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India Morning Call-Global Markets

October 21, 2014 - reuters.com

EQUITIES NEW YORK - U.S. stocks ended higher on Monday on investor hopes for a strong earnings season, but IBM's disappointing results limited gains. Earnings reports from Halliburton HAL.N , Gannett Co GCI.N , and others, helped ease the worries over global growth and falling commodity prices that last week helped drive stocks close to correction territory. For a full report, click on .N - - - - LONDON - Britain's top equity index resumed its fall on Monday, giving back half the gains made in the previous session, as investors reckoned with reduced earnings expectations for oil companies after a slump in oil prices. The blue-chip FTSE 100 index .FTSE closed down 43.22 points, or 0.7 percent, at 6,267.07 points, after rising 114 points on Friday. For a full report, click on .L - - - - TOKYO - Japanese stocks skidded on Tuesday as investors took a step back after the heavy buying seen on Monday and nervously waited for data on the Chinese economy. The Nikkei .N225 share index fell 0.5 percent by 0127 GMT to 15,026.47. For a full report, click on .T - - - - HONG KONG - Hang Seng Index .HSI is trading 0.4 percent higher. For a full report, click on .HK - - - - FOREIGN EXCHANGE TOKYO - The U.S. dollar started on a steady footing on Tuesday, as foreign exchange markets braced for a batch of Chinese economic indicators amid lingering investor worries over signs of a slowdown in Asia's economic powerhouse and global growth. The China data could influence investors' perception on the U.S. Federal Reserve's monetary policy track, and by extension, the fate of the U.S. dollar. For a full report, click on USD/ - - - - TREASURIES NEW YORK - U.S. Treasuries prices rose on Monday on worries about Europe's drag on the U.S. economy and more bets the Federal Reserve might not raise interest rates until late 2015. Safe-haven demand stemming from anxiety over the spreading of the Ebola virus and fighting in the Middle East have persisted to keep benchmark yields not far above 2 percent. For a full report, click on US/ - - - - COMMODITIES GOLD SINGAPORE - Gold retained overnight gains on Tuesday to trade near a one-month high as Asian equities and the dollar marked time, with markets awaiting China and U.S. data to gauge the strength of the global economy. Spot gold XAU= was little changed at $1,245.50 an ounce by 0034 GMT, after gaining 0.7 percent in the previous session. For a full report, click on GOL/ - - - - BASE METALS SYDNEY - London copper edged up on Tuesday but stayed near six-month lows, with focus on data expected to show struggling economic growth in China that could boost a drive for stimulus, bolstering metals prices. Three-month copper on the London Metal Exchange CMCU3 had climbed 0.7 percent to $6,609 a tonne by 0105 GMT, paring losses of 1.2 percent from the previous session. Copper prices hit a six-month trough of $6,530 a tonne on Friday, having dropped 10 percent this year. For a full report, click on MET/L - - - - OIL CALGARY, Alberta - Brent crude LCOc1 fell on Monday, dropping below $86 a barrel as worries about booming supply and sluggish demand pushed the global oil benchmark back toward last week's four-year low. U.S. crude hovered below $83 a barrel. Brent tumbled more than a dollar in early U.S. trade, but bounced off session lows as global equities markets gained 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/

Indian FX/debt factors to watch - Oct 21

October 21, 2014 - reuters.com

Australian dollar jumps after China GDP data beats forecasts

October 21, 2014 - reuters.com

SYDNEY, Oct 21 (Reuters) - The Australian dollar AUD=D4 jumped a quarter of a U.S. cent after Chinese economic growth data was slightly above expectations. The Aussie went as high as $0.8815, from $0.8773 before the figures, and was last at $0.8800 to show a 0.2 percent gain on the day. ECONCN The Aussie, which hit a four-year trough of $0.8642 earlier this month, is often seen as a liquid proxy of China's growth prospects given Australia's large trade exposure to the Asian giant. (Reporting by Cecile Lefort; Editing by Jacqueline Wong) ((Cecile.Lefort@thomsonreuters.com; +61 2 9373-1234; Reuters Messaging: cecile.lefort.thomsonreuters@reuters.net)) Keywords: MARKETS AUSTRALIA/FOREX

Australian & NZ dlrs hold gains, focus turns to China data

October 21, 2014 - reuters.com

* China GDP, retail sales and industrial output due at 0200 GMT * RBA minutes of Oct policy meeting shows stable rate outlook By Gyles Beckford and Cecile Lefort SYDNEY/WELLINGTON, Oct 21 (Reuters) - The Australian and New Zealand dollars stood firm on Tuesday, underpinned by a stabilisation in commodity prices as investors awaited key Chinese economic indicators amid global growth concerns. The Australian dollar AUD=D4 paused at $0.8785, having gained 0.4 percent on Monday and pulling away from a four-year trough of $0.8642 touched earlier this month. Immediate focus was on a raft of Chinese economic data, including GDP for the July-September quarter, industrial output and retail sales for September. ECONCN Growth in the world's second largest economy is expected to slow to 7.2 percent from a year earlier, which would be its weakest performance since early 2009. The Australian dollar - often seen as a liquid proxy of China's growth prospects given Australia's large trade exposure to China - could see a big reaction to the Chinese data. "There is risk we see growth for China at 7 percent, which could send the Aussie around 40-50 basis points lower," said Joseph Capurso, a strategist at Commonwealth Bank of Australia. However, he sees potential for the Aussie to bounce back on Wednesday following the release of Australian inflation data. Capurso expects a higher CPI reading than forecasts centering on a quarterly rise of 0.4 percent. ECONAU Support for the Aussie was found around $0.8735 with resistance between $0.8810 and $0.8860. At home, minutes of the Oct 7 policy meeting of the Reserve Bank of Australia (RBA) contained no surprise with the bank reiterating a stable interest rate outlook. The RBA this month left its cash rate unchanged at a record low 2.5 percent, where it has been since August last year. ID:nRUAKLEA6D The New Zealand dollar NZD=D4 also held steady at $0.7967, keeping in range of a three-week high of $0.7997 touched last week. Against the yen NZDJPY=R , it traded at 85.10 yen, near a one-week high around 85.35 touched on Monday. After a deep sell-off since July which knocked the kiwi from a three-year high of $0.8839, it has stabilised just below $0.8000. The kiwi has also been drawing support from a string of data showing that New Zealand's economy continues to grow at a reasonable clip even as global dairy prices slump. "It's relatively stable at the moment. There's good support around $0.7900 and offers at $0.8000," said Tim Kelleher, head of institutional FX sales at ASB. "Given the big run on the way down, the market is happy to sit on its hands for now ... Equity markets have calmed down so we'll see whether a trend emerges from here." He added that growing support for the kiwi may prompt a pop above $0.8000 in the near term, although a rise towards $0.8050 would be an opportunity to sell. New Zealand government bonds 0#NZTSY= rose, pushing yields 2.5 basis points lower along the curve. Australian government bond futures rose, with the three-year bond contract YTTc1 up 5 ticks at 97.450. The 10-year contract YTCc1 added 6.5 ticks to 96.735. The premium offered by Australian 10-year yields AU10YT=RR over 3-year yields AU3YT=RR stood at 65 basis points (bps), having bounced from 62 bps, the smallest margin since May last year. It was at 135 basis points early in January. (Editing by Shri Navaratnam) ((Cecile.Lefort@thomsonreuters.com)(+61 2 9373-1234)(Reuters Messaging: cecile.lefort.thomsonreuters@reuters.net)) Keywords: MARKETS AUSTRALIA/FOREX

VIETNAM PRESS-Trade gap with China may jump to $27 bln in 2014 - Vietnam Economic Times

October 21, 2014 - reuters.com

Vietnam may post a record trade deficit of $26.9 billion this calendar year with China, up 13.5 percent from 2013, if the momentum seen in the first nine months continues, the Vietnam Economic Times newspaper reported. Vietnam mainly exports agricultural products and raw material to China and imports machinery, industrial products and accessories, the report cited Vietnam Customs as saying. ---- NOTE: Reuters has not verified this story and does not vouch for its accuracy. (Hanoi Newsroom; Editing by Subhranshu Sahu) ((hanoi.newsroom@thomsonreuters.com; +844 3825 9623)) Keywords: VIETNAM PRESS/TRADE

