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New Issue-Electrolux AB prices 100 mln euro 2019 bond

November 26, 2014 - reuters.com

Nov 26(Reuters) -Following are terms and conditions of a bond priced on Wednesday. Borrower Electrolux AB ELUXb.ST Issue Amount 100 million euro Maturity Date December 5, 2019 Coupon 1.0 pct Payment Date December 5, 2014 Lead Manager(s) Swedbank AB (publ) Ratings BBB (S&P) Listing Lux Denoms (K) 100 Notes Launched under issuer's EMTN programme Security details and RIC, when available, will be on ZPJU Customers can right-click on the code for performance analysis of this new issue For ratings information, double click on RRS0001 For all bonds data, double click on BONDS For Top international bonds news TOP/DBT For news about this issuer, double click on the issuer RIC, where assigned, and hit the newskey (F9 on Reuters terminals) ((EMEA Fixed Income Desk Bangalore; jenifer.prabhaker@thomsonreuters.com; Reuters Messaging jenifer.prabhaker.reuters.com@reuters.net; +91 80 6677 2510, fax +44 20 7542 5285))

UPDATE 1-Oil price fall pushes Turkey's 10-yr bond yield to 18-month low

November 26, 2014 - reuters.com

(Adds quote, details) ISTANBUL, Nov 26 (Reuters) - Turkey's 10-year benchmark bond yield dropped to its lowest in almost 18 months on Wednesday as a slump in oil prices boosted expectations of lower inflation, a narrower current account deficit and a cut in interest rates. Turkey's hefty current account deficit, due largely to its heavy dependence on imported energy, also keeps inflation stubbornly high. "The recent fall in oil prices and expectations for lower inflation are encouraging Turkish bond buying. These few months look like the last opportunity because inflation will start to fall at the start of 2015," an Istanbul bond trader said. The benchmark 10-year yield tTR240724TA=IS fell to 7.97 percent on Wednesday, its lowest since June 2013, from Tuesday's spot close of 8.30 percent. The Turkish lira TRYTOM=D3 firmed to 2.2211 against the dollar by 1240 GMT from 2.2292 late on Tuesday, while Istanbul's main share index .XU100 was up 0.18 percent. (Writing by Ece Toksabay; Editing by Nick Tattersall/Ruth Pitchford) ((ece.toksabay@thomsonreuters.com; +90 212 3507052; Reuters Messaging: ece.toksabay.reuters.com@reuters.net)) Keywords: MARKETS TURKEY

GLOBAL MARKETS-ECB stimulus bets lift Europe shares, Aussie sags

November 26, 2014 - reuters.com

* Aussie hits four-year lows versus the dollar * European shares at two-month high on ECB easing prospects * Asia supported after upward revision to U.S. GDP * U.S. 10-year yield hits one-month low, keeps dollar in check * Crude oil stabilises before Thursday's OPEC summit By Emelia Sithole-Matarise LONDON, Nov 26 (Reuters) - European shares rose on Wednesday, bolstered by hopes for more stimulus from the European Central Bank and upbeat U.S. economic data that calmed anxiety over a deteriorating global outlook. The Australian dollar hit a four-year low against its U.S. counterpart before U.S. data likely to prove crucial for this week's recovery of several currencies against the dollar. Euro zone government bonds and shares gained after ECB Vice President Vitor Constancio said on Wednesday the bank might decide in the first quarter of 2015 whether to buy sovereign bonds. His comments were the clearest indication yet of the timing of any purchases. ID:nL6N0TG1JA The pan-European FTSEurofirst index .FTEU3 was up 0.3 percent at 1,392.94. It has been rising daily since Friday, when ECB President Mario Draghi spoke on the likelihood of more stimulus and China cut interest rates. Germany's DAX index .GDAXI rose for the 10th straight day, its longest winning streak since May 2013. "We're long the DAX because America has outperformed hugely, and even though growth there is strong that is already in the price, whereas in Germany there's more to come," said Markus Huber, a senior trader at Peregrine & Black. U.S. stock index futures SPc1 NDc1 DJc1 were higher before economic data which may indicate whether the market's record highs are justified. ECONUS Investors were encouraged on Tuesday by an upgrade of U.S. third-quarter gross domestic product to 3.9 percent from 3.5 percent. Economists polled by Reuters had expected growth would be cut to 3.3 percent. ID:nLNNPMEA45 AUSSIE SLUMP The Australian dollar fell to a four-year low of U.S. $0.8499 AUD=D4 and below support around 1.09 New Zealand dollars AUDNZD= , above which it had held since August. The Aussie has suffered in a rally by the U.S. dollar since July, and Reserve Bank of Australia Deputy Governor Philip Lowe this week propelled it to as low as $0.8514 on Tuesday by saying it was still overvalued. "There are those who say the Aussie should bounce from these levels, but my feeling is if it breaks below (a key support) against the kiwi that may be significant," said Daragh Maher, a strategist with HSBC in London. The 10-year U.S. Treasury yield dropped to a one-month low of 2.252 percent US10YT=RR . Strong auction results, month-end buying and a drop in U.S. consumer confidence offset the GDP revision. That also helped the U.S. dollar slip from a seven-year high against the yen JPY= as investors took profits before Thursday's Thanksgiving holiday. The euro, up almost a cent against the dollar this week, dipped after Constancio's remarks to trade down 0.2 percent at $1.2454 EUR= . ID:nF9N0RK01I Oil prices steadied around $79 a barrel after Saudi Arabia's oil minister said the oil market would stabilise, easing pressure on the market before OPEC meets on Thursday. Benchmark Brent futures LCOc1 rose to $78.37 a barrel by 1250 GMT from $78 earlier in the day, after a meeting of Saudi Arabia and three other nations before Thursday's summit ended with no deal to curb output. Predictions range from a large OPEC output cut to none at all. O/R ID:nL9N0TF014 (Additional reporting by Francesco Canepa and Patrick Graham; Editing by Larry King) ((emelia.sithole@thomsonreuters.com; +44 207 542 6752; Reuters Messaging: emelia.sithole.thomsonreuters.com@reuters.net))

Keywords: MARKETS GLOBAL/

FOREX-Dollar slips further after disappointing U.S. data

November 26, 2014 - reuters.com

NEW YORK, Nov 26 (Reuters) - The dollar softened against the euro and yen early Wednesday after data suggested U.S. economic growth might be slowing in the final quarter of 2014 following a stronger-than-expected 3.9 percent pace set in third quarter. Domestic personal spending grew 0.2 percent in October, slightly less than what economists had forecast, while personal income increased 0.2 percent last month, less than the 0.4 percent projected by analysts. ID:nLLAQMEA7R U.S. jobless claims rose to 313,000 in the week ended Nov. 22 to their highest level since September. ID:nL2N0TF1PR New orders for U.S.-made capital goods fell for a second straight month in October. ID:nLNNQMEA49 The dollar revisited a global session low of 117.60 yen JPY= after the weaker-than-expected data, while the euro hit a global session high of $1.2508 EUR= , according to Reuters data. (Reporting by Richard Leong; Editing by Chizu Nomiyama) ((richard.leong@thomsonreuters.com; +1 646 303 6313; Reuters Messaging: richard.leong.thomsonreuters.com@thomsonreuters.net; Twitter @RichardLeong2)) Keywords: MARKETS FOREX/SPENDING

PRECIOUS-Gold edges lower ahead of U.S. economic data

November 26, 2014 - reuters.com

* Expectations for tighter U.S. monetary policy weigh * Coming up: U.S. weekly jobless claims, new home sales * Asian demand underpins prices but sparks little momentum (Updates prices) By Jan Harvey LONDON, Nov 26 (Reuters) - Gold eased as traders awaited data on jobs, consumer sentiment and durable goods orders later on Wednesday for clues on the outlook for U.S. monetary policy, but moves were muted as physical demand lent support. Recent strong U.S. data has fuelled talk that the Federal Reserve could soon raise interest rates. The U.S. government upgraded its reading on third quarter gross domestic product to 3.9 percent on Tuesday. ID:nL3N0TG1IL Divergence between Fed monetary policy and that of other central banks is seen as lifting the dollar, while higher interest rates raise the opportunity cost of holding non-yielding bullion. FRX/ Spot gold XAU= was down 0.4 percent at $1,195.30 an ounce at 1311 GMT, while U.S. gold futures GCv1 for December delivery were down $2.50 an ounce at $1,194.60. "At the moment we have a stand-off situation," LBBW analyst Thorsten Proettel said. "On the one side, we have the prospect of higher interest rates in the United States, which is not a situation in which the gold price can move higher. On the other, we're seeing some greater demand for gold from Asia." China's net gold imports from main conduit Hong Kong hit a seven-month high in October, according to official Hong Kong data released on Tuesday. ID:nL3N0TF382 Gold saw some buying interest in Asia overnight, MKS said in a note, though that was not enough to push prices much higher. "Some decent volume went through the Shanghai Gold Exchange today, mainly on the buy side, which helped shift the premium out to $1.00-$2.00," it said. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ GRAPHIC-2014 asset returns: http://link.reuters.com/dub25t GRAPHIC-Gold/USD correlation: http://r.reuters.com/ryx52s ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> Gold has seen quiet trading since recovering from a four-and-a-half year low earlier this month. Speculation that Switzerland could vote in favour of a motion to raise its gold reserves has underpinned prices. ID:nL6N0TB3O9 The vote is aimed at preventing the Swiss National Bank from offloading its gold holdings and obliging it to hold at least 20 percent of its assets in gold, compared with 8 percent last month. Silver XAG= was down 0.5 percent at $16.56 an ounce, while platinum XPT= was up 0.3 percent at $1,219.98 an ounce and palladium XPD= was up 1.5 percent at $800 an ounce. (Additional reporting by A. Ananthalakshmi in Singapore; editing by William Hardy) ((jan.harvey@thomsonreuters.com)(+44)(0)(207 542 7744)(Reuters Messaging: jan.harvey.thomsonreuters.com@reuters.net)) Keywords: MARKETS PRECIOUS/

