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UPDATE 1-Kinross posts loss, sees 2015 output near top of own forecast

July 30, 2015 - reuters.com

(Adds more financial, production details, analysts' estimates) July 29 (Reuters) - Kinross Gold Corp K.TO slid to a loss in the second quarter, in line with market expectations, on the back of a weaker gold price, lower gold sales and the temporary suspension of operations at a mine in Chile. The Toronto-based gold producer reported a loss of $83.2 million, or 7 cents a share, in the three months to end-June. That compared with net earnings of $46 million, or 4 cents a share, in the same period in 2014. Excluding one-time items, Kinross reported a loss of $13.6 million, or 1 cent a share. On average, analysts polled by Thomson Reuters I/B/E/S had expected a loss of 1 cent. Kinross said it was tracking at the high end of its 2015 production forecast of 2.4 million to 2.6 million gold equivalent ounces and at the low end of its forecast for all-in sustaining costs of $1,000 to $1,100 per ounce. The company was also on track to come in below its 2015 capital spending forecast of $725 million. "With strong liquidity, including more than $1 billion in cash on the balance sheet, Kinross is well positioned to weather the current market volatility," Kinross Chief Executive Paul Rollinson said in a statement. Kinross said it produced 660,898 gold equivalent ounces in the quarter, down from 679,831 in the same quarter a year ago. All-in sustaining costs rose to $1,011 per gold equivalent ounce compared with $976 an ounce a year ago. (Reporting by Nicole Mordant in Vancouver; Editing by Chris Reese and Jonathan Oatis) ((nicole.mordant@thomsonreuters.com; +1-604-664-7315; Reuters Messaging: nicole.mordant.thomsonreuters.com@reuters.net)) Keywords: KINROSSGOLD RESULTS/

Gold miner Kinross slides to second-quarter net loss

July 30, 2015 - reuters.com

July 29 (Reuters) - Kinross Gold Corp K.TO slid to a loss in the second quarter on the back of a weaker gold price, lower gold sales and the temporary suspension of operations at a mine in Chile. The Toronto-based gold producer reported a loss of $83.2 million, or 7 cents a share, in the three months to end-June. That compared with net earnings of $46 million, or 4 cents a share, in the same period in 2014. (Reporting by Nicole Mordant in Vancouver; Editing by Chris Reese) ((nicole.mordant@thomsonreuters.com; +1-604-664-7315; Reuters Messaging: nicole.mordant.thomsonreuters.com@reuters.net)) Keywords: KINROSSGOLD RESULTS/

GLOBAL MARKETS-Stocks, dollar gain as Fed sees improving economy

July 29, 2015 - reuters.com

* Corporate earnings also lift U.S., European stocks * Oil jumps after big U.S. stock drawdown * Dollar gains; September rate hike still possible (Adds close of U.S. market) By Herbert Lash NEW YORK, July 29 (Reuters) - Global equity markets rose on Wednesday, lifted by strong U.S. and European corporate earnings and a Federal Reserve statement that said the U.S. economy continues to strengthen, adding to expectations an interest rate hike is getting closer. Fed officials said they felt the U.S. economy had overcome a first-quarter slowdown and was "expanding moderately" despite a downturn in the energy sector and headwinds from overseas. ID:nL1N1092AW The Fed left its key interest rate, which has remained near zero for almost a decade, unchanged as expected. The Fed has said it will raise rates once it sees a sustained recovery. "The Fed is taking baby steps towards a rate hike," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin. "The Fed is doing a good job getting people ready for a rate hike before year's end, making it likely to be a low-impact event," he said. Advancing issues listed on the New York Stock Exchange outnumbered declining ones by almost 3 to 1, while Nasdaq-listed advancing issues slightly outnumbered declining issues. With more than half of second-quarter results now reported, analysts expect overall earnings of S&P 500 companies to edge up 0.8 percent and revenue to decline 3.9 percent, according to Thomson Reuters data. Shares of General Dynamics GD.N hit a record high, gaining 3.9 percent after the company said it saw a rebound in demand for its Gulfstream business jets. The shares led a sector-wide rally for major aerospace stocks. ID:nL1N1091JF The Dow Jones industrial average .DJI closed up 121.12 points, or 0.69 percent, to 17,751.39. The S&P 500 .SPX added 15.32 points, or 0.73 percent, to 2,108.57 and the Nasdaq Composite .IXIC gained 22.53 points, or 0.44 percent, to 5,111.73. MSCI's all-country world stock index .MIWD00000PUS rose 0.67 percent, while the FTSEurofirst index .FTEU3 of leading European shares closed up 1.02 percent at 1,561.48. In Europe, carmaker Peugeot PEUP.PA reported first-half net income for the first time in four years, boosting its shares 6 percent. Oil major Total TOTF.PA posted higher-than-expected second-quarter profits, and rose 2.6 percent. ID:nL5N1095C9 Merger activity also lifted shares, with Italcementi ITAI.MI surging 49 percent and HeidelbergCement HEIG.DE falling 6 percent after its takeover offer. ID:nL5N1084ZE The dollar rose 0.28 percent at 123.90 yen JPY= , while the euro was down 0.64 percent at $1.0987. ID:nL1N10927Z Higher U.S. Treasuries yields also supported the greenback, with the two-year yield US2YT=RR rising to 0.7038 percent. The benchmark 10-year U.S. Treasury note US10YT=RR fell 9/32 in price to yield 2.2823 percent. ID:nL1N1092FJ Oil prices reversed early losses and rose after weekly data showed an unexpectedly large drawdown in U.S. crude inventories. Data from the U.S. Energy Information Administration showed crude USOILC=ECI stocks fell by 4.2 million barrels last week, more than twenty times analysts' expectations for an decrease of 184,000 barrels. ID:nL3N1091GU Front-month Brent futures LCOc1 rose 8 cents to settle at $53.38 a barrel. U.S. crude for September delivery CLc1 settled 81 cents higher at $48.79. (Reporting by Herbert Lash; Editing by Nick Zieminski and Meredith Mazzilli) ((herb.lash@thomsonreuters.com; 1-646-223-6019; Reuters Messaging: herb.lash.reuters.com@reuters.net))

Keywords: MARKETS GLOBAL/

U.S. discussing currency provisions with TPP partners -official

July 29, 2015 - reuters.com

WASHINGTON, July 29 (Reuters) - The United States is in talks to reach an agreement on currency policy with all its partners in a potential Asia-Pacific trade pact, a U.S. Treasury official said on Wednesday. "We are discussing with all of our TPP partners provisions to promote our mutual interest in preventing unfair currency practices," the official said, referring to the Trans Pacific Partnership deal that would deepen America's trade ties with Asia. "The currency provisions we are developing in the context of TPP would promote greater accountability of currency policies," the official said by email in a statement. (Reporting by Jason Lange in Washington and Krista Hughes in Lahaina, Hawaii; Editing by Sandra Maler) ((jason.lange@thomsonreuters.com; 202 310 5487; Twitter @langejason; Reuters Messaging: jason.lange.thomsonreuters.com@reuters.net)) Keywords: TRADE TPP/CURRENCY TREASURY

