2010/10/13 18:00*DJ U.S. Dollar Quoted At S$1.3022 Record Low, Now At S$1.3030
2010/10/13 17:51=DJ Forex Focus: Waiting For Sterling To Fall
2010/10/13 17:29=DJ DATA SNAP: UK September Claimant Count Unemployment Rises Again
2010/10/13 17:24=DJ DATA SNAP: Euro-Zone Industrial Output Stronger Than Expected
2010/10/13 17:03*DJ 3-Month Euribor Rises To 0.985% Vs 0.982% Tuesday
2010/10/13 17:01*DJ Euro-Zone Jul Output Revised To +0.1% MM; +7.2% YY
2010/10/13 17:00*DJ Euro-Zone Aug Indus Output +1.0% On Mo; +7.9% On Yr
2010/10/13 17:00*DJ Euro-Zone Aug Indus Output Forecast +0.7% MM; +7.5% YY
2010/10/13 16:58*DJ OIL FUTURES: November Nymex Crude Up $1 At $82.67/Bbl
2010/10/13 16:47DJ OIL DATA: Oil Mkts Likely To Be Comfortably Supplied Most Of '11-IEA
2010/10/13 16:32*DJ UK 3 Mos To Aug Avg Earnings Was Forecast +1.7%
2010/10/13 16:32*DJ UK 3 Mos To Jul Avg Earnings Revised To +1.6%
2010/10/13 16:31*DJ UK Sep Adj Claimant Rate Was Forecast 4.5%
2010/10/13 16:31*DJ UK 3 Mos To Aug Average Earnings +2.0%
2010/10/13 16:31*DJ UK Sep Adj Jobless Claimants Was Forecast At +3,750
2010/10/13 16:31*DJ UK ILO 3 Mos To Sep Unemployment -20,000, 7.7% Rate
2010/10/13 16:30*DJ UK Sep Adj Jobless Claimant +5,300 At 4.5% Of Workforce
2010/10/13 16:20DJ PRECIOUS METALS: Gold Up In Asia; Fed Minutes Hurt Dollar
SINGAPORE -Gold and silver saw renewed buying in Asia Wednesday after the Federal Open Market Committee meeting minutes appeared to indicate that more monetary stimulus would be forthcoming. The news hurt the dollar, and along with hawkish comments from ECB Governing Council member Axel Weber helped the euro back off its Tuesday low below $1.38. This prompted an immediate turnaround in precious metals, which enjoyed follow-through buying early in the Asia session before the euro stabilized without really threatening to breach $1.40. At 0650 GMT, spot gold was at $1,355.40 a troy ounce, up $4.90 since Tuesday's New York close, with Tocom August 2011 gold at Y3,578 a gram, up Y31. Technically, gold is only at risk of an extended trend change if it breaks $1,296, said Barclays Capital technical analysts, who do not regard that as likely. 'Momentum, positioning (CFTC Commitment of Traders Statistics show speculative length well below the peaks of 2009) and a constructive seasonal pattern keep our 4Q focus higher toward long-term channel resistance in the $1,440 area into year-end.' Spot silver was at $23.45/oz, up 14 cents and within reach of Monday's $23.64 30-year high. Spot platinum was at $1,693/oz, up $17, while spot palladium was at $590/oz, up $9.