S&P sees "significant" risk of Russian recession

November 26, 2014 - reuters.com

LONDON, Nov 26 (Reuters) - Russia's economy could slip into recession next year and its foreign exchange reserves fall further as lower oil prices and Western sanctions bite, credit ratings agency Standard & Poor's told Reuters on Wednesday. Moritz Kraemer, S&P's head of sovereign ratings, said a Russian recession was not his central scenario, but is a "significant possibility". Kraemer also said the risk of Britain eventually leaving the European Union appears to be rising, which would be negative for the UK economy and might force S&P to "reassess" the country's top-grade AAA rating. In the euro zone, weak growth and the threat of deflation will make 2015 an extremely tough year and put at risk governments' ability to ease their large debt burdens, he said. (Reporting by Jamie McGeever; Editing by Catherine Evans) ((jamie.mcgeever@thomsonreuters.com; +44)(0207 542 8510;)) Keywords: BONDS RATINGS/S&P

Burkina Faso transitional government to review mining contracts

November 26, 2014 - reuters.com

OUAGADOUGOU, Nov 26 (Reuters) - Burkina Faso's transitional government will review mining contracts agreed under former President Blaise Compaore, whose 27-year rule was ended by a popular uprising last month, new mines minister Colonel Boubacar Ba said on Wednesday. Ba, a member of a cabinet appointed on Sunday, told Reuters in an interview that the gold-producing nation will also push forward with plans to revise its mining code in order to make Burkina Faso more attractive to miners. (Reporting by Mathieu Bonkoungou; Writing by Joe Bavier; Editing by Emma Farge and Louise Heavens) ((joe.bavier@thomsonreuters.com; +225 07074101; Reuters Messaging: joe.bavier.thomsonreuters.com@reuters.net)) Keywords: BURKINA MINING/CONTRACT

REFILE-UPDATE 1-British banks' rotten culture will take generation to fix - think tank

November 26, 2014 - reuters.com

(Corrects typo in first bullet point) * Fines, misconduct have cost British banks $60 billion * New banking standards body vows to name errant bankers * New banking standards body pledges independence By Matt Scuffham LONDON, Nov 26 (Reuters) - A "toxic culture" that has cost British banks 38.5 billion pounds ($60.6 billion) in fines and compensation over the past 15 years will take a generation to fix, an independent think tank said on Tuesday. Britain's banks have been hit by costly scandals including the mis-selling of loan insurance and complex interest-rate hedging products. A report into the culture of British retail banking by think tank New City Agenda and Cass Business School said aggressive sales practices took hold over two decades, with some branch staff receiving cash bonuses, iPods or even tickets to the Wimbledon tennis tournament for hitting sales targets. "A toxic culture which was decades in the making will take a generation to turn around," said Conservative lawmaker David Davis, chairman of New City Agenda. Link to report - http://newcityagenda.co.uk/?p=494 The think tank recommended the new Banking Standards Review Council (BSRC), launched this year, should talk to branch staff to check they are not under pressure to sell and should report annually to parliament's Treasury Committee, which oversees the work of the finance ministry. Speaking at a parliamentary event to launch the report, the BSRC's new chairwoman Colette Bowe vowed to maintain the independence of the new body, which is funded by banks, and to name and shame bank staff who misbehave. "Independence and transparency are crucial. People are going to be named. We will report in public what we find," she said. Despite having the support of Britain's biggest banks, the BSRC has yet to confirm the backing of large international banks with operations in London. Bowe told Reuters that talks with those institutions were "positive and constructive". The think tank's report said the mis-selling of payment protection insurance (PPI) alone cost banks at least 27 billion pounds in Britain's costliest consumer scandal. The high-margin products were meant to cover repayments if customers fell ill or were out of work but were often sold to people who did not need them or would be ineligible to claim. The biggest sum set aside by a bank for PPI compensation is the 11.3 billion pounds at Lloyds Banking Group LLOY.L , followed by Barclays BARC.L (5 billion pounds), RBS RBS.L (3.3 billion pounds) and HSBC HSBA.L (2.5 billion pounds). ID:nL5N0SN11E (1 US dollar = 0.6383 British pound) (Editing by David Goodman and Mark Potter) ((matthew.scuffham@thomsonreuters.com; 02075426734; Reuters Messaging: matthew.scuffham.reuters.com@reuters.net)) Keywords: BRITAIN BANKS/CULTURE

FOREX-Australian dollar slides to four-year low against greenback

November 26, 2014 - reuters.com

(Updates prices, adds comment) By Patrick Graham LONDON, Nov 26 (Reuters) - The Australian dollar hit a four-year low against its U.S. counterpart on Wednesday before data likely to prove crucial for several currencies against the greenback. The euro, up almost a cent against the dollar this week, dipped after European Central Bank Vice President Vitor Constancio said the bank could gauge in the first quarter of 2015 whether it needed to buy government bonds. ID:nF9N0RK01I The Aussie has been one of the biggest decliners during the dollar's rally since July, and Reserve Bank of Australia Deputy Governor Philip Lowe propelled it to its lowest since August 2010 on Tuesday by saying it was still overvalued. Dealers said investors in Europe kept selling it in early trade, pushing it as low as $0.8499 and below support around 1.09 New Zealand dollars AUDNZD= , above which it had held since August. AUDNZD= "The Aussie has been absolutely creamed over the past 24 hours ... there is talk out there of some fast (speculative) money guys betting against it," said Graham Davidson, a spot trader with NAB in London. Several major banks say fair value for the Aussie would be around $0.84-0.85. Davidson said he would not want to bet on further weakness from here. Traders said U.S. numbers on jobs, consumer sentiment and durable goods orders, due at 1330 GMT, would test a recovery for the euro after European Central Bank Governor Mario Draghi last week sank the currency to less than $1.24, its lowest in more than two years. Constancio's comments took the euro down 0.2 percent to $1.2454 EUR= . "My feeling is the market would like to sell this week's little rally, but for that to happen I think we would need to see some decent data out of the United States," HSBC strategist Daragh Maher said. Analysts and traders Reuters spoke to were bearish about a breakdown of British third-quarter gross domestic product, but sterling GBP=D4 EURGBP=D4 was robust in morning trade, reflecting what many said was a choppy market lacking in direction. RBC Capital Markets analysts said volumes were falling before the U.S. Thanksgiving holidays, starting Thursday, and some players may be squaring up after a fifth straight month of solid gains for the dollar. Helping the dollar were 10-year U.S. Treasury note yields US10YT=RR , up to 2.257 percent from around 2.245 in early trade in Europe. ((patrick.graham@thomsonreuters.com)(+44207 542 9429)(patrick.graham.thomsonreuters.com@reuters.net)) Keywords: MARKETS FOREX/

Ugandan shilling weakens as importers, central bank buy dollars

November 26, 2014 - reuters.com

KAMPALA, Nov 26 (Reuters) - The Ugandan shilling UGX= weakened on Wednesday on dollar demand from importers and routine central bank hard currency purchases, while inflows from offshore investors were scant. At 1132 GMT commercial banks quoted the shilling at 2,763/2,773, weaker than Tuesday's close of 2,745/2,755. The central bank typically buys about five million dollars daily to build its foreign reserves, traders said. "There's panic buying by importers and persistent central bank demand at a time when the market is low on (dollar) inflows," said David Bagambe, a trader at Diamond Trust Bank. "Offshore investors who normally boost our dollars supplies have not been buying our debt lately." Uganda's central bank sold Treasury bills worth a total of 160 billion shillings ($1.78 billion). ID:nL6N0TG29J Foreign investors buying Ugandan debt have to convert their hard currency for shillings to pay for their successful bids. Some commercial banks looking to cover short dollar positions were also exerting demand, said Faisal Bukenya, head of market making at Barclays Bank. Bukenya forecast the shilling was likely maintain a bearish bias in the coming days but would trade below the psychological level of 2,800 for the remaining part of the year. The local currency has weakened steadily over the past few weeks largely on the back of importer demand for dollars. The global strength of the greenback has also weakened the shilling, which has so far this year lost 8.8 percent of its value against the greenback. UGX Spot Rate..... UGX= Ugandan Shilling Money Guide.... UGX/1 Calculated Cross Rates.......... UGXX= Deposits..................... UGXDEPO= Deposits & Forwards............. UGXF= Uganda Equities Guide....... UG/EQUITY Uganda All Share Index........ .ALSIUG Shilling background ..... UGX/BKGDINFO Ugandan Debt Guide............ UG/DEBT All Uganda Bonds............. 0#UGTSY= Uganda T-Bills.............. 0#UGTSYS= Uganda Benchmark............. 0#UGBMK= Central Bank ................ BOUGINDEX Ugandan Contributor Index.... UG/CONT1 Uganda Coffee Prices....... COFFEE/UG01 (1 US dollar = 90.0000 Kenyan shilling) (Reporting by Elias Biryabarema; Editing by James Macharia) ((elias.biryabarema@thomsonreuters.com; Tel. +256772887571; Reuters Messaging: elias.biryabarema.thomsonreuters.com@reuters.net)) Keywords: UGANDA CURRENCY/

UPDATE 2-Nigeria's Access Bank sees 'little' impact from naira devaluation

November 26, 2014 - reuters.com

* Nigeria devalued currency by 8 pct this week * Devaluation likely to hit demand for bank's rights issue (Adds expansion plans) By Helen Nyambura-Mwaura JOHANNESBURG, Nov 26 (Reuters) - Nigeria's Access Bank ACCESS.LG does not expect to take a hit from the naira's devaluation, its chief executive said on Wednesday, because many of its customers are generating revenues in foreign currencies. However, the devaluation will probably dampen foreign investor demand for Access Bank's 68 billion naira ($385 million) rights issue, Chief Executive Herbert Wigwe told Reuters. He added that falling oil prices would also lessen appetite for the issue from Nigeria's fourth-largest lender. Local investors are expected to help plug any hole and the bank still anticipates raising an "acceptable portion" of the total, Wigwe said in an interview in Johannesburg. Nigeria's central bank devalued the naira NGN=D1 by 8 percent and raised interest rates by 100 basis points on Tuesday, hoping to stem foreign reserves losses from defending the currency against weaker oil prices. ID:nL6N0TF33P "It is little or nothing in terms of the implications to my financials just because of where my lending is," Wigwe said, noting that customers generating revenue in other currencies were less exposed to a weaker naira. Domestic interest rates are likely to rise by 200 basis points and hurt lending to the manufacturing and trade business sectors, he said. Wigwe said the bank had also been cleared of any wrongdoing after a Securities and Exchange Commission investigation into the freezing of its share price in September. The Nigerian Stock Exchange suspended the shares for a week after Access Bank applied to the bourse arguing that information on its capital raising was not publicly available and that it wanted to avoid speculation in its shares. ID:nL6N0SB5T1 Wigwe said Access, which has operations in nine countries and a representative office in China, was evaluating the business case for expansion into Mozambique, Kenya and Tanzania. The bank expanded into retail operations after the acquisition of failed Intercontinental Bank, which gave it seven million customers. Wigwe said he hoped to have 25 million users signed on by 2017 to diversify funding. Access shares are down 18 percent so far this year in line with the Nigerian index's .NGSEINDEX 16 percent decline. (1 US dollar = 176.8000 Nigerian naira) (Editing by Keith Weir) ((david.dolan@thomsonreuters.com; +27 11 775 3150; Reuters Messaging: david.dolan@thomsonreuters.com@reuters.net)) Keywords: NIGERIA ACCESS BANK/