FOREX-Dollar rises as Fed's jobs view hints at rate hike

July 29, 2015 - reuters.com

* Dollar bulls seize on Fed's upgraded labor market outlook * Dollar slips briefly after Fed statement, reverses quickly * Aussie, other commodities-linked currencies under pressure * Kiwi holds firm earlier after RBNZ governor comments (Updates throughout, adds quote) By Richard Leong NEW YORK, July 29 (Reuters) - The dollar rose modestly against a basket of currencies on Wednesday as the Federal Reserve upgraded its view of the labor market, supporting some traders' opinion that it would raise benchmark U.S. interest rates, perhaps as early as September. The latest statement from the Federal Open Market Committee, the U.S. central bank's policy-setting group, affirmed the prevalent view that the Fed is ready to end its near-zero interest rate policy by year-end as the world biggest economy has dug out of a recession worsened by the global credit crunch nearly seven years ago. ID:nTLATIEB24 Although inflation has remained below the Fed's 2 percent target and overseas developments including the European debt crisis and most recently China's stock market turmoil have complicated the timing of a rate "lift-off," most analysts reckon the era of near-zero rates is coming to an end. "A September move is definitely in the cards," said Joe O'Leary, senior foreign exchange trader at Silicon Valley Bank in Santa Clara, California. The consensus among economists in a Reuters poll published on July 23 was that the Fed would raise rates by a quarter point at its September meeting, followed by another quarter-point move in December. ID:nL1N1010UE Traders who are bullish on the dollar pointed to the FOMC acknowledgement of "solid job gains" in recent months. The dollar initially slipped on the statement before quickly reversing back into positive territory. "The initial move lower for the dollar was a knee-jerk reaction. This statement will likely be seen as a minor step, pointing to a September move as squarely on the table," said Omer Esiner, chief market analyst with Commonwealth Foreign Exchange Inc. in Washington. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Graphic on Fed dove-hawk scale: http://link.reuters.com/huf74w ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> The dollar was last up 0.3 percent at 123.91 yen JPY= , while the euro EUR= was down 0.7 percent at $1.0983. The dollar index .DXY was 0.4 percent higher on the day at 97.159. Meanwhile, an initial drop in oil prices LCOc1 exerted downward pressure on the Australian dollar and other currencies closely linked to commodities. A rebound in the oil market helped pare losses in those currencies but their sell-off resumed due to the perceived hawkishness of the FOMC statement. O/R The Australian dollar AUD=D4 was last down 0.6 percent at $0.7291 while the New Zealand dollar NZD=D4 was down 0.3 percent at $0.6670. The kiwi held firm earlier after the country's central bank governor played down the chances of more deep rate cuts. ID:nL3N108011 (Additional reporting by Patrick Graham in London, Hideyuki Sano in Tokyo and Masayuki Kitano in Singapore; Editing by Meredith Mazzilli and James Dalgleish) ((richard.leong@thomsonreuters.com; +1-646-223-6313; Reuters Messaging: richard.leong.thomsonreuters.com@thomsonreuters.net; Twitter @RichardLeong2)) Keywords: MARKETS FOREX/

GLOBAL MARKETS-Stocks, dollar climb as Fed sees improving economy

July 29, 2015 - reuters.com

* Corporate earnings lift U.S., European stocks * Oil jumps after big U.S. stock drawdown * Dollar gains; September rate hike still possible (Adds oil settlement prices, adds reaction to Fed statement, updates prices) By Herbert Lash NEW YORK, July 29 (Reuters) - Global equity markets rose on Wednesday, lifted by strong U.S. and European corporate earnings and a Federal Reserve statement that said the U.S. economy continues to strengthen, adding to expectations that an interest rate hike is getting closer. Fed officials said they felt the U.S. economy had overcome a first-quarter slowdown and was "expanding moderately" despite a downturn in the energy sector and headwinds from overseas. The Fed left its key interest rate unchanged, as expected, and it has remained near zero for almost a decade. The Fed has said it will raise rates once it sees a sustained recovery. "The Fed is taking baby steps towards a rate hike," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin. "The Fed is doing a good job getting people ready for a rate hike before year's end, making it likely to be a low-impact event," he said. All 10 major S&P sectors were higher, led by a 1.29 percent gain in the telecommunications index .SPLRCL . With more than half of second-quarter results now reported, analysts expect overall earnings of S&P 500 companies to edge up 0.8 percent and revenue to decline 3.9 percent, according to Thomson Reuters data. Shares of General Dynamics GD.N hit a record high, gaining 4.1 percent, after the company said it saw a rebound in demand for its Gulfstream business jets. The shares led a sector-wide rally for major aerospace stocks. ID:nL1N1091JF The Dow Jones industrial average .DJI rose 122.73 points, or 0.7 percent, to 17,753. The S&P 500 .SPX gained 15.11 points, or 0.72 percent, to 2,108.36 and the Nasdaq Composite .IXIC added 21.39 points, or 0.42 percent, to 5,110.59. MSCI's all-country world stock index .MIWD00000PUS rose 0.71 percent, while the FTSEurofirst index .FTEU3 of leading European shares closed up 1.02 percent at 1,561.48. In Europe, carmaker Peugeot PEUP.PA reported first-half net income for the first time in four years, boosting its shares 6 percent. Oil major Total TOTF.PA posted higher-than-expected second-quarter profits. ID:nL5N1095C9 Merger activity also lifted shares, with Italcementi ITAI.MI surging 49 percent and HeidelbergCement HEIG.DE falling 6 percent after its takeover offer. ID:nL5N1084ZE The dollar rose 0.32 percent at 123.95 yen JPY= , while the euro was down 0.71 percent at $1.0978. ID:nL1N10927Z Higher U.S. Treasuries yields also supported the greenback, with the two-year yield US2YT=RR rising to 0.7038 percent. The benchmark 10-year U.S. Treasury note US10YT=RR fell 8/32 in price to yield 2.2805 percent. ID:nL1N1092FJ Oil prices reversed early losses and rose after weekly data showed an unexpectedly large drawdown in U.S. crude inventories. Data from the U.S. Energy Information Administration showed crude USOILC=ECI stocks fell by 4.2 million barrels last week, more than twenty times analysts' expectations for an decrease of 184,000 barrels. ID:nL3N1091GU Front-month Brent futures LCOc1 rose 8 cents to settle at $53.38 a barrel. U.S. crude for September delivery CLc1 settled 81 cents higher at $48.79. (Reporting by Herbert Lash; Editing by Dan Grebler and Nick Zieminski) ((herb.lash@thomsonreuters.com; 1-646-223-6019; Reuters Messaging: herb.lash.reuters.com@reuters.net))

Keywords: MARKETS GLOBAL/

PRECIOUS-Gold inches up after Fed leaves door open to Sept rate hike

July 29, 2015 - reuters.com

* Dollar up slightly vs basket of currencies after Fed * Gold struggles to rise back above $1,100/oz level (Rewrites throughout, updates prices; adds comment, second byline, NEW YORK dateline) By Marcy Nicholson and Clara Denina NEW YORK/LONDON, July 29 (Reuters) - Gold moved up a shade on Wednesday, but remained near last week's 5-1/2-year low, after a U.S. Federal Reserve statement raised uncertainty about the timing of a possible interest rate hike, leaving the door open for September. Following a two-day policy meeting, Fed officials said they felt the economy had overcome a first-quarter slowdown and was "expanding moderately" despite a downturn in the energy sector and headwinds from overseas. The statement said the U.S. economy and job market continue to strengthen. ID:nTLATIEB24 "(The) market can't seem to decide whether the Fed has moved marginally farther away from a September hike," said Tai Wong, director of base and precious metals trading for BMO Capital Markets in New York. "Will need some FOMC members' spin in the coming days for a bit more clarity." Wong added that the statement was nearly identical to the one in June. Spot gold XAU= was up 0.14 percent at $1,096.50 an ounce at 2:41 p.m. EDT (1841 GMT). U.S. gold for August delivery GCcv1 settled down 0.3 percent at $1,092.60 an ounce, prior to the statement. Policymakers had been expected to reaffirm that only consistent signs of a strong U.S. economy and labor market would put it on track to raise interest rates in coming months. For non-interest yielding gold, higher interest rates mean prices could come under pressure for gold. "In my view, the market is so oversold that the next move should be higher, but right now, who knows?" LBBW analyst Thorsten Proettel said ahead of the Fed statement. "A lot of people have burnt their fingers with gold, and they don't want to touch it." Spot gold touched $1,077 last week, its weakest since February 2010, following a sell-off on exchanges in New York and Shanghai, when investors cut their exposure on fears of further price declines. Gold has since found it tough to recover above $1,100 an ounce, indicating bearish investors continued to hover in the market. U.S. stocks stayed higher after the Fed statement while the dollar .DXY briefly extended gains. .N MKTS/GLOB Holdings of the largest gold-backed exchange-traded-fund, New York's SPDR Gold Trust GLD , were unchanged at 21.87 million ounces on Monday, the lowest since September 2008, following a seven-day slide. GOL/ETF Spot palladium XPD= was down 0.7 percent at $615 an ounce and platinum XPT= was down 0.2 percent at $983 an ounce, both not far above multi-year lows. Silver XAG= was up 0.8 percent at $14.79 an ounce. (Additional reporting by Jan Harvey in London and Manolo Serapio Jr in Manila; Editing by Susan Thomas and Meredith Mazzilli) ((Marcy.Nicholson@thomsonreuters.com, +1 646 223 6043; Reuters Messaging Marcy.Nicholson.ThomsonReuters.com@reuters.net)) Keywords: MARKETS PRECIOUS/

FOREX-Dollar rises as Fed upgrades view on jobs sector

July 29, 2015 - reuters.com

NEW YORK, July 29 (Reuters) - The dollar rose against a basket of currencies on Wednesday as Federal Reserve policy-makers upgraded their assessment on the labor market, supporting some traders' view of a rate increase in September. ID:nTLATIEB24 The dollar index .DXY was last up 0.09 percent at 96.845 after falling shortly after the release of the latest policy statement from the Federal Open Market Committee. The FOMC, the U.S. central bank's policy-setting group, met on Tuesday and Wednesday. FED/DIARY (Reporting by Richard Leong; Editing by Chris Reese) ((richard.leong@thomsonreuters.com; +1 646 223 6313; Reuters Messaging: richard.leong.thomsonreuters.com@thomsonreuters.net; Twitter @RichardLeong2)) Keywords: MARKETS FOREX/FOMC