2010/10/13 16:11*DJ IEA: 2010 Non-OPEC Supply Unchanged On Last Report At 52.6M B/D
2010/10/13 16:05*DJ IEA: Sept Global Oil Supply Fell By 150,000 B/D To 86.9M B/D
2010/10/13 16:04*DJ IEA Revises 2011 World Oil Demand Up To 88.2M B/D
2010/10/13 16:03*DJ IEA Revises '10 World Oil Demand Up To 86.9M B/D From Sept Report
2010/10/13 15:56DJ Tokyo Shares: Nikkei Ends Higher On Intel, Machinery Orders-2-
2010/10/13 15:51DJ JGBs Down On Stock Rally, Caution Ahead Of 30-Year JGB Auction
TOKYO -Japanese government bonds were sharply lower Wednesday as an upturn in Tokyo shares weakened demand for safe-haven assets, encouraging investors to sell cash bonds to lock in profits. Market participants also let go of superlong-dated JGBs ahead of a 30-year debt auction on Thursday, amid speculation that the tender is unlikely to go smoothly due to growing concerns over Japan's fiscal health. 'Demand for superlong-term JGBs may worsen in the coming months' as discussions grow over the extent of the government's new debt issuance to fund the budget for the next fiscal year, said Katsutoshi Inadome, a fixed income strategist at Mitsubishi UFJ Morgan Stanley Securities. 'Investors should adopt a cautious stance' toward the 30-year JGB auction, he added. Japan's administration, led by Prime Minister Naoto Kan, has pledged to keep new JGB issuance in the year starting April 2011 below the current year's Y44.3 trillion. But skepticism is growing about whether the government can achieve such a goal as Tokyo could be forced to spend further to shore up the flagging economy, dealers say. The Ministry of Finance is slated to sell Y600 billion worth of 30-year bonds with a coupon of 2.0% at Thursday's tender. As of 0600 GMT, the benchmark 10-year JGB yield was up 2.5 basis points at 0.875%, while lead December JGB futures ended at 143.91, down 0.15. Superlong-term yields rose sharply with the 20-year JGB yield increasing five basis points to 1.735% and the 30-year yield climbing 4.5 basis points to 1.925%, making the yield curve steeper. The Nikkei Stock Average ended up 0.2% at 9,403.51. Still, some traders said that upward pressure on superlong-dated yields could ease further down the road, given that the yen is expected to remain strong against the dollar amid speculation of near-term easing by the Federal Reserve. If fears persist that the yen's continued appreciation will keep weighing on Japan's export-reliant economy, 'superlong-term JGBs could gain favor despite worries about Japan's fiscal state,' a trader at a Tokyo securities house said.
2010/10/13 15:39DJ Standard Chartered: To Raise GBP3.26 Bln In Rights Issue
Standard Chartered PLC (STAN.LN) said Wednesday that it plans to raise about GBP3.26 billion in a rights issue to boost its capital position as new global capital rules take effect.The U.K.-based but Asia-focused bank plans to offer one share for every eight shares held at GBP12.80 each, or HK$156.82 a share for Hong Kong shareholders, it said in a statement.The share price represents a 33% discount to the bank's closing share price in London on Tuesday of GBP19.085, and a 32% discount to the Hong Kong closing price Tuesday of HK$230.StanChart's fund-raising plan comes as the so-called Basel III capital rules begin to take effect. Under Basel III, internationally active banks will have to hold capital equal to at least 7% of their assets, much higher than current standards. Some rules start to take effect in 2013, but most banks will have until 2019 to comply.The bank said that with the rights issue, its Core Tier 1 capital will increase about 2% from a ratio of 9% as of June 30.'The rights issue will give the group greater capacity to meet the Basel III countercyclical buffer and the enhanced capital requirements for systemically important institutions,' it said.The bank added that the capital buffer will also allow it to continue seeking growth in its key markets.Standard Chartered derives more than 90% of its income from emerging markets in Asia, Africa and the Middle East, and has shares listed in London, Hong Kong and India.Along with the rights offer, Standard Chartered said its business performance in the third quarter ended Sept. 31 'has been very strong,' and income has been above the first-half run rate. In addition, costs are 'well-controlled' and loan impairments continue to show improvement.'Business activity levels across our markets are continuing to increase, with trade volumes almost back to pre-crisis levels,' it added.The bank will provide another trading update in early December.The rights issue is being fully underwritten by J.P. Morgan Cazenove, Goldman Sachs International and UBS Investment Bank.The bank's largest shareholder with around 18%, Singapore's Temasek Holdings, will take up on the offer.