FOREX-Dollar steady as currency majors brace for China data

October 21, 2014 - reuters.com

* China GDP, retail sales and industrial output in focus * Yen stands to gain if China data stokes growth worries By Hideyuki Sano TOKYO, Oct 21 (Reuters) - The U.S. dollar started on a steady footing on Tuesday, as foreign exchange markets braced for a batch of Chinese economic indicators amid lingering investor worries over signs of a slowdown in Asia's economic powerhouse and global growth. The China data could influence investors' perception on the U.S. Federal Reserve's monetary policy track, and by extension, the fate of the U.S. dollar. "Because slowdown in China is one major reason behind investor concerns on global growth, the data is likely to affect sentiment on the global economy," said Shin Kadota, chief FX strategist in Barclays' Tokyo branch. A raft of Chinese economic data is due later in the day, including GDP for the July-September quarter, industrial output and retail sales for September. ECONCN Growth in the world's second largest economy is expected to slow to 7.2 percent from a year earlier, which would be its weakest performance since early 2009. IDnL3N0SC3RD The dollar index was steady at 85.065 .DXY =USD , having dipped slightly on Monday, extending its slide from a four-year peak hit at the beginning of this month. The dollar has lost ground as concerns about slowing global growth prompted investors to trim bets that the Fed will raise interest rates soon after an expected end in its stimulus later this month. The U.S. dollar traded at 106.94 yen JPY= , having failed to maintain gains made early on Monday on improved risk appetite following news that Japan's giant public pension fund will increase allocations to Tokyo stocks. Should Chinese data cast doubts on the strength of Asia's largest economy and hurt broad risk appetite, the yen should stand to gain further, analysts said. The Australian dollar - often seen as a liquid proxy of China's growth prospects given Australia's large trade exposure to China - could see some big reaction to the Chinese data. The currency traded at $0.8789 AUD=D4 . Ahead of Chinese data, the market will also look to the minutes of the Australian central bank's policy meeting. The euro traded at $1.2794 EUR= , having maintained its 0.3 percent gains on Monday. (Editing by Shri Navaratnam) ((hideyuki.sano@thomsonreuters.com; +81 3 6441 1827; Reuters Messaging: hideyuki.sano.thomsonreuters.com@reuters.net)) Keywords: MARKETS FOREX/

CORRECTED-FOREX-Dollar extends modest losses, volumes wane ahead of data

October 21, 2014 - reuters.com

(Corrects paragraphs 1 and 6 to say the Japanese yen fell instead of strengthened) * Euro rises vs dollar, yen despite weak German data * Yen steadies vs dollar after earlier losses * Sterling 100-day moving average below 200-day moving average By Daniel Bases NEW YORK, Oct 20 (Reuters) - Major currencies traded in tight ranges on Monday with investors facing a dearth of new data and modest price changes in global markets, save for Japan where stocks rallied on possible public pension fund spending, which helped bring down the yen. After a week of wide currency market gyrations, investors appeared unwilling to make fresh bets ahead of Wednesday's U.S. inflation data and Thursday's European manufacturing reports In addition, the Federal Reserve is expected to follow through with its plan to end quantitative easing at the end of the month while benchmark U.S. interest rates are forecast to remain near zero well into 2015. "I think there is a real risk that if there is a downside surprise in the CPI this could have an outsized reaction in the U.S. Treasury market and dollar," said Paresh Upadhyaya, portfolio manager, director of currency strategy at Pioneer Investments in Boston. "It will push Treasury yields lower and could lead to a softer dollar. The bigger reaction would be most felt in dollar/yen. There could be a real risk that 105.50 yen support could be breached," he said. The yen fell after Japan's benchmark Nikkei-225 stock index .N225 surged 4 percent on Monday, taking in upbeat U.S. economic data last week as well as news that Japan's $1.2 trillion public pension fund would likely raise its allocation to domestic stocks to about 25 percent from 12 percent. Resignations in Prime Minister Shinzo Abe's cabinet were, in the short term, overshadowed by these external factors. The dollar fell 0.5 percent against the yen at 106.81 yen JPY= while the euro traded at $1.2809, up 0.37 percent EUR= . "The dollar had a really great run against its counterparts over the last two months," said John Doyle, director of markets at Washington, D.C-based Tempus Inc., adding that he still looks for dollar strength in the coming months and next year. Sterling regained ground on the dollar after last week's trough, trading up 0.51 percent to $1.6176 GBP= . The UK currency's steep fall has pulled its 100-day moving average slightly below the 200-day one for the first time in just over a year. When a shorter-term moving average cuts below a longer-term one, this is typically seen as a negative signal for the market. Germany's central bank said on Monday the German economy risks coming dangerously close to recession, forecasting little or no growth in the second half of 2014. The European Central Bank, meanwhile, said it started buying covered bonds in a bid to revive the euro zone economy and keep deflation at bay. The Bundesbank's gloomy assessment raises the prospect Germany's economy could stay weak, compounding the problems of the 18-country currency bloc, whose economy is already slowing to a virtual halt. German producer prices declined for the 14th consecutive month, highlighting the disinflationary pressures causing concern to investors and policymakers alike. (Additional reporting by Jemima Kelly in London and Shinichi Saoshiro in Tokyo; Editing by James Dalgleish) ((daniel.bases@thomsonreuters.com; +1 646 223 6131; Reuters Messaging: daniel.bases.reuters.com@reuters.net; Twitter: @djbases)) Keywords: MARKETS FOREX/

CORRECTED-FOREX-Dollar softer after run-up, yen supported by stock gains

October 21, 2014 - reuters.com

(Corrects paragraphs 1 and 6 to say the Japanese yen fell instead of strengthened) * Yen steadies vs dollar after earlier losses * Euro up despite weak German data By Daniel Bases NEW YORK, Oct 20 (Reuters) - Major currencies traded in tight ranges on Monday with investors facing a vacuum of data and modest price changes in global markets, save for Japan where stocks rallied on possible public pension fund spending, which helped bring down the yen. After a week of wide currency market gyrations, investors appear to have settled in for a quiet start to the week, unwilling to make fresh bets ahead of Wednesday's U.S. inflation data and Thursday's European manufacturing reports In addition, the Federal Reserve is expected to follow through with its plan to end quantitative easing at the end of the month while benchmark U.S. interest rates are forecast to remain near zero well into 2015. "I think there is a real risk that if there is a downside surprise in the CPI this could have an outsized reaction in the U.S. Treasury market and dollar," said Paresh Upadhyaya, portfolio manager, director of currency strategy at Pioneer Investments in Boston. "It will push Treasury yields lower and could lead to a softer dollar. The bigger reaction would be most felt in dollar/yen. There could be a real risk that 105.50 yen support could be breached," he said. The yen fell after Japan's benchmark Nikkei-225 stock index .N225 surged 4 percent on Monday, taking in upbeat U.S. economic data last week as well as news that Japan's $1.2 trillion public pension fund would likely raise its allocation to domestic stocks to about 25 percent from 12 percent. Resignations in Prime Minister Shinzo Abe's cabinet were, in the short term, overshadowed by these external factors. The dollar was just slightly negative against the yen at 106.84 yen JPY= , while the euro traded at $1.2778, up 0.15 percent EUR= against the greenback. "The dollar had a really great run against its counterparts over the last two months," said John Doyle, director of markets at Washington, D.C-based Tempus Inc., adding that he still looks for dollar strength in the coming months and next year. Worries about global economic growth persist. Germany's central bank said on Monday the German economy, the largest in the euro zone, risks coming dangerously close to recession, forecasting little or no growth in the second half of the year. ID:nF9N0OS02O The European Central Bank, meanwhile, said it had started buying covered bonds, opening a new front in its battle to revive the euro zone economy and keep deflation at bay. ID:nL6N0SF1VR The Bundesbank's gloomy assessment raises the prospect that the German economy could stay weak, compounding the problems of the 18-country currency bloc, whose economy is already slowing to a virtual halt. German data showed producer prices declining for the 14th consecutive month, highlighting the disinflationary pressures that are causing concern to investors and policymakers alike. (Additional reporting by Jemima Kelly in London and Shinichi Saoshiro in Tokyo; Editing by James Dalgleish) ((daniel.bases@thomsonreuters.com; +1 646 223 6131; Reuters Messaging: daniel.bases.reuters.com@reuters.net; Twitter: @djbases)) Keywords: MARKETS FOREX/

BRIEF-Newcrest Mining says full year guidance remains unchanged

October 21, 2014 - reuters.com

Oct 21 (Reuters) - Newcrest Mining Ltd NCM.AX : * September quarterly report NCM.AX * Says full year guidance remains unchanged * Source text for Eikon ID:nASX6xRJ6p ((For more news, please click here NCM.AX )) ((Bangalore Newsroom; +91 80 6749 1130))

NZ annual migration gains hit record high in Sept.