GLOBAL MARKETS-Stocks climb ahead of Fed statement

July 29, 2015 - reuters.com

* Corporate earnings lift U.S., European stocks * Oil jumps after big U.S. stock drawdown * Dollar gains as traders await Fed statement (Adds close of European markets) By Herbert Lash NEW YORK, July 29 (Reuters) - Global equity markets rose on Wednesday, lifted by strong U.S. and European corporate earnings, as investors awaited a policy statement from the U.S. Federal Reserve, which is expected to raise interest rates, perhaps as early as September. The dollar was slightly higher against major currencies before the U.S. central bank was to conclude a two-day meeting at 2 p.m. EDT (1800 GMT). ID:nL1N108249 The prevalent view has been that the Fed is ready to end its near-zero interest rate policy by year-end as the world's biggest economy has dug out of the global downturn. The market is looking at stock-specific earnings and is waiting for Fed Chair Janet Yellen to indicate a rate move will likely be sooner rather than later, so policymakers are not caught off guard and forced to be aggressive, said Ryan Larson, head of U.S. trading at RBC Global Asset Management in Chicago. "The market at this point should expect nothing less, and if she says that, they should be no more surprised than they were yesterday," Larson said. "That's been well telegraphed, and I think she'll go right down the middle of the road." With just over half of S&P 500 companies having reported second-quarter results, 73 percent have been above expectations, compared with a 70 percent beat rate over the past four quarters, according to Thomson Reuters data. Shares of General Dynamics GD.N hit a record high, gaining 4.7 percent, after the company said it saw a rebound in demand for its Gulfstream business jets. The shares led a sector-wide rally for major aerospace stocks. ID:nL1N1091JF The Dow Jones industrial average .DJI was up 98.17 points, or 0.56 percent, to 17,728.44. The S&P 500 .SPX gained 9.91 points, or 0.47 percent, to 2,103.16 and the Nasdaq Composite .IXIC added 8.61 points, or 0.17 percent, to 5,097.82. MSCI's all-country world stock index .MIWD0000PUS rose 0.65 percent, while the FTSEurofirst index .FTEU3 of leading European shares closed up 1.02 percent at 1,561.48. In Europe, carmaker Peugeot PEUP.PA reported first-half net income for the first time in four years, boosting its shares 6 percent. Oil major Total TOTF.PA posted higher-than-expected second-quarter profits. ID:nP6N0X601U Merger activity also lifted shares, with Italcementi ITAI.MI surging 49 percent and HeidelbergCement HEIG.DE falling 6 percent after its takeover offer. ID:nL5N1084ZE The dollar rose 0.21 percent at 123.81 yen JPY= , while the euro was down 0.19 percent at $1.1037. Higher U.S. Treasuries yields also supported the greenback, with the two-year yield US2YT=RR rising to 0.708 percent. The benchmark 10-year U.S. Treasury note US10YT=RR fell 12/32 in price to yield 2.2949 percent US/ Oil prices reversed early losses and rose after weekly data showed an unexpectedly large drawdown in U.S. crude inventories. Data from the U.S. Energy Information Administration showed crude USOILC=ECI stocks fell by 4.2 million barrels last week, more than twenty times analysts' expectations for an decrease of 184,000 barrels. Front-month Brent futures LCOc1 rose 50 cents to $53.80 a barrel. U.S. crude for September delivery CLc1 last traded at $49.08, up $1.10 on the day. (Reporting by Herbert Lash; Editing by Dan Grebler) ((herb.lash@thomsonreuters.com; 1-646-223-6019; Reuters Messaging: herb.lash.reuters.com@reuters.net))

Keywords: MARKETS GLOBAL/

UPDATE 1-Sudan cuts subsidy for imported wheat - sources

July 29, 2015 - reuters.com

(Adds quotes from state miller, background) By Khalid Abdelaziz KHARTOUM, July 29 (Reuters) - Sudan's central bank has raised the U.S. dollar exchange rate at which wheat imports are purchased, effectively reducing the subsidy. The government decision is set to raise wheat prices by around 35 percent, an official at the state-owned Seen Flour Mills told the state news agency Suna on Wednesday, adding that the large subsidy the government was paying for imported wheat had led to a shortage of the commodity in the market. One banking source and a Sudanese wheat trader confirmed the change saying that the central bank had sent a document to concerned parties changing the rate from 2.9 Sudanese pounds a dollar to 4 Sudanese pounds for wheat imports. "Large amounts of pounds go to subsidising wheat ... but the citizen does not benefit, rather the wheat producers in the countries that we import from do," Al-Aqeb Abdelrahim of Seen Flour Mills said. Protests erupted in Sudan in 2013 when the government announced fuel subsidy cuts. The Sudanese economy has suffered since the secession of oil-producing South Sudan in 2011, which deprived it of about three quarters of the crude production it relied on for state revenues and foreign currency used to import food. (Reporting By Khalid Abdelaziz; Writing By Maha El Dahan; Editing by Greg Mahlich) ((Maha.Dahan@thomsonreuters.com; + 9712 4082101; Reuters Messaging: maha.dahan.thomsonreuters.com@reuters.net)) Keywords: SUDAN WHEAT/SUBSIDY

South Africa's rand a touch firmer as market bets on dovish Fed

July 29, 2015 - reuters.com

JOHANNESBURG, July 29 (Reuters) - South Africa's rand firmed for a third straight session against the dollar on Wednesday as investors bet that the U.S. Federal Reserve might issue a dovish policy statement, boosting the appeal of high-yielding emerging market assets. With investors focused on the Fed, the rand barely moved after a Statistics South Africa survey showed that unemployment eased slightly to 25 percent in the second quarter from 26.4 percent previously. ID:nJ8N0Y201K At 1545 GMT the rand ZAR=D3 was trading at 12.5000 to the dollar, a 0.49 percent gain over Tuesday's New York close. Traders said caution had prevailed for much of the session ahead of Fed chair Janet Yellen releasing the Federal Open Market Committee policy statement at 1800 GMT. "There is talk that she might be a little more dovish than expected so that's helped the currencies a little bit; Turkey is a bit stronger, the rand is a bit stronger, the Aussie is a bit stronger," said Ion de Vleeschauwer, chief dealer at Bidvest Bank. "If (Yellen is) confident about the U.S. economy, then the rand is going to weaken pretty quickly. If she's more dovish then there could be more rand strength tomorrow." Government debt was also bid slightly firmer on the day, pulling the yield for paper maturing in 2026 ZAR186= a basis point lower to 8.18 percent. (Reporting by Stella Mapenzauswa; Editing by James Macharia) ((stella.mapenzauswa@thomsonreuters.com; +27 11 775 3161; Reuters Messaging: stella.mapenzauswa.thomsonreuters.com@reuters.net)) Keywords: MARKETS SAFRICA/CURRENCY

