, EUR 1,239.21 and GBP 1,022.82 per ounce. Silver is trading at $31.58/oz., €24.15/oz., and £19.95/oz. Platinum is trading at $1,605.00/oz., palladium at $636.20/oz. and rhodium at $1,350/oz.
Forex fraud brings down Texas firm
Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) today announced that a federal court entered an order of default judgment and permanent injunction against Total Call Group, Inc. (aka TPFX, Inc., Power Play FX) of Frisco, Texas, and its principals, Craig B. Poe, also of Frisco, and Thomas Patrick Thurmond (aka Patrick Thurmond) of San Antonio, Texas. The court’s order requires Poe and Thurmond, respectively, to pay a civil monetary penalty of $3.24 million and $1.62 million and holds Total Call Group jointly and severally liable for the payment of these amounts.
Soybeans Fall From Seven-Month High on Europe, China
Soybean futures fell from a seven- month high on speculation that demand will ease in Europe and China, the world’s biggest consumer. China reported an unexpected trade surplus last month as import growth trailed forecasts. A surge in Spanish and Italian bond yields fueled concern that Europe’s debt crisis is worsening. The oilseed rallied after drought cut crops in South America. Last year, China and the European Union bought 73 percent of global soybean imports.
European debt crisis worsens, China's stock futures drop
April 11 (Bloomberg) -- China’s stock-index futures fell on concern Europe’s debt crisis is worsening and companies in Chongqing may drop after the former top official in the city was suspended from his Communist Party posts. Futures on the CSI 300 Index expiring in April, the most active contract, lost 0.3 percent to 2,500 as of 9:20 a.m. local time. Chongqing Brewery Co. may lead a decline for companies in the municipality after the official Xinhua News Agency said Bo Xilai was removed from the Politburo. China Shipping Development Co. may retreat after forecasting a first-quarter loss. Kweichow Moutai Co. may rise after 2011 net income jumped 74 percent.
Oil moves lower after disappointing Chinese trade data
Once again it seems like the Easter holiday could turn out to be a turning point for the global oil market. Oil prices continue to work lower in the aftermath of disappointing Chinese trade data as well as renewed hopes that perhaps the world can avoid a major conflict with Iran. Also, the market anticipates another increase in US crude supply and anxiously awaits the return of refineries coming back from maintenance.
US 10-year note yield falls below 2% on Europe’s debt crisis
April 10 (Bloomberg) -- Treasury 10-year yields fell below 2% for the first time in almost a one month on speculation the European sovereign-debt crisis is worsening as yields on Spanish and Italian bonds rose. U.S. debt securities declined earlier on speculation yields that slid to a four-week low will curb demand as investors prepared to bid for $66 billion of notes and bonds at three auctions starting today. The yield on Spain’s 10-year note rose to 5.9%, the highest since November. The yield on Italy’s 10-year note reached 5.58%, the highest since February.
Top Forecasters See Euro Weakness Returning on Spain
The most-accurate foreign-exchange forecasters say the euro will slide as austerity-driven spending cuts from Spain to Italy reignite debt turmoil and drag the region into recession. Nick Bennenbroek, head of currency strategy at Wells Fargo & Co., who topped the list for the fourth time out of the past six quarters according to data compiled by Bloomberg, expects the euro to drop more than 5 percent to $1.24 at the end of 2012. Westpac Banking Corp., which had the second-lowest margin of error, predicts $1.26.
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