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Turkey - Factors to Watch on July 2

July 02, 2015 - reuters.com

ISTANBUL, July 2 (Reuters) - Following are news, reports and events that may affect Turkish financial markets on Thursday. The lira TRYTOM=D3 stood at 2.6918 against the dollar by 0505 GMT, easing from 2.6890 late on Wednesday. The main BIST 100 share index .XU100 fell 0.69 percent to 81,681.71 on Wednesday. The benchmark 10-year government bond yield tTR120325TA=IS ended spot trade at 9.41 percent on Wednesday and was at 9.43 percent in Thursday-dated trade. GLOBAL MARKETS Asian shares lost early steadiness and Chinese stocks got off to a weak start on Thursday, while upbeat U.S. economic data helped the dollar gain as investors globally opted for caution due to Greece's standoff with its creditors. Investors expected investors appetite for risk to be sapped in coming months by uncertainty over whether Greece can step back from an economic abyss after its debt default to the International Monetary Fund, and doubts over its future in the eurozone. ID:nL3N0ZI1E2 DAVUTOGLU Prime Minister Ahmet Davutoglu said at a fast-breaking dinner for ambassadors on Wednesday evening that his ruling AK Party would do all it can to establish an encompassing coalition after President Tayyip Erdogan gives him the mandate to form a government. ECONOMY MINISTER Economy Minister Nihat Zeybekci to hold a news conference to assess the last 18 months (0700 GMT). Note: For a list of forthcoming events, see TR/DIARY . For other related news, double click on: Turkish politics TR-POL Turkish equities TR-E Turkish money TR-M Turkish debt TR-D Turkish hot stocks TR-HOT Forex news FRX All emerging market news EMRG All Turkish news TR For real-time quotes, double click on: Istanbul National-100 stock index .XU100 , interbank lira trading IYIX= , lira bond trading 0#TRTSYSUM=IS (Writing by Daren Butler) ((daren.butler@thomsonreuters.com; +90-212-350 7122; Reuters Messaging: daren.butler.thomsonreuters.com@reuters.net)) Keywords: TURKEY FACTORS/

Bangladesh's FX reserves hit record, top $25 bln at end-June

July 02, 2015 - reuters.com

DHAKA, July 2 (Reuters) - Bangladesh's foreign exchange reserves hit a record $25.01 billion at the end of June, the central bank said on Thursday, thanks to steady exports and remittances. The slower pace of imports growth on the back of a fall in global commodities prices also helped to raise reserves about 17 percent higher than the same period of last year. The reserves were enough to cover seven months of imports. Exports from July to May, the first 11 months of the 2014-15 financial year, rose 2.8 percent to $28.14 billion from a year earlier, led by strong garment sales even though the pivotal industry has seen a string of fatal factory accidents. Bangladesh received $13.87 billion in remittances from citizens working overseas in July-May, up 7.2 percent from a year earlier. Garment exports and remittances from Bangladeshis working overseas, two mainstay revenue generators for the country of 160 million people, have helped foreign exchange reserves grow steadily in recent years. ID:nL3N0X203P (Reporting by Ruma Paul; Editing by Shri Navaratnam) ((ruma.paul@thomsonreuters.com; +880 2 58315303; Reuters Messaging: ruma.paul.thomsonreuters.com@reuters.net)) Keywords: BANGLADESH RESERVES/

India fwd/annualised dlr premia-(opening)-Jul 2

July 02, 2015 - reuters.com

Cash Spot Cash Tom Tom Next --------------------------------------------------------------- Bid/Ask Bid/Ask Bid/Ask (in IST) 1000 04.00/06.00 01.00/01.50 03.00/04.50 05.74% 05.74% 05.74% (Jul 1) 1000 02.00/03.00 01.00/01.50 01.00/01.50 05.72% 05.72% 05.72% --------------------------------------------------------------- TIME JUL AUG SEP OCT --------------------------------------------------------------- 1000 30.75/31.75 69.50/71.00 107.50/109.50 145.50/147.50 (C1osing Jul 1) 1715 34.25/35.25 73.00/74.50 111.00/113.00 149.00/151.00 --------------------------------------------------------------- TIME NOV DEC JAN FEB --------------------------------------------------------------- 1000 183.50/185.50 221.50/223.50 257.50/259.50 295.50/297.50 (C1osing Jul 1) 1715 187.00/189.00 225.00/227.00 261.00/263.00 298.50/300.50 --------------------------------------------------------------- TIME MAR APR MAY JUN --------------------------------------------------------------- 1000 333.50/335.50 373.50/375.50 411.00/413.00 445.50/447.50 (C1osing Jul 1) 1715 336.00/338.00 376.50/378.50 414.00/416.00 449.00/451.00 ---------------------------------------------------------------- TIME 1 MTH 2 MTH 3MTH 4 MTH 5 MTH 6 MTH ---------------------------------------------------------------- 1000 7.18% 7.21% 7.24% 7.24% 7.19% 7.17% (C1osing Jul 1) 1715 7.13% 7.18% 7.22% 7.23% 7.19% 7.16% --------------------------------------------------------------- TIME 7 MTH 8 MTH 9 MTH 10 MTH 11 MTH 12MTH --------------------------------------------------------------- 1000 7.16% 7.15% 7.15% 7.20% 7.15% 7.10% (C1osing Jul 1) 1715 7.15% 7.13% 7.12% 7.19% 7.15% 7.10% --------------------------------------------------------------- (CONVERSION RATE - $1 = 63.6000/63.6100 rupees) Note: Figures in brackets indicate negative values. Premiums have been given in paise and annualised premiums INRANFWD= are on a rolling monthly basis INRF= . For the purpose of calculating the annualised premiums, the mid-figure between bid and ask is taken. Similarly we use Spot level indicative INR=IN bid and ask for calculations. These indicative rates INR1F= are based on contributions from Andhra Bank, Bank Of Baroda,Canara Bank, Syndicate Bank, ICICI Bank, Credit Agricole CIB, Standard Chartered, HDFC Bank, Indusind Bank,Corporation Bank, Bank of India, Union Bank of India, Axis Bank,State Bank Of India, HSBC,Central Bank. For contributions contact Mumbai Rate Reporting unit +91 22 6180 7222/3317 7222 or E-mail:rru.data@thomsonreuters.com Keywords: MARKET INDIA DLR PREMIA

