Asia Currencies Decline on China’s Slowdown, Greek Debt Concern

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Asia Currencies Decline on China’s Slowdown, Greek Debt Concern - Businessweek

Asian currencies weakened after a central bank adviser forecast China’s economy will slow further and concern mounted that Greece won’t meet bailout targets, sapping demand for emerging-market assets.  The Bloomberg-JPMorgan Asia Dollar Index fell by the most in more than a week after Song Guoqing, an academic member of the People’s Bank of China monetary policy committee, said on July 21 that economic expansion may cool for a seventh quarter to 7.4 percent in the three months through September. German Vice Chancellor Philipp Roesler said yesterday he’s “very skeptical” that European leaders will be able to rescue Greece.

FOB Gulf Grain-Corn premiums ease on dull demand

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FOB Gulf Grain-Corn premiums ease on dull demand | Reuters

Corn export premiums were weak at the U.S. Gulf Coast on Monday as prices broke their record levels of last week but demand remained nearly nonexistent, traders said.  CBOT corn, soybeans and wheat each fell sharply on forecasts for rain and euro zone debt woes. Importers stayed on the sidelines, however, hopeful for further declines.  FOB corn premiums were down 5 cents per bushel for August shipments, pressured by the slow demand and near-record futures. Declines were limited by a razor-thin stockpile of the grain.

Gold steady but euro zone worries weigh

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PRECIOUS-Gold steady but euro zone worries weigh | Reuters

Gold held steady on Tuesday above a 1-1/2 week low near $1,560 an ounce hit in the previous session, although deepening worries on the euro zone debt crisis kept prices under pressure. Concerns about Spain's finances were rekindled after a number of regions in the country sought help from Madrid, while Moody's Investors Service changed its outlook for Germany, the Netherlands and Luxembourg to negative from stable.

NY sugar falls from 3-mth high, coffee ends down, cocoa up

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NY sugar falls from 3-mth high, coffee ends down, cocoa up | Reuters

Raw sugar futures closed slightly lower on Monday after rising earlier to a three-month high, as macro concerns caused investors to sell, while arabica coffee futures also fell. U.S. cocoa futures were weak earlier but closed quietly higher as the market remained stuck in a range, with all three markets moving in thin dealings.

Copper hits three-week low, euro zone concerns weigh

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Copper hits three-week low, euro zone concerns weigh | Reuters


Copper hit a three week low on Monday as the euro fell and as investors grew concerned over the outlook for metals demand due to renewed fears that Spain will have to seek a full sovereign bailout.  Also knocking sentiment were worries that Greece may leave the euro, as German magazine "Der Spiegel" reported that the International Monetary Fund may not take part in any additional financing for the country, highlighting growing frustration with Athens.

Crude Tumbles 4.2% on Renewed Euro-zone Fears

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OIL FUTURES: Crude Tumbles 4.2% on Renewed Euro-zone Fears - WSJ.com

The oil market Monday turned away from worries about Iran and news of pipeline outages to bid down oil prices by 4.2% due to renewed concerns about the euro zone.  Nymex front-month oil futures on the New York Mercantile Exchange settled at $88.14, down 4.2%, while Brent crude futures traded down $3.54 at $103.29 a barrel.  The retreat came amid renewed concerns about the euro zone following headlines about ever-higher bond yields in Spain and more difficulties in Greece.

Euro Drops to Lowest Since 2010 on Crisis Concern

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Euro Drops to Lowest Since 2010 on Crisis Concern - SFGate
The euro weakened to the lowest level in more than two years against the dollar, falling below its lifetime average, as concern mounted that European leaders are failing to gain control of the region’s debt crisis.

The 17-nation currency slid to an 11-year low against the yen, while the Japanese currency and the dollar gained versus most major peers as investors sought safer assets. Six Spanish regions may seek aid from the central government, El Pais reported, spurring bets the nation’s finances will worsen and pushing Spain’s 10-year bond yield to a euro-era high.

Gold off lows on safety bids, outperforms equities

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Gold off lows on safety bids, outperforms equities | Reuters

Gold slipped on Monday as Spain's economic troubles fueled euro zone debt fears, but safe-haven bids pulled bullion off session lows, as it outperformed equities and other commodities.  Gold came under early pressure from tumbling U.S. equities and crude oil after Spain said it sank deeper into recession in the second quarter. Many investors worried the euro zone's No. 4 economy was closer to seeking a full bailout.

Gold futures head lower on Europe’s woes

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Gold futures head lower on Europe’s woes - Metals Stocks - MarketWatch

Gold futures fell Monday as investors worried about finances in Spain and Greece and the U.S. dollar rose to a two-year high against the euro.  Gold for August delivery GCQ2 -0.59%  lost $7.50, or 0.5%, to $1,575.20 an ounce on the Comex division of the New York Mercantile Exchange.  The contract had gained about $12 over the past two sessions, though ended Friday with a weekly loss of 0.6%.

U.S. Stock Futures Drop Sharply as Euro-Zone Debt Fears Intensify

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U.S. Stock Futures Drop Sharply as Euro-Zone Debt Fears Intensify - WSJ.com

U.S. stock futures slumped sharply on heightened fears about the euro-zone sovereign debt crisis, sparked by concerns Spain was on the verge of needing a formal bailout.  About 90 minutes before the open, Dow Jones Industrial Average futures dropped 149 points, or 1.2%, to 12624....

China Seen Cutting U.S. Corn Imports on Higher Prices

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China Seen Cutting U.S. Corn Imports on Higher Prices - Businessweek
China, the world’s second-biggest corn user, may import fewer shipments from the U.S. than forecast due to rising costs since the worst drought in decades hit the top grower, a state-owned researcher in the Asian country said.  Imports in the year beginning Oct. 1 may total 3 million metric tons, compared with 5 million tons projected by the U.S. Department of Agriculture, the China National Grain & Oils Information Center said in an e-mailed report today. The center forecast shipments of 6 million tons on July 11.

Oil, copper spiral lower on Spanish debt fears

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COMMODITIES-Oil, copper spiral lower on Spanish debt fears | Reuters

Commodities tumbled on Monday on fears that Spain would need a major bailout as the euro slid to two-year lows and investors rushed to sell off risky assets.  Oil prices shed more than 4 percent, copper hit a three-week low and corn spiralled down over 2 percent from record highs on Friday on forecasts of rain in the drought-hit U.S. Midwest.