GLOBAL MARKETS-Stocks climb ahead of Fed statement

July 29, 2015 - reuters.com

* Corporate earnings lift U.S., European stocks * Dollar gains slightly (Adds U.S. market open, changes dateline; previous LONDON) By Herbert Lash NEW YORK, July 29 (Reuters) - Global equity markets rose on Wednesday, lifted by strong U.S. and European corporate earnings, although moves were subdued before a policy statement from the U.S. Federal Reserve, which is expected to raise interest rates, perhaps as early as September. The dollar was slightly higher against major currencies before the U.S. central bank is scheduled to conclude a two-day meeting at 2 p.m. EDT (1800 GMT). ID:nL1N108249 The prevalent view has been that the Fed is ready to end its near-zero interest rate policy by year-end as the world's biggest economy has dug out of the global downturn. The market is looking at stock-specific earnings and is waiting for Fed Chair Janet Yellen to indicate a rate move will likely be sooner rather than later, so policy makers are not caught off guard and forced to be aggressive, said Ryan Larson, head of U.S. trading at RBC Global Asset Management in Chicago. "The market at this point should expect nothing less, and if she says that, they should be no more surprised than they were yesterday," Larson said. "That's been well telegraphed, and I think she'll go right down the middle of the road." With just over half of S&P 500 companies having reported second-quarter results, 73 percent have been above expectations, compared with a 70 percent beat rate over the past four quarters, according to Thomson Reuters data. Shares of General Dynamics GD.N hit a record high, gaining 4.7 percent, after the company said it saw a rebound in demand for its Gulfstream business jets. The shares led sector-wide rally for major aerospace stocks. ID:nL1N1091JF The Dow Jones industrial average .DJI was up 112.24 points, or 0.64 percent, at 17,742.51. The Standard & Poor's 500 Index .SPX was up 11.94 points, or 0.57 percent, at 2,105.19. The Nasdaq Composite Index .IXIC was up 13.20 points, or 0.26 percent, at 5,102.41. MSCI's all-country world stock index .MIWD0000PUS rose 0.63 percent, while the FTSEurofirst index .FTEU3 of leading European shares rose .95 percent. In Europe, carmaker Peugeot PEUP.PA reported first-half net income for the first time in four years. Oil major Total TOTF.PA posted higher-than-expected second-quarter profits. ID:nP6N0X601U The dollar rose 0.23 percent at 123.83 yen JPY= , while the euro was down 0.4 percent at $1.1014. Higher U.S. Treasuries yields also supported the greenback, with the two-year yield US2YT=RR rising to 0.708 percent. The benchmark 10-year U.S. Treasury note US10YT=RR fell 10/32 in price to yield 2.2877 percent US/ Oil prices reversed early losses and rose after weekly data showed an unexpectedly large drawdown in U.S. crude inventories. Data from the U.S. Energy Information Administration showed crude USOILC=ECI stocks fell by 4.2 million barrels last week, more than twenty times analysts' expectations for an decrease of 184,000 barrels. Front-month Brent futures LCOc1 rose 60 cents to $53.90 a barrel. U.S. crude for September delivery CLc1 last traded at $49.26, up $1.28 on the day. (Reporting by Herbert Lash; Editing by Dan Grebler) ((herb.lash@thomsonreuters.com; 1-646-223-6019; Reuters Messaging: herb.lash.reuters.com@reuters.net))

Keywords: MARKETS GLOBAL/

Metallon's gold output falls short in further setback for Zimbabwe mining sector

July 29, 2015 - reuters.com

HARARE, July 29 (Reuters) - Metallon Corp, the biggest gold producer in Zimbabwe, said it missed its first-half output target by 19 percent due to equipment breakdowns, in another setback for the country's mining sector, which has been hit by slumping commodities prices. The tax agency said on Wednesday that royalties from mining, which contributes around 17 percent of Zimbabwe's gross domestic product, fell 65 percent in the first half of 2015 from a year earlier, and analysts say the southern African country could tip into recession later this year. London-based Metallon, which is not listed, owns fives mines in Zimbabwe, three operational and two which are being revived, through its Metallon Gold unit. It said on Wednesday that it had experienced equipment breakdowns at the three operational mines, and that its output for January-June totalled 48,143 ounces. That was below a target of 59,621 ounces but up from 45,524 ounces in the same period last year. It said it would spend $20 million to get production back to normal but did not say when that would be achieved. Zimbabwe rakes in 52 percent of its export earnings from mining, including gold. Gold is its third-biggest export after tobacco and platinum and the country is reeling as the gold price has fallen 8 percent this year to its lowest levels in more than five years, while the price of platinum has plunged 18 percent. Metallon said early this year that it planned to expand production to 150,000 ounces of gold in 2015, from 98,864 ounces last year, but it was unclear after Wednesday's statement whether that target was still achievable. ID:nL5N0W02Y0 Zimbabwe's chamber of mines, which represents Zimbabwean mining companies, said on Wednesday that falling global prices of platinum and gold would hit the sector's production and revenue. Metallon, however, also said that it planned to re-open its Redwing mine in eastern Zimbabwe in October. The mine will add 3,400 ounces of gold by December and produce 16,000 ounces next year. The company said it would focus on reducing its debt, currently at $20 million, and renegotiate the cost of interest payments. "Metallon continues to engage with financial institutions for CAPEX funding and is confident that funding at significantly lower cost will be available in the next few weeks," it said in a statement. Zimbabwe's tax collections were 6 percent below target in the first half of this year, the tax agency said on Wednesday, due in part of the drop in revenues from mining. (Reporting by MacDonald Dzirutwe; Editing by Susan Fenton) ((macdonald.dzirutwe@thomsonreuters.com; +263 4 799 112; Reuters Messaging: macdonald.dzirutwe.thomsonreuters.com@reuters.net)) Keywords: ZIMBABWE METALLON/GOLD

POLONIA Rate falls 0.11 pp.

July 29, 2015 - reuters.com

WARSAW, Jul 29 (Reuters) - POLONIA the reference rate for Overnight deposits amounted to 0.81 percent. The volume of transactions concluded till 16:30 by banks participating in POLONIA fixing amounted to 4,945 mln PLN. Note: Description of reference rate at: http://www.acipolska.pl/ ((warsaw.newsroom@reuters.com))

INDICATORS - Lebanon - July 29

July 29, 2015 - reuters.com

FOREX-Dollar holds steady as traders await clues from Fed

July 29, 2015 - reuters.com

* Traders await possible hints on a September U.S. rate increase * Aussie, other commodities-linked currencies under pressure * Kiwi holds steady after RBNZ governor comments (Updates market action, changes dateline, previous LONDON) By Richard Leong NEW YORK, July 29 (Reuters) - The dollar held steady against major currencies on Wednesday as traders awaited possible clues from the Federal Reserve on whether it will raise interest rates, perhaps as early as September. The prevalent view has been the U.S. central bank is ready to end its near-zero interest rate policy by year-end as the world biggest economy has dug out of a recession worsened by the global credit crunch nearly seven years ago. Although inflation has remained below the Fed's 2 percent target and overseas developments including the European debt crisis and most recently China's stock market turmoil have complicated the timing of a rate "lift-off," most analysts reckon the era of near-zero rates is coming to an end. ID:nL1N108249 "The core message will be that the Fed will leave door the open for a September rate hike, which would be mildly dollar positive and disappoint those who are looking for a more dovish signal," said Alan Ruskin, global head of FX strategy at Deutsche Bank in New York. The consensus among economists in a Reuters poll published on July 23 was that the Fed would raise rates by a quarter point at its September meeting, followed by another quarter-point move in December. ID:nL1N1010UE The Federal Open Market Committee will release its policy statement at 2 p.m. ET (1800 GMT). FED/DIARY Higher U.S. Treasuries yields also supported the greenback, with the two-year yield US2YT=RR rising to 0.708 percent. US/ The dollar was up 0.1 percent at 123.72 yen JPY= , while the euro was down 0.2 percent at $1.1033. The dollar index .DXY was little changed at 96.788. Meanwhile, a sixth day of losses in the oil market LCOc1 exerted downward pressure on the Australian dollar AUD= , Canadian dollar CAD= and other currencies that are closely linked to commodities. O/R The move underscored growing concerns around economies whose growth is reliant on commodity exports as China is slowing and short-term supply of many natural resources is high. The Australian dollar was down 0.3 percent at $0.7318 after falling almost half a percent earlier AUD=D4 . The New Zealand dollar bucked the trend among commodity-linked currencies. It held firm above its recent six-year low against the dollar at $0.6691 NZD=D4 after its central bank governor played down the chances of further deep cuts to interest rates. ID:nL3N108011 (Additional reporting by Patrick Graham in London; Hideyuki Sano in Tokyo; Masayuki Kitano in Singapore; Editing by Alison Williams and Meredith Mazzilli) ((richard.leong@thomsonreuters.com; +1 646 223 6313; Reuters Messaging: richard.leong.thomsonreuters.com@thomsonreuters.net; Twitter @RichardLeong2)) Keywords: MARKETS FOREX/