CNH Tracker-Funds urge easier China access for inclusion to global indexes

July 02, 2015 - reuters.com

By Michelle Chen HONG KONG, July 2 (Reuters) - Foreign asset managers are seeking easier access to China's restricted capital markets, saying it is a prerequisite for mainland-listed shares to be added to global indexes. China-listed shares known as A shares are generally only available to Chinese citizens. The market is gradually opening up with foreign investors now able to buy A shares under a cross border share connect scheme and quotas that funds apply for. "We are not seeing a lot of client demand that's really pushing for the inclusion of China A shares in their portfolios. There's a lot of education that needs to be done at this point," said Brian Roberts, an Asia ETF product manager at Vanguard. "For us, we would encourage the index providers not to necessarily include it in their indexes until there is equal and fair participation in access to the China A share market." U.S. index provider MSCI Inc MSCI.N held off adding A shares in its global emerging market index earlier this month, though the rival FTSE Russell has launched two transitional indexes that cover these Chinese shares. Following FTSE Russell's inclusion, Vanguard said it planned to add onshore Chinese equities to its broad emerging markets exchange-traded fund, making it the first broad-based emerging markets ETF to gain direct exposure to the onshore market. ID:nL1N0YO1JQ The Vanguard FTSE Emerging Markets ETF VWO.P , which has some $50 billion in assets, ranks among the biggest U.S.-listed ETFs. Vanguard's Roberts said the decision to offer transitional products was not driven by client demand, but the company's expectation that A shares would ultimately be accepted and it had to figure out a gradual and meaningful way to have A shares added to its product. His opinion was echoed by State Street Global Advisors' Asian ex-Japan head of portfolio strategists Sunny Ng who believed foreign investors were studying Chinese markets to have a better understanding before jumping into it. There's a huge disconnect between how liquid this market is, how big China is and the relatively small allocations people have at present, said Ng. "It's more of a structural problem that they are slowly looking at, rather than something that they are pushing to have A shares included this year or next. I don't think there is any of that appetite now." Concerns on free access to and exit from China's onshore market have intensified as the Chinese equity market has fallen more than 20 percent from its peak in mid-June and has become the world's most volatile stock market. ID:nL3N0ZG1Y8 At present, foreign investors buy A shares via the Shanghai-Hong Kong stock connect scheme, Qualified Foreign Institutional Investor (QFII) and its cousin RQFII, all of which have quotas. Foreign participation in China's $10 trillion stock market remains negligible. The outstanding amount of QFII and RQFII was $139 billion as of June 29, and around $26 billion of the northbound quota under the stock connect has been used so far. WEEK IN REVIEW: * China has appointed state-owned Bank of China 601988.SS 3988.HK as the yuan clearing bank in Hungary, the People's Bank of China said in a statement published on Sunday, in the latest move to expand the offshore yuan market. ID:nL4N0ZE05T * Yuan deposits in Hong Kong rose 1.8 percent to 972.4 billion yuan ($156.8 billion) in May from the previous month, the Hong Kong Monetary Authority said on Tuesday. Cross-border trade settlement stood at 492.5 billion yuan for the month, compared with 484.2 billion yuan in April. ID:nL3N0ZG2CW * Chinese renminbi trade volumes in London more than doubled last year, according to figures from the City of London Corporation on Friday, in a further sign of deepening financial links between Britain and China. ID:nL3N0ZB51L * China Construction Bank Corporation 601939.SS 0939.HK launched the first RQFII money market ETF in the Eurozone that is denominated and traded in the yuan on Euronext Paris on Tuesday. * Euroclear Bank, the Brussels-based international central securities depository (ICSD), and China Construction Bank signed a MoU on Monday to further develop the offshore Renminbi capital market. CHART OF THE WEEK: Hong Kong's yuan deposits: http://link.reuters.com/kex94w RECENT STORIES: High hopes, cautious start expected for fund mutual recognition in China ID:nL3N0ZA32E Hong Kong ETF market braces for competition from China's giants ID:nL3N0ZG1BF Mongolian government makes its debut in dim sum market ID:nL3N0Z92C2 More stories about the CNH market CNH Daily onshore yuan reports CNY/ Daily China money market reports CN/ Offshore yuan rate CNH= Onshore yuan rate CNY=CN Offshore yuan dealt CNH=D3 Onshore yuan on CFETS CNY=CFXS THOMSON REUTERS SPEED GUIDES CN/OFFSHORE CN/HIGHLIGHT NDF/3 NDF/4 0#CNHBOND ($1 = 6.2021 Chinese yuan renminbi) (Editing by Jacqueline Wong) ((michelle.chen@thomsonreuters.com; +852 2843 6587; Reuters Messaging: min.chen.thomsonreuters.com@reuters.net)) Keywords: MARKETS OFFSHORE/YUAN

UPDATE 1-Brazil central bank chief more upbeat about taming inflation

July 02, 2015 - reuters.com

* Inflation expectations for post-2015 have dropped - Tombini * Reiterates c.bank to stay vigilant in inflation batte (Recasts, adds Tombini comments and context) By Guillermo Parra-Bernal and Alonso Soto SAO PAULO/BRASILIA, July 1 (Reuters) - A "substantial" drop in inflation expectations in Brazil shows that monetary policy is yielding results, central bank president Alexandre Tombini said on Wednesday, sounding more upbeat about policymakers' progress in fighting stubbornly high prices. In a speech to business executives in São Paulo, Tombini reiterated the bank will remain vigilant to bring the inflation rate back to the 4.5 percent target by late 2016, and guaranteeing "its stability for coming years." Currently, the annual rate is nearly 9 percent. "The improvement in expectations for after 2015 shows the success of monetary policy," said Tombini, without making reference to the bank's standard message that progress in battling inflation is still not sufficient. After hiking the benchmark Selic rate BRCBMP=ECI by 275 basis points since October, pressure is mounting on central bank poliymakers to ease the tightening and avoid further harm to an economy headed into its worst recession in 25 years. The bank last week toughened its tone, signaling it was going to keep raising rates for some time to bring inflation down to the target level. Some market traders started to bet that the bank could hike rates by an extra 100 basis points to 14.75 percent this year. However, analysts said they believe the central bank is making attempts to ease that hawkish stance, based on what was said in private talks with investors earlier this week. Although inflation expectations for 2015 have climbed to 9 percent, economists see inflation in 2016 coming down to 5.5 percent and 4.5 percent in 2017 and beyond. (Reporting by Guillermo Parra-Bernal; Writing by Alonso Soto and Caroline Stauffer; Editing by Leslie Adler and Richard Borsuk) ((alonso.soto@thomsonreuters.com; +55 61 99734711; Reuters Messaging: allonso.soto.thomsonreuters.com@reuters.net)) Keywords: BRAZIL ECONOMY/INFLATION

Morning News Call - India, July 2

July 02, 2015 - reuters.com

To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_07022015.pdf You can read Morning News Call -- India via TOPNEWS India Companies page. If you would like to receive this newsletter through your email, please register at: https://forms.thomsonreuters.com/MorningNewsCall/ - type IN/MNC in a news browser if you are an Eikon user, or type RT/IN/MNC in a news browser if you are a Thomson One user You can read Morning News Call -- US via TOPNEWS U.S. Companies page. If you would like to receive this newsletter through your email, please register at: https://forms.thomsonreuters.com/MorningNewsCall/ For Morning News Call Canada -- a preview of market-moving news for the trading day - type CA/MNC in a news browser if you are an Eikon user, or type RT/CA/MNC in a news browser if you are a Thomson One user For Morning News Call Canadienne (French language) -- a preview of market-moving news for the trading day - type CA/MNC in a news browser if you are an Eikon user, or type RT/CA/MNC in a news browser if you are a Thomson One user For The Day Ahead -- a recap of the day's events and preview of the next trading day - type DAY/US in a news browser if you are an Eikon user or type RT/DAY/US in a news browser if you are a Thomson One user For an index of our newsletters click on NEWSLETTERS