October 21, 2014 - reuters.com

WELLINGTON, Oct 21 (Reuters) - New Zealand's migration gains hit a record high in the year to September, led by a rise in students while fewer New Zealanders left for Australia, official data showed on Tuesday. The country had a net gain of 45,414 permanent and long-term migrants in the year to Sept. 30, the highest annual figure on record as the country's strongly growing economy attracted foreign nationals and expatriates, Statistics New Zealand said. For the month there was a seasonally adjusted net gain of 4,670 people, easing from an upwardly revised 4,720 in August but hovering near a record inflow of 4,730 posted in February 2003. Gains were driven by a rise in students particularly from India, and more New Zealand citizens arriving from Australia. A net 5,986 New Zealanders left for Australia in the year to September, the lowest since the year to December 1994. The number of short-term visitors to New Zealand rose 1.2 percent in September on a year ago, taking the total number of visitors to the country in the year to September to 2.8 million, up 4.8 percent on the previous year. The Reserve Bank of New Zealand has said the strength of migration gains is a factor in deciding when it will resume raising interest rates because of the stimulus it gives to domestic demand. (Reporting by Naomi Tajitsu) ((naomi.tajitsu@thomsonreuters.com; +6448027979; Reuters Messaging: naomi.tajitsu.thomsonreuters.com@reuters.net)) Keywords: NEWZEALAND ECONOMY/MIGRATION

Buenaventura scales back plans for Chucapaca gold project

October 21, 2014 - reuters.com

LIMA, Oct 20 (Reuters) - Peruvian miner Buenaventura BVN.N BUEv.LM has scaled back plans for its Chucapaca gold project since taking full control of the deposit from Gold Fields GFIJ.J earlier this year, the company told Reuters on Monday. Buenaventura will now invest $700 million in the project instead of an earlier estimate of $2 billion, and expects annual output of between 200,000 and 300,000 ounces of gold per year, down from an earlier projection of some 500,000 ounces, chief executive Roque Benavides said in an interview. Buenaventura bought former partner Gold Fields' 51 percent stake in Chucapaca in August, and now plans to develop it as an underground mine instead of open pit. The precious metals miner, Peru's biggest, expects to post a net profit this year after registering a $102 million loss in 2013, Benavides said. (Reporting by Teresa Cespedes and Mitra Taj) ((mitra.taj@thomsonreuters.com; +51-1-221-2130; Reuters Messaging: mitra.taj.thomsonreuters.com@reuters.net)) Keywords: PERU BUENAVENTURA/

BRIEF-Toronto man accused by SEC of insider trading in Herbalife sues to stop administrative proceeding

October 20, 2014 - reuters.com

Oct 20 (Reuters) - Herbalife Ltd HLF.N : * Toronto man who was accused of insider trading by U.S. Securities and Exchange Commission related to Herbalife Ltd HLF.N files lawsuit to halt SEC administrative proceedings -- court filing * Jordan peixoto claims that SEC administrative proceedings against him are unconstitutional * Peixoto seeks court order preventing SEC from pursuing administrative proceedings against him; also denies having committed wrongdoing ((New York Equities Desk; tel: +1 646 223 6000)) ((For more news about Herbalife Ltd click here: HLF.N ))

RPT-Aussie, kiwi face further selling as yield demand fizzles

October 20, 2014 - reuters.com

(Repeats without change to text) By Naomi Tajitsu WELLINGTON, Oct 20 (Reuters) - The Australian and New Zealand dollars could fall further as demand from "real money" asset investors fizzles and buying by central banks dries up, removing support that had bolstered the currencies during times of selling. Investors sold the so-called Aussie to a four-year low of $0.8642 against the U.S. dollar this month, while the New Zealand dollar - or kiwi - has tumbled more than 10 percent since July to trade around $0.7900, from a post-float high around $0.8800. Behind the selling is a fall in commodity prices and growing expectations that U.S. interest rates will start rising around the middle of 2015, which would make the so-called carry trade that has supported both currencies less attractive. Carry trades involve investors using U.S. dollars, yen and other low-yielding currencies to buy assets denominated in high-yielding currencies - such as the Australian and New Zealand dollars. Investors moving into U.S. dollars ahead of expected U.S. rate rises have been behind the greenback's rally in the past month. "We've been long on the U.S. dollar this year mainly versus the Aussie," said Steve Miller, head of Australian fixed income investments at Blackrock in Sydney. "It would be fair to say we've been increasing this position a little bit more in the last four to six weeks." Blackrock, the world's largest asset manager, oversees $17 billion in Australian fixed-income holdings, and expects the Australian central bank cash rate to stay at 2.5 percent for the next year, meaning higher U.S. rates would make the carry trade less profitable. Blackrock has no exposure to New Zealand. Analysts said lower global prices for iron ore, dairy products and other materials would also weigh on the commodity-linked Antipodean currencies. A Reuters poll earlier this month forecast that the Aussie would fall further to $0.8500 and the kiwi would drop to $0.7500 in 12 months' time. AUD/POLL This year's near 50 percent fall in dairy prices has rocked the New Zealand dollar, while expectations that the country's central bank will temper the pace of rate rises from earlier this year looks set to slow down the kiwi carry trade. Carry demand for the kiwi picked up before the Reserve Bank of New Zealand started to raise its overnight cash rate in March, hitting 3.5 percent in July. Demand from yield-hungry Japanese retail investors was especially strong, prompting the launch of kiwi-denominated investment trusts, such as a $225 million fund by Nikko AM in February. These investments helped keep the kiwi around a 6 1/2-year high near 90 yen NZDJPY=R for much of the year before it eased to around 85.00 yen by Monday. Overall, retail demand has slowed from last year, cutting the net value of kiwi-denominated trusts by around 18 percent compared with mid-2013, data from the Investment Trust Association of Japan shows. "I would think that the rate of investment would be more modest than what we've seen over 2014. We're still confident there will still be a positive inflow, but maybe not to the same extent as what we've seen," said Fergus McDonald, head of New Zealand currency and fixed income at Nikko Asset Managers. He said Nikko did not expect New Zealand rates to rise again until the first quarter of next year at the earliest. SLOWING DIVERSIFICATION FLOWS Dwindling appetite from foreign central banks also removed support for the currencies, particularly the Aussie, which had benefited since 2008 from foreign central banks diversifying their holdings away from U.S. dollars and euros. Analysts said that central bank demand for Aussie-denominated assets had largely stalled this year, after central banks had steadily increased their holdings over the past few years. IMF quarterly official foreign reserve holdings data out this month shows that while the share of Aussie assets has risen slightly this year, the increase seen in the first two quarters of 2014 was due to a rise in the currency's value and not increased investment. ID:nL2N0RV16C The data shows a steady, incremental fall in the share of U.S. assets held by central banks around the world since 2008 as the banks have spread their currency exposure and official reserves have risen to record highs. (Reporting by Naomi Tajitsu; Editing by Eric Meijer) ((naomi.tajitsu@thomsonreuters.com; +6448027979; Reuters Messaging: naomi.tajitsu.thomsonreuters.com@reuters.net)) Keywords: MARKETS AUSTRALIA/DEMAND