Sterling hits 4-week high vs dollar on UK rate outlook, awaits Fed

July 29, 2015 - reuters.com

By Jemima Kelly and Anirban Nag LONDON, July 29 (Reuters) - Sterling hit a four-week high against the dollar on Wednesday, boosted by signs of consumer demand in Britain picking up, with most awaiting a policy statement from the Federal Reserve for a steer on when U.S. interest rates will start to rise. While the Fed is likely to hike rates by the end of the year, a recent slide in commodity prices and market turmoil in China have cast doubt on expectations of a September hike. The Bank of England, meanwhile, is expected to raise rates around the turn of the year. GBPOIS=ICAP Data released on Wednesday showed mortgage approvals in the UK rebounding in June, while another report showed increased buying of sterling debt by overseas investors. On Tuesday, data showed growth in the UK economy gathering pace in the second quarter, all of which underpinned the pound. ECONGB Sterling was up 0.4 percent at $1.5685 GBP=D4 , its highest since July 1, while the euro was down 0.7 percent at 70.40 pence EURGBP=D4 . "The Fed is going to leave their options open for a September rate hike but they're not going to get pre-committed," said Hans Redeker, global head of FX strategy at Morgan Stanley in London. "The BoE is also going to hike rates but I think it is going to be after the Fed. Why would you, as a relatively small country, raise your hat and say 'I'm first'?" The BoE's monetary policy committee (MPC) meets next week, and for the first time will simultaneously publish its decision on interest rates, the breakdown of how its policymakers voted along with a summary of their debate, and its quarterly forecasts for Britain's economy, including inflation. ID:nL5N10336Z No interest rate change is expected, although the vote could expose the first split on the nine-member MPC this year. Some are betting that up to three members will vote in favour of an immediate rate increase. "The pace of rate hikes implied by the front end of the UK curve is slower than in the U.S. and has room to adjust, providing support for sterling as long as we don't talk about the balance of payments, or 'Brexit'," said Kit Juckes, currency strategist at Societe Generale. (Editing by Mark Heinrich) ((anirban.nag@thomsonreuters.com; +44)(0)(20 7542 8399; Reuters Messaging: anirban.nag.thomsonreuters@reuters.net)) Keywords: MARKETS STERLING/CLOSE

FOREX-Dollar index flat after pending home sales fall in June

July 29, 2015 - reuters.com

NEW YORK, July 29 (Reuters) - The dollar was little changed against a basket of currencies on Wednesday as domestic pending home sales unexpectedly fell 1.8 percent in June, suggesting some pullback in housing demand following recent strong gains. ID:nL1N10914E ID:nW1N0Z202W The dollar index .DXY was flat on the day at 96.766 as traders await a policy statement from the Federal Open Market Committee, the U.S. central bank's policy-setting group, at 2 p.m. (1800 GMT). FED/DIARY (Reporting by Richard Leong; Editing by Chizu Nomiyama) ((richard.leong@thomsonreuters.com; +1 646 223 6313; Reuters Messaging: richard.leong.thomsonreuters.com@thomsonreuters.net; Twitter @RichardLeong2)) Keywords: MARKETS FOREX/PENDINGHOMES

UPDATE 2-Disappointed ECB says euro zone economies further apart than at the start

July 29, 2015 - reuters.com

(Adds further detail) By Balazs Koranyi FRANKFURT, July 29 (Reuters) - The euro zone's founding members are further apart economically than they were, a "disappointing" outcome defying the premise that laggards would slowly catch up in common currency bloc, the European Central Bank said on Wednesday. Early members failed to recognise that lower borrowing costs, a key benefit in the currency union, would only provide a temporary boost, and left unchecked, would actually lead to many of the troubles that plunged the bloc into its debt crisis. "Progress towards real convergence among the 12 countries that formed the euro area in its initial years has been disappointing," the ECB said in an economic bulletin. The unusually strong commentary from the bank highlights the fragility of the currency union, which is still fighting an existential crisis after Greece came close to being forced out after years of failed reforms and ballooning debt. Though not a founding member of the currency union, Greece was included in 2001 and was among the 12 nations that started using the euro banknotes in 2002. Euro zone membership pushed down borrowing costs, fuelling unsustainable credit-driven growth, and governments assumed this would last, leading to unrealistic growth expectations. Once the boost ran out and growth faltered, debt levels rose quickly. Ireland, Portugal, Cyprus and Greece have received international bailouts since the start of the euro zone debt crisis and growth across the bloc is expected to be muted for years to come. "There is some evidence of divergence among the early adopters of the euro, given that over 15 years a number of relatively low-income countries have maintained (Spain and Portugal) or even increased (Greece) their income gaps with respect to the average," it added. "Moreover, Italy, initially a higher-income country, recorded the worst performance, suggesting substantial divergence from the high-income group," it added. Governments also kept in place rigid and protected product and labour market structures with little ability to flexibly adjust wages, exacerbating the effect of the crisis as currency devaluation could no longer be used to reestablish competitiveness. With capital allocated to low productivity sectors, part of the protectionist framework, even relatively high productivity sectors suffered, weighing on overall growth. Meanwhile, late jointers Estonia, Latvia, Lithuania and Slovakia have recorded the highest degree of convergence among the EU countries, the ECB added. (Reporting by Balazs Koranyi; Editing by Jeremy Gaunt) ((Balazs.Koranyi@thomsonreuters.com; +49 69 7565 1244; Reuters Messaging: balazs.koranyi.thomsonreuters.com@reuters.net)) Keywords: EUROZONE ECONOMY/ECB

UPDATE 1-Brazil set to hike rates as inflation risks rise on weak real

July 29, 2015 - reuters.com

(Adds analyst comment) By Alonso Soto BRASILIA, July 29 (Reuters) - Brazil's central bank was poised to maintain its aggressive pace of interest rate hikes on Wednesday after a steep cut in fiscal savings targets weakened the real currency and stirred doubts about the government's commitment to help contain price increases. Forty-two out of 55 analysts surveyed by Reuters last week expect the central bank to raise its benchmark Selic rate BRCBMP=ECI by 50 basis points for the sixth straight time to 14.25 percent. The remainder forecast a hike of 25 basis points. ID:nL1N1041AO The Brazilian real BRBY has slid nearly 4 percent against the U.S. dollar to its weakest in 12 years since Brazil unveiled less ambitious fiscal targets last Wednesday. The sharp depreciation has intensified inflationary pressures by making imports more expensive. The real firmed 0.2 percent early on Wednesday. Standard & Poor's threat on Tuesday to strip Brazil of its coveted investment-grade rating in the coming year is also expected to raise pressure on the bank to keep raising rates, already the highest among major world economies. ID:nL3N108553 Until recently the bank signaled it was close to ending the rate-hiking cycle that started in October, pointing to its success in bringing down inflationary expectations from 2017 onward. However, the reduction of the government's key fiscal targets prompted an immediate change in the tone used by the central bank as it warned of more vigilance. "We expect a 50-basis-points hike and the downgrade threat reaffirms that position," said Natalia Cotarelli, economist with Banco ABC Brasil in Sao Paulo. "The trigger for that change in tone of the central bank was the reduction of the fiscal goals." Still, Siobhan Morden of Jefferies LLC said in a research note the central bank will likely signal the end of the cycle in its decision statement to avoid deepening a recession that complicates the recovery of fiscal accounts by slowing revenues. Many market observers interpreted the new fiscal targets as a signal that government will not reduce spending as aggressively as planned, effectively an admission it would not be able to help the central bank rein in inflationary pressures. ID:nL1N1020YE Two days after the government announced the lower targets for fiscal savings, central bank director Luiz Pereira said it was "paramount" for the bank to remain vigilant to bring inflation back to the 4.5 percent center of the official target in 2016. ID:nL1N1040R2 Brazil's inflation slowed in the month to mid-July as the economy contracted, but remained high on an annual basis at 9.25 percent. ID:nL1N1020MJ (Reporting by Alonso Soto; Editing by Simon Cameron-Moore and Meredith Mazzilli) ((alonso.soto@thomsonreuters.com; +55 61 34267027; Reuters Messaging: alonso.soto.thomsonreuters.com@reuters.net)) Keywords: BRAZIL ECONOMY/RATES

Yield on Kenya's 182-day Treasury bills falls

July 29, 2015 - reuters.com

NAIROBI, July 29 (Reuters) - The weighted average yield on Kenya's 182-day Treasury bill KE6MT=RR fell to 11.929 percent at auction on Wednesday from 12.431 percent last week, the central bank said. The yield on the 364-day Treasury bill KE1YT=RR rose to 13.500 percent from 13.034 percent last week. The bank received bids worth 3 billion shillings ($29.5 million) for the 8 billion shillings' worth of bills offered, and accepted 2.1 billion shillings. Next week, the central bank will offer 11 billion shillings worth of Treasuries of all maturities at two separate auctions, the bank said. ($1 = 101.6000 Kenyan shillings) (Reporting by Drazen Jorgic; Editing by James Macharia) ((drazen.jorgic@thomsonreuters.com; +254 204 991 237; Reuters Messaging: drazen.jorgic.thomsonreuters.com@reuters.net)) Keywords: KENYA BILLS/

RBI says reserve money grew 10.8 pct in week to July 24

July 29, 2015 - reuters.com

July 29 (Reuters) - The Reserve Bank of India RBI says reserve money grew 10.8 pct year on year in week to july 24 vs 11.3 pct year ago RBI says currency in circulation grew 10.3 pct y-o-y in week to july 24 vs 11.8 pct year ago RBI says currency in circulation down 147.7 bln rupees to 14.88 trln rupees in week to july 24 Source Text: (http://bit.ly/1ezYfoa) (Reporting By Aditya Kondalamahanty in Bengaluru) ((Aditya.K@thomsonreuters.com; +91 80 6749 4771; Reuters Messaging: Aditya.K@thomsonreuters.com@reuters.net)) Keywords: INDIA CENBANK/RESERVEMONEY