RPT-India fwd/annualised dlr premia-(close)-Jul 1

July 02, 2015 - reuters.com

Cash Spot Cash Tom Tom Next --------------------------------------------------------------- Bid/Ask Bid/Ask Bid/Ask (in IST) 1000 02.00/03.00 01.00/01.50 01.00/01.50 05.73% 05.73% 05.73% (Jun 30) 1000 02.00/03.00 01.00/01.50 01.00/01.50 05.72% 05.72% 05.72% --------------------------------------------------------------- TIME JUL AUG SEP OCT --------------------------------------------------------------- 1000 34.25/35.75 73.25/75.25 111.00/113.00 148.75/150.75 1100 34.75/35.75 73.50/75.00 111.00/113.00 149.00/151.00 1200 34.00/35.00 73.00/74.50 110.75/112.75 148.50/150.50 1300 34.00/35.50 72.75/74.75 110.75/112.75 148.75/150.75 1400 34.00/35.50 73.00/75.00 111.00/113.00 149.00/151.00 1500 34.00/35.50 73.00/74.50 111.00/113.00 149.00/151.00 1600 34.00/35.50 73.00/74.50 111.00/113.00 149.00/151.00 1715 34.25/35.25 73.00/74.50 111.00/113.00 149.00/151.00 (C1osing Jun 30) 1715 35.75/36.75 74.50/76.00 112.00/114.00 150.00/152.00 --------------------------------------------------------------- TIME NOV DEC JAN FEB --------------------------------------------------------------- 1000 186.75/188.75 224.50/226.50 260.50/262.50 298.00/300.00 1100 187.00/189.00 225.00/227.00 261.00/263.00 299.00/301.00 1200 186.50/188.50 224.50/226.50 260.50/262.50 298.50/300.50 1300 187.00/189.00 225.25/227.25 261.25/263.25 299.00/301.00 1400 187.00/189.00 225.00/227.00 261.00/263.00 298.75/300.75 1500 187.00/189.00 225.00/227.00 261.00/263.00 299.00/301.00 1600 187.00/189.00 225.00/227.00 261.00/263.00 298.50/300.50 1715 187.00/189.00 225.00/227.00 261.00/263.00 298.50/300.50 (C1osing Jun 30) 1715 188.00/190.00 226.00/228.00 262.00/264.00 299.50/301.50 --------------------------------------------------------------- TIME MAR APR MAY JUN --------------------------------------------------------------- 1000 335.50/337.50 376.00/378.00 413.50/415.50 448.00/450.00 1100 336.50/338.50 377.00/379.00 414.50/416.50 449.00/451.00 1200 336.00/338.00 376.50/378.50 414.00/416.00 449.00/451.00 1300 336.50/338.50 377.00/379.00 414.50/416.50 449.50/451.50 1400 336.25/338.25 376.75/378.75 414.25/416.25 449.00/451.00 1500 336.50/338.50 377.00/379.00 414.50/416.50 449.50/451.50 1600 336.00/338.00 376.50/378.50 414.00/416.00 449.00/451.00 1715 336.00/338.00 376.50/378.50 414.00/416.00 449.00/451.00 (C1osing Jun 30) 1715 337.00/339.00 377.50/379.50 415.00/417.00 449.50/451.50 ---------------------------------------------------------------- TIME 1 MTH 2 MTH 3MTH 4 MTH 5 MTH 6 MTH ---------------------------------------------------------------- 1000 7.18% 7.21% 7.21% 7.21% 7.17% 7.14% 1100 7.22% 7.22% 7.22% 7.22% 7.18% 7.16% 1200 7.09% 7.17% 7.20% 7.20% 7.17% 7.15% 1300 7.13% 7.18% 7.21% 7.22% 7.19% 7.17% 1400 7.14% 7.20% 7.22% 7.23% 7.19% 7.16% 1500 7.13% 7.18% 7.23% 7.23% 7.19% 7.17% 1600 7.13% 7.18% 7.23% 7.23% 7.19% 7.17% 1715 7.13% 7.18% 7.22% 7.23% 7.19% 7.16% (C1osing Jun 30) 1715 7.17% 7.19% 7.20% 7.21% 7.18% 7.15% --------------------------------------------------------------- TIME 7 MTH 8 MTH 9 MTH 10 MTH 11 MTH 12MTH --------------------------------------------------------------- 1000 7.13% 7.11% 7.11% 7.17% 7.13% 7.08% 1100 7.15% 7.14% 7.13% 7.19% 7.15% 7.10% 1200 7.14% 7.13% 7.12% 7.19% 7.14% 7.10% 1300 7.16% 7.14% 7.13% 7.20% 7.15% 7.11% 1400 7.16% 7.14% 7.13% 7.20% 7.15% 7.10% 1500 7.16% 7.14% 7.14% 7.20% 7.16% 7.11% 1600 7.16% 7.13% 7.12% 7.19% 7.15% 7.10% 1715 7.15% 7.13% 7.12% 7.19% 7.15% 7.10% (C1osing Jun 30) 1715 7.14% 7.12% 7.11% 7.18% 7.14% 7.08% --------------------------------------------------------------- (CONVERSION RATE - $1 = 63.6050/63.6150 rupees) Note: Figures in brackets indicate negative values. Premiums have been given in paise and annualised premiums INRANFWD= are on a rolling monthly basis INRF= . For the purpose of calculating the annualised premiums, the mid-figure between bid and ask is taken. Similarly we use Spot level indicative INR=IN bid and ask for calculations. These indicative rates INR1F= are based on contributions from Andhra Bank, Bank Of Baroda,Canara Bank, Syndicate Bank, ICICI Bank, Credit Agricole CIB, Standard Chartered, HDFC Bank, Indusind Bank,Corporation Bank, Bank of India, Union Bank of India, Axis Bank,State Bank Of India, HSBC,Central Bank. For contributions contact Mumbai Rate Reporting unit +91 22 6180 7222/3317 7222 or E-mail:rru.data@thomsonreuters.com Keywords: MARKET INDIA DLR PREMIA

New Zealand dlr soured by dairy woes, Aussie outperforms

July 02, 2015 - reuters.com

By Gyles Beckford and Ian Chua WELLINGTON/SYDNEY, July 2 (Reuters) - The New Zealand dollar fell below 67 U.S. cents for the first time in five years on Thursday, extending its decline against a broadly firmer greenback as a slide in dairy prices narrowed the odds on more rates cuts. It also slumped to a near two-year low against its Australian peer, which climbed as far as NZ$1.1413 AUDNZD=R . The latest move came after a fortnightly auction held by Fonterra saw average dairy prices fall 5.9 percent. That marked the eighth consecutive decline and took average selling prices to their weakest since July 2009. ID:nL3N0ZH4P9 "There is little on the horizon to suggest there will be a meaningful turnaround in international powder prices anytime soon," analysts at ANZ wrote in a research note. "It is now clear that additional RBNZ monetary policy action (above and beyond previous expectations) is warranted," they said, adding they expect the Reserve Bank of New Zealand to take the cash rate back to 2.5 percent, from 3.25 percent currently. The RBNZ lowered rates last month by 25 basis points and is considered almost certain to follow up with another cut later this month. New Zealand government bond yields were mostly lower, led by the short-end which tends to be more sensitive to changes in rate views. 0#NZTSY= The kiwi NZD=D4 last traded at $0.6710, having earlier plumbed $0.6694. It has shed 13 percent in two short months. The kiwi has been under pressure from growing signs of a slowing economy, deteriorating terms of trade driven by falling dairy prices, and weakening business and consumer confidence. Near-term support was seen at $0.6675, with sellers emerging at $0.6750. Whether the kiwi breaks lower depends on U.S. nonfarm payrolls due later in the day. An outcome that reinforces the view that the Federal Reserve can hike interest rates later in the year should underpin the greenback and drive the kiwi lower. Given that risk, the Australian dollar also struggled to make any headway on its U.S. peer. It was a touch softer at $0.7644 AUD=D4 , nursing Wednesday's 0.8 percent fall. The Aussie has been pretty much drifting sideways since hitting a six-year low of $0.7534 in early April. Australian government bond futures tracked U.S. Treasuries lower. The three-year contract YTTc1 was 5 ticks lower at 97.890, while the 10-year contract YTCc1 fell 8.5 ticks to 96.8600. (Editing by Shri Navaratnam) ((ian.chua@thomsonreuters.com; +61 2 9321 8174; RM: ian.chua.thomsonreuters.com@reuters.net)) Keywords: MARKETS AUSTRALIA/FOREX