2010/10/13 15:25DJ Tokyo Shares: Nikkei Ends Higher On Intel, Machinery Orders
2010/10/13 15:14=DJ WORLD FOREX: Euro Up Vs Dollar, Yen On Stock Strength, ECB View-3-
2010/10/13 15:08=DJ WORLD FOREX: Euro Up Vs Dollar, Yen On Stock Strength, ECB View -2-
2010/10/13 15:02=DJ WORLD FOREX: Euro Up Vs Dollar, Yen On Stock Strength, ECB View
2010/10/13 15:02*DJ FTSE 100 Up 0.5% After The Open
2010/10/13 15:01DJ Forex Options: Dollar/Yen Options Drop As Players Exit Hedges
TOKYO -Dollar/yen options dropped in Asia Wednesday as a stable exchange rate encouraged market participants to sell short-term hedges, suggesting they don't foresee any sharp dollar-yen movement for the time being. Benchmark volatilities implied by one-month at-the-money options fell to 11.75%/12.45% in Tokyo from 11.90%/12.60% Tuesday in New York. An options dealer at a major Japanese bank said the volatilities' midpoint is likely to go back and forth between 11.25% and 12.75% ahead of late October's Group of Twenty meeting of industrialized nations. Contributing to volatilities' decline is the unlikelihood of the dollar falling sharply against the yen, due to potential currency intervention by Japan making players reluctant to sell the greenback aggressively. But market participants are also unwilling to completely unload dollar hedges because the outcome of a major event like the G-20 could swing the pair. Meanwhile, market participants are on the alert for any remarks from authorities on the foreign exchange market to try and guess the greenback's movement against its Japanese counterpart. Although the U.S. unit has continued to decline against the yen in recent days, the options dealer said any further falls may be supported by options barriers at every Y0.50. The dealer also said that one market participant sold a dollar-call/yen-put contract with an Y82.00 strike price and implied volatilities of 11.50% for about $50 million. Also sold was a twelve-day dollar-call/yen-put contract with an Y84.25 strike at 12.20% for more than $100 million; and a thirteen-day dollar-put/yen-call contract at Y81.50 and 12.00% for about $50 million.
2010/10/13 14:50=DJ BIG PICTURE: QE2 May Not Be Lifeboat For Economy Or Jobs
2010/10/13 14:21=DJ DATA SNAP: French September Consumer Prices Fall From August
2010/10/13 14:13*DJ CORRECT: French Sep CPI Forecast +0.1% On Month; +1.8% On Year
2010/10/13 14:02*DJ Nikkei Stock Average Closes Up 0.2% At 9403.51
2010/10/13 13:57*DJ Standard Chartered: To Resume Trading At 0630 GMT
2010/10/13 13:46*DJ Standard Chartered: Saw Very Strong 3rd-Quarter Business Performance
2010/10/13 13:44*DJ Standard Chartered: Temasek Intends To Take Up Rights Issue
2010/10/13 13:41*DJ Standard Chartered: To Raise About GBP3.26 Bln In Rights Issue
2010/10/13 13:40*DJ Standard Chartered: Offering 1 Share For Every 8 Shares Held
2010/10/13 13:35=DJ TAKING STOCK: Stocks Get A Warning Sign From High-Yield Market
2010/10/13 13:30*DJ French Sep CPI Forecast -0.1% On Month; +1.3% On Year
2010/10/13 13:30*DJ French Sep CPI -0.1% On Month; +1.6% On Year
2010/10/13 12:26=DJ Hong Kong Exchange Chairman: Sees Promising 2011 For IPOs
2010/10/13 12:11=DJ MONEY TALKS: Trade War Could Trigger Treasurys Selloff
2010/10/13 12:00DJ FDIC Approves Initial Rule On Bank Breakups
WASHINGTON -U.S. regulators said they have approved an initial rule for the government to seize and dismantle large, troubled financial firms, including a provision that in limited cases could allow some creditors to get more favorable treatment than their peers. The Federal Deposit Insurance Corp.'s board of director approved the initial rule Friday, the agency said Tuesday. The rule is now open to public comment and subject to future changes by the FDIC. The FDIC gained the authority to dismantle large faltering financial firms in the Dodd-Frank financial law as part of the government's effort to end the need for taxpayer bailouts of 'too big to fail' firms because the government had no orderly way to dismantle them. The initial rule is only the start of the agency's process of implementing the so-called liquidation authority. The agency intends to put forward more thorough rules establishing the liquidation process in the first quarter of 2011. The first proposed rule is narrowly targeted at a handful of issues, the most significant of which is the FDIC's treatment of certain creditor claims during the wind-down process. The rule would clarify that the FDIC has the authority to extend additional payments to short-term creditors in certain instances, such as maintaining essential operations of the firm or maximizing economic recovery, FDIC officials said. But the rule would bar shareholders, subordinated debt holders and long-term senior debt holders from ever receiving additional payments. 'This is the significant narrowing of the discretion' that FDIC has in the Dodd-Frank law, particularly regarding creditor treatment, FDIC Chairman Shelia Bair told reporters on a conference call.