Sri Lankan rupee forwards fall on dlr demand from importers

November 26, 2014 - reuters.com

COLOMBO, Nov 26 (Reuters) - Sri Lankan rupee forwards fell on Tuesday due to dollar demand by importers, but the central bank prevented further declines in the currency through moral suasion even as political uncertainty weighed ahead of the January 8 presidential polls, dealers said. Eight loyalists from President Mahinda Rajapaksa's United People's Freedom Alliance, including Health Minister Mithripala Sirisena, have defected since Rajapaksa announced the snap poll last week. Sirisena has resigned to contest against Rajapaksa as the consensus candidate of a united opposition. The four-day forwards, or spot-next-next, were actively traded, dealers said, touching an intraday low of 132.50 before paring some losses to close at 132.25/35. On Tuesday, it closed at 131.90/132.00. The spot currency LKR=LK and three-day forwards, or spot-next, were not traded after the country's central bank capped the currency at predetermined levels to prevent volatility. Central bank officials were not available for comment. "The depreciation trend will remain at least until mid-December due to seasonal imports. Then, we expect the currency to recover due to inflows from remittances until March next year," a currency dealer said. Exporters and banks were reluctant to sell dollars on expectation the currency would weaken further amid the fluid political situation, they added. Overseas investors bought a net 457.8 million rupees worth government securities during the week ended November 19. They sold a net 39.1 billion rupees ($298.5 million) in the eight weeks through November 19, data from the central bank showed. (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Biju Dwarakanath) ((ranga.sirilal@thomsonreuters.com)(+94-11-232-5540)(Reuters Messaging: ranga.sirilal.thomsonreuters.com@reuters.net)(www.twitter.com/ra ngaba)) Keywords: MARKETS SRI LANKA/FOREX

TABLE-MCX-SX Currency Futures traded on Nov 26

November 26, 2014 - reuters.com

UPDATE 1-UK business investment unexpectedly drops in Q3, GDP unrevised

November 26, 2014 - reuters.com

* Growth confirmed at 0.7 pct qtr/qtr, 3.0 pct yr/yr * Business investment weakens, trade drags down growth * Consumer spending growth strongest in four years * GRAPHIC: GDP growth http://link.reuters.com/cub87s (Adds details) By David Milliken and William Schomberg LONDON, Nov 26 (Reuters) - British business investment unexpectedly fell in the third quarter of 2014 and growth relied heavily on household spending once again, raising fresh questions about the resilience of the economy's recovery. Wednesday's more detailed breakdown of what drove growth in the three months to September confirmed that gross domestic product grew 0.7 percent during the quarter, unchanged from last month's preliminary estimate. That was down from 0.9 percent in the second quarter, the joint highest quarterly rate in four years. Year-on-year, GDP grew 3.0 percent, confirming Britain is one of the world's fastest-growing rich economies this year, the Office for National Statistics said. But business investment fell by 0.7 percent in the third quarter, its first drop in more than a year and a sharp slowdown from the second quarter's 3.3 percent. For the year, investment growth slowed to 6.3 percent, below forecasts of 9.7 percent. By contrast, consumer spending, which accounts for nearly two-thirds of Britain's economic expenditure, rose by 0.8 percent, its fastest quarterly pace in more than four years. A separate survey showed retailers were confident that shoppers would spend more at Christmas, although sales growth slowed in November. ID:nS8N0SV00B The Bank of England hopes business investment will help the economy grow over the long term. But the slump in the euro zone, the destination of most British exports, may have discouraged companies from pumping money into their businesses. Britain's trade gap weighed on growth in the third quarter. A finance ministry spokesman said the weakness in the euro zone and volatile financial markets meant Britain's economy faced a "critical moment," echoing comments from Prime Minister David Cameron, who said last week "red warning lights" were flashing about the state of the global economy. The opposition Labour party, which is challenging the government's economic record before May's national elections, accused Cameron of making excuses for a slowdown. EEF, a group representing British manufacturers, said weak exports meant finance minister George Osborne needed to provide more support for investment and foreign trade when he announces a half-yearly budget update on Dec. 3. Economic growth has so far failed to provide significant wage rises for most Britons, although earnings show signs of picking up. Employee compensation rose an annual 2.1 percent in the third quarter, faster than in the second quarter, the ONS said. (Writing by William Schomberg; Editing by Larry King) ((william.schomberg@thomsonreuters.com; +44 207 542 7778; Reuters Messaging: william.schomberg.reuters.com@reuters.net)) Keywords: BRITAIN ECONOMY/

TABLE-NSE Currency Futures traded on Nov 26

November 26, 2014 - reuters.com

Sri Lankan stocks fall to 5-wk closing low on political woes

November 26, 2014 - reuters.com

COLOMBO, Nov 26 (Reuters) - Sri Lankan stocks fell to a five-week closing low on Wednesday on concern over political stability ahead of the Jan. 8 presidential polls as a legislator from President Mahinda Rajapaksa's ruling party defected to join the main opposition United National Party. Eight loyalists from Rajapaksa's United People's Freedom Alliance, including Health Minister Mithripala Sirisena, have defected since Rajapaksa called for the snap poll last week. Sirisena resigned to contest against Rajapaksa as the candidate of choice for a united opposition. The main stock index .CSE ended 0.82 percent, or 59.64 points, down at 7,179.72, its lowest close since Oct. 21. "There are confusing views on the elections. At the moment, it is not easy to say who is going to win unlike a week earlier when Rajapaksa was seen as the clear winner," a stockbroker said on condition of anonymity. "With the crossovers, I think investors will wait until political stability returns." Continued foreign buying, low interest rates and hopes of better earnings pushed the bourse into the overbought zone by Nov. 18, before it slipped on political woes. The bourse is near the oversold region since Friday, Thomson Reuters data showed. Wednesday's turnover was 1.7 billion rupees ($12.97 million), exchange data showed, more than this year's daily average of 1.44 billion rupees. Foreign investors were net buyers of 400.7 million rupees, extending foreign buying for this year to 19.8 billion rupees, exchange data showed. Shares in Nestle Lanka Plc NEST.CM fell 2.2 percent, leading losses, while conglomerate John Keells Holdings Plc JKH.CM dropped 2.06 percent. (1 US dollar = 131.1000 Sri Lankan rupee) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu) ((ranga.sirilal@thomsonreuters.com; +94-11-232-5540; Reuters Messaging: ranga.sirilal.thomsonreuters.com@reuters.net ; www.twitter.com/rangaba)) Keywords: MARKETS SRI LANKA STOCKS/CLOSE

UPDATE 2-Nigeria's naira touches record low after official devaluation

November 26, 2014 - reuters.com

* Naira rebounds but still trading outside new band * Stock market receives devaluation positively * Coming days will test new currency level * Inflation risk bad for Jonathan before election (Adds details, background, quotes, reaction) By Chijioke Ohuocha LAGOS, Nov 26 (Reuters) - Nigeria's naira touched a record low against the dollar on Wednesday, a day after the central bank devalued the currency, complicating efforts to contain inflation before presidential elections early next year. The central bank devalued the naira NGN=D1 by 8 percent and raised interest rates sharply on Tuesday, trying to stem losses to its foreign reserves spent defending the currency as the price of oil - Nigeria's dominant export - slides on global markets. ID:nL6N0TF33P The naira fell to a record low of 178.85 to the dollar shortly after the market opened, but rebounded by around 1 percent to 176.35 after two oil companies sold dollars. Nevertheless, that was still just below the new target band of 5 percent either side of 168 to the dollar, announced by Governor Godwin Emefiele on Tuesday. Trading in the next few days will test whether financial markets believe the new target is realistic for a country contending with a 30 percent fall in world oil prices since June as well as an Islamist insurgency in the northeast. Economists welcomed Emefiele's action as accepting the reality of the naira's sliding value - in common with the currencies of other oil exporters such as Russia - in trading between commercial banks. "Given the move higher in the largely-market determined interbank rate ... the widening of the band around the official mid-rate, and the setting of the mid-rate at 168 were the right moves," said Razia Khan at Standard Chartered bank. Analysts also said Tuesday's widening of the band from 3 percent either side of the target rate would help to build in some flexibility. The stock market .NGSEINDEX received the devaluation positively, rising by 1.5 percent. ID:nL6N0TG1YL However, continued downward pressure on the naira threatens to stoke inflation by pushing up the cost of imports, on which Africa's biggest economy relies for around 80 percent of its consumption. Over the past two years Nigeria has enjoyed historically low inflation in single digits, a target the central bank is keen to keep meeting. A surge in living costs would be a headache for President Goodluck Jonathan less than three months before what is likely to be a closely fought presidential election. Though Nigeria grows much of its own food, a number of staples, particularly wheat and rice, are largely imported. The statistics office in 2012 estimated that about 60 percent of Nigerians were living on less than a dollar a day in 2010. EMERGING MARKET PULLBACK Foreign oil companies, which typically buy naira towards the end of the month to fund their Nigerian operations, helped the currency to recoup some of its losses on Wednesday. Total of France TOTF.PA sold $20 million and Anglo-Dutch Shell RDSa.L an undisclosed amount, boosting dollar liquidity on the interbank market, dealers said. Dealers also said there were expectations that the central bank would intervene to keep the naira within the band. Investors have pulled huge sums out of many emerging economies since the U.S. Federal Reserve began rolling back a policy that kept yields on U.S. debt ultra low. Currencies from economies sensitive to oil prices such as the naira and the Russian rouble RUB= have been hardest hit. Angola's kwanza AOA= hit a record low of 100.895 to the dollar on Wednesday. Falls in the naira have spooked bond investors who had been wooed by Nigeria's high yields. Africa's top oil producer relies on crude revenues for 95 percent of its foreign exchange. The yield on Nigeria's 2022 government bond NG10YT=RR rose 45 basis point to 14.25 percent, reacting to the increase in the policy interest rate of 100 basis points to 13 percent on Tuesday. ID:nL6N0TG0N2 Trading on the overnight lending market stopped, as banks awaited information from the central bank on when a rise in the level of cash reserves they have to keep would come into force. ID:L6N0TG0MJ Nigerian revenues have also been hit by crude oil theft from pipelines and the disappearance of large sums from the state oil firm that were highlighted by former central bank Governor Lamido Sanusi earlier this year. Analysts say failing to devalue would have been much worse. "The bold steps taken by the central bank will help tremendously to stem the drawdown in foreign exchange reserves," South African-based NKC Research said in a note on Wednesday. "Given the sharp depreciation of the interbank exchange rate in recent months ... the cost of imports would have increased even in the absence of an official devaluation." According to its website, Nigeria's central bank has spent an average of $27.9 million a day this year defending the naira. The currency has nonetheless dropped by 11 percent since the start of the year. Emefiele told an investors' conference call on Tuesday that Nigeria's foreign reserves NGFXR=ECI stood at $36.5 billion, down 18.3 percent from a year ago. "We will continue to defend the currency as much as we can but not at all costs," he said. (Additional reporting by Oludare Mayowa; Writing by Tim Cocks; editing by David Stamp) ((chijioke.ohuocha@thomsonreuters.com; +234 703 4180 621; Reuters Messaging: chijioke.ohuocha.thomsonreuters@reuters.net)) Keywords: NIGERIA CURRENCY/

SNAPSHOT-India stocks, bonds, rupee, swap, call at close

November 26, 2014 - reuters.com

STOCKS .BSESN .NSEI ----------------------- The benchmark BSE index ended up 0.17 percent and the broader NSE index closed 0.15 percent higher, gaining for a fourth session in five, led by blue chips on hopes the central bank would ease monetary policy to boost economic growth. .BO RUPEE INR=D2 -------------- The partially convertible rupee ended at 61.8450/8550 per dollar versus its previous close of 61.86/87, after being held in a tight range as dollar inflows into the domestic share markets were offset by demand from importers looking to meet month-end commitments. INR/ GOVERNMENT BONDS IN084024G=CC ------------------------------- The benchmark 10-year bond yield ended down 2 basis points at 8.14 percent, as falling oil prices reinforced hopes the central bank would cut interest rates during its policy review meeting next week, although caution ahead of the release Friday of economic growth data capped broader gains. IN/ INTEREST RATE SWAPS INROIS MIOIS= ------------------------------------- The benchmark five-year swap rate ended down 3 basis points at 7.25 percent and the one-year rate also closed 3 basis points down at 7.85 percent. CALL MONEY INROND= -------------------- India's cash rate ended at 8.00/8.05 percent, up from Tuesday's close of 7.65/7.70 percent. (Compiled by Dipika Lalwani) ((Dipika.Lalwani@thomsonreuters.com; 022-61807098; Reuters Messaging: dipika.lalwani@thomsonreuters.com)) Keywords: INDIA SNAPSHOT/

India rupee inches higher; month-end dlr demand offsets inflows

November 26, 2014 - reuters.com

* Rupee ends at 61.8450/8550 per dlr vs 61.86/87 on Tuesday * INR seen in 61.70 to 62.10 range until end of week -trader * Rate cut by India cbank may boost foreign fund flows, rupee By Swati Bhat MUMBAI, Nov 26 (Reuters) - The Indian rupee closed marginally stronger on Wednesday after being held in a tight range as dollar inflows into the domestic share markets were offset by demand for the greenback from importers looking to meet month-end commitments. Sentiment was also cautious ahead of the release of July-September economic growth data on Friday and the Reserve Bank of India's monetary policy review on December 2. India economic growth probably slowed to 5.1 percent in the July-September quarter from a year ago, but economists polled by Reuters doubted whether that would be enough to persuade the central bank to cut interest rates just yet. ID:nL3N0TF3EN "We are likely to see the rupee in a 61.70 to 62.10 range this week as rising dollar demand towards month-end may hurt the rupee," said Param Sarma, director and chief executive officer at NSP Forex, a consultancy firm. "Rupee resistance has now gradually shifted to 61.50 from 60.00 earlier as we see good dollar buying from exporters and the RBI at that level. We are likely to see the rupee remaining broadly stable between 61.50 to 62.50 until year-end," he added. The partially convertible rupee INR=D2 closed at 61.8450/8550 per dollar versus Tuesday's close of 61.86/87. Moves in the domestic share market will also be crucial for cues on foreign fund flows. Shares gained for a fourth session in five, led by blue chips on hopes the central bank would cut its key policy rate. .BO In the offshore non-deliverable forwards PNDF market, the one-month contract was at 62.20 while the three-month was at 62.73. FACTORS TO WATCH * Australian dlr slides to 4-yr low against greenback FRX/ * Oil slump reverberates after Nigeria currency devaluation EMRG/FRX * ECB outlook lifts Europe shrs, Australian dlr sags MKTS/GLOB * Foreign institutional investor flows INFII INFII01 * For data on currency futures INRFUTURES DIARIES & DATA: Indian Data Watch ECONIN European diary WEU/EQTY2 Indian diary IN/DIARY US Diary US/DIARY (Editing by Biju Dwarakanath) ((swati.bhat@thomsonreuters.com)(+91-22-61807353)(Reuters Messaging: swati.bhat.thomsonreuters.com@reuters.net)) Keywords: MARKETS INDIA FOREX/

EMERGING MARKETS-Oil slump reverberates after Nigeria currency devaluation

November 26, 2014 - reuters.com

By Chris Vellacott LONDON, Nov 26 (Reuters) - The impact of sub-$80 oil prices rippled across energy-exporting emerging markets on Wednesday, with investors betting other countries will have to follow Nigeria in devaluing their currencies. Brent crude LCOc1 remained firmly below $80 per barrel and around a third lower from June levels after Saudi Arabia signalled it was unlikely to push for a major change in output when producers' club OPEC meets on Thursday. ID:nL3N0TG27O Nigeria's naira hit a record low near 178 per dollar NGN= -- lower than its new target band of 160-176 per dollar -- a day after the central bank devalued the currency by 8 percent and hiked rates by 100 basis points to conserve its reserves. ID:nL6N0TG1BH] Central bank governor Godwin Emefiele forecast a sustained drop in oil, saying the $73 per barrel assumed in Nigeria's 2015 budget may be too optimistic. "Oil remains on the back foot ... it is a relevant dynamic for the rouble and for various parts of the Middle East and Africa," said Manik Narain, emerging markets strategist at UBS in London. "We will see more pressure on local currencies there and Nigeria is an early example." The risk that falling revenues will affect spending plans in oil-exporting countries, with unpredictable political and economic consequences, is a prime concern of investors. IMF data shows Nigeria, Russia and Saudi Arabia all need prices above $90 to balance their budgets. ID:nL6N0S821J Sub-Saharan Africa's other big oil producer, Angola, saw its kwanza AOA= currency trade near a record low hit on Tuesday. ID:nL6N0TF3FD The impact spread beyond Africa, with shares in India's Bajaj Auto BAJA.NS , which derives 12 percent of its revenues from Nigeria, down 2.3 percent and telco Bharti Airtel BRTI.NS 1.3 percent lower. Nigeria is Bharti's biggest market. Russia, already suffering under Western sanctions imposed over Moscow's role in the Ukraine crisis, saw its rouble RUB= fall more than 1 percent. The central bank abandoned its defence of the currency earlier this month, announcing a free-float. The weak rouble is likely to hit Kazakhstan's tenge currency, which was devalued earlier this year. Non-deliverable forwards are pricing the tenge to fall to 197 per dollar in three months, versus a spot exchange rate of 180 KZT3MNDFOR= . In the oil-rich Gulf, where most currencies cannot be devalued because they are pegged to the dollar, stock markets fell, with Saudi Arabia .TASI down 2.7 percent and Dubai .DFMGI 2.6 percent lower. The Saudi riyal traded at 3.7520 per dollar, a one-week low and below its peg of 3.75 SAR= . Large fund outflows triggered a move in riyal forwards SAR1Y= last month. "Dollar pegs will be harder to sustain if oil weakens further. The strong dollar and falling oil prices increase risks for those pegs," Narain said. But low oil prices benefit emerging countries such as Turkey, India, and the manufacturing exporters of the Pacific rim. Stock markets in Mumbai and Istanbul rose slightly, touching new four-month highs and record highs respectively .XU100 .BSESN For GRAPHIC on emerging market FX performance 2014, see http://link.reuters.com/jus35t For GRAPHIC on MSCI emerging index performance 2014, see http://link.reuters.com/weh36s For GRAPHIC on MSCI emerging Europe performance 2014, see http://link.reuters.com/jun28s For GRAPHIC on MSCI frontier index performance 2014, see http://link.reuters.com/zyh97s For CENTRAL EUROPE market report, see CEE/ For TURKISH market report, see .IS For RUSSIAN market report, see RU/RUB ) (Additional reporting by Sujata Rao; Editing by Catherine Evans) ((follow me on twitter @ReutersChrisV. Email: chris.vellacott@thomsonreuters.com; +44)(0)(20 75423987; Reuters Messaging: chris.vellacott.thomsonreuters.com@reuters.net))

Keywords: MARKETS EMERGING

Turkey's 10-yr benchmark bond yield drops to lowest in 1-1/2 years

November 26, 2014 - reuters.com

ISTANBUL, Nov 26 (Reuters) - Turkey's 10-year benchmark bond yield dropped to 7.97 percent, its lowest in 1-1/2 years, on lower oil prices and expectations that inflation will fall in the coming period. The Turkish lira TRYTOM=D3 firmed to 2.2248 against the dollar by 1140 GMT from 2.2292 late on Tuesday, while Istanbul's main share index .XU100 was up 0.18 percent. (Writing by Ece Toksabay; Editing by Nick Tattersall) ((ece.toksabay@thomsonreuters.com; +90 212 3507052; Reuters Messaging: ece.toksabay.reuters.com@reuters.net)) Keywords: MARKETS TURKEY