India Morning Call-Global Markets

July 02, 2015 - reuters.com

EQUITIES NEW YORK - U.S. stocks closed higher on Wednesday but were down from earlier highs as energy stocks declined and Greece's debt crisis showed no clear signs of resolution. The benchmark S&P 500's energy sector was dragged down by the biggest slide in oil prices since April after traders were surprised by a report that showed U.S. crude stockpiles rose for the first time in more than two months For a full report, click on .N - - - - LONDON - Britain's top equity index bounced back from five-and-a-half month lows on Wednesday, lifted by airline stocks that were boosted by lower oil prices and a recommendation for a new runway at London's Heathrow airport. The blue-chip FTSE 100 index .FTSE was up by 80.88 points, or 1.2 percent, at 6,601.86 points by the close. It was still about 7 percent below a record high of 7,122.74 points reached in late April. For a full report, click on .L - - - - TOKYO - Japan's Nikkei share average rose more than 1 percent on Thursday, led by automakers which reported strong June sales in the U.S. market, and broadly supported by a weaker yen. The Nikkei share average .N225 gained 1.2 percent to 20,568.65 by mid-morning. For a full report, click on .T - - - - HONG KONG - Hang Seng Index .HSI up 0.5 percent. For a full report, click on .HK - - - - FOREIGN EXCHANGE SYDNEY - The dollar stayed bid early in Asia on Thursday as the market geared up for a deluge of U.S. data that could back expectations for the Federal Reserve to lift interest rates sooner rather than later. The euro, meanwhile, remained under a cloud with Greece's debt crisis unlikely to be resolved before Sunday's referendum. Prime Minister Alexis Tsipras on Wednesday urged Greeks to reject an international bailout deal, souring hopes of any breakthrough. For a full report, click on USD/ - - - - TREASURIES NEW YORK - U.S. Treasuries prices fell on Wednesday as hopes for a Greece debt deal prompted investors to pare safe-haven bids, while a stronger-than-expected report on private jobs growth revived bets on a Federal Reserve rate hike later this year. A poor five-year German Bobl note auction stoked selling in core European fixed-income. Analysts said this spilled into the U.S. bond market, which had just finished its worst quarter in two years in terms of total returns. For a full report, click on US/ - - - - COMMODITIES GOLD SINGAPORE - Gold languished below $1,170 an ounce on Thursday with the dollar stronger on the Greek debt crisis and bullion investors waiting for key U.S. economic data later in the session for cues. Spot gold XAU= was little changed at $1,167.76 an ounce by 0044 GMT, after dropping about 1 percent in the last two sessions. The metal fell to $1,166.35 on Tuesday, its lowest in nearly four weeks. For a full report, click on GOL/ - - - - BASE METALS MELBOURNE - London copper held its ground on Thursday after strong U.S. data eclipsed worries about factory growth in Asia, with a jobs report later in the session expected to support the view that the world's biggest economy is gaining steam. Three-month copper on the London Metal Exchange CMCU3 traded flat at $5,778 a tonne by 0029 GMT, following a steady close in the previous session and after sliding 4 percent in June. For a full report, click on MET/L - - - - OIL SINGAPORE - Oil prices were broadly unchanged from their previous close in early trading on Thursday after tumbling 4 percent a day earlier as U.S. stockpiles rose for the first time in months on the back of high production. Following Wednesday's drop, front-month U.S. crude futures CLc1 were trading at $56.95 per barrel at 0015 GMT, down 1 cent from their last settlement. 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 - July 2

July 02, 2015 - reuters.com

DUBAI, July 2 (Reuters) - Here are some factors that may affect Middle East stock markets on Thursday. Reuters has not verified the press reports and does not vouch for their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Asian markets tread water, China opens weak, investors watch Greek standoff MKTS/GLOB * MIDEAST STOCKS-Gulf mixed; Abu Dhabi's TAQA up on merger hope ID:nL8N0ZH3KM * Oil prices stabilize after sliding on U.S. stock build O/R * Gold pressured by stronger dollar; U.S. data in focus ID:nL3N0ZI087 * IAEA says Iran uranium stockpile reduced, but questions remain ID:nL1N0ZH2R1 * Libya PM hopes for deal with rivals, Tripoli delays ID:nL8N0ZH5DT * Houthi shells kill 18 in Yemen, dengue fever spreading ID:nL8N0ZH57O * Iraq, North Korea failures shadow nuclear talks with Iran ID:nL1N0ZH1HQ * Fitch: Sousse Attack Hits Tunisia Growth; Transition Supportive ID:nFit927607 * Islamic State weaves web of support in Gulf Arab states ID:nL5N0ZF4CT * Short of cash, U.N. cuts Syria refugees' rations again ID:nL8N0ZH2ML * POLL-Iran oil exports could jump by 60 pct in a year ID:nL8N0ZG3UR * To many ordinary Iranians, nuclear deal means money, food and jobs ID:nL8N0ZG3U1 TURKEY * Talk of Syria action may be Erdogan's latest gambit to pressure the West ID:nL8N0ZH3F8 * Political uncertainty threatens Turkey's economy as World Bank cuts forecasts ID:nL8N0ZH1G7 * Turkey's June exports $11.7 bln, down 6.4 percent - exporters ID:nI7N0YB01S * China upset with Turkey's concern on Ramadan restrictions ID:nL3N0ZH1SN EGYPT * More than 100 dead as militants, Egyptian army clash in North Sinai ID:nL8N0ZH110 * Egypt's GASC seeks wheat for Aug. 1-10 shipment ID:nL1N0ZH2V9 * Egypt government approves draft anti-terrorism, election laws ID:nL8N0ZH4OZ * Egypt revises draft 2015/16 budget to cut deficit to 8.9 pct of GDP ID:nL8N0ZH2D3 * Telecom Egypt set to receive 4G mobile licence next year -minister ID:nL8N0ZH115 * Year into Sisi's power, Egyptians lament persistent hardships ID:nL5N0ZF2W6 SAUDI ARABIA * US shale has been stymied by Saudi Arabia, says Shell CEO - FT ID:nL3N0ZH4TI * Slow start after Saudis open stock market to foreigners - U.S. fund managers ID:nL1N0Z42UJ * Saudi Prince Alwaleed pledges $32 bln wealth to charity ID:nL8N0ZH2PF * Saudi's Bahri to buy five more oil tankers from Hyundai Heavy ID:nL8N0ZH3GX * Saudi's PetroRabigh says paying 0.5 riyals/share dividend for FY 2014 ID:nD5N0Y203V * Saudi Arabia to cut August medium, heavy crude oil prices ID:nL3N0ZG32A UNITED ARAB EMIRATES * Moody's assigns Counterparty Risk Assessment to 16 UAE banks ID:nMDY3Q26qC * Nestle says invests 112 mln Sfr in Dubai factory ID:nFWN0ZG0AE * Veolia helps Dubai to reduce energy consumption by 30% ID:nFWN0ZG0A5 * ENOC presses ahead with Dragon Oil takeover amid shareholder protest ID:nL8N0ZH1N2 * Abu Dhabi's IPIC 2014 net attributable profit drops 37 pct ID:nD5N0Y207H * Abu Dhabi considers state-backed merger for troubled TAQA - sources ID:nL8N0ZG40M * June Dubai crude average price drops vs May - traders ID:nL3N0ZH1KP KUWAIT * Kuwait parliament approves budget with $27 billion deficit ID:nL8N0ZH4NG * Kuwait arrests two police officers in crackdown on militants -media ID:nL8N0ZH3TI * Kuwait says dispute with China is over how to sell oil products, pricing ID:nL8N0ZH34Z * Rheinmetall delivers 12 NBC reconnaissance vehicles to Kuwait ID:nFWN0ZG0A8 QATAR * Qatar Islamic Bank raises 2 billion riyals with Tier 1 sukuk ID:nL8N0ZH0IJ OMAN * Oman's Renaissance picks banks for potential perpetual hybrid bond ID:nL8N0ZH2SX * Oman central bank sets up Islamic banking department ID:nL8N0ZH2E3 * Oman's Bank Sohar and Bank Dhofar plan due diligence on proposed merger ID:nL8N0ZH09T (Compiled by Dubai newsroom) ((dubai.newsroom@reuters.com)) Keywords: MIDEAST FACTORS/

Indian FX/debt factors to watch - July 2

July 02, 2015 - reuters.com

VIETNAM PRESS-Remittances to Ho Chi Minh City seen up at $5.3 bln-$5.5 bln in 2015-Tuoi Tre