UPDATE 2-Bank of England payments system suffers lengthy outage

October 20, 2014 - reuters.com

(Adds comment from BoE Governor Mark Carney) By David Milliken LONDON, Oct 20 (Reuters) - A Bank of England payments system that handles more than 260 billion pounds ($420 billion) a day suffered a major outage on Monday, forcing the central bank to extend its operating hours until late into the evening. The Real Time Gross Settlement System (RTGS), which underpins a system for high-value interbank payments and securities settlement, did not work normally until around 1500 GMT on Monday. The BoE extended the opening hours of the system by almost four hours to 1900 GMT. It said the problems had been caused by "a technical issue related to some routine maintenance". Normal bank payments were not affected, but local media reported that some people were unable to complete house purchases on time. Andrew Tyrie, a Conservative lawmaker who chairs the parliament committee which scrutinises the BoE, demanded a full explanation of what went wrong. "The whole economy depends on a reliable payment system. We need to have confidence that the cause has been found and addressed," he said in a statement. Later on Monday, the BoE said its governor, Mark Carney, had begun a "thorough, independent review," the findings of which would be made public. The operators of the CHAPS interbank payment system - which relies on RTGS - said after RTGS re-opened that all transfers submitted on Monday would be completed on the same day. The last outage in the RTGS occurred in September last year, but that was fixed by the middle of the day. The last time operating hours for RTGS needed to be extended was in February 2007, when the day was lengthened by 45 minutes. The BoE published an article last month describing how it had put more back-up plans in place in February to guard against a failure in RTGS. ($1 = 0.6198 British Pounds) (Additional reporting by Matt Scuffham, Editing by William Schomberg, Larry King) ((david.milliken@reuters.com)(+44 20 7542 5109)(Reuters Messaging: david.milliken.thomsonreuters.com@reuters.net)) Keywords: BRITAIN BOE/SETTLEMENT

Ukraine's central bank says three foreign banks need more capital

October 20, 2014 - reuters.com

(Refiled to correct typographical error in first paragraph) KIEV, Oct 20 (Reuters) - Ukraine's central bank estimates that the country's 15 largest banks, including the local subsidiaries of three foreign firms, need more than $4 billion in total additional capital according to the results of its stress tests, the bank said on Monday. Ukraine's 170-strong banking industry has been under pressure since the 2009 crisis due to macroeconomic instability, weak external finances and a poor credit portfolio. The situation has worsened this year after the falling-out between Kiev and Moscow. The country's economy is shrinking rapidly due to the damage inflcited on its industries in the east by the military conflict with pro-Russian separatists. With the hryvnia down about 40 percent against the dollar so far this year, many borrowers are struggling to service and repay their foreign currency loans. Ukraine has recently tested the sustainability of the 35 largest banks after the International Monetary Fund approved in April a $17.1 billion programme to support reforms in Ukraine including measures to strengthen the country's banking system. Citing the results of these stress tests, Oleksandr Pysaruk, first deputy governor of the central bank, said out of a total of 56 billion hryvnias ($4.4 billion) that the top 15 banks need in additional capital, subsidiaries of foreign banks need 20.5 billion hryvnias ($1.6 billion). "Three banks with foreign capital -- two Russian and one Western -- need additional capitalisation," he told reporters. He declined to name the banks concerned but said the Russian lenders had already confirmed their ability to raise additional capital. He said he was confident that the Western bank would have no problem boosting its capital either. Subsidiaries of Russia's VTB VTBR.MM , VEB, Sberbank SBER.MM , and Alfa Bank, as well as European lenders including Raiffeisen RBIV.VI , UniCredit CRDI.MI , and BNP Paribas BNPP.PA are ranked among Ukraine's 15 biggest lenders. Pysaruk said that those top 15 banks, which account for 68 percent of the country's bank assets, had to bolster their capital by the end of this year. A further 20 banks, which account for 15 percent of all assets, have until the end of February next year to boost their capital with their shareholders needing to raise a total of 10 billion hryvnias. State-owned banks need about 12.5 billion hryvnias, a sum the government will inject into three lenders - Oshchadbank, Ukreximbank and Ukrgasbank, he added. (1 US dollar = 12.8000 Ukraine hryvnias) (Reporting by Natalia Zinets; Editing by Maria Kiselyova) ((Natasha.Zinets1@thomsonreuters.com;)) Keywords: UKRAINE BANKS/TESTS

South Africa's rand gains in recovery mode, focus on budget

October 20, 2014 - reuters.com

JOHANNESBURG, Oct 20 (Reuters) - The rand gained against the dollar on Monday, starting a risk-heavy week in firm territory after heavy losses last week, with investors waiting for the finance ministry's update on the budget and economic outlook to provide direction. The rand gained its way close to the psychologically key 11 area on Monday, but worries about South Africa's budget deficit capped rand bulls at 11.0180 per dollar. ZAR=D3 Finance Minister Nhlanhla Nene is due to deliver his medium term budget statement on Wednesday and economists expect a wider budget deficit target for this year. ID:nL6N0SF2XR Concerns about a widening shortfall on the budget add to worries about a yawning gap on the current account. Investors are also keenly awaiting an announcement about how the government plans to plug a funding gap in state-owned power utility Eskom. The anticipated larger funding requirement is keeping bonds trading within recent ranges. "We do not expect to see any change to the sizes of government auctions, but believe that the amount to be borrowed will be increased," Standard Bank's fixed income strategists said in a market note. South Africa's gross loan debt target increased by 0.9 percentage points in the last budget in February. The Treasury is likely to borrow abroad to help fund part of any gap. "We believe that the hints of possible intent to delay some expenditure items would be bond-market-positive." The yield on the 2026 benchmark bond nudged up half a basis point to 8.08 percent, trading within last week's levels. This week investors will also be looking out for the central bank's business cycle indicator on Tuesday, a key gauge of the economic outlook, and will position for inflation data on Wednesday. (Reporting by Xola Potelwa; editing by Crispian Balmer) ((xola.potelwa@thomsonreuters.com; +27 11 775 3098; Reuters Messaging: xola.potelwa.thomsonreuters.com@reuters.net)) Keywords: MARKETS SAFRICA/CURRENCY

Senior London-based FX traders leave Rabobank - bank official

October 20, 2014 - reuters.com

(Adds background) By Jamie McGeever LONDON, Oct 20 (Reuters) - Two senior London-based currency traders at Dutch lender Rabobank RABN.UL have left the bank after an internal investigation into the bank's currency-trading practices, a Rabobank official familiar with the matter said on Monday. Theirs are the latest in a flurry of departures of senior forex traders from banks in London this month as the year-long global inquiry into allegations of collusion and manipulation in the world's largest market draws closer to a settlement. The two men are Gary Andrews and Chris Twort, who had both been suspended earlier this month. The Rabobank official said an agreement had been reached under which the two traders had left the bank. No further details of why the men left were available. Andrews was the bank's chief dealer, and Twort was a senior trader. Both were listed as "inactive" on the UK financial watchdog's register of approved individuals as of Oct. 8. Reuters reported their suspensions on Oct. 7. Neither man could be reached for comment at the bank on Monday, and the Financial Conduct Authority declined to comment. Andrews' LinkedIn page said he was chief dealer at Rabobank from September 2004 to October 2014 and is now "looking for new opportunities in FX", while Twort is still listed as a senior FX dealer at Rabobank. Neither could be reached immediately via LinkedIn. This follows a series of high-profile departures from the London currency trading desks at JP Morgan JPM.N and HSBC HSBA.L this month. ID:nL6N0S94RD The industry has been rocked by the investigation. More than 30 currency operatives at several leading banks - including one at the Bank of England - have been suspended, placed on leave or fired as a dozen authorities including the U.S. Department of Justice have conducted their investigations. No bank or individual has yet been formally accused of any wrongdoing. The investigation originally centred on activity related to the so-called "London fixing", the one-minute window at 4 pm in London every trading day when benchmark exchange rates are set, but has since broadened out, sources say. Sources have told Reuters that a settlement between the FCA and major banks based largely on banks admitting lax internal compliance, oversight failures and market conduct breaches by individual employees could be reached by the end of the year. ID:nL5N0RC1GI (Reporting by Jamie McGeever in London and Thomas Escritt in Amsterdam; Editing by Mark Heinrich and Hugh Lawson) ((jamie.mcgeever@thomsonreuters.com; +44)(0)(207 542 8510;)) Keywords: MARKETS FX/RABOBANK