2010/10/13 11:49*DJ Hang Seng Index Falls 0.2% To 23,066.35; Reverses Gains
2010/10/13 11:30DJ Copper Mines Unable To Support Demand Growth At Current Rates - Rio Tinto
SYDNEY -Planned copper mining projects will be unable to support demand growth at current rates and could see the market for mined copper in deficit for most of the next decade, Rio Tinto Ltd. said Tuesday.In slides presented at an industry conference in London, Matthew Holcz, general manager, business development of Rio Tinto Copper, saw production from probable copper mining projects as only able to support annual demand growth of 3% a year by 2020.If demand for mined copper grows at 5% a year, the market won't go back into surplus by 2020 even if all probable greenfield projects go into production, pushing mined copper output from the current level of around 16 million tons to more than 22 million tons.Around 80% of global copper consumption comes from mined sources, with the balance made up largely from scrap recycling.In a report earlier this month, the International Copper Study Group estimated demand for the red metal will rise by 3.81% in 2010 and 4.49% in 2011.Rio Tinto is one of the world's biggest copper miners, with non-controlling stakes in Escondida in Chile and Grasberg in Indonesia, the world's two largest copper mines, and 100% ownership of the Bingham Canyon mine in Utah, historically one of the world's most productive copper mines.The company also has stakes in Mongolia's Oyu Tolgoi project, seen as the world's best undeveloped copper-gold project, and Alaska's Pebble prospect, the world's largest undeveloped copper resource.Holcz said that less than half of the world's copper supply in 2020 will come from low-risk regions, compared to nearly two-thirds in 2000. High-risk regions will account for 9% of global supply, he said.Ore grades will also continue to decline toward 1% contained copper, although at a slower rate to 2020 than over the past few decades, while major new copper discoveries are increasingly deep below the surface.Copper is seen as a barometer of global economic health but its rise to the highest levels since July 2008 has come despite renewed concerns around global economic growth.Analysts believe that the weakening U.S. dollar--which raises the cost of dollar-denominated commodities--concerns about the performance of paper currencies, and expectations of a supply deficit from next year have driven the metal's rise. Three-month copper futures traded on the London Metal Exchange were $8,340/ton at 0015 GMT Wednesday.Average per person consumption of the metal will rise from around $12 to around $16 by 2020, Rio Tinto estimates. Consumption in developed economies plateaus around the $25-a-head level.
2010/10/13 10:42*DJ Dollar Falls Below CHF0.9555 On EBS; All-Time Low
2010/10/13 10:15*DJ Geithner: 'No Risk' Of Global Currency War
2010/10/13 09:35DJ BOJ Shirakawa: Expanding Y5 Tln New Fund One Policy Option
TOKYO -Bank of Japan Gov. Masaaki Shirakawa hinted Wednesday that the BOJ may expand its Y5 trillion program to purchase financial assets if economic and financial conditions worsen. 'If judged necessary in the future, steering monetary policy by making further use of the fund is one of the likely policy options,' Shirakawa said at a parliamentary committee. At its latest policy board meeting last week, the bank announced 'comprehensive monetary easing.' It launched a Y5 trillion fund to buy various financial assets, including government and corporate debt. It also cut its policy target rate to a range of 0.0%.1% from 0.1% previously, and said rates would remain virtually at zero until prices begin to overcome deflationary pressure. Shirakawa also said at the committee that he acknowledges that 'yen rises could have a big impact on exporters' profits as well as on business sentiment.' 'In that sense, the BOJ is watching movement in foreign exchange markets and its effect on the economy with great concern,' he added.
2010/10/13 09:25*DJ IRC Ltd Raising US$241 Mln In Hong Kong IPO - Term Sheet
2010/10/13 09:23*DJ IRC Ltd Selling 1.04 Bln Shares In Hong Kong IPO - Term Sheet
2010/10/13 08:28DJ Japan Aug Core Machinery Orders +10.1% On Mo; Expected -4.5%
TOKYO -Japanese core machinery orders unexpectedly rose 10.1% in August from the previous month, due to growing demand from the manufacturing sector, the Cabinet Office said Wednesday. The rise in this leading indicator of corporate capital investment is a positive sign for the broader economy, prompting the government to change its assessment to say orders are 'picking up.' The result was much better than the median forecast for a 4.5% fall in a poll of economists surveyed by and the Nikkei. It also extends a rising trend with orders increasing 8.8% in July and 1.6% in June. While core machinery orders can be volatile, economists closely watch the data for clues on the direction of business investment, which accounts for around 15% of the country's annual economic output. Compared with August last year, core machinery orders were up 24.1%, unadjusted for seasonal factors. Core orders exclude ships and equipment ordered by electric power companies, which are typically large and can swing from month to month, obscuring the underlying trend.
2010/10/13 08:17*DJ Japan PM: Maneuvering FX Is Not Consistent With G-20 Agreement
2010/10/13 08:16*DJ Japan Noda: Currency Devaluation Race Will Become Major Topic At G-20
2010/10/13 08:09*DJ BOJ Gov: Expanding Y5T Fund One Policy Option
2010/10/13 08:08*DJ Japan Noda: Prolonged Strong Yen Very Bad For Econ When In Deflation
2010/10/13 08:08*DJ BOJ Gov: Watching Impact Of Yen's Rise On Economy
2010/10/13 08:06*DJ Japan Fin Min Noda: To Take Decisive Steps In FX Mkt When Needed
2010/10/13 08:06*DJ Lead December JGB Futures Open Down At 143.95 Vs 144.06 Tuesday
2010/10/13 08:06*DJ Japan Fin Min Noda: Watching Forex Market With Great Interest
2010/10/13 08:04*DJ Nikkei Stock Average Opens Up 0.9% At 9473.78
2010/10/13 07:56*DJ Japan Aug Core Machinery Orders +10.1% On Mo; Expected -4.5%
2010/10/13 07:52*DJ Japan Sep Broad Measure Of Liquidity +0.5%
2010/10/13 07:51*DJ Japan Sep M3 Money Stock +2.1%
2010/10/13 07:51*DJ Japan Aug Core Machinery Orders +24.1% On Year
2010/10/13 07:51*DJ Japan Sep M2 Money Stock +2.8%
2010/10/13 07:50*DJ Japan Sep Bank Lending -1.8% On Yr
2010/10/13 07:49*DJ Lead Nikkei Futures Open Up 55 Points At 9460 On SGX
2010/10/13 07:35=DJ LME WEEK: Codelco CEO: Copper Supply To Stay Tight In 2011
2010/10/13 07:26=DJ Fed's Hoenig: Economy Does Not Need Additional Support From Fed
2010/10/13 07:15DJ Rio, BHP To Meet EU Regulators Over Joint Venture -Reuters
BHP Billiton Ltd. and Rio Tinto PLC will meet European Union antitrust regulators this month to help the European Commission decide whether to clear their proposed joint venture, Reuters reported Tuesday, citing sources. The Commission is investigating whether the miners' planned $116 billion iron ore production joint venture in western Australia is anti-competitive. 'Depending on the outcome of the meeting the Commission will consider whether to issue a statement of objections,' said the source. The companies could propose concessions during the meeting. A second source familiar with the situation said the miners hadn't yet offered possible remedies. 'The Commission will communicate shortly to the parties the outcome of its preliminary investigation,' an EU spokeswoman said. Full story at http://www.reuters.com/article/idUSTRE69B4HX20101012?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed
2010/10/13 07:07DJ Trichet: Must Reject Protectionism, Beggar-Thy-Neighbor
FRANKFURT -European Central Bank President Jean-Claude Trichet appealed to world leaders Tuesday not to let themselves be dragged into trade wars or competitive currency devaluations. 'Together we must say 'no' to protectionism and 'no' to beggar-thy-neighbour policies,' Trichet said in a speech to the Economic Club of New York. 'The international community can and must continue to make a difference by being united and showing a strong sense of medium and long-term direction.' Trichet's comments come after a weekend which saw little sign of officials defusing nascent tensions in international foreign exchange markets, with China in particular refusing to bend to increased US pressure to let its currency rise against the dollar. Brazilian Finance Minister Hugo Mantega has warned of a 'currency war' as various countries try to stimulate their economies by keeping their exchange rates competitive. Trichet argued that 'what we need today is not 'wars' of any kind, but a strong and renewed commitment to confident and resolute co-operation.' Website: http://www.ecb.int
2010/10/13 06:57DJ ECB Weber: Monetary Policy Impact On Euro Area Is Limited Now
NEW YORK -Monetary policy will have only a small impact on the euro-zone recovery at this point, said Axel Weber, council member of the European Central Bank Tuesday, instead stressing the need for long-term structural policies.Weber also strongly cautioned against using foreign exchanges rates as an additional policy tool, in his remarks, noting that such a move would be 'betting on the wrong horse.'He warned that 'having reached the limit of monetary policy and fiscal stimulus, to view the fx rate as an additional stimulus which would help balance the economies,' would be wrong.'In my view the focus on what's right in the long run and not short run,' said Weber, also the president of the Deutsche Bundesbank.Weber said countries must embark on long-term, competitive structural reforms that will keep them from falling into the same problems they have in the past.'Monetary policy can play a role,' he said, on the way to the path to a 'new equilibrium.''We can always intervene in order to smooth the transition to a new equilibrium,' he said. 'We can never intervene on a persistent basis...'Weber was answering questions after delivering prepared remarks at Economics21's symposium in New York organized by the Shadow Open Market Committee.In other remarks, on the currency front he reiterated G7 countries agreement that exchange rates should reflect economic fundamentals and that excessive fx volatility is bad for growth.'We need to stick stringently to those rules going forward,' he said.Earlier, in his prepared remarks, Weber warned that--against the backdrop of improving financial market conditions--the ECB must not wait too long to withdraw from special stimulus measures, noting that it should now phase out its government bond buying program. The ECB has purchased about EUREUR63.5 billion in euro-zone government bonds; Weber said there is no evidence that asset purchases have significantly impacted average euro-area sovereign bond yields.He stressed that the risks of 'exiting too late' are greater than the potential negative implications of 'exiting too early.' A further loosening of financing conditions in some of the world's largest economies will not, according to Weber, prevent the ECB from pulling back on its unconventional measures.