IMF chief: China response to stock plunge won't weigh on currency review

July 29, 2015 - reuters.com

WASHINGTON, July 29 (Reuters) - China's policy response to a plunge in its stock market is unlikely to affect the International Monetary Fund's decision on whether to include the yuan currency in its special drawing rights basket of currencies, the international lender's chief said on Wednesday. Commenting on Beijing's efforts to prop up stocks, IMF Managing Director Christine Lagarde said: "Is that going to impact our assessment of the drawing rights basket? I don't think so." "We will continue to do the work, and I don't think we'll be undue derailed by some market variations that we've seen recently," she said in a news conference. (Reporting by Jason Lange and Michael Flaherty; Editing by Susan Heavey) ((jason.lange@thomsonreuters.com; 202 310 5487; Twitter @langejason; Reuters Messaging: jason.lange.thomsonreuters.com@reuters.net)) Keywords: CHINA IMF/

Brazil says risk of public debt approaching 70 pct of GDP reduced

July 29, 2015 - reuters.com

SAO PAULO, July 29 (Reuters) - The risk of Brazil's public debt approaching 70 percent of gross domestic product is greatly reduced, even with modest economic growth, the country's finance ministry said in a statement on Wednesday. The government last week slashed the country's fiscal savings targets for this and the next two years, prompting economists and analysts to forecast that Brazil's debt burden was going to climb above 70 percent of GDP in coming years. Debt-to-GDP ratio levels are closely watched by rating agencies as a measurement of a country's financial health. Standard & Poor's on Tuesday threatened to strip Brazil of its investment-grade rating next year because of the challenges President Dilma Rousseff faces to improve fiscal accounts and re-start economic growth. (Reporting by Patricia Duarte) ((caroline.stauffer@thomsonreuters.com; +55 11 5644 7726; Reuters Messaging: caroline.stauffer.thomsonreuters.com@reuters.net)) Keywords: BRAZIL ECONOMY/DEBT

FOREX-Aussie, Canadian dollars inch lower ahead of Fed statement

July 29, 2015 - reuters.com

* Aussie, other commodities-linked currencies under pressure * Dollar inches higher ahead of Fed statement due 1800 GMT * Market already retreated from expectations of Sept. move * Kiwi edges higher after RBNZ comments (Adds more quotes, updates prices) By Patrick Graham LONDON, July 29 (Reuters) - Major currencies that are closely linked to commodities prices were back on the defensive on Wednesday as oil prices fell again and traders awaited the outcome later in the day of a U.S. Federal Reserve meeting. The New Zealand dollar was again the marginal exception to that rule, resisting more losses after its central bank governor played down the chances of further deep cuts to interest rates. ID:nL3N108011 But even with a more encouraging tone on China's stock markets limiting the damage, the Canadian and Australian dollar were both down by 0.2-0.3 percent in mid-morning trade in Europe. The dollar, euro and yen were all broadly steady, and the broader dollar index against a basket of currencies a touch lower, ahead of a Fed policy statement that may be crucial for fading expectations of a rate rise in September. "The commitment of many people to a September view has dripped away," said Jane Foley, a currency strategist with Rabobank in London. "It would be a big surprise for (Fed chief Janet) Yellen to be particularly hawkish today." Mid-morning in Europe, the dollar was down less than 0.1 percent against the euro at $1.1068 EUR= and flat at 123.56 yen. JPY= The mood around the U.S. currency and economy remains solid. Even if the Fed takes until later this year, or even early next, to raise interest rates, it will be doing so while many of its peers are still looking in the opposite direction. But there has been a shift away from the past year's expectations of gains against the euro, yen and other majors towards playing for a rising dollar against developing world currencies such as the rand, Brazilian real or Turkish lira. Among the majors, the biggest loser was the Australian dollar, down almost half a percent to $0.7302 AUD=D4 at one point before recovering some ground. That reflects the growing concerns around economies where growth is reliant on commodity prices at a time when China is slowing, global growth is wobbling and short-term supply of many natural resources is high. "We expect broad dollar strength against the overall commodity currency complex in developed markets as well as in emerging markets," analysts from Barclays said in a note focusing on the outlook for commodities prices and currencies. "Macroeconomic risks, particularly out of China could limit upside demand surprises, supply surprises appear largely to have been on the upside across most commodity markets." The Fed's policy statement is due at 1800 GMT, and trading ahead of that could be swayed by Wednesday being the last trading day for settlement before the month's end, traders said. Matt Cobon, head of rates and foreign exchange at Threadneedle Asset Management in London, argued that rate expectations on the dollar had in reality been static this year and that much of a longer-term structural adjustment in favour of the dollar has also been priced in. "I've been the world's biggest bear on commodity currencies and the world's biggest bear on emerging markets for a long time," he said. "But for the first time in years I see a relative value opportunity in owning some of this stuff. I think the dollar in terms of fair value is running ahead of where it should be due to cyclical reasons." (Editing by Alison Williams) ((patrick.graham@thomsonreuters.com)(+44207 542 9429)(patrick.graham.thomsonreuters.com@reuters.net)) Keywords: MARKETS FOREX/

FOREX-Aussie, Canadian dollars inch lower ahead of Fed statement

July 29, 2015 - reuters.com

* Aussie, other commodities-linked currencies under pressure * Dollar inches higher ahead of Fed statement due 1800 GMT * Market already retreated from expectations of Sept. move * Kiwi edges higher after RBNZ comments (Adds more quotes, updates prices) By Patrick Graham LONDON, July 29 (Reuters) - Major currencies that are closely linked to commodities prices were back on the defensive on Wednesday as oil prices fell again and traders awaited the outcome later in the day of a U.S. Federal Reserve meeting. The New Zealand dollar was again the marginal exception to that rule, resisting more losses after its central bank governor played down the chances of further deep cuts to interest rates. ID:nL3N108011 But even with a more encouraging tone on China's stock markets limiting the damage, the Canadian and Australian dollar were both down by 0.2-0.3 percent in mid-morning trade in Europe. The dollar, euro and yen were all broadly steady, and the broader dollar index against a basket of currencies a touch lower, ahead of a Fed policy statement that may be crucial for fading expectations of a rate rise in September. "The commitment of many people to a September view has dripped away," said Jane Foley, a currency strategist with Rabobank in London. "It would be a big surprise for (Fed chief Janet) Yellen to be particularly hawkish today." Mid-morning in Europe, the dollar was down less than 0.1 percent against the euro at $1.1068 EUR= and flat at 123.56 yen. JPY= The mood around the U.S. currency and economy remains solid. Even if the Fed takes until later this year, or even early next, to raise interest rates, it will be doing so while many of its peers are still looking in the opposite direction. But there has been a shift away from the past year's expectations of gains against the euro, yen and other majors towards playing for a rising dollar against developing world currencies such as the rand, Brazilian real or Turkish lira. Among the majors, the biggest loser was the Australian dollar, down almost half a percent to $0.7302 AUD=D4 at one point before recovering some ground. That reflects the growing concerns around economies where growth is reliant on commodity prices at a time when China is slowing, global growth is wobbling and short-term supply of many natural resources is high. "We expect broad dollar strength against the overall commodity currency complex in developed markets as well as in emerging markets," analysts from Barclays said in a note focusing on the outlook for commodities prices and currencies. "Macroeconomic risks, particularly out of China could limit upside demand surprises, supply surprises appear largely to have been on the upside across most commodity markets." The Fed's policy statement is due at 1800 GMT, and trading ahead of that could be swayed by Wednesday being the last trading day for settlement before the month's end, traders said. Matt Cobon, head of rates and foreign exchange at Threadneedle Asset Management in London, argued that rate expectations on the dollar had in reality been static this year and that much of a longer-term structural adjustment in favour of the dollar has also been priced in. "I've been the world's biggest bear on commodity currencies and the world's biggest bear on emerging markets for a long time," he said. "But for the first time in years I see a relative value opportunity in owning some of this stuff. I think the dollar in terms of fair value is running ahead of where it should be due to cyclical reasons." (Editing by Alison Williams) ((patrick.graham@thomsonreuters.com)(+44207 542 9429)(patrick.graham.thomsonreuters.com@reuters.net)) Keywords: MARKETS FOREX/