LMEWEEK-HK exchange wants trading link with Shanghai for commodities

October 20, 2014 - reuters.com

* HK-Shanghai link for shares due to be launched shortly * HKEx wants to replicate that for commodities trading * LME metal contracts seen eventually moving to renminbi (Adds details, quotes, background) By Eric Onstad and Harpreet Bhal LONDON, Oct 20 (Reuters) - The Hong Kong stock exchange (HKEx) said it aimed to create a link to trade commodities with mainland China by adapting a share trading system with the Shanghai Stock Exchange that is on the cusp of going live. No firm date has been announced for the launch of the link between HKEx and the Shanghai exchange, but sources have told Reuters it is due to begin on Oct. 27. ID:nL3N0SC2AI ID:nL3N0RR1V1 Analysts have hailed the trading scheme as a milestone in the opening up of China's capital markets, because it allows foreign investors to trade in and out of Chinese stocks in real time. "If that works and is successfully launched in the coming weeks, there's no reason not to believe you can replicate that in the commodity space," HKEx Chief Executive Charles Li said on Monday. Hong Kong Exchanges and Clearing Ltd 0388.HK took an expensive gamble in December 2012 by paying $2.2 billion to buy the London Metal Exchange (LME) and diversify into commodities. Expanding into China, which accounts for about 40 percent of global copper demand and similar shares of other metals trade, is a central strategy in making the LME profitable, officials have said. ID:nL6N0SC3MD "If we are able to find a way to replicate Hong Kong Shanghai Stock Connect in commodities, that will be a transformation," Li told a seminar in London during LME Week, the top annual gathering for the industrial metals sector. "We have to create a platform in Hong Kong with products the Chinese feel they can appreciate and identify with." CHINESE CURRENCY EVENTUALLY While there are many differences between the Hong Kong and Shanghai markets, the link will make adjustments for 90 percent of them, allowing investors on both sides to carry on trading mostly as usual, Li said. Eventually, the main industrial metals contracts on the 137-year-old LME will be denominated in the Chinese currency, other speakers said. Open interest originating from China in global industrial metals markets has surged to about 22 percent from 7 percent in 2006, and it's likely that share could rise to over 50 percent in coming years, said Michael Camacho, co-head of global commodities at JP Morgan. "I see no reason why we couldn't see a critical mass of volume develop in what is the most important local currency," he said. Arthur Fan, chief executive of the commodities business of Bank of China International, said the move to trading LME metals in renminbi was inevitable. "It's not a matter of whether we will see it, but when. It's a matter of timing." HKEx already plans to launch "mini" contracts in copper, aluminium and zinc based in renminbi, but the main LME contracts in dollars still serve as global benchmarks, and it may take time for those to change, said Rebecca Brosnan, head of Asia commodities for HKEx. The lot size for these contracts will be 5 tonnes, rather than the 25 tonnes that trade on the LME. The LME's new clearing house plans to add the Chinese currency as acceptable collateral before the end of the year. ID:nL6N0RN1B5 (Reporting by Harpreet Bhal and Eric Onstad; Editing by Jason Neely and Jane Baird) ((eric.onstad@thomsonreuters.com; +44 20 7542 7093; Reuters Messaging: eric.onstad.thomsonreuters.com@reuters.net)) Keywords: METALS LMEWEEK/CHINA

Naira firms against dollar as investors eye Nigeria assets

October 20, 2014 - reuters.com

LAGOS, Oct 20 (Reuters) - Nigeria's naira NGN=D1 firmed against the U.S. dollar on Monday as financial markets got a breather following weeks of sell-offs and two oil companies sold the greenback to some lenders, dealers said. The unit closed at 165.28 naira to the dollar, firmer than Friday's close of 165.35 naira, its lowest level since March. Nigeria's stock index .NGSEINDEX ended a 10-day losing streak to gain 1.2 percent on Monday, with renewed buying after investors viewed the market as oversold. "The recovery in the debt and equity markets impacted positively on the forex market," one dealer said, adding that some oil companies also sold dollars to lenders. Dealers said yields fell across the board in the bond market with the 10-year NG10YT=RR benchmark bond down 20 basis point on Monday to 12.75 percent, as buying pressure mounted from some pension funds. Oil firm Seplat SEPLAT.LG sold about $20 million while the local unit of China's Addax Petroleum sold $8 million, to boost dollar liquidity on the interbank market. The naira had been under pressure with the price of crude oil LCOc1 , Nigeria's main source of foreign exchange earnings, resuming a downward move to fall below $86 a barrel on Monday as supply overwhelmed weak demand in several key markets. The weakness in the local currency had triggered a sell-off in naira assets, as foreign investors, who make up more than half of trades on the local bourse, repatriated funds. (Reporting by Oludare Mayowa; and Chijioke Ohuocha; Editing by Mark Heinrich) ((oludare.mayowa1@thomsonreuters.com; +234 803 3964 138;)) Keywords: NAIRA CURRENCY/

GLOBAL MARKETS-Japanese stocks lead shares worldwide, IBM weighs on Dow

October 20, 2014 - reuters.com

* IBM quarterly results miss hits Dow * Japanese shares surge on Japan pension fund move * U.S. Treasuries prices, dollar steady (Adds U.S. market open, byline, dateline; previous LONDON) By Sam Forgione NEW YORK, Oct 20 (Reuters) - Equity markets worldwide edged higher on Monday, lifted by gains in Japanese shares, while mixed performance in U.S. stocks after IBM's quarterly results disappointed helped keep safe-haven U.S. Treasuries prices steady. While European technology shares sagged and the IBM results weighed on the Dow, Japan's Nikkei average .N225 surged 4 percent, underpinned by news that Japan's $1.2 trillion public pension would likely more than double its allocation to domestic stocks to about 25 percent. ID:nL3N0SC664 IBM's weakness also helped spur speculation the Federal Reserve may be reluctant to end its massive bond-buying stimulus program this month. The S&P 500 and Nasdaq posted modest gains, however. IBM IBM.N shares were last down about 7.1 percent at $169.187. The decline helped support Treasuries prices, which had also risen earlier on views the Fed could delay possible plans to raise interest rates in 2015. ID:nL2N0SF0UX "On a number like that, with the forecast they gave you would expect the broader market would come under more pressure, and maybe it will," said Ken Polcari, Director of the NYSE floor division at O'Neil Securities in New York, on the IBM results. The gains in Japanese shares led a rally in Asia and buoyed a measure of worldwide stock market performance. The Nikkei's gain on Monday marked its biggest daily rise since June 2013. In addition to the move by Japan's public pension fund, the index gained on Friday's strong U.S. consumer sentiment data and a weaker yen. "This sends a really strong psychological message that the smartest money in Japan, at the pension fund, is willing to take a much more aggressive bet that Japanese equities are moving higher in the future," said Chris Konstantinos, head of international portfolio management at RiverFront Investment Group in Richmond, Virginia. MSCI's all-country world index .MIWD00000PUS rose 0.46 percent, while the FTSEurofirst 300 index .FTEU3 of top European shares dropped 0.51 percent at 1,273.64. On Wall Street, the Dow Jones industrial average .DJI was last down 36.99 points, or 0.23 percent, to 16,343.42, while the S&P 500 .SPX was last up 6.45 points, or 0.34 percent, to 1,893.21. The Nasdaq Composite .IXIC was up 27.39 points, or 0.64 percent, to 4,285.83. Benchmark 10-year U.S. Treasury notes US10YT=RR were last up 2/32 in price to yield 2.19 percent. The U.S. dollar index .DXY , which tracks the greenback versus a basket of six currencies, rose 0.04 percent to 85.142. Brent LCOc1 was last down $1.41, or 1.64 percent, at $84.75 a barrel. U.S. crude CLc1 was last down $0.94, or 1.14 percent, at $81.81 per barrel. (Additional reporting by Atul Prakash in London, Alistair Smout in Edinburgh, and Chuck Mikolajczak and Richard Leong in New York; Editing by Meredith Mazzilli) ((Sam.Forgione@thomsonreuters.com; 646-223-6189; Reuters Messaging: sam.forgione.thomsonreuters.com@reuters.net)) Keywords: MARKETS GLOBAL/

Bank of England says payment system now working again

October 20, 2014 - reuters.com

LONDON, Oct 20 (Reuters) - The Bank of England said on Monday that its Real Time Gross Settlement payment system - which underpins high-value bank transfers and securities trade settlement - was working again after an outage earlier in the day. The RTGS's opening hours would be extended until 1900 GMT to deal with the backlog of payments, the BoE added. (Reporting by David Milliken; editing by William Schomberg) ((david.milliken@reuters.com; +44 20 7542 5109; Reuters Messaging: david.milliken.thomsonreuters.com@reuters.net)) Keywords: BRITAIN BOE/PAYMENT RESOLUTION

POLONIA Rate falls 0.06 pp.