July 02, 2015 - reuters.com

Overseas remittances to Ho Chi Minh City, Vietnam's commercial centre, could rise to between $5.3 billion and $5.5 billion this year, from $5 billion in 2014, the Tuoi Tre (Youth) newspaper reported, citing a central bank official. Remittances to the city in the first half rose 18.2 percent from a year earlier to $2.16 billion, the newspaper added, citing central bank data. ---- NOTE: Reuters has not verified this story and does not vouch for its accuracy. (Compiled by Hanoi Newsroom; Editing by Subhranshu Sahu) ((hanoi.newsroom@thomsonreuters.com; +844 3825 9623)) Keywords: VIETNAM PRESS/REMITTANCES

NZ commodity prices fall to 3-year low in June - survey

July 02, 2015 - reuters.com

WELLINGTON, July 2 (Reuters) - Prices for New Zealand's main commodities fell to their lowest level in three years in June, driven by weaker aluminium prices and a renewed slide in dairy, ANZ Bank's commodity price index showed on Wednesday. The index fell 3.1 percent for the month, the third consecutive monthly fall, compared with a 4.9 percent fall in May. On an annual basis the index was down 19.7 percent, compared with an 18 percent on-year decline the month before. Aluminium prices were down 6.4 percent, while dairy, the biggest export earner, fell another 4.4 percent, with a smaller fall for meat products. Forest products were the only category to rise. In New Zealand dollar terms the index was up 2.9 percent on the previous month, reflecting a 4.6 percent decline in the trade weighted currency, to be 4.3 percent lower than a year ago. (Reporting Gyles Beckford; Editing by Shri Navaratnam) ((Gyles.Beckford@thomsonreuters.com; +64 4 802 7977 ; Reuters Messaging: gyles.beckford.reuters.com@reuters.net)) Keywords: NEWZEALAND ECONOMY/COMMODITIES

Brazil central bank working to keep inflation in target beyond 2016

July 02, 2015 - reuters.com

SAO PAULO, July 1 (Reuters) - Brazil's central bank is advancing in its goal of bringing inflation into its target range and keeping it there beyond 2016, bank chief Alexandre Tombini said at an event in Sao Paulo on Wednesday. He reiterated the bank's commitment to bring inflation to the 4.5 percent center of the official target range by the end of next year. The country's annual inflation rate spiked to 8.8 percent in mid-June. (Reporting by Guillermo Parra-Bernal; Writing by Caroline Stauffer; Editing by Leslie Adler) ((caroline.stauffer@thomsonreuters.com; +55 11 5644 7726; Reuters Messaging: caroline.stauffer.thomsonreuters.com@reuters.net)) Keywords: BRAZIL ECONOMY/INFLATION

FOREX-Dollar takes centre stage as data looms, Greek worries fester

July 02, 2015 - reuters.com

* Dollar broadly firmer after upbeat data * Flood of U.S. data including payrolls next up * Sunday's referendum shaping up as flash point for Greece By Ian Chua SYDNEY, July 2 (Reuters) - The dollar stayed bid early in Asia on Thursday as the market geared up for a deluge of U.S. data that could back expectations for the Federal Reserve to lift interest rates sooner rather than later. The euro, meanwhile, remained under a cloud with Greece's debt crisis unlikely to be resolved before Sunday's referendum. Prime Minister Alexis Tsipras on Wednesday urged Greeks to reject an international bailout deal, souring hopes of any breakthrough. ID:nL8N0ZH0TT The dollar index .DXY came within a whisker of a three-week peak set on Monday. It last stood at 96.321, following a 0.8 percent gain on Wednesday. Against the yen, the greenback fetched 123.22 JPY= , pulling further away from a five-week trough of 121.93. The euro slipped to $1.1044 EUR= , continuing to retreat from Monday's high of $1.1279. Investors will be fed a heavy diet of U.S. data from durable goods to nonfarm payrolls ahead of a holiday on Friday, in observance of the July 4 Independence Day. As a preview of the all-important payrolls data, the ADP National Employment Report on Wednesday showed private employers added 237,000 jobs in June, the biggest gain since December and ahead of the 218,000 forecast. ID:nL1N0ZH100 "A further improvement in the labour market may boost bets for a Fed rate hike in 2015," said David Song, currency analyst at DailyFX. "However, a dismal development risks a further delay in the Fed's normalisation cycle." The dollar notched up solid gains against commodity currencies, particularly the New Zealand dollar which fell as far as $0.6708 NZD=D4 , a low not seen since June 2010. Not helping the kiwi dollar, international dairy prices slumped to a six-year low as demand for milk powder continued to fall just as supply is expected to grow. ID:nL3N0ZH4P9 Also under fire, the Canadian dollar slid to its lowest in over two months at C$1.2598 per U.S. dollar CAD=D4 in thin holiday trade. Canadian markets were closed on Wednesday for a public holiday. The loonie was already in the crosshairs of sellers after the Canadian economy unexpectedly shrank in April. Data on Tuesday showed gross domestic product fell 0.1 percent from March, confounding forecasts for a gain of 0.1 percent. It was the fourth consecutive monthly decrease that bodes poorly for a second-quarter pick-up in growth that the Bank of Canada is looking for. ID:nL2N0ZF1Q4 (Editing by Shri Navaratnam) ((ian.chua@thomsonreuters.com; +61 2 9321 8174; RM: ian.chua.thomsonreuters.com@reuters.net)) Keywords: MARKETS FOREX/

S.Korea May s/adj current account surplus at 8-mth low

July 02, 2015 - reuters.com

(For full table, please click ID:nL3N0ZH17I ) SEOUL, July 2 (Reuters) - South Korea's current account surplus fell to $6.44 billion in May, the smallest in eight months, from $10.41 billion in April in seasonally adjusted terms as exports shrank, central bank data showed on Thursday. Exports in May dropped 8.8 percent from April to $44.30 billion while imports edged up 2.0 percent to $36.49 billion. As a result, the goods surplus fell to $7.81 billion from a $12.80 billion surplus in April, the Bank of Korea data showed. In the financial account, South Korea saw a net outflow of $8.81 billion in May without seasonal adjustment, compared to a net outflow of $10.06 billion in April. (Reporting by Christine Kim; Editing by Choonsik Yoo) ((christine.kim@thomsonreuters.com; 822 3704 5665; Reuters Messaging: christine.kim.thomsonreuters.com@reuters.net)) Keywords: SOUTHKOREA ECONOMY/CURRENTACCOUNT

NZ's Fonterra says consulting with staff about job cuts

July 02, 2015 - reuters.com

WELLINGTON, July 2 (Reuters) - New Zealand dairy exporter Fonterra FSF.NZ on Thursday said it had begun consulting with its staff about job cuts as the farmer-owned co-operative streamlines operations to cope with falling global dairy prices. The world's largest dairy exporter said it was looking at cutting staff across global operations in areas including procurement, finance, information services, and human resources as part of a business review announced earlier this year. Fonterra's profits have been falling for nearly two years in the face of volatile dairy prices, which slumped to a six-year low at the latest global dairy auction, less than half the record-high prices hit in 2014. ID:nL3N0ZH4P9 The price of its share-trading fund has been battered just as the co-op has invested heavily to expand production capacity. "We have the right strategy and the long term future of dairy is sound, however the world is changing and global dairy markets are increasingly volatile," Fonterra CEO Theo Spierings said in a statement. "To keep ahead of the game, we need to be more agile, reduce costs and generate value." The co-op said consultations had begun at locations including its head office in Auckland, and its operations in Hamilton, in the heart of New Zealand's dairy industry. It did not give figures on redundancies, but has suggested that hundreds of jobs could go. Last month, Spierings said the co-op was "turning over every stone". Global demand for dairy products has dropped as slowing growth in China, the Middle East and some emerging countries has cooled demand for protein from their growing middle classes, while Russian import sanctions and increasing farmer output has ramped up global supply. Last month, Spierings told Reuters he expected only a slight pick-up in global dairy prices over the next year, adding that the co-op planned to slow spending on expansion if demand remained sluggish. ID:nL3N0YI5N7 Having dominated the commodity milk powder sector for years, the co-op is aiming to deliver more food services and specialised ingredients in China, its biggest market, and in other emerging countries where it expects demand for dairy products will grow in the long term. (Reporting by Naomi Tajitsu; Editing by David Gregorio) ((naomi.tajitsu@thomsonreuters.com; +6448027979; Reuters Messaging: naomi.tajitsu.thomsonreuters.com@reuters.net)) Keywords: NEWZEALAND FONTERRA/REDUNDANCIES

FOREX-Euro dips on strong U.S. data and renewed Greece concerns

July 01, 2015 - reuters.com

* Hopes for strong US. June jobs report boost dollar * U.S. ADP private-employer jobs report beats expectations * Combative Tsipras address hurts euro (Updates prices, adds comments) By Sam Forgione NEW YORK, July 1 (Reuters) - The euro fell against the U.S. dollar on Wednesday after strong U.S. economic data raised expectations the Federal Reserve will hike rates in September, while a combative address from Greece's prime minister also weighed on the euro. The ADP National Employment Report showed 237,000 private-sector U.S. jobs were created in June, handily exceeding the median expectation among economists surveyed by Reuters for a gain of 218,000. Other data showed construction spending in May hit the highest level since October 2008. ID:nL1N0ZH100 The ADP data bolstered expectations for a stronger-than-forecast U.S. June jobs report due Thursday, analysts said. Economists expect U.S. employers to have added 230,000 jobs in June, according to a Reuters poll. "People are increasingly thinking that the payroll tomorrow will probably also be decent given the state of the data we had today," said Jens Nordvig, global head of currency strategy at Nomura in New York. He said a strong report would raise the likelihood of the Federal Reserve raising rates in September. Fed rate hikes are expected to boost the dollar by driving investment flows into the United States. Nordvig said greater risk appetite led traders to bet against, or "short," the euro, which hurt the currency. In addition, Prime Minister Alexis Tsipras urged Greeks to reject an international bailout deal, wrecking any prospect of repairing broken relations with EU partners before a referendum on Sunday that may decide Greece's future in Europe. The television address came less than 24 hours after Tsipras wrote a conciliatory letter to creditors asking for a new bailout that would accept many of their terms. The address put additional pressure on the euro, analysts said. ID:nL8N0ZH0TT "I still think the market generally interprets news about a prospective Greek exit as news that's negative for the euro," said Thierry Albert Wizman, global interest rates and currencies strategist at Macquarie Ltd in New York. The euro was last down 0.97 percent against the dollar, at $1.10440 EUR=EBS . The dollar was last up 0.56 percent against the yen, at 123.180 yen JPY=EBS . Against the Swiss franc, the dollar was up 1.46 percent, at 0.94890 franc, after hitting its highest level in three and a half weeks, at 0.94900 franc. The dollar index, which measures the greenback against a basket of six major currencies, was last up 0.87 percent at 96.319 .DXY . (Reporting by Sam Forgione; Additional reporting by Patrick Graham in London; Editing by Meredith Mazzilli and Leslie Adler) ((Sam.Forgione@thomsonreuters.com; 646-223-6189; Reuters Messaging: sam.forgione.thomsonreuters.com@reuters.net)) Keywords: MARKETS FOREX/

Investors hedging against Greece, but there's no panic

July 01, 2015 - reuters.com

By Gertrude Chavez-Dreyfuss and Saqib Iqbal Ahmed NEW YORK, July 1 (Reuters) - Global investors are hedged against a potential exit of Greece from the euro zone ahead of Sunday's referendum, but they're not betting on a huge fallout in financial markets even if there is a negative outcome. Currency, bond, and equity investors have turned defensive, trimming exposure in the euro zone. They're generally of the mindset, though, that a last-minute deal will be struck and it will be an opportunity to snap up euro zone assets again. Greeks are set to vote on Sunday on whether to accept austerity terms in order to continue receiving international aid. Most U.S. investors expect them to approve the terms, though polling in Greece is unclear. ID:nL1N0ZG327 ID:nL8N0ZH2O3 "You definitely want to protect portfolios and not experience big drawdowns in the face of volatility," said Raman Srivastava, co-chief investment officer and managing director of global fixed income, at Standish Mellon Asset Management in Boston. The firm oversees $170 billion in assets. Standish has never owned Greek debt, but as a safety measure, it sold peripheral bonds such as Portugal and Spain toward the end of the first quarter, Srivastava said. It also temporarily bought safe-haven German Bunds. The expectations for more gyrations can be seen in currency hedging. One-month implied volatility EUR1MO= in the euro's exchange rate against the dollar, for instance, has been on an uptrend since August of last year. In equities, there has been increased hedging. Open interest in S&P 500 put options, which rise in value if the stock index declines, jumped nearly seven percent to 7.7 million contracts on Monday. Open interest in CBOE Volatility Index .VIX call options, typically used to bet on a rise in volatility, has increased to 5.4 million contracts, up 6 percent from Friday. Calls betting on the CBOE Volatility Index, or VIX, Wall Street's favored anxiety gauge, rising above a reading of 23 by mid-July are the biggest block of open interest at nearly half a million contracts. The spot VIX is currently trading at 17. Still, there is no sense of panic among equity investors, market participants said. "All the evidence suggests folks who were inclined to hedge against this kind of scenario have been doing so for some time and that reduces the probability of a panic washout," said Jared Woodard, equity derivatives strategist, at BGC Partners in New York. Joe Smith, senior market strategist at CLS Investments, a $6.5 billion asset manager which uses exchange-traded funds, said the San Francisco firm has gone into defensive mode since the fourth quarter last year. He said the firm has bought the iShares MSCI EAFE Minimum Volatility ETF EFAV.P , which gives exposure to less risky developed market equities. CLS has also bought European currency-hedged ETFs. In the currency space, investors have started to express their bearish view on the euro in ways other than buying the dollar, which is viewed as a 'crowded' trade. Now, they're looking at the yen, as euro/yen has gained 7.2 percent in the last two-and-a-half months. "The commonly-held view of continuous yen depreciation is being questioned now," said Richard Benson, co-head of portfolio investments at Millennium Global in London, managing $14 billion in assets. Benson, who did not disclose his firm's position on the euro, said a short euro/yen trade has outperformed going short euro/dollar. (Reporting by Gertrude Chavez-Dreyfuss and Saqib Igbal Ahmed; Editing by Andrew Hay) ((gertrude.chavez@thomsonreuters.com; 646-223-6322; Reuters Messaging: rm://gertrude.chavez.reuters.com@reuters.net)) Keywords: EUROZONE GREECE/HEDGING

Mexico cenbank shifts monetary policy calendar closer to U.S. Fed

July 01, 2015 - reuters.com

MEXICO CITY, July 1 (Reuters) - Mexico's central bank on Wednesday announced a new calendar for monetary policy announcements during the second half of this year, moving them closer to the dates of Federal Reserve meetings to give board members more details on U.S. policy. The Mexican central bank will now announce its monetary policy decisions on July 30, September 21, October 29 and December 17, it said in a statement. (Reporting by Veronica Gomez) ((david.aliregarcia@thomsonreuters.com; +52 55 5282 7151; Reuters Messaging: david.aliregarcia.thomsonreuters.com@reuters.net)) Keywords: MEXICO CENBANK/

Brazil posts June trade surplus of $4.5 bln

July 01, 2015 - reuters.com

BRASILIA, July 1 (Reuters) - Brazil had a trade surplus BRTBAL=ECI of $4.527 billion in June, government data showed on Wednesday, above market estimates for a surplus of $4 billion. The country posted a trade surplus of $2.76 billion in May. After running a deficit at the start of 2015, Brazil's trade balance has turned positive with a surplus of $2.222 billion in the first six months of the year as a weaker local currency bolsters exports and a shrinking economy weighs on imports. (Reporting by Marcela Ayres; Writing by Alonso Soto; Editing by Meredith Mazzilli) ((alonso.soto@thomsonreuters.com; +55 61 34267027; Reuters Messaging: alonso.soto.thomsonreuters.com@reuters.net)) Keywords: BRAZIL ECONOMY/TRADE

India gold jeweller Rajesh Exports says to seal acquisition on July 2

July 01, 2015 - reuters.com

By Rajendra Jadhav MUMBAI, July 1 (Reuters) - Indian jeweller Rajesh Exports REXP.NS said it will finalise an acquisition on Thursday from a handful of targets that have been identified, after a local daily reported the company could buy a stake in a Swiss gold refinery for about $400 million. "We are looking for backward integration," chairman Rajesh Mehta told Reuters on Wednesday. "We have identified five-six overseas companies and in tomorrow's board meeting we will shortlist one company." He declined to name the companies or give any other detail. The move comes as jewellery demand in India, the world's biggest gold consumer, is on the upswing on the back of economic growth. The World Gold Council, which represents gold producers, has estimated that India could consume as much as 900 to 1,000 tonnes in 2015, compared to 811.1 tonnes in 2014, although there are some worries about that estimate being met if the country has a bad monsoon season. Rajesh Exports, which has a market value of $1.56 billion, said last month it would consider an acquisition in Europe in its board meeting on July 2. It is already in the process of setting up a European unit to expand its global footprint. The Economic Times reported on Wednesday quoting two unnamed sources that the Bengaluru-based company had sounded out Valcambi about a deal, which could be all in cash. (http://bit.ly/1C8hhgY) Valcambi could not be immediately reached for comment. Located at Balerna in south-eastern Switzerland and majority-owned by U.S. gold producer Newmont Mining Corp NEM.N , Valcambi has a capacity to refine about 2,000 tonnes of gold, silver and platinum per year. In its latest results statement, Rajesh Exports said it is debt-free and, with a capacity to process 250 tonnes of gold per year, is the largest gold jewellery maker in the world. The company's shares were up 9.6 percent in Wednesday afternoon trade. The stock has jumped 150 percent this year. ($1 = 63.5700 Indian rupees) (Additional reporting by Clara Denina in LONDON; Writing by Krishna N. Das; Editing by Muralikumar Anantharaman) ((Krishna.Das@thomsonreuters.com; +91-11-4178-1023, +91-98711-18314; Reuters Messaging: Krishna.Das.thomsonreuters.com@reuters.net, https://twitter.com/krishnadas56)) Keywords: INDIA RAJESH EXPO/M&A

INDICATORS - Kazakhstan - July 1

July 01, 2015 - reuters.com

Indophil expects mid-July deal with Glencore on $5.9 bln Philippine mine

July 01, 2015 - reuters.com

MANILA, July 1 (Reuters) - Indophil Resources said a final agreement may be signed in the middle of July allowing it to take control of the long-delayed $5.9 billion Tampakan copper-gold project in the Philippines from Glencore Plc GLEN.L . Indophil, previously listed in Australia until its takeover this year by the Philippines' Alsons Group, would be able to start planning its next steps for the project once the agreement was signed, spokesman Gavan Collery said. "There are a number of conditions, notifications and actions that must take place before the anticipated mid-July formal signing of the agreement," he said in an email. Commodity trader Glencore announced the sale of its 62.5 percent interest in Tampakan operator Sagittarius Mines Inc last week without providing details. ID:nFWN0ZA038 Glencore had previously flagged it was reviewing the Tampakan project along with other greenfield projects elsewhere. Tampakan, one of the biggest undeveloped copper-gold mines in Southeast Asia and previously touted as the largest foreign direct investment in the Philippines, has been stalled by a provincial ban on open-pit mining in place since 2010. Leo Jasareno, director of the Mines and Geoscience Bureau (MGB), said the government welcomed Indophil's interest "to move the project forward" and said Glencore's exit had nothing to do with domestic policy issues. The MGB's support for the project, at the same time as a local mining ban is in place, highlights conflicting policies that have hampered development and foreign investment in the country's untapped mineral resources worth $1.4 trillion based on recent industry estimates. There are also pending bills in Congress seeking to hike mining taxes and royalties that are already among the highest in the world. (Reporting by Erik dela Cruz; Editing by Ed Davies) ((enrico.delacruz@thomsonreuters.com; +632 841-8934; Reuters Messaging: enrico.delacruz.thomsonreuters.com@reuters.net)) Keywords: GLENCORE PHILIPPINES/TAMPAKAN

MIDEAST STOCKS - Factors to watch - July 1

July 01, 2015 - reuters.com

DUBAI, July 1 (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 for their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Asia steadies, euro bears Greek burden MKTS/GLOB * MIDEAST STOCKS-Gulf markets rebound as oil rallies; Tunisia edges up ID:nL8N0ZG24X * Oil prices drop as Greece defaults and output soars O/R * Gold struggles as Greek crisis lifts dollar ID:nL3N0ZH07S * Morocco's growth to slow to 2.6 pct in 2016 - agency ID:nL8N0ZG5AE * New oil bull market in sight as Brazil, Iraq cut output targets ID:nL8N0ZG572 * Around 1,200 escape from Yemen prison, including al Qaeda suspects ID:nL8N0ZG4XY * U.S., Iran presidents issue warnings as nuclear talks extended ID:nL8N0ZG41A * Erdogan and Turkey move toward once-unthinkable grand coalition ID:nL5N0ZF4EP * Islamic State captures district in Syrian border town - monitor ID:nL8N0ZG3TX * In Yemen chaos, Islamic State grows to rival al Qaeda ID:nL5N0ZF2KJ * OPEC oil output hits 3-year high in June on Iraq -Reuters survey ID:nL5N0ZF466 * Hamas shuts offices of Gaza's sole cellular operator ID:nL8N0ZG4E8 * Libya's AGOCO output at 250,000-290,000 bpd -official ID:nL8N0ZG1LI * India asks refiners to buy dollars, euros to settle Iran oil dues ID:nD8N0PK04C EGYPT * Egypt's Sisi promises tougher legal system as prosecutor buried ID:nL8N0ZG4QV * Egypt money supply up 15.9 pct in May - central bank ID:nL8N0ZG3PM * Egypt's Emaar Misr says to list on Cairo bourse on July 5 ID:nL8N0ZG23X SAUDI ARABIA * Saudi-based APICORP picks 4 banks for international sukuk issue ID:nL8N0ZG50D * TABLE-Saudi May bank lending growth flat at 9.5 pct yr/yr ID:nL8N0ZB0QK * Saudi May foreign reserves drop 1 pct as oil stays low ID:nL8N0ZG1SJ * Saudi Aramco sets July propane price at $395 per tonne ID:nL8N0ZG1O8 * Hochtief wins Riyadh airport expansion deal ID:nFWN0ZG03I UNITED ARAB EMIRATES * Emirates reveals fuel contract details in U.S. airline subsidy claim riposte ID:nL1N0ZG1JA * Fitch Affirms Majid Al Futtaim Holding LLC at 'BBB'; Stable Outlook ID:nFit926997 * Abu Dhabi considers state-backed merger for troubled TAQA - sources ID:nL5N0ZF3N5 * Dubai says plans world's first 3D printed office building ID:nL8N0ZG32G * UAE man jailed for tweets critical of high court - newspaper ID:nL8N0ZG1Y1 * Abu Dhabi finance zone gears up to open with draft rules ID:nL8N0ZG1AG KUWAIT * Kuwait says in "state of war" with militants, warns of other cells ID:nL8N0ZG33P OMAN * Oman's United Finance weighs takeover offer from Al Omaniya ID:nL8N0ZG1RU * Oman crude OSP fall to $61.84/bbl for August ID:nEONF6P0SD (Compiled by Dubai newsroom) ((dubai.newsroom@reuters.com)) Keywords: MIDEAST FACTORS/

India Morning Call-Global Markets

July 01, 2015 - reuters.com

EQUITIES NEW YORK - U.S. stocks finished up after a choppy trading day as investors held out hope on Tuesday for deal to keep Greece in the euro even as it veered close to a potential debt default. Greece, hours from missing a 1.6 billion euro ($1.8 billion) payment due to the International Monetary Fund, submitted a new aid proposal to its creditors, calling for debt restructuring in what seemed like a last-ditch effort by Athens to resolve its impasse with lenders. For a full report, click on .N - - - - LONDON - Britain's top equity index hit its lowest level since mid-January on Tuesday, pulled down by miners and supermarkets and underperforming even euro zone shares despite Greece being hours away from a repayment default. While new data showed Britain's economy enjoyed a stronger start to the year than previously thought, buoyed by big-spending consumers and an upturn in business investment, weak exports continued to drag on growth. For a full report, click on .L - - - - TOKYO - Japanese shares edged up on Wednesday as a central bank survey showed big businesses plan to increase capital spending at the fastest pace in a decade, but gains were limited as investors remained cautious on developments in Greece. Confidence at big Japanese manufacturers unexpectedly improved in the second quarter and is seen rising further, the Bank of Japan survey showed, offering some relief to policy-makers keen to jump-start an economy which had been appearing to back slide again For a full report, click on .T - - - - HONG KONG - Hang Seng Index .HSI up 1.1 percent. For a full report, click on .HK - - - - FOREIGN EXCHANGE SYDNEY - The euro got off to a cautious start in Asia on Wednesday with Greece's fate still hanging in the balance after it became the first advanced economy to ever be in arrears to the International Monetary Fund. The common currency eased 0.2 percent to $1.1128 EUR= , having suffered a 0.8 percent drop on Tuesday. It has been choppy between $1.0955 and $1.1279 this week in reaction to ever-changing developments in Greece. For a full report, click on USD/ - - - - TREASURIES NEW YORK - U.S. Treasuries yields rose on Tuesday, closing a rough quarter, as hopes of a last-minute deal between Greece and its creditors that would keep the cash-strapped nation from leaving the euro zone pared the safe-haven demand for U.S. government debt. The Treasuries market was on track to post about a 1.5 percent loss in the second quarter, which would be its worst quarter since the final three months of 2010, according to an index .BCUSATSY compiled by Barclays. For a full report, click on US/ - - - - COMMODITIES GOLD SINGAPORE - Gold struggled close to its lowest in nearly four weeks on Wednesday, as the dollar stood tall after Greece missed a loan payment to the International Monetary Fund. The Greek crisis has failed to spark robust safe-haven bids, with bullion investors still worried over an expected U.S. rate hike later this year after more strong economic data. For a full report, click on GOL/ - - - - BASE METALS MELBOURNE - London nickel steadied on Wednesday as the dust settled a day after it slid to six-year lows, while copper was little changed after China's June factory growth came in a tad slower than expected. London Metal Exchange (LME) nickel CMNI3 had dropped 0.8 percent to $11,890 a tonne by 0140 GMT. On Tuesday, it spiralled to $10,795 a tonne, its weakest since April 2009, before clawing back losses to end slightly higher on the day. For a full report, click on MET/L - - - - OIL SINGAPORE - Oil prices fell on Wednesday after Greece became the first developed economy to default on a loan with the International Monetary Fund and as both U.S. and OPEC production hit new records. Greece, as expected, was not able to repay 1.6 billion euros it owed to the IMF, in what was the largest missed payment in the Fund's history. 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/

RPT-China targets counterweight in gold trade with yuan fix

July 01, 2015 - reuters.com

(Repeats story with no changes to text) * Yuan gold fix latest step by China to boost global influence * Could provide benchmark for top consuming region Asia * Full yuan convertibility could support its global use By A. Ananthalakshmi and Jan Harvey SINGAPORE/LONDON, July 1 (Reuters) - A decade after China kicked off a series of gold market reforms, plans to establish a yuan price fix mark one of Beijing's biggest step so far to capitalise on the country's position as the world's top producer and a leading consumer. While no immediate threat to the gold pricing dominance of London and New York, the benchmark could ultimately give Asia more power over bullion trade, particularly if the yuan becomes fully convertible, industry sources say. The yuan fix is due to launch by the end of 2015 via the Shanghai Gold Exchange (SGE), which last year allowed foreign players to trade gold using offshore yuan. ID:nL3N0ZB1MP "Across the commodity markets as a whole, we're seeing some very significant initiatives by the Chinese authorities," said Nic Brown, head of commodities research at Natixis. "For the gold market, it's an attempt to provide a Chinese counterweight that offers liquidity, offers physical metals, offers futures trading for the markets in the Asian time zone," he said. Asia is the top buyer of gold, with China and India alone accounting for about half of global consumption, but London and New York are regarded as price benchmarks for spot and futures trading respectively. In the last year, other attempts have been made to create a regional benchmark, including by Singapore, but China is being the most aggressive. ID:nL4N0P42BW ID:nL4N0P610C "The SGE and China wants to become the premier marketplace for gold trading and set the reference price as their view is this is where most of the gold is held and produced," said a long-time bullion trader in Asia. At a gold conference in Shanghai last week, SGE's vice president, Shen Gang, said efforts towards internationalisation of the China market and building the exchange into an influential one globally would continue. Shen said there were plans to boost liquidity by inviting security firms, insurance companies and funds to trade on the exchange, and form potential tie ups with exchanges in Dubai, Hong Kong and the CME Group CME.O . ID:nL3N0ZC2T5 BUILDING BLOCK China's attempt to create a yuan gold benchmark is seen as another step in its efforts to make its markets more global. Beijing has also been conducting currency reforms and in April sources said there were plans to extend a pilot scheme under which the yuan is traded with few restrictions to all its free trade zones, before taking the scheme nationwide this year. ID:nL4N0XL226 "The launch of a benchmark in China... will be a fundamental building block for the Chinese market," said Jeremy East, global head of metals trading at Standard Chartered, at last week's conference, adding that the yuan fix needed to happen for China to start pricing gold internationally. China has also shown interest in participating in the London gold fix. The Bank of China joined the gold price auction in London recently as a member, while Industrial and Commercial Bank of China Ltd (ICBC) has said it was interested in participating. ID:nL3N0ZB206 Traders say until the yuan is fully convertible China will have a tough time taking liquidity away from London, though a fix in Asian hours could still be convenient. "The timing (of the fix) is very important. At that time a lot of Europe will be asleep so I don't think it will affect the European business, maybe it will become a benchmark for the Far East business," said a London-based gold market participant. The London fix is set twice daily, at 10.30 a.m. and 3 p.m London time - both well after Asian markets close Details of the yuan fix are yet to be revealed, but sources say it would be derived from a contract traded on the bourse for a few minutes, with the SGE acting as the central counterparty. That could make the process transparent - addressing one of the big concerns about the London fix. An official at a Chinese bank interested in joining the London fix said he expected the yuan fix to be used as a benchmark for the local market first, and then to go global "over time" as more currency reforms are put in place. He said his bank had no qualms about participating in both the fixes at the same time. (Editing by Ed Davies) ((ananthalakshmi.as@thomsonreuters.com; +65 6870 3726; Reuters Messaging: ananthalakshmi.as.thomsonreuters.com@reuters.net; Twitter: @AnanthalakshmiA)) Keywords: CHINA GOLD/FIX

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