2010/10/13 05:18=DJ WORLD FOREX: Dollar Declines Vs Euro, Yen After FOMC Minutes
2010/10/13 05:09DJ Treasurys Fall On 3-Year Sale, Fed Minutes Ahead Of 10-Year Supply
2010/10/13 05:01=DJ US Stocks Eke Out Gain, Boosted By Fed Minutes -2-
2010/10/13 04:31=DJ US Stocks Eke Out Gain, Boosted By Fed Minutes
NEW YORK -U.S. stocks eked out a slim gain Tuesday after minutes from a September meeting of the Federal Reserve increased confidence that the central bank will take further action to stimulate the economy.The dustrial Average gained 10.06 points, or 0.09% to end at 11020.40. The Nasdaq Composite added 15.59, or 0.65%, to 2417.92 and the Standard & Poor's 500 index advanced 4.45, or 0.38%, to 1169.77.After a morning in the red, stocks turned positive Tuesday after minutes from the central bank's September meeting showed officials' discussions focused on buying more U.S. Treasurys or new strategies for inflation if prices remained too low and unemployment too high. The minutes also revealed that the Fed's staff cut projections for economic growth in 2011 and expected the underlying inflation rate -- already below the central bank's informal objective -- to slow further next year."What the Fed said today didn't surprise anybody," said Bill Vaughn, portfolio manager at Evercore Wealth Management. "Most people thought the comments were going to lay the groundwork for quantitative easing and they essentially did that."Investors have been increasingly expecting the Fed to unveil additional stimulus measures at its November meeting, which has driven the dollar lower and stocks higher in recent weeks.The dollar had been up earlier in Tuesday's session, but the U.S. currency returned to its recent slump following the Fed minutes as additional stimulus is expected to lower the value of the dollar. Gold futures climbed, reversing an earlier decline.Treasurys fell, with the yield on the 10-year rising to 2.42% as tepid demand on 3-year note sale suggested the ultra-low yield levels started to turn some investors away.Financial and technology companies led the gains in stocks as investors grew hopeful for earnings reports due from Intel and J.P. Morgan. Intel, which reports after Tuesday's close, gained 21 cents, or 1.1% to 19.77, while J.P. Morgan, which will release its report Wednesday morning, climbed 67 cents, or 1.7%, to 40.40. Meanwhile, Bank of America led the Dow, gaining 37 cents, or 2.8%, to 13.52.However, the energy, industrial and materials sectors fell as concerns were reignited over the potential impact of tightening measures from China. The country's central bank late Sunday moved to temporarily raise its reserve requirements on six banks in an effort to manage liquidity and cope with inflationary pressure."The worry is that anything that China does might turn their boom into a bust," said Bill Stone, chief investment strategist at PNC Wealth Management.Among stocks in focus, Pfizer edged up 10 cents, or 0.6%, to 17.48, after the drug giant said it will buy King Pharmaceuticals for $3.6 billion, the latest move by a big drug company to swallow up a rival as the industry faces patent-expiration woes. King Pharmaceuticals soared $3.99, or 39%, to 14.14.Global Payments lost $3.44, or 8.1%, to 38.90, after the payments processor said its fiscal first-quarter earnings fell 15% and its core profit unexpectedly slid despite a moderate revenue climb
2010/10/13 04:07*DJ Nasdaq Closes Up 16 (0.7%) At 2418; Financials, Tech Lead Gains
2010/10/13 04:06*DJ DJIA Closes Up 10 (0.1%) At 11020; BofA, Alcoa, JP Morgan Climb
2010/10/13 03:57DJ ECB's Trichet: Won't Commit In Advance To Quantitative Easing
2010/10/13 03:23DJ OIL FUTURES: Crude Falls Ahead Of OPEC Meeting, Inventory Data
NEW YORK -Crude futures settled slightly lower Tuesday as investors moved to lock in profits from the recent rally ahead of a meeting of oil ministers and crude inventory data due later this week.Light, sweet crude for November delivery settled 54 cents, or 0.7%, lower, at $81.67 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 19 cents lower, at $83.53 a barrel.Oil prices rallied above $84 a barrel last week, and traders looked to lock in those gains ahead of additional economic data, the meeting of the Organization of Petroleum Exporting Countries and a government report expected to show rising stockpiles of crude that are all coming later this week."I think we've gotten some people taking some profits," said Peter Donovan, a trader and analyst at Vantage Trading in New York. "It's tough to buy up here unless we're making new highs."The move lower broke a string of sessions where oil prices were closely tied to movements in the foreign exchange markets. A weak dollar has provided a boost to oil futures in recent weeks, as it makes crude cheaper for buyers in other currencies.But the euro rebounded late in Tuesday's session following the release of minutes from September's Federal Reserve meeting, where most central bank officials believed new steps would be needed to jump-start the economy.The euro was recently trading up 0.4%, at $1.3916.Meanwhile, the Organization of Petroleum Exporting Countries on Tuesday revised up its forecast for global oil demand growth this year, encouraged by stimulus-led economic growth in the first half of 2010.The adjustment comes ahead of a meeting of the 12-nation oil cartel Thursday. OPEC is expected to keep quotas unchanged, though some member countries have said prices should move higher due to the weakening dollar.Despite U.S. inventories of oil and fuel products that hit 27-year highs last month, economic data and moves in the dollar have trumped worries about oil supply and demand. U.S. crude oil stocks are expected to rise in a report due Thursday from the Department of Energy, according to a survey of analysts. Crude stocks are seen increasing by 1.5 million barrels, according to data covering the week ended Oct. 8.Fuel products inventories are expected to fall, however, with analysts expecting a 1.3-million barrel drop in U.S. gasoline inventories. Stocks of distillates, which include heating oil and diesel, are seen falling by 1.5 million barrels.France was hit by a nationwide strike against pension reform, and oil major Total SA (TOT, FP.FR) said five out of its six refineries in France are being affected.Workers at the Fos-Lavera oil terminal near Marseilles, the world's third-largest oil port, have been on strike since Sept. 27 to protest against harbor reforms. The strike is preventing ships from entering the port with crude oil or leaving with refined products.Front-month November reformulated gasoline blendstock, or RBOB, settled 4.16 cents, or 1.9%, lower, at $2.1239 a gallon. November heating oil settled 1.65 cents lower, at $2.2625 a gallon.More information on settlements and highs and lows for futures on Nymex and ICE platforms can be found by searching for the following headlines: Nymex Light Crude Oil Close Nymex Harbor RBOB Gasoline Close Nymex Heating Oil Close ICE Brent Crude Oil Close ICE Gas Oil Close
2010/10/13 03:10DJ PRECIOUS METALS: Stronger US Dollar Pressures Gold Futures
2010/10/13 02:41*DJ OIL FUTURES: Crude Falls Ahead Of OPEC Meeting, Inventory Data
2010/10/13 02:35*DJ OIL FUTURES: Nymex Crude Settles Down 54c At $81.67/Bbl
2010/10/13 02:34=DJ Most Fed Officials Thought New Steps Needed To Lift Growth-Minutes
2010/10/13 02:23=DJ Interior Department Lifts Deepwater-Drilling Moratorium
ASHINGTON -The Obama administration on Tuesday lifted a moratorium on deepwater drilling, bringing an end to a more than four-month ban that has prompted Gulf Coast states to complain about damage to their economies.U.S. Interior Secretary Ken Salazar announced that the resumption of oil and gas drilling in the deep waters is appropriate, provided that companies comply with regulations, including those enacted after the BP PLC (BP, BP.LN) oil spill. The spill was the worst offshore oil spill in U.S. history and prompted a wave of new regulations aimed at reducing the chances of another disaster."We have now reached a point where we have significantly, in my view, reduced those risks," U.S. Interior Secretary Ken Salazar told reporters.The industry still faces hurdles before drilling can resume. The Interior Department's offshore-drilling oversight agency plans to inspect each platform and rig for compliance with regulations. Chief executives at drilling companies must certify compliance. And federal regulators also must determine whether projects meet tougher new safeguards, a process that means it will be weeks, if not longer, before regulators approve permits and drilling begins."We're not going to succumb to pressure to just get these permits out as quickly as we can," Michael Bromwich, the director of the Bureau of Ocean Energy Management, Regulation and Enforcement, told reporters on Tuesday at an event organized by Platts energy service.
2010/10/13 02:20*DJ Euro Rallies Against Dollar; Extends Gains Above $1.39
2010/10/13 02:16*DJ Treasurys Lower After Fed Minutes, 3-Year Note Auction
2010/10/13 02:11*DJ Dollar Extends Gains After FOMC Meeting Minutes
2010/10/13 02:11*DJ Euro Reverses Against Dollar; Erases Earlier Losses
2010/10/13 02:11*DJ 10-Year Treasury Erases Losses, Trading Flat After Fed Minutes
2010/10/13 02:09*DJ FOMC Minutes: Inflation Below Level For Max Employment,Stable Prices
2010/10/13 02:06*DJ FOMC Minutes:Staff Reduced Slightly '11 Growth Forecast
2010/10/13 02:06*DJ FOMC Minutes:Economy Unlikely To Reenter Recession
2010/10/13 02:06*DJ FOMC Minutes:Fed Sees Moderate Growth In '11;Further Pickup In '12
2010/10/13 02:04*DJ FOMC Minutes:Fed Sees Core Inflation Slowing In '11
2010/10/13 02:04*DJ FOMC Minutes:Fed Also Discusses Steps To Affect Inflation Expectations
2010/10/13 02:03*DJ FOMC Minutes:Some Say Further Easing Only If Outlook Worsens
2010/10/13 02:03*DJ FOMC Minutes:Concerned Output, Employment Growth Slow For Some Time
2010/10/13 02:02*DJ FOMC Minutes: Stimulus Talks Focus On Long-Term Treasury Purchases
2010/10/13 01:16*DJ ECB's Trichet: Won't Precommit To Quantitative Easing
2010/10/13 01:06*DJ Canada Govt:Poll Sees Nominal GDP Growth Of 5.9% In 2010, 4.6% In 2011
2010/10/13 01:06*DJ Treasurys Fall As Three-Year Sale Weaker Than Expected
2010/10/13 01:04*DJ Three-Year Treasury Notes Sold At Record-Low Yield Of 0.569%
2010/10/13 01:00*DJ Canada Govt: Poll Sees Real GDP Grow 3% In 2010, 2.5% In 2011
2010/10/13 00:57*DJ Interior Will Also Issue New Drilling Safety Rules
2010/10/13 00:56*DJ US Interior Chief To Say Offshore Drilling May Resume -Document
2010/10/13 00:39DJ ECB Weber:Securities Markets Program Should Now Be Phased Out
FRANKFURT -The European Central Bank mustn't postpone its withdrawal from special stimulus measures for too long, and it should now phase out its government bond-buying program, a key member of the ECB's governing council said Tuesday.Axel Weber, speaking at the Shadow Open Market Committee symposium in New York, warned that the risks associated with "exiting too late" are greater than possible negative implications from "exiting too early."That indicates that a further loosening of financing conditions in some of the world's largest economies won't, according to Weber, stand in the way of ECB's own plan to withdraw from unconventional measures to stimulate growth.Weber stressed that the risks associated with the ECB's Securities Markets Program outweigh its benefits."These securities purchases should now be phased out permanently as part of our non-standard policy measures," Weber said.
2010/10/13 00:32=DJ U.S. To Make Deepwater-Drilling Ban Announcement Tuesday
2010/10/13 00:13*DJ Fed's Hoenig: Fed Should Be Mindful Of International Impact Of Low Rates
2010/10/13 00:11=DJ INTERVIEW:German Minister: 2011 GDP Lower, But Still Solid Growth
2010/10/13 00:11*DJ Weber: Exiting Too Late Has Greater Risks Than Exiting Too Early
2010/10/13 00:03*DJ ECB Weber:Current Policy Stance Appropriate;CPI Risks Are Low