October 20, 2014 - reuters.com

WARSAW, Oct 20 (Reuters) - POLONIA the reference rate for Overnight deposits amounted to 2.01 percent. The volume of transactions concluded till 16:30 by banks participating in POLONIA fixing amounted to 2,360 mln PLN. Note: Description of reference rate at: http://www.acipolska.pl/ ((warsaw.newsroom@reuters.com))

New Issue- Citigroup prices 1.5 bln euro 2021 bond

October 20, 2014 - reuters.com

Oct 20 (Reuters) -Following are terms and conditions of a bond priced on Monday. Borrower Citigroup Inc C.N Issue Amount 1.5 billion Euro Maturity Date October 27, 2021 Coupon 1.375 pct Issue price 99.405 Spread 75 basis points Underlying govt bond over the midswaps Payment Date October 27, 2014 Lead Manager(s) ABN Amro, Barclays, BNP Paribas, Commerzbank, Lloyds, RBS, SG CIB, & Swedbank Listing Lux Denoms (K) 100-1 Notes Launched under issuer's EMTN programme ISIN XS1128148845 Security details and RIC, when available, will be on Z33L 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; Satish.KB@thomsonreuters.com; Reuters Messaging Satish.KB.reuters.com@reuters.net; +91 80 6677 2510, fax +44 20 7542 5285))

Norilsk to sell African nickel stakes to Botswana's BCL for $337 mln

October 20, 2014 - reuters.com

Gaborone, Oct 20 (Reuters) - Russia's Norilsk Nickel GMKN.MM , the world's top nickel and palladium producer, said it had agreed to sell stakes in two African nickel mines for $337 million to BCL, a Botswana-based copper mining firm looking to expand. Norilsk will transfer to BCL its 50 percent interest in the Nkomati nickel and chrome mine, in South Africa, and its 85 percent stake in the Tati Nickel Mining Company, in Botswana, the two companies said on Monday. BCL will also assume all attributable outstanding debt and environmental and rehabilitation liabilities associated with the assets. Norilsk embarked on a new strategy last year that includes pulling out of international assets that it has identified as non Tier-1 mining operations. Tier-1 is an industry designation for what are typically the biggest and lowest-cost mines. "The sale of the African operations marks a major milestone in our commitment to deliver the new corporate strategy. The transaction is part of the management's roadmap to release capital from non-core assets and will have a positive impact on the company's return on invested capital", Pavel Fedorov, Norilsk Nickel First Deputy CEO said in a statement. The deal marks Norilsk Nickel's full exit from its African holdings and follows earlier disposals of its Australian assets. It still holds assets in Finland. As part of the deal, BCL will take over from Norilsk Nickel subsidiary Metal Trade Overseas AG (MTO) a commitment to buy the concentrate from the Nkomati operation. At the same time Norilsk's MTO will enter into an agreement to buy nickel matte from BCL, which the Russian company will process at its Harjavalta refinery in Finland. Citi analysts said they viewed the deal as a positive for Norilsk, "mainly due to the cash inflow and boost to the dividend that the transaction will have". The acquisition is BCL's first significant investment in South Africa. Once the deal is concluded, BCL will treat concentrate from both Tati Nickel and Nkomati at its smelter in Botswana, which is expected to optimize the company's operations and deliver economic and social benefits to the region. "BCL is now evolved as a regional player, with high quality mining assets, supported by a strong metallurgical complex," Akolang Tombale, chairman of the board of directors, said in a statement. Completion of the sale is subject to regulatory approvals and customary closing conditions. It is not subject to any financing conditions and is expected to occur within the next six months. Barclays acted as exclusive financial adviser for Norilsk Nickel and AFI for BCL. (With reporting by Silvia Antonioli; editing by Jane Baird) ((silvia.antonioli@thomsonreuters.com; +44)(0)(20 7542 1755; Reuters Messaging: silvia.antonioli.reuters.com@reuters.net)) Keywords: NORILSKAFRICA M&A/BCL

Sterling makes a good start to week, eyes on GDP data, dollar

October 20, 2014 - reuters.com

LONDON, Oct 20 (Reuters) - Sterling rose against the euro and the dollar on Monday, as traders bought it after last week's sharp losses, with its near-term direction set to be dictated by UK growth data. Third-quarter gross domestic product numbers on Friday could provide some support for the currency, which has been plagued by increasing doubts in the solidity of Britain's economic recovery in the face of a worsening outlook in Europe. Before then retail sales numbers, judging by other already released surveys, may support the softer outlook on growth which has led investors to push back expectations for a first rise in interest rates into the second half of next year. Sterling had its biggest loss in eight months against the euro last week on the back of that repricing of expectations on rates. GBPFRA GBPOIS=ICAP 0#FSS: The uncertain monetary policy outlook has seen the pound shed almost 7 percent against the dollar over the last three months. But it firmed on Monday, rising 0.3 percent against the dollar to $1.6140 GBP=D4 , while the euro was down 0.3 percent at 79.07 pence EURGBP=D4 . "There may be some support from the GDP numbers on Friday," said Jane Foley, a strategist with Rabobank in London. "But the message from the Bank of England's chief economist on Friday was pretty gloomy: it's going to be very difficult for the UK to raise and the market is I think in that frame of mind. That may put sterling on the defensive against the dollar." Bank of England chief economist Andrew Haldane said financial markets may be right to bet that the first interest rate hike since 2007 would come in the middle of next year. He also said he was in favour of keeping rates low for longer, given the uncertainties surrounding UK and global economic growth. ID:nL6N0SC0ZB EYES ON BOE MINUTES Minutes from the BoE's Oct. 9 meeting, due out on Wednesday, will be watched for more of that dovish tone. Talk among analysts that another member of the nine-strong Monetary Policy Committee might have swung to vote for higher rates has largely evaporated. Two members had backed a rate rise at the previous meeting in September and now there is speculation that both could switch votes. "The downside risk for sterling/dollar is that the two dissenting voters within the MPC might look at some of the recent economic data and switch their votes," said Jameel Ahmad, chief market analyst for FXTM. He was referring to a drop in British inflation to five-year lows and a moderation in manufacturing activity. Traders will keep an eye out for U.S. inflation, also due for release on Wednesday. A softer-than-expected reading could underpin expectations that the Federal Reserve is likely to keep rates lower for longer. That could limit sterling's losses. Investors are also becoming increasingly wary about political risks in Britain, which they say could have a bearing on investment flows and sterling. Latest polling shows growing support for anti-EU party UKIP, whose leader, Nigel Farage, said he would demand an immediate referendum on European Union membership as his price for supporting any coalition government after a parliamentary election due in May. (Reporting by Anirban Nag and Patrick Graham; Editing by Susan Fenton) ((anirban.nag@thomsonreuters.com)(+44207 542 8399)(anirban.nag.thomsonreuters.com@reuters.net)) Keywords: MARKETS STERLING/CLOSE

BRIEF-Gold Fields says remains on track to meet FY output forecast

October 20, 2014 - reuters.com

Oct 20 (Reuters) - Gold Fields Ltd GFIJ.J * Gold Fields Q3 2014 guidance update GFIJ.J * Attributable gold equivalent production for quarter is expected to be approximately 559,000 ounces * Gold Fields remains on track to achieve its production guidance for full-year 2014 * Costs for full year, however, is expected to be lower than guidance published on 13 february 2014 Source text for Eikon: ID:nJseT0035a Further company coverage: GFIJ.J ((Bangalore Newsroom: +91 80 6749 1136)) Keywords: GOLDFIELDS/BRIEF

New Issue-Lower Saxony adds 250 mln Euro 2020 FRN

October 20, 2014 - reuters.com

Oct 20 (Reuters) -Following are terms and conditions of a FRN increased on Monday. Borrower Land Niedersachen (Lower Saxony) NIEDE.UL Issue Amount 250 million Euro Maturity Date July 7, 2020 Coupon 3 month Euribor + 7 basis points Reoffer price 100.408 Payment Date October 27, 2014 Lead Manager(s) Commerzbank & Nord LB Ratings AAA (Fitch) Full fees Undisclosed Notes The issue size will total 750 mln euro when fungible 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; Satish.KB@thomsonreuters.com; Reuters Messaging Satish.KB.reuters.com@reuters.net; +91 80 6677 2510, fax +44 20 7542 5285))

London gold 1500 fix - Oct 20 - 1244.50 dlrs

October 20, 2014 - reuters.com

Czechs to auction no state bonds in November

October 20, 2014 - reuters.com

France says respects budget rules, Germany says EU must decide

October 20, 2014 - reuters.com

BERLIN, Oct 20 (Reuters) - France's finance minister said after talks in Berlin on Monday that the European Union's fiscal rules were indispensable for the credibility of the euro zone and Paris must reduce its excessive budget deficit by cutting spending. However, Michel Sapin made no specific commitment to amend the 2015 budget which France sent to the European Commission for review last week to bring it into line with the deficit cutting rules, and German Finance Minister Wolfgang Schaeuble said it was up to Brussels to decide whether it was compliant. The two countries also agreed to put forward proposals in early December on economic reforms and measures to promote investment to revive a stagnant euro zone economy. (Reporting by Noah Barkin; Writing by Paul Taylor) ((paul.taylor@thomsonreuters.com; +331 49495187; Reuters Messaging: paul.taylor.thomsonreuters.com@reuters.net)) Keywords: ECONOMY FRANCE/GERMANY RULES

London platinum/palladium 1400 fix - Oct 20

October 20, 2014 - reuters.com

Kyrgyzstan may seek Centerra's delisting after Canadian court order

October 20, 2014 - reuters.com

By Olga Dzyubenko BISHKEK, Oct 20 (Reuters) - Kyrgyzstan's President Almazbek Atambayev said on Monday he could seek to delist Centerra Gold CG.TO in Toronto after a Canadian court effectively suspended its Kyrgyz-held shares. The former Soviet republic owns a third of Centerra which is developing the vast Kumtor gold field near China's border. The government and the company are engaged in uneasy talks on restructuring of the project, which Kyrgyzstan hopes will boost its budget revenues. On Oct. 14, Canadian miner Stans Energy HRE.V obtained an order from an Ontario court which prohibits the Kyrgyz Republic and its state gold company Kyrgyzaltyn from making any move to sell, pledge or exchange 47 million shares in Centerra. ID:nWNAB04WM1 Stans Energy has sought payment from the government of $118 million in damages and losses after losing its licence for the Kutessay II rare-earth mine in Kyrgyzstan. Kyrgyz leader Atambayev said that legal actions taken by Canadian courts against Kyrgyzstan were discriminatory. "In particular, a question could be raised about possible delisting of Centerra Gold shares on the Toronto Stock Exchange," he said in a written statement published by his press service. "Or we could take more decisive steps to protect Kyrgyzstan's national interests which would exclude deciding Kumtor's fate in the courts of Canada, whose companies have already withdrawn by different means the bigger part of profits from one of the world's largest gold deposits." He did not elaborate. Centerra Gold could not immediately be reached for comment. Centerra, which employs more than 3,000 workers in Kyrgyzstan, accounted for 7.7 percent of Kyrgyzstan's gross domestic product and 24 percent of industrial output in 2013, while its gold made up 36.5 percent of all Kyrgyz exports, official data show. Under a non-binding draft agreement with Centerra, Kyrgyzstan would swap its 32.7 percent Centerra stake for half of a joint venture controlling the Kumtor mine, the company's main asset. But this deal has not been finalised. Earlier this year international arbitration upheld a claim filed by Stans Energy against Kyrgyzstan. Stans Energy said the government had effectively expropriated its 20-year Kutessay II licence which it acquired in December 2009. A court in the Kyrgyz capital Bishkek cancelled the licence last year after local prosecutors filed a suit against Stans Energy, claiming it had violated a number of licence terms. For over 30 years, Kutessay II produced 80 percent of the rare earth metals for the former Soviet Union. (Writing by Dmitry Solovyov; Editing by Ruth Pitchford) ((dmitry.solovyov@thomsonreuters.com)(+7 727 3300 787 x 705)(Reuters Messaging: dmitry.solovyov.thomsonreuters.com@reuters.net)) Keywords: KYRGYZSTAN CENTERRAGOLD/STOCKS

India's finance minister says favours opening up state-run coal industry

October 20, 2014 - reuters.com

NEW DELHI, Oct 20 (Reuters) - India's finance minister said on Monday he personally believes the time is right to dilute nationalisation of the country's state-run coal industry, adding it is easier to carry out economic reforms in the first year of a government. Arun Jaitley's comments to a television news channel came days after New Delhi lifted diesel price controls and raised the cost of natural gas. ID:nL3N0SD0D9 (Reporting by Frank Jack Daniel; editing by Malini Menon) ((rajeshkumar.singh@thomsonreuters.com; +91-11-4178-1056; Reuters Messaging: rajeshkumar.singh.thomsonreuters.com@reuters.net)) Keywords: INDIA ECONOMY/FINMIN

BRIEF-Guyana Goldfields achieves first drawdown of $185 mln project finance facility

October 20, 2014 - reuters.com

Oct 20 (Reuters) - Guyana Goldfields Inc GUY.TO : * Achieves financial close and first drawdown of the US$185 million project finance facility * Guyana goldfields -financial close achieved, first drawdown obtained for $185 million finance facility to fund construction of Aurora gold project, Guyana * First drawdown has been obtained in the amount of US$42.6M with subsequent payments expected to be received on a monthly basis * Source text for Eikon ID:nCNWNRxj6a * Further company coverage GUY.TO ((Bangalore Newsroom; +1 646 223 8780))

GLOBAL MARKETS-Solid data, earnings push world stocks higher

October 20, 2014 - reuters.com

* Global stocks gain on encouraging U.S. data * Dollar rises against the safe-haven yen * Euro zone bond yields dip By Atul Prakash LONDON, Oct 20 (Reuters) - Global stocks climbed on Monday, moving further away from eight-month lows hit last week, as strong U.S. data and encouraging third-quarter earnings eased concerns about the pace of global economic recovery. The MSCI world equity index .MIWD00000PUS , which tracks shares in 45 countries, was up 0.3 percent by 1030 GMT, having fallen about 10 percent in four weeks to last week's lows. The dollar also rose against major currencies, supported by a surprisingly strong survey of U.S. consumer sentiment and robust housing starts figures on Friday that signalled solid growth in the world's biggest economy. ID:nL2N0SC0PJ The European Central Bank's announcement that it has started buying covered bonds as part of a new stimulus package announced in June had a modest initial impact, lifting some European bank stocks. ID:nL6N0SF1VR "Calm returns after last week's roller-coaster ride," Saxo Bank trader Andrea Tueni said, adding that although sentiment remained fragile, stocks appeared to have hit a low. "U.S. macro data is reassuring, the earnings season has been quite good so far, and we're getting positive news such as Japan's big pension fund boosting its exposure to equities." Japan's $1.2 trillion Government Pension Investment Fund is likely to raise its allocation for domestic stocks to about 25 percent, people familiar with the process said on Saturday. The world's biggest pension fund, its war chest is larger than the annual output of Mexico's economy. ID:nL3N0SC664 That news and the upbeat U.S. data fuelled a 4 percent surge in Japan's Nikkei .N225 on Monday, its biggest daily rise since June 2013, helped also by the weaker yen, which is good for the country's exporters. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS surged 1.2 percent overnight. The pan-European FTSEurofirst 300 index .FTEU3 fell 0.5 percent, however, as a profit warning by technology firm SAP SAPG.DE hit the sector. "Last week's market turmoil largely reflects market technicals and positioning, rather than a fundamentally justified reassessment of global growth," UBS economist Larry Hatheway said in a note. "European data aside, global leading indicators of economic activity are not pointing to a broad-based slowdown in growth. If anything, some indicators suggest that growth will actually strengthen modestly in the period immediately ahead." Global stocks also got some support from encouraging U.S. earnings reports. Out of the 81 S&P 500 component companies that have reported third-quarter results so far, 64.2 percent have beaten expectations, a rate slightly below the average over the past four quarters but better than the past 20 years. Major U.S. companies announcing results on Monday include Apple AAPL.O and International Business Machines IBM.N . U.S. stock futures DJc1 SPc1 NDc1 were flat to 0.1 percent lower, pointing to a slow start on Wall Street after all major U.S. stock indexes jumped more than 1 percent on Friday. The dollar rose against the safe-haven yen JPY= on the encouraging economic numbers and a pushing back of expectations on when U.S. interest rates will begin to rise following comments by Federal Reserve officials last week. News that Japan's pension fund was also likely to boost its holdings of overseas assets, spurring demand for foreign currencies, helped. The dollar index, which measures the greenback against a basket of six major currencies, rose 0.1 percent to 85.181 .DXY after dropping to a three-week low of 84.472 last week. "The market is more stable today after last week's volatility. We've seen a tentative pick-up of risk sentiment, and that's leading to a recent reversal of safe-haven driven gains," said Lee Hardman, a currency economist at Bank of Tokyo-Mitsubishi UFJ in London. Euro zone bond yields dipped as concerns about a slowdown in global growth eased. German 10-year Bund yields DE10YT=TWEB , which set the standard for euro zone borrowing costs, fell 1 basis point to 0.85 percent, while Spanish, Italian and most other yields were down 1-2 basis points on the day. In commodities, Brent crude LCOc1 steadied around $86 a barrel, holding on to a rally from near four-year lows last week on news of a cut in Saudi-Kuwait oil output. But London copper futures fell, hurt by worries over rising stocks and China's economic growth. ID:nL3N0SF216 ID:nL3N0SF1E1 (Additional reporting by Blaise Robinson in Paris, Jemima Kelly in London and Lisa Twaronite in Tokyo; Editing by Catherine Evans) ((atul.prakash@reuters.com; +44 20 7542 6189; Reuters Messaging:)(atul.prakash.thomsonreuters.com@reuters.net)) Keywords: MARKETS GLOBAL/WRAPUP 5

London gold 1030 fix - Oct 20 - 1241.00 dlrs

October 20, 2014 - reuters.com

London platinum/palladium 0945 fix - Oct 20

October 20, 2014 - reuters.com

INDICATORS - Kazakhstan - Oct 20

October 20, 2014 - reuters.com

India's finance ministry wants to reimpose curbs on gold imports -Economic Times

October 20, 2014 - reuters.com

NEW DELHI, Oct 20 (Reuters) - India's Finance Ministry has written to the central bank to consider reimposing some restrictions on gold imports after inbound shipments surged in the last few months, widening the trade deficit, the Economic Times reported on Monday. The central bank eased some gold import rules in May by allowing seven more private agencies to ship in the precious metal, driving a sharp jump in overseas buying despite a record import duty of 10 percent. A 450 percent rise in gold imports expanded the trade deficit to an 18-month high of $14.25 billion in September, creating concerns for the government, an unidentified finance ministry official told the Economic Times. Gold is India's second-biggest expense on imports after oil, and shipments of the metal tend to jump ahead of key festivals in October. The Finance Ministry and the central bank, the Reserve Bank of India, could not immediately be reached for comment. Indian gold traders and jewellers had hoped the new government of Prime Minister Narendra Modi would lower the import duty, following election campaign statements that any action on gold should take into account the interests of the public and traders. But Trade Minister Nirmala Sitharaman said in September there was no immediate plan to cut the gold import duty. ID:nL3N0RB35H (Reporting by Krishna N Das and Neha Dasgupta; Editing by Clarence Fernandez) ((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 GOLD/IMPORTS

BRIEF-Norilsk Nickel says to sell African operations to BCL Ltd

October 20, 2014 - reuters.com

Oct 20 (Reuters) - Gmk Noril'skiy Nikel' Oao GMKN.MM * Norilsk Nickel and BCL Ltd entered into definitive agreements for sale of African operations to BCL * Total expected consideration for assets payable by BCL to Norilsk Nickel amounts to $337 million payable in cash * In addition, BCL will assume all attributable outstanding debt and environmental and rehabilitation liabilities associated with each asset * Assets are 50 pct participation interest in Nkomati Nickel and Chrome mine and 85 pct stake in Tati Nickel mining company Source text for Eikon: ID:nHUG1MB3TQ Further company coverage: [BML.AX GMKN.MM] ((Bangalore Newsroon +918067491130)) Keywords: GMKNORIL'SKIYNIKEL'OAO/BRIEF

India Morning Call-Global Markets

October 20, 2014 - reuters.com

EQUITIES NEW YORK - U.S. stocks extended their rebound from this month's bruising selloff on Friday, giving the S&P 500 its best day in over a week, as worries about the U.S. earnings outlook eased, but the S&P 500 still posted its fourth straight week of declines. The Dow Jones industrial average .DJI rose 263.17 points, or 1.63 percent, to 16,380.41, the S&P 500 .SPX gained 24 points, or 1.29 percent, to 1,886.76 and the Nasdaq Composite .IXIC added 41.05 points, or 0.97 percent, to 4,258.44. For a full report, click on .N - - - - LONDON - Britain's top equity index rebounded from 15-month lows on Friday as concerns eased over the state of the U.S. economy, while Tullow Oil TLW.L benefited from a broker upgrade. The blue-chip FTSE 100 .FTSE index, which had fallen some 5 percent in the first four days of this week to reach 15-month lows, closed up by 1.9 percent at 6,310.29 points. For a full report, click on .L - - - - TOKYO - Japan's Nikkei share average soared 3.3 percent on Monday morning and is on track to post the biggest daily rise in more than a year after Wall Street took heart on Friday from upbeat U.S. data, while the weaker yen lifted exporters such as Toyota Motor Corp 7203.T and Honda Motor Co 7267.T . The Nikkei share average .N225 rose 482.98 points to 15,015.49 in mid-morning trade to recover most of the losses posted last week For a full report, click on .T - - - - HONG KONG - Hang Seng Index .HSI is trading 0.48 percent higher. For a full report, click on .HK - - - - FOREIGN EXCHANGE SYDNEY - The dollar gained on Monday after upbeat data restored some calm to the financial markets, prompting equities to rally back from deep losses and triggering a rise in Treasury yields. The greenback got a further lift against the yen after reports that Japan's $1.2 trillion Government Pension Investment Fund (GPIF) could boost foreign asset holdings, seen spurring demand for foreign currencies. For a full report, click on USD/ - - - - TREASURIES NEW YORK - U.S. Treasuries prices fell on Friday for a second straight day, reversing a rally earlier in the week, as a gauge of American consumer attitudes jumped and U.S. and European stock markets rose. Benchmark 10-year notes US10YT=RR , which rose in price by as much as 3 points on Wednesday on fears over the global economy, were last off 10/32 on Friday to yield 2.190 percent after touching a high of 2.229 percent. For a full report, click on US/ - - - - COMMODITIES GOLD SINGAPORE - Gold ticked lower on Monday after two straight weekly gains, with strong U.S. economic data allaying fears over a slowdown in the global economy, supporting equities and dimming bullion's safe-haven appeal. Spot gold XAU= had eased 0.2 percent to $1,235.20 an ounce by 0030 GMT, slipping for a third session. The metal has gained nearly 4 percent in the past two weeks and hit a one-month high of $1,249.30 on Wednesday. For a full report, click on GOL/ - - - - BASE METALS SYDNEY - London copper inched down on Monday after climbing in the last session from its lowest in around six months, hit by worries over the end of U.S. stimulus. Three-month copper on the London Metal Exchange CMCU3 had dropped 0.14 percent to $6,631.75 by 0111 GMT, after closing the Friday session at $6,640.00. For a full report, click on MET/L - - - - OIL NEW YORK - Oil prices rose slightly on Friday, bouncing from near four-year lows even while marking a fourth straight weekly loss, as investors bought back into a market they said was oversold, and as fighting in Iraq increased political risk. Brent for December LCOc1 rose 34 cents to settle at $86.16 a barrel. The November Brent contract expired on Thursday. For a full report, click on O/R (Compiled by Indulal PM) ((indulal.p@thomsonreuters.com; +91-22-6180-7183; Reuters Messaging: indulal.p.thomsonreuters.com@reuters.net)) Keywords: MORNINGCALL INDIA

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