UPDATE 1-Russian cbank governor says may soften policy in H2 2015

November 26, 2014 - reuters.com

(Adds quote and context) MOSCOW, Nov 26 (Reuters) - The Russian central bank may start to soften its monetary policy in the second half of next year as inflation is expected to start falling in the second quarter, Governor Elvira Nabiullina said on Wednesday. Her comments indicate that the bank is in no rush to lower rates, following its unexpectedly big 150 basis point raise of its key lending rate in October, even though tight monetary policy is constraining an economy that the bank expects will see minimal growth next year. "In future, depending on whether a stable trend is formed for lower inflation and inflationary expectations, we will be ready to soften monetary policy. By our estimates this will become possible in the second half of 2015," she told the upper house of parliament. Analysts polled by Reuters last month, before the latest rate hike, had expected the bank to begin softening policy in the second quarter of next year. ID:nL5N0SP3F9 The bank has raised its key rate by a cumulative 400 basis points this year to 9.5 percent, in response to a rise in inflation, which is around 9 percent and expected to rise further into next year. Nabiullina's first deputy, Ksenia Yudayeva, told a conference earlier on Wednesday that the central bank was seeing a rise in inflationary expectations and must stabilise the situation before it cuts interest rates. ID:nL6N0TG0EE (Reporting by Darya Korsunskaya and Elena Fabrichnaya, writing by Jason Bush, editing by Elizabeth Piper) ((ekaterina.golubkova@thomsonreuters.com; +7 495 775 1242;)) Keywords: RUSSIA CENBANK/INFLATION

UPDATE 1-ECB may decide on sovereign bond buys in Q1, says Constancio

November 26, 2014 - reuters.com

* Says can better gauge in Q1 whether QE needed * Rejects criticism of sovereign bond buys as a policy tool * Says low growth creates risks to fabric of euro area (Recasts with economist comment, euro reaction, detail) By Marc Jones LONDON, Nov 26 (Reuters) - The European Central Bank might decide as early as the first quarter of next year whether to begin buying sovereign bonds, the bank's vice president said on Wednesday. Vitor Constancio said the ECB could better gauge then whether sovereign bond purchases - so-called quantitative easing - are needed to provide enough stimulus to support the euro zone economy and stave off deflation. The ECB has already begun buying covered bonds and bundled loans known as asset-backed securities. It wants to increase the size of its balance sheet to the levels of early 2012 - around 1 trillion euros higher than it is today. "We have, of course, to closely monitor if the pace of its evolution is in line with that expectation," Constancio said. "In particular, during the first quarter of next year we will be able to gauge better if that is the case." "If not, we will have to consider buying other assets, including sovereign bonds in the secondary market, the bulkier and more liquid market of securities available," he said, according to the text of a speech delivered in London. The euro EUR= dipped to the day's low after Constancio's comments. ID:nL6N0TG1H1 "This speech certainly increases the chances that we could see sovereign bond purchases in Q1," said Berenberg bank economist Christian Schulz. "Markets might be disappointed and economic confidence might take a hit if the ECB doesn't deliver." ECB President Mario Draghi had already opened the door to buying sovereign bonds, when he said last Friday the bank could "broaden even more the channels through which we intervene". ID:nL6N0TB1BY But Constancio's comments are the clearest indication yet from an ECB policymaker on the timing of any quantitative easing, which financial markets see as the central bank's best shot at stimulating the flagging economy. "It would be a pure monetary policy decision, buying accordingly to our capital key, within our mandate and our legal competence," he said. The reference to the 'capital key' means the ECB would buy government bonds broadly in proportion to the size of the euro zone's 18 economies. "SERIOUS RISKS" Other major central banks, including the U.S. Federal Reserve, have already used QE programmes, but the concept is highly controversial in the euro zone. Germany's Bundesbank in resists the idea. Bundesbank chief Jens Weidmann has argued that QE would take the ECB close to monetary financing of governments, and that would risk the ECB being driven by fiscal policy. Some critics also question whether buying the bonds, which would push down yields, would be helpful since borrowing costs are already low. Constancio dismissed that argument. "The transmission goes well beyond the direct effect on the yields of the purchased securities," he said. "The transmission channels involved include signalling and influencing inflation expectations, exploring spillovers resulting from investors using the cash received to buy other assets, including foreign assets with influence on the exchange rate, and finally, the freeing up of space in banks' balance sheets to increase credit to the real economy." Euro zone inflation is running at 0.4 percent - far below the ECB's target of just under 2 percent - and Constancio said it "threatens to continue on the low side for some time to come." "The environment of low nominal growth now prevailing creates serious risks to the social and economic fabric of the euro area," he added. (Reporting by Marc Jones; Writing by Paul Carrel; Editing by Larry King; editing by Thomas Atkins) ((paul.carrel@thomsonreuters.com; ; +49 172 673 6550; Reuters Messaging: Reuters Messaging: paul.carrel.thomsonreuters.com@reuters.net)) Keywords: ECB POLICY

UPDATE 1-Ghana producer price inflation falls to 39.6 pct yr/yr in Oct -stats

November 26, 2014 - reuters.com

(Adds quote, detail) ACCRA, Nov 26 (Reuters) - Ghana's annual producer price inflation (PPI) fell to 39.6 percent in October, down from a revised figure of 47 percent year-on-year in September, the national statistics office said on Wednesday. The figure is an indication of the fiscal challenges facing the West African country, whose gross domestic product is forecast to fall to 3.9 percent in 2015 after years of rapid expansion through its exports of gold, cocoa and oil. The drop is influenced by a decline in utility prices and the recent stability of the cedi currency, government statistician Philomena Nyarko told a news conference. "The mining and quarrying subsector recorded the highest year-on-year producer price inflation of 48.7 pct," she said. Producer price inflation is an advance indicator of consumer price inflation. Ghana's PPI rose steadily through most of this year before starting to fall in the third quarter. Ghana's annual consumer price inflation rose to 16.9 percent in October from 16.5 percent the previous month. ID:nL6N0T21WZ The government hopes to seal a deal soon with the International Monetary Fund for financial assistance to help an economy struggling with rising consumer price inflation, a high budget deficit and a currency that has fallen sharply this year before rebounding partially. (Reporting by Kwasi Kpodo; Editing by Matthew Mpoke Bigg and Joe Bavier) ((matt.bigg@thomsonreuters.com; +233)(0)(209 607-203; Reuters Messaging: matt.bigg.thomsonreuters.com@reuters.net)) Keywords: GHANA INFLATION/PPI

BRIEF-RBI says reserve money grew 8.5 pct y-o-y in week to Nov 21

November 26, 2014 - reuters.com

Nov 26 (Reuters) - The Reserve Bank of India: * RBI says India's y-o-y money supply growth inm3ms=eci at 11.4 pct on November 14 * RBI says reserve money grew 8.5 pct year on year in week to november 21 vs 9.1 pct year ago * RBI says currency in circulation grew 8.2 pct y-o-y in week to november 21 vs 10.9 pct year ago * RBI says currency in circulation down 70.3 bln rupees to 13.76 trln rupees in week to November 21 (Reporting by Aby Jose Koilparambil in Bangalore) ((AbyJose.Koilparambil@thomsonreuters.com; +91 80 6749 6061; Reuters Messaging: abyjose.koilparambil.thomsonreuters.com@reuters.net)) Keywords: INDIA CENBANK/RESERVEMONEY

Russian c.bank 26-day FX repo auction didn't take place - Moscow Exchange

November 26, 2014 - reuters.com

MOSCOW, Nov 26 (Reuters) - A 26-day dollar repo auction scheduled by the central bank for Wednesday did not take place, the Moscow Exchange said in a statement. The central bank had scheduled an auction for up to $1.5 billion in 26-day repos, part of a series of new foreign-exchange repos designed to stabilise the currency market. Forex repo auctions so far this month have seen only small demand, which the central bank has said shows that a deficit of foreign currency had been addressed. (Reporting By Elena Orekhova; Writing by Jason Bush; Editing by Alexander Winning) ((jason.bush@thomsonreuters.com; +7 495 775 1242; Reuters Messaging: jason.bush.reuters.com@reuters.net)) Keywords: RUSSIA CENBANK/REPOS

London gold 1030 fix - Nov 26 - 1195.75 dlrs

November 26, 2014 - reuters.com

London platinum/palladium 0945 fix - Nov 26

November 26, 2014 - reuters.com

INDICATORS - Kazakhstan - Nov 26

November 26, 2014 - reuters.com

India Morning Call-Global Markets

November 26, 2014 - reuters.com

MIDEAST STOCKS - Factors to watch - November 26

November 26, 2014 - reuters.com

DUBAI, Nov 26 (Reuters) - Here are some factors that may affect Middle East stock markets on Wednesday. Reuters has not verified the press reports and does not vouch of their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Asia shares climb on US optimism, oil pressured before OPEC MKTS/GLOB * Brent crude drops towards $78 on worries over Asia's top economies O/R * MIDEAST STOCKS-Markets fall as investor hopes fade for OPEC output cut MEAST-STX * PRECIOUS-Gold eases from $1,200 as equities climb on U.S. economic data GOL-RTRS * Oil down 2 pct as pre-OPEC talks don't lead to output cut ID:nL3N0TF27E * Domestic pressures in US, Iran threaten slow-moving nuclear talks ID:nL2N0TF1FU * Yemeni forces free eight al Qaeda hostages; U.S. says no Americans ID:nL6N0TF07L * Moroccan parliament approves Islamic finance legislation ID:nL6N0TF47K * Kazakhstan on brink of WTO membership deal, Afghanistan in line ID:nL6N0TF3OB * Tunisian secularist wins first presidential round, heads for run-off ID:nL6N0TF277 * Pakistan to price dollar sukuk Wednesday; yield around 6.9 pct expected ID:nL6N0TF2UX * IFR - UPDATE: IFFIm sets IPTs of 3mL+mid-high teens on 3-yr FRN sukuk ID:nIFR4P2S16 * Islamic finance body IILM expands outstanding sukuk issuance ID:nL6N0TF2A3 * Libya's rival ruler could ban UN envoy, complicating peace talks ID:nL6N0TD0IA * Moody's says strengthening US growth to support MENA sovereigns'credit quality in 2015 ID:nWNAB05D3R TURKEY * Turkey's Finansbank secures syndicated loan worth $845 mln ID:nL6N0TF1M6 * Turkey in preliminary talks with Westinghouse on third nuclear plant ID:nL6N0TF1DB * Turkish October foreign visitor arrivals rise 1.09 pct - ministry ID:nI7N0RX01N * Turkey, U.S. ease strains on Islamic State but differences remain ID:nL6N0TE3IG EGYPT * Egyptian court lowers penalty for Mubarak-era steel tycoon ID:nL6N0TF3XZ * Egypt central bank seen keeping rates on hold amid nascent recovery ID:nL6N0TF3IC * Al-Futtaim to invest $700 mln in Egypt after dispute settled ID:nL6N0TF30H * Cyprus eyes gas exports to Egypt via pipeline ID:nL6N0TF2U9 * Mobinil may reject Egypt's landline licence-CEO ID:nL6N0TF1AQ * Pirelli signs MOU with Egypt for plant expansion ID:nI6N0T001L SAUDI ARABIA * Saudi builder Al Khodari proposes $133 mln capital hike ID:nL6N0TF0E2 UNITED ARAB EMIRATES * MEDIA-Jet Airways cuts domestic capacity to feed Etihad - Economic Times ID:nL3N0TG1EB * UAE jails man for belonging to "secret organisation" -agency ID:nL6N0TF47T * UAE regulator expects five firms on secondary market by mid-2015 ID:nL6N0TF1ZA * Dubai's Noor Bank eyes Turkish growth to beat competition ID:nL6N0T34JX KUWAIT * TABLE-Kuwait Oct inflation at 3.0 pct y/y ID:nL6N0TF30T BAHRAIN * Bapco seals 2015 gasoil, jet fuel term deals at lower premiums ID:nL3N0TF1XZ (Compiled by Dubai newsroom) ((dubai.newsroom@reuters.com)) Keywords: MIDEAST FACTORS

CANADA STOCKS-TSX rises as gold miners jump, U.S. data supports

November 25, 2014 - reuters.com

* TSX up 58.24 points, or 0.39 percent, at 15,073.65 * Eight of 10 main index sectors advance * Energy shares fall with oil price (Adds comment, details, updates prices) By John Tilak TORONTO, Nov 25 (Reuters) - Canada's main stock index climbed on Tuesday as weakness in the U.S. dollar help drive up the bullion price and shares of gold miners, while positive U.S. economic data boosted most other sectors. U.S. growth was stronger than initially thought in the third quarter, data released on Tuesday showed, due largely to upward revisions to business- and consumer-spending figures. ID:nL2N0TF0UA The Toronto stock market's benchmark TSX index has been gaining steadily since a pullback in October, but has yet to reach the record levels it hit in September. The energy sector, which is in a slump over concerns about an imbalance in oil supply and demand, faltered again. "It looks like investors are paring back their positions ahead of the OPEC meeting," said Youssef Zohny, portfolio manager at StennerZohny Investment Partners of Richardson GMP Ltd, which manages about C$28.3 billion in assets. "(The energy sector) is definitely at an attractive entry point than it was in the summer," he added. "If you take a long-term view, that's an area of the market that is showing relative value, but you definitely have to show some patience." The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed up 58.24 points, or 0.39 percent, at 15,073.65. Eight of the 10 main sectors on the index were higher. Spurred by a gain in the bullion price, the gold-mining sector climbed 4.3 percent. Goldcorp Inc G.TO added 4.9 percent to C$24.15, and Barrick Gold Corp ABX.TO rose 4.3 percent to C$14.83. Shares of energy producers slipped with the price of oil. Suncor Energy Inc SU.TO dropped 1.7 percent to C$39.63, and Talisman Energy Inc TLM.TO was down 2.5 percent at C$6.59. ($1=$1.125 Canadian) (Editing by Peter Galloway; Editing by Grant McCool) ((john.tilak@thomsonreuters.com)(1-416-687-7918)(Reuters Messaging: john.tilak.reuters.com@reuters.net)) Keywords: MARKETS CANADA/STOCKS

London gold 1500 fix - Nov 25 - 1199.00 dlrs

November 25, 2014 - reuters.com

London platinum/palladium 1400 fix - Nov 25

November 25, 2014 - reuters.com

BRIEF-African Gold updatses preliminary economic assessment establishes low capex and high returns for the kobada gold project

November 25, 2014 - reuters.com

Nov 25 (Reuters) - African Gold Group Inc AGG.V : * Updated preliminary economic assessment establishes low capex and high returns for the kobada gold project * Says scoping study indicated that project will generate $278 million in pre-tax cash flow over a mine life of 15 years * Says gold production is estimated to exceed 50,000 ounces per annum for the first two years * Says the life of mine average is expected to be more than 44,000 ounce per annum * Source text for Eikon ID:nMKWCTgRGa * Further company coverage AGG.V ((Bangalore Newsroom; +1 646 223 8780))

RPT-FEATURE-Peru crackdown on illegal gold leads to new smuggling routes

November 25, 2014 - reuters.com

(Repeats with no changes to the text) By Mitra Taj LIMA, Nov 25 (Reuters) - A crackdown on illegal gold mining in Peru has spawned new smuggling routes through its porous border with Bolivia with some gangs using human mules, armored cars and light aircraft to evade capture. The gold is ghosted across jungles, rainforest and Lake Titicaca on the mountainous border, and is then sold to dealers who process the precious metal for export out of Bolivia's capital La Paz, Peruvian officials say. Bolivia, a relatively small gold producer which has commissioned no new large mines in 2014, officially exported 24 tonnes of gold between January and August, data from Bolivia's statistics agency shows. That is six times the amount of gold Bolivia's miners produced in the first seven months of 2014 and more than three times the total amount it exported in all of 2013, illustrating how Peruvian gold is being diverted. Nearly all of Bolivia's exported gold was shipped to the United States, government data shows. Peruvian President Ollanta Humala launched a clampdown late last year to tackle a decade-long boom in wildcat gold mining that has destroyed swathes of Peru's Amazon forest and laced its rivers with mercury. But the proliferation of smugglers' routes into Bolivia shows how difficult it is to eradicate illegal mining without better coordination across frontiers. "They move much faster than we do," said Peruvian customs official Gustavo Romero who is investigating the illicit trade. "We close one door and they've already opened another." Bolivian customs and mining officials declined to comment. Legal gold miners in Peru reported 178 tonnes of gold for export with the mines ministry last year. Peruvian customs, however, registered gold exports totalling 290 tonnes. A ministry source said the 112 tonne difference - worth around $3 billion, according to customs export data - was mostly attributed to the gold extracted by wildcat miners and sold down a chain to exporters. "We couldn't allow this giant flow of illegal gold passing by right under our noses," said Romero. "But we have 1,000 km of border with Bolivia, and every one of those kilometers is entirely passable." Asked if Peruvian gold is being smuggled into Bolivia for export to the United States, the U.S. Department of Homeland Security said Washington and Lima were discussing the sharing of trade data to investigate asset laundering. MULES AND ARMORED CARS One gold dealer who smuggles ore through Bolivia said miners in Peru's Amazon region of Madre de Dios had been hit but output from illegal mines across Peru has likely only slipped to 4-5 tonnes a month from 8 tonnes before the crackdown. "We've taken gold by motorcycle, by mule, by armored car, and never the same way," the Lima-based dealer said. Once the gold crosses into Bolivia, it is dropped at safe houses before being delivered to cash buyers. The dealer, who declined to be named but met Reuters on two separate occasions in coffee shops, said the surest way to avoid losing a consignment to bandits stalking lawless borderlands was to fly the gold into Bolivia using light aircraft. Peruvian law prohibits the government from shooting down small aircraft. "Gold is heavy and can unbalance the plane, so you can only really take up to 200 kg at a time," said the dealer. "But it's a lot safer than by ground." The gold smuggling is a reversal of illegal flows before the crackdown, when Bolivian ore was taken to Peru to avoid taxes, said Hector Cordova, a former Bolivian mining minister. Peru's attempted cleanup is its latest effort to control a gold rush in the Amazon jungle, where migrant workers, often from the impoverished highlands, tear through river beds in search of gold nuggets. The government has targeted companies exporting mined ore, restricted fuel and mercury used in illegal mining hot spots and sent troops to blow up mining equipment in unauthorized camps. In June, Peru's illegal mining czar, Daniel Urresti, declared most clandestine mining in Madre de Dios snuffed out. Shortly after, the retired general was promoted to interior minister. Still, he acknowledged the proliferation of smuggling gangs based in Puno, another border region, saying large numbers of people cross the frontier "like ants", each carrying small quantities of gold. The influx of illegal Peruvian gold swamps Bolivia's local markets and depresses prices, said Edmundo Polo, head of Ferreco, a federation of small-scale miners. "Our own gold buyers are buying gold from Peruvians," Polo said. "It's no secret." Part of the surge in Bolivian gold exports might be due to less ore being smuggled out via Peru, as well as efforts to stop exporters manipulating a customs loophole and disguising gold shipments as mining waste, said Cordova. "But too much gold is being exported for that to explain the entire difference," he said. "It's because of the measures Peru is taking." (Additional reporting by Daniel Ramos in La Paz; Editing by Richard Lough and Kieran Murray) ((Email: richard.lough@thomsonreuters.com; Tel: +54 11 451 005 21; Reuters Messaging: richard.lough.thomsonreuters.com@reuters.net)) Keywords: PERU GOLD/

UPDATE 2-Jeweller Chow Tai Fook sees hit from Hong Kong protests

November 25, 2014 - reuters.com

(Adds sluggish growth in mainland tourists, YTD shares) * H1 profit HK$2.69 bln vs HK$3.51 bln year earlier * Pro-democracy protests hurting retailers * Gold demand surge fails to emerge after price drop By Anne Marie Roantree HONG KONG, Nov 25 (Reuters) - The world's largest jewellery retailer, Chow Tai Fook Jewellery Group Ltd 1929.HK , became the latest company to flag the impact of pro-democracy protests as it reported a 23 percent drop in half-year profit due to weak gold sales. The Hong Kong-listed company, which competes with Cartier and Tiffany & Co TIF.N , is feeling the effects of the Hong Kong demonstrations that have paralysed parts of the Asian financial centre and scared off tourists from mainland China. Analysts believe retail sales have taken a big hit in one of the world's top markets for luxury goods. ID:nL3N0RY2OB "While we believe that the negative impact brought forth by the recent demonstrations (that) happened in Hong Kong should be temporary, we strive to extend our customer reach and improve our customers' shopping experience to cope with the challenges ahead," the company said in a statement on Tuesday. The world's biggest jewellery retailer by market value reported net profit of HK$2.69 billion ($347 million) the first half of the year ending September. That compared with profit nearly doubling to HK$3.51 billion a year earlier. Chinese gold buying typically tends to pick up when prices of the precious metal fall, but demand failed to match industry expectations when prices fell to a four-and-a-half-year low this month. Revenue for April-September fell 22 percent year-on-year to HK$29.3 billion. Overall same-store sales fell 31 percent. China same-store sales fell 20 percent and Hong Kong, Macau and Taiwan same-store sales dropped 41 percent. Sales of gold products fell 41 percent to HK$14.5 billion. Shares of Chow Tai Fook closed 0.4 percent higher ahead of the earnings release, compared with a 0.2 percent fall in the benchmark index .HSI . They have fallen around 9 percent so far this year. Earlier this month, Chow Tai Fook said Hong Kong same-store sales for October dropped 24 percent from a year earlier because of the protests that drew 100,000 people on to the streets at their peak. Luxury retailers are also feeling the heat from Beijing's ongoing anti-corruption campaign, which has seen many Chinese visitors curb lavish spending in the city. Hong Kong accounts for about $9.7 billion of global luxury sales, or 4 percent of the worldwide total, according to estimates from Bernstein Research. ($1 = 7.7557 Hong Kong dollar) (Additional reporting by A. Ananthalakshmi; Editing by Christopher Cushing and Louise Heavens) ((annemarie.roantree@thomsonreuters.com; +852 97387151; Reuters Messaging: annemarie.roantree.thomsonreuters.com@reuters.net)) Keywords: CTF GROUP RESULTS/

London gold 1030 fix - Nov 25 - 1202.25 dlrs

November 25, 2014 - reuters.com

CORRECTED-UPDATE 1-Chow Tai Fook H1 profit pulled down 23 pct by weak gold sales

November 25, 2014 - reuters.com

(Corrects gold products sales figure to billion from million in the seventh paragraph) * H1 profit HK$2.69 bln vs HK$3.51 bln year earlier * Pro-democracy protests cloud outlook for retailers * Gold demand surge fails to emerge after price drop By Anne Marie Roantree HONG KONG, Nov 25 (Reuters) - Chow Tai Fook Jewellery Group Ltd 1929.HK , the world's largest jewellery retailer by market value, on Tuesday said weak gold products sales led to a 23 percent drop in half-year profit. The Hong Kong-listed company, which competes with Cartier and Tiffany & Co TIF.N , reported net profit of HK$2.69 billion ($347 million) for April-September. That compared with profit nearly doubling to HK$3.51 billion in the same period a year earlier thanks to a surge in gold demand after prices plunged. The outlook for Chow Tai Fook, a well-known brand in mainland China, has been clouded by more than two months of protests Hong Kong that have paralysed parts of the Asian financial centre and starved retailers of customers. The protests have also scared off tourists from mainland China, sapping demand for gold. Chinese buying typically tends to pick up when prices of the precious metal fall, but demand failed to match industry expectations when prices fell to a four-and-a-half-year low this month. "While we believe that the negative impact brought forth by the recent demonstrations (that) happened in Hong Kong should be temporary, we strive to extend our customer reach and improve our customers' shopping experience to cope with the challenges ahead," the company said in a statement. Revenue for April-September fell 22 percent year-on-year to HK$29.3 billion. Overall same-store sales fell 31 percent. China same-store sales fell 20 percent and Hong Kong, Macau and Taiwan same-store sales dropped 41 percent. Sales of gold products fell 41 percent to HK$14.5 billion. Shares of Chow Tai Fook closed 0.4 percent higher ahead of the earnings release, compared with a 0.2 percent fall in the benchmark index .HSI . Earlier this month, Chow Tai Fook said Hong Kong same-store sales for October dropped 24 percent from a year earlier because of the protests that drew 100,000 people on to the streets at their peak. Protest numbers have dwindled to a few hundred scattered across two main demonstration sites where barricades erected by activists continue to disrupt traffic near key shopping areas. Luxury retailers are also feeling the heat from Beijing's ongoing anti-corruption campaign, which has seen many Chinese visitors curb lavish spending in the city. Hong Kong accounts for about $9.7 billion of global luxury sales, or 4 percent of the worldwide total, according to estimates from Bernstein Research Hong Kong's retail sector relies heavily on mainland Chinese visitors, who contributed around one-third of the city's retail sales in 2013, according to Credit Suisse. ($1 = 7.7557 Hong Kong dollar) (Additional reporting by A. Ananthalakshmi; Editing by Christopher Cushing) ((annemarie.roantree@thomsonreuters.com; +852 97387151; Reuters Messaging: annemarie.roantree.thomsonreuters.com@reuters.net)) Keywords: CTF GROUP RESULTS/

London platinum/palladium 0945 fix - Nov 25

November 25, 2014 - reuters.com

UPDATE 1-China's Oct net gold imports from Hong Kong at 7-month high

November 25, 2014 - reuters.com

* China Oct gold imports at 77.628 T vs 68.641 T in Sept * Outlook for Chinese gold consumption not very strong (Adds details, milestone) SINGAPORE, Nov 25 (Reuters) - China's net gold imports from main conduit Hong Kong rose to a seven-month high in October on strong demand for jewellery and bars at the world's biggest consumer of the precious metal. Net imports to the mainland rose to 77.628 tonnes in October from 68.641 tonnes in September, according to data e-mailed to Reuters by the Hong Kong Census and Statistics Department. Total imports from Hong Kong rose to 111.409 tonnes last month, from 91.745 tonnes in September. China celebrated the National Day holiday in October during which retail sales tend to be higher. However, the outlook for the country's gold consumption is not very strong. Chinese appetite for gold has dropped after last year's buying frenzy as consumers have become more cautious of falling prices, indicated by feeble purchases despite a plunge in global benchmark rates XAU= to a 4-1/2-year low earlier this month. Demand slid by more than fifth in the first nine months of the year, according to the China Gold Association. This compares to record purchases last year when gold prices slid after a 12-year rally. The lower demand is the "new normal" in China, another industry group has said. ID:nL3N0T251K (Reporting by A. Ananthalakshmi and Naveen Thukral; Editing by Himani Sarkar) ((naveen.thukral@thomsonreuters.com; +65-6870-3829; Reuters Messaging: naveen.thukral.thomsonreuters.com@reuters.net)) Keywords: GOLD CHINA/IMPORTS

China's Oct gold imports from Hong Kong jump m/m

November 25, 2014 - reuters.com

SINGAPORE, Nov 25 (Reuters) - China's net gold imports from main conduit Hong Kong rose to 77.628 tonnes in October from 68.641 tonnes in September as the world's biggest consumer saw strong demand for jewellery and bars. Total imports from Hong Kong to the mainland rose to 111.409 tonnes last month from 91.745 tonnes in September, according to data e-mailed to Reuters by the Hong Kong Census and Statistics Department. (Reporting by A. Ananthalakshmi; Editing by Himani Sarkar) ((naveen.thukral@thomsonreuters.com; +65-6870-3829; Reuters Messaging: naveen.thukral.thomsonreuters.com@reuters.net)) Keywords: GOLD CHINA/IMPORTS

Chow Tai Fook H1 profit falls 23 pct on weak gold products sales

November 25, 2014 - reuters.com

HONG KONG, Nov 25 (Reuters) - Chow Tai Fook Jewellery Group Ltd 1929.HK , the world's largest jewellery retailer by market value, said on Tuesday weak gold products sales contributed to a 23 percent fall in half-year profit, and that protests in Hong Kong posed a challenge. The Hong Kong-listed company, which competes with Cartier and Tiffany & Co TIF.N , reported net profit of HK$2.69 billion ($347 million) for April-September. That compared with profit nearly doubling to HK$3.51 billion in the same period a year earlier thanks to a surge in gold demand after prices plunged. Analysts have said slower growth in mainland Chinese travellers to Hong Kong and ongoing pro-democracy protests had prompted concern over the outlook for retailers and retail property owners in the Asian financial centre. Hong Kong's retail sector relies heavily on mainland Chinese visitors, who contributed around one-third of the city's retail sales in 2013, according to Credit Suisse. ($1 = 7.7557 Hong Kong dollar) (Reporting by Anne Marie Roantree; Editing by Christopher Cushing) ((annemarie.roantree@thomsonreuters.com; +852 97387151; Reuters Messaging: annemarie.roantree.thomsonreuters.com@reuters.net)) Keywords: CTF GROUP RESULTS/

INDICATORS - Kazakhstan - Nov 25

November 25, 2014 - reuters.com

FEATURE-Peru crackdown on illegal gold leads to new smuggling routes

November 25, 2014 - reuters.com

By Mitra Taj LIMA, Nov 25 (Reuters) - A crackdown on illegal gold mining in Peru has spawned new smuggling routes through its porous border with Bolivia with some gangs using human mules, armored cars and light aircraft to evade capture. The gold is ghosted across jungles, rainforest and Lake Titicaca on the mountainous border, and is then sold to dealers who process the precious metal for export out of Bolivia's capital La Paz, Peruvian officials say. Bolivia, a relatively small gold producer which has commissioned no new large mines in 2014, officially exported 24 tonnes of gold between January and August, data from Bolivia's statistics agency shows. That is six times the amount of gold Bolivia's miners produced in the first seven months of 2014 and more than three times the total amount it exported in all of 2013, illustrating how Peruvian gold is being diverted. Nearly all of Bolivia's exported gold was shipped to the United States, government data shows. Peruvian President Ollanta Humala launched a clampdown late last year to tackle a decade-long boom in wildcat gold mining that has destroyed swathes of Peru's Amazon forest and laced its rivers with mercury. But the proliferation of smugglers' routes into Bolivia shows how difficult it is to eradicate illegal mining without better coordination across frontiers. "They move much faster than we do," said Peruvian customs official Gustavo Romero who is investigating the illicit trade. "We close one door and they've already opened another." Bolivian customs and mining officials declined to comment. Legal gold miners in Peru reported 178 tonnes of gold for export with the mines ministry last year. Peruvian customs, however, registered gold exports totalling 290 tonnes. A ministry source said the 112 tonne difference - worth around $3 billion, according to customs export data - was mostly attributed to the gold extracted by wildcat miners and sold down a chain to exporters. "We couldn't allow this giant flow of illegal gold passing by right under our noses," said Romero. "But we have 1,000 km of border with Bolivia, and every one of those kilometers is entirely passable." Asked if Peruvian gold is being smuggled into Bolivia for export to the United States, the U.S. Department of Homeland Security said Washington and Lima were discussing the sharing of trade data to investigate asset laundering. MULES AND ARMORED CARS One gold dealer who smuggles ore through Bolivia said miners in Peru's Amazon region of Madre de Dios had been hit but output from illegal mines across Peru has likely only slipped to 4-5 tonnes a month from 8 tonnes before the crackdown. "We've taken gold by motorcycle, by mule, by armored car, and never the same way," the Lima-based dealer said. Once the gold crosses into Bolivia, it is dropped at safe houses before being delivered to cash buyers. The dealer, who declined to be named but met Reuters on two separate occasions in coffee shops, said the surest way to avoid losing a consignment to bandits stalking lawless borderlands was to fly the gold into Bolivia using light aircraft. Peruvian law prohibits the government from shooting down small aircraft. "Gold is heavy and can unbalance the plane, so you can only really take up to 200 kg at a time," said the dealer. "But it's a lot safer than by ground." The gold smuggling is a reversal of illegal flows before the crackdown, when Bolivian ore was taken to Peru to avoid taxes, said Hector Cordova, a former Bolivian mining minister. Peru's attempted cleanup is its latest effort to control a gold rush in the Amazon jungle, where migrant workers, often from the impoverished highlands, tear through river beds in search of gold nuggets. The government has targeted companies exporting mined ore, restricted fuel and mercury used in illegal mining hot spots and sent troops to blow up mining equipment in unauthorized camps. In June, Peru's illegal mining czar, Daniel Urresti, declared most clandestine mining in Madre de Dios snuffed out. Shortly after, the retired general was promoted to interior minister. Still, he acknowledged the proliferation of smuggling gangs based in Puno, another border region, saying large numbers of people cross the frontier "like ants", each carrying small quantities of gold. The influx of illegal Peruvian gold swamps Bolivia's local markets and depresses prices, said Edmundo Polo, head of Ferreco, a federation of small-scale miners. "Our own gold buyers are buying gold from Peruvians," Polo said. "It's no secret." Part of the surge in Bolivian gold exports might be due to less ore being smuggled out via Peru, as well as efforts to stop exporters manipulating a customs loophole and disguising gold shipments as mining waste, said Cordova. "But too much gold is being exported for that to explain the entire difference," he said. "It's because of the measures Peru is taking." (Additional reporting by Daniel Ramos in La Paz; Editing by Richard Lough and Kieran Murray) ((Email: richard.lough@thomsonreuters.com; Tel: +54 11 451 005 21; Reuters Messaging: richard.lough.thomsonreuters.com@reuters.net)) Keywords: PERU GOLD/

India Morning Call-Global Markets

November 25, 2014 - reuters.com

EQUITIES NEW YORK - U.S. stocks rose on Monday on hopes that China will take further accommodative monetary policy action if needed, while merger deals kept traders focused even as volumes were below average. Energy shares weighed, with declines in Exxon and Chevron keeping the Dow industrials flat while the S&P 500 energy sector .SPNY was down 1 percent. U.S. crude CLc1 and Brent LCOc1 fell ahead of an OPEC meeting this week. For a full report, click on .N - - - - LONDON - Britain's top share index edged lower on Monday, weighed down by a slump in Petrofac after it predicted low net profits, but M&A talk kept it near a two-month high. Smith and Nephew SN.L and Friends Life FLG.L were said to be likely subjects for bids, and BT BT.L confirmed it might expand into mobile communications. For a full report, click on .L - - - - TOKYO - Japan's Nikkei share average rose on Tuesday morning as Wall Street's gains and China's interest rate cut encouraged investors to play catch-up after a long weekend. Sony Corp 6758.T jumped 6.2 percent to a 3 1/2-year high and was the fourth-most traded stock by turnover after it said it expects revenue for its electronic devices division to rise by up to 69 percent over the next three years. For a full report, click on .T - - - - HONG KONG - Hang Seng Index .HSI is down 0.03 percent. For a full report, click on .HK - - - - FOREIGN EXCHANGE SYDNEY - The euro clung to modest gains early in Asia on Tuesday, having benefited from a short squeeze following an encouraging rebound in German business sentiment. Further supporting the euro zone common currency, the head of the Bundesbank warned about the legal hurdles the European Central Bank would face if it went down the path of printing money to buy government bonds. For a full report, click on USD/ - - - - TREASURIES NEW YORK - U.S. Treasury debt prices edged higher on Monday after strong bidding at the Treasury's auction of two-year notes and demand ahead of month-end, while low volume and a lack of market-moving economic data capped gains. Overall bidding, measured by the bid-to-cover ratio, came in at 3.71 in the Treasury's sale of $28 billion in two-year notes. That marked the highest level since December and helped push benchmark and 30-year Treasury yields, which move inversely to prices, to one-week lows. For a full report, click on US/ - - - - COMMODITIES GOLD SINGAPORE - Gold held steady below $1,200 an ounce on Tuesday, retaining losses from the previous session, as traders eyed U.S. economic data and the dollar for cues. Spot gold XAU= was little changed at $1,197.21 an ounce by 0044 GMT, below a three-week high of $1,207.70 reached on Friday. For a full report, click on GOL/ - - - - BASE METALS SYDNEY - Copper prices slipped on Monday, reversing hefty gains from the previous session which followed China's surprise interest rate cut, as investors focused on the uncertain outlook for metals demand from the world's top consumer. Three-month copper CMCU3 on the London Metal Exchange (LME) ended down 0.74 percent at $6,675 a tonne - slipping from a three-week high of $6,772.50 a tonne touched on Friday after China cut benchmark interest rates in a bid to jumpstart the economy. For a full report, click on MET/L - - - - OIL SINGAPORE - Brent crude oil prices started Tuesday's Asian trading under $80 a barrel as traders lowered their expectation of a significant output cut by oil producers' club OPEC. Oil ministers from the Organization of Petroleum Exporting Countries (OPEC) meet on Thursday in Vienna and some are imploring the group to cut 1 million barrels per day or more to support prices that have fallen about 30 percent since June on the back of rising supply being met by cooling demand. For a full report, click on O/R (Compiled by Abhishek Vishnoi) ((abhishek.vishnoi@thomsonreuters.com; +91 22 61807225; Reuters Messaging: abhishek.vishnoi.thomsonreuters.com@reuters.net)) Keywords: MORNINGCALL INDIA/

MIDEAST STOCKS - Factors to watch - November 25

November 25, 2014 - reuters.com

DUBAI, Nov 25 (Reuters) - Here are some factors that may affect Middle East stock markets on Tuesday. Reuters has not verified the press reports and does not vouch of their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Asian shares wobble, oil skids ahead of OPEC MKTS/GLOB * Brent crude trades below $80 as expectation of big OPEC cut wanes O/R * MIDEAST STOCKS-Most markets slip, Omani telecoms drop on tax proposal MEAST-STX * PRECIOUS-Gold below $1,200; U.S. data, dollar eyed for cues ID:nL3N0TF079 * As Vienna focus turns to OPEC, silent thanks on Iran deal delay ID:nL2N0TE1BJ * Iran nuclear talks extended 7 months after failing to meet deadline ID:nL6N0TE2T6 * Hagel, under pressure, resigns as U.S. defense secretary ID:nL2N0TE0QT * Iraqi oil minister Adel Abdel Mehdi says oil prices 'not acceptable' ID:nL2N0TE1PY * Tunisia presidential vote heads into close run-off ID:nL6N0TE2CQ * Libya restarts production at eastern Nafoura field ID:nL6N0TE1FM * Pakistan's Asia Insurance to enter takaful market ID:nL6N0TF01C * Islamic finance set to tackle long-standing repo challenge ID:nL6N0T40AZ TURKEY * Turkish lira, stocks slip after S&P affirms negative outlook ID:nL6N0TE38D * Turkey delays deadline for cotton dumping probe -industry group ID:nL2N0TE0RT EGYPT * UAE fund to provide $200 mln in loans to microfinance projects in Egypt ID:nL6N0TE2BX * Egypt aims to renegotiate Suez Canal container port deal ID:nL6N0TE1DZ * Egypt sold $1.796 bln of dollar-denominated T-bills ID:nL6N0TE1WI * Egypt's Beltone to issue bonus shares, raise capital ID:nL6N0TE0BB SAUDI ARABIA * Saudi's Naimi says 'as happy as can be,' no clues on OPEC ID:nL6N0TE3NW * Saudi Aramco to nearly double planned Fadhili gas plant capacity ID:nL6N0T92X7 * Saudi Arabia buys 345,000 tonnes of hard wheat - GSFMO ID:nL6N0TE0A5 UNITED ARAB EMIRATES * UAE's Topaz plans to raise $550 mln loan to fund expansion ID:nL6N0TE2ZP * Emaar Properties gets shareholder nod for 9 bln dirham special dividend ID:nL6N0TE2TD * Mall operator Dubai Festival City raising $1.1 bln loan - sources ID:nL6N0TE2EQ * UAE says OPEC will take "appropriate decision" -WAM ID:nL6N0TE2LC * UAE banks close to resolving credit bureau liability issue - NBAD boss ID:nL6N0TE1NH KUWAIT * Kuwait's KNPC to invest $40 bln to 2022 ID:nL6N0TE266 * TABLE-Kuwait Sept bank lending growth at 3-mth high, M2 slows ID:nL6N0TE25W * Dow Chemical CEO says not quitting Kuwait, but shifting strategy ID:nL6N0TE0HF QATAR * Dassault silent on report of imminent Rafale sale to Qatar [ID:nL6N0TE12P * Qatar Insurance $250 mln convertible to state fund get shareholder nod - paper ID:nL6N0TE06J OMAN * Oman considers spending cuts, tax rises as oil tumbles ID:nL6N0TE1KT (Compiled by Dubai newsroom) ((dubai.newsroom@reuters.com)) Keywords: MIDEAST FACTORS

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