Sri Lanka rupee ends steady on state bank's dollar sales

July 29, 2015 - reuters.com

COLOMBO, July 29 (Reuters) - The Sri Lankan rupee LKR=LK ended steady on Wednesday a day after a state-run bank cut the currency's peg against the dollar by 10 cents to allow the exchange rate to appreciate to 133.60, dealers said. The spot rupee ended steady at 133.60 on Wednesday. One of the two state banks, through which the central bank usually directs the market, sold dollars at 133.60 to keep the rupee steady, they said. However, there was downward pressure on the rupee due to demand for the greenback from importers amid reluctant dollar sales by exporters, the dealers said. "There is importer demand ahead of the long weekend but the rupee is trading steady due to state bank (dollar) sales," said a currency dealer. Markets will be closed on Friday for a Buddhist religious holiday. Some dealers expect the currency to be less volatile amid a possible mild appreciation until the Aug. 17 parliamentary elections. (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Prateek Chatterjee) ((ranga.sirilal@thomsonreuters.com; +94-11-232-5540; Reuters Messaging: ranga.sirilal.thomsonreuters.com@reuters.net ; www.twitter.com/rangaba)) Keywords: MARKETS SRI LANKA/FOREX

India fwd/annualised dlr premia-(closing)-Jul 29

July 29, 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 05.71% 05.71% 05.71% (Jul 28) 1000 02.00/03.00 01.00/01.50 01.00/01.50 05.70% 05.70% 05.70% --------------------------------------------------------------- TIME AUG SEP OCT NOV --------------------------------------------------------------- 1000 37.50/39.00 75.25/77.25 112.50/114.50 151.00/153.00 1100 37.50/39.00 75.00/77.00 112.50/114.50 151.00/153.00 1200 37.50/39.00 74.75/76.75 112.25/114.25 151.00/153.00 1300 37.50/39.50 75.00/77.00 112.50/114.50 151.00/153.00 1400 37.50/39.50 75.00/77.00 112.50/114.50 151.00/153.00 1500 37.50/39.00 74.75/76.75 112.25/114.25 151.00/153.00 1600 37.25/39.25 74.75/76.75 112.25/114.25 150.75/152.75 1715 37.50/38.50 74.75/76.25 112.00/114.00 150.50/152.50 (C1osing Jul 28) 1715 38.75/40.75 76.25/78.25 114.00/116.00 152.50/154.50 --------------------------------------------------------------- TIME DEC JAN FEB MAR --------------------------------------------------------------- 1000 189.50/191.50 226.00/228.00 264.50/266.50 303.00/305.00 1100 189.50/191.50 225.50/227.50 264.00/266.00 302.50/304.50 1200 189.75/191.75 226.00/228.00 264.50/266.50 303.00/305.00 1300 189.50/191.50 225.50/227.50 264.00/266.00 302.50/304.50 1400 189.50/191.50 225.50/227.50 264.00/266.00 302.50/304.50 1500 189.50/191.50 225.50/227.50 264.00/266.00 302.50/304.50 1600 189.25/191.25 225.25/227.25 263.75/265.75 302.25/304.25 1715 189.00/191.00 225.00/227.00 263.50/265.50 302.00/304.00 (C1osing Jul 28) 1715 191.00/193.00 227.50/229.50 266.00/268.00 304.50/306.50 --------------------------------------------------------------- TIME APR MAY JUN JUL --------------------------------------------------------------- 1000 344.00/346.00 383.00/385.00 419.00/421.00 452.00/454.00 1100 343.50/345.50 382.50/384.50 418.50/420.50 452.00/454.00 1200 343.75/345.75 382.75/384.75 418.50/420.50 452.00/454.00 1300 343.00/345.00 382.00/384.00 418.00/420.00 451.50/453.50 1400 343.00/345.00 382.00/384.00 417.75/419.75 451.00/453.00 1500 343.00/345.00 381.75/383.75 417.50/419.50 451.00/453.00 1600 342.75/344.75 381.50/383.50 417.25/419.25 450.50/452.50 1715 342.50/344.50 381.50/383.50 417.25/419.25 450.50/452.50 (C1osing Jul 28) 1715 345.50/347.50 384.50/386.50 420.50/422.50 00.75/01.75 ---------------------------------------------------------------- TIME 1 MTH 2 MTH 3MTH 4 MTH 5 MTH 6 MTH ---------------------------------------------------------------- 1000 7.05% 7.14% 7.13% 7.12% 7.11% 7.13% 1100 7.05% 7.12% 7.12% 7.12% 7.11% 7.11% 1200 7.05% 7.09% 7.11% 7.12% 7.12% 7.12% 1300 7.10% 7.12% 7.13% 7.12% 7.11% 7.11% 1400 7.09% 7.12% 7.12% 7.12% 7.11% 7.11% 1500 7.05% 7.10% 7.11% 7.12% 7.12% 7.11% 1600 7.05% 7.10% 7.12% 7.11% 7.11% 7.11% 1715 7.00% 7.07% 7.09% 7.09% 7.09% 7.09% (C1osing Jul 28) 1715 7.09% 7.12% 7.14% 7.13% 7.12% 7.13% --------------------------------------------------------------- TIME 7 MTH 8 MTH 9 MTH 10 MTH 11 MTH 12MTH --------------------------------------------------------------- 1000 7.12% 7.12% 7.22% 7.19% 7.16% 7.11% 1100 7.11% 7.11% 7.21% 7.18% 7.15% 7.11% 1200 7.12% 7.12% 7.21% 7.19% 7.15% 7.11% 1300 7.11% 7.11% 7.20% 7.17% 7.15% 7.10% 1400 7.11% 7.11% 7.20% 7.17% 7.14% 7.09% 1500 7.11% 7.11% 7.20% 7.17% 7.14% 7.10% 1600 7.11% 7.11% 7.20% 7.17% 7.14% 7.09% 1715 7.09% 7.09% 7.19% 7.16% 7.13% 7.08% (C1osing Jul 28) 1715 7.13% 7.12% 7.22% 7.19% 7.16% 7.11% --------------------------------------------------------------- (CONVERSION RATE - $1 = 63.9100/63.9200 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

INDICATORS - Kazakhstan - July 29

July 29, 2015 - reuters.com

Kyrgyzstan launches Taldy-Bulak gold venture with China

July 29, 2015 - reuters.com

By Olga Dzyubenko TALDY-BULAK GORGE, Kyrgyzstan, July 29 (Reuters) - K yrgyzstan on Wednesday opened a gold mine at the Taldy-Bulak Levoberezhny deposit, a joint venture with China and so far the second "world-class" gold project with foreign investors. The field, discovered by Soviet geologists, lies in the Taldy-Bulak Gorge in the Tien Shan mountains some 120 km (75 miles) east of the capital Bishkek and holds an estimated 65 tonnes of gold. Continued exploration is expected to add up to 20 tonnes to the reserves, Kyrgyz geologists say. Kyrgyzstan, a mainly Muslim nation in Central Asia with a population of 5.5 million, remains volatile after popular revolts deposed two presidents in 2005 and 2010. It sorely needs foreign investment to alleviate widespread poverty. "This is a significant event for Kyrgyzstan's economy, but this is just the beginning," Kyrgyz Prime Minister Temir Sariyev said at the opening ceremony. "We will continue this work in the future and will launch a number of (mining) combines. Next month the Bozymchak deposit will be launched at full capacity," he said in a reference to a project implemented by Kazakh firm Kazakhmys Gold Kyrgyzstan. Taldy-Bulak's underground mine will be run by Altynken, a venture in which Kyrgyz state gold company Kyrgyzaltyn holds 40 percent and Superb Pacific Limited Company, a wholly owned subsidiary of China's Zijin Mining Group Co. Ltd 601899.SS , another 60 percent. Altynken, which holds a 19-year licence, has so far invested $246 million. It aims to produce 1 tonne of gold by the end of this year. Annual output is set to average 3.7 tonnes of gold in several years. Taldy-Bulak will be profitable as long as gold price does not fall below $1,080 per ounce, Kyrgyzaltyn Board Chairman Almaz Alimbekov told reporters at the site. As of 0840 GMT on Wednesday, spot gold XAU= traded at $1,098 per ounce. This is the second major gold project launched in the country after the collapse of the Soviet Union in 1991. In 1997, Kyrgyzstan started joint production with Canada's Centerra Gold Inc. CG.TO at Kumtor, its largest gold deposit. In the past two years, the two sides have been locked in uneasy negotiations as Kyrgyzstan, which owns a third in Centerra, seeks to form a 50-50 joint venture to run Kumtor, which is the core asset of the Toronto-listed investor. (Writing by Dmitry Solovyov Editing by Jeremy Gaunt.) ((dmitry.solovyov@thomsonreuters.com; +7 727 3300 787 x 705; Reuters Messaging: dmitry.solovyov.thomsonreuters.com@reuters.net)) Keywords: KYRGYZSTAN GOLD/TALDYBULAK

Zimbabwe misses H1 tax target, mining royalties plunge

July 29, 2015 - reuters.com

HARARE, July 29 (Reuters) - Zimbabwe's tax collections were six percent below target during the first half of the year while mining royalties and value added tax plunged, reflecting a struggling economy, the tax agency said on Wednesday. The southern African country's economy, where mining contributes around 17 percent to gross domestic product, is expected to struggle this year due to low commodity prices and a poor farming season. Willia Bonyongwe, the chairperson of the Zimbabwe Revenue Authority (ZIMRA) said tax collections between January and June were $1.66 billion, below the target of $1.76 billion. The agency collected $1.72 billion during the same period last year. At $39.8 million, mining royalties were 39 percent below target. When compared to the same time last year, mining royalties fell 65 percent from $112 million. "The performance of the revenue head (mining royalties) can be attributed to depressed international mineral prices," Bonyongwe said in a statement. Zimbabwe holds the world's second largest platinum reserves and produces gold, chrome and iron ore. Mining generates more than half of export earnings but weak global commodity prices, especially of platinum and gold, are expected to hit Zimbabwe's earnings this year. Bonyongwe said company tax was also 9 percent below target while value added tax (VAT) on the sale of local goods at $213 million was 33 percent short of target as consumer demand fell. Businesses are struggling with high operating costs, competition from cheaper imports and biting electricity shortages and have been forced to retrench hundreds this year. The Zimbabwe government has said the economy will flatline at 3.2 percent this year, but the World Bank sees growth at 1 percent, while some economic analysts forecast a slide into recession for the first time since 2008. Finance Minister Patrick Chinamasa is expected to present his half-year economic update to parliament on Thursday. (Reporting by MacDonald Dzirutwe; Editing by James Macharia) ((macdonald.dzirutwe@thomsonreuters.com; +263 4 799 112; Reuters Messaging: macdonald.dzirutwe.thomsonreuters.com@reuters.net)) Keywords: ZIMBABWE TAX/

Vietnam cbank says forex reserves at $37 bln - media

July 29, 2015 - reuters.com

HANOI, July 29 (Reuters) - Vietnam's foreign exchange reserves excluding gold at the end of this month will have reached $37 billion, up from last year's record $36 billion, a state-run newspaper cited the country's central bank governor on Wednesday as saying. "If we include other items like gold and deposits in foreign currencies by the State Treasury and credit institutions at the State Bank of Vietnam, it is about $40 billion," Nguyen Van Binh was quoted in a Saigon Times newspaper in an online report as saying. Binh's comment came after Vietnam devalued the dong currency VND=VN twice this year by a combined 2 percent. Last December, the central bank said dong depreciation would be less than 2 percent for the whole of 2015. (Reporting by Mai Nguyen; Editing by Prateek Chatterjee) ((mai.nguyen@thomsonreuters.com; +844 3825 9623; Reuters Messaging: mai.nguyen.thomsonreuters.com@reuters.net)) Keywords: VIETNAM CURRENCY/RESERVES

PRECIOUS-Gold wedged below $1,100 ahead of Fed outcome

July 29, 2015 - reuters.com

* Investors eyeing signals on timing of U.S. rate hike * Coming up: Fed releases policy statement at 1800 GMT (Updates prices) By Manolo Serapio Jr MANILA, July 29 (Reuters) - Gold steadied at just below $1,100 an ounce on Wednesday, trading not far from a 5-1/2-year low, as investors awaited the outcome of the U.S. Federal Reserve's meeting for more signs on the timing of this year's interest rate increase. After last week's rout, gold was stuck in narrow ranges ahead of the conclusion of the Fed's policy meeting later in the day. Policymakers are likely to affirm the strength of the U.S. economy and labour market that puts them on track to raise interest rates as early as September, suggesting more downside risk for non-interest yielding gold. "We still remain somewhat cautious about gold over the short-term, and suspect that the dollar could start to push higher over the balance of the week, possibly triggered by Wednesday's upbeat Fed policy statement," INTL FCStone analyst Edward Meir said. "We also do not see any imminent upside price drivers for gold at the moment, with physical, investor and fund demand all being rather uninspiring." Spot gold XAU= was up 0.3 percent at $1,098 an ounce by 0630 GMT. The metal touched $1,077 last week, its weakest since February 2010, following a selloff in New York and Shanghai as investors cut their exposure on fears of further price declines. After breaching the $1,100 support level, gold has found it tough to recover and stay above that mark, indicating bearish investors continued to hover in the market. U.S. gold for August delivery GCcv1 was little changed at $1,097.40 an ounce. Global gold demand shrank to its lowest since 2009 in the second quarter as China poured funds into its now troubled equities market and imports by India dropped to the lowest in five quarters, according to a report by GFMS, a division of Thomson Reuters. ID:nL3N10833C Holdings of the largest gold-backed exchange-traded-fund, New York's SPDR Gold Trust GLD , were unchanged at 21.87 million ounces on Monday, the lowest since September 2008, following a seven-day slide. GOL/ETF In other metals, spot palladium XPD= gained 0.7 percent to $623.55 an ounce and platinum XPT= rose 0.2 percent to $983.50, both not far above multi-year lows. Silver XAG= edged up 0.3 percent to $14.72 an ounce. (Editing by Ed Davies and Sunil Nair) ((manolo.serapio@thomsonreuters.com)(+632 841 8972)(Reuters Messaging: manolo.serapio.thomsonreuters.com@reuters.net Twitter: @MannySerapio))

Keywords: MARKETS PRECIOUS/

BRIEF-Gold One Africa to acquire remaining shares of Goliath Gold Mining

July 29, 2015 - reuters.com

July 29 (Reuters) - Goliath Gold Mining Ltd GGMJ.J * jse: ggm - cautionary announcement ggmj.j * Gold One Africa Limited has submitted a non-binding expression of interest to acquire Goliath Gold ordinary shares that it does not already own * Shareholders could elect to receive either an immediate cash payment of r1.00 per share (total offer value of r41.2 mln or a deferred cash payment of r1.60 per share * Shareholders are advised that proposed scheme is subject to, inter alia, Gold One Africa obtaining requisite Chinese regulatory approvals * Approvals are expected to be received during month of August 2015, following which a firm intention to proceed will be submitted to Goliath Gold By Gold One Africa * Gold One Africa Limited ("Gold One Africa")holds 72 pct of the issued share capital of Goliath Gold and is an indirectly wholly-owned subsidiary of Gold One International Limited (Cayman Islands) Source text for Eikon: ID:nJsec0003a Further company coverage: GGMJ.J ((Bengaluru Newsroon +918067491136;))

MIDEAST STOCKS - Factors to watch - July 29

July 29, 2015 - reuters.com

DUBAI, July 29 (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 stocks up as China steadies, wary of Fed MKTS/GLOB * MIDEAST STOCKS-Most Gulf markets fall as oil drops further ID:nL5N1083PT * Oil prices fall on oversupply concerns, weaker dollar support O/R * Gold wedged below $1,100 ahead of Fed meeting outcome ID:nL3N10909Z * U.S., Turkey weigh which Syrian rebels to support in border area ID:nL1N1083C5 * Kerry warns U.S. Congress scrapping Iran deal would mean path to nuclear weapon ID:nL1N1081H5 * Iraqi militia leader says U.S. not serious about fighting Islamic State ID:nL5N1084AT * EU's Mogherini in Iran to discuss nuclear deal, region - TV ID:nL5N10837A * Turkey's Erdogan: peace process with Kurdish militants impossible ID:nL5N1081Z3 * Libyan court sentences Gaddafi son Saif, 8 other ex-officials to death ID:nL5N10820K * Attack halts flow in natural gas pipeline from Iran to Turkey ID:nL5N1080WM * Central Asia crackdown on militant Islam risks backlash ID:nL5N10714D * Saudi-led raid on Yemen plant appears unlawful-Rights Watch ID:nL5N1083U5 * Syrian Kurds' spending plans reflect rising ambition ID:nL5N1073M3 * South Africa proposes extending sukuk to corporate issuers ID:nL5N10804Y EGYPT * Egypt to allow 24-hour access to East Port Said with new waterway ID:nL5N1081Z9 * Fire at Egypt furniture factory kills 25 - health ministry ID:nL5N10841M * Egypt's central bank to hold rates amid inflation concern - survey ID:nL3N1084OP * Deutsche Bank, HSBC said arranging $3.7 bln Egypt power loan - Bloomberg DBKGn.DE HSBA.L SIEGn.DE ID:nL3N1083Z8 SAUDI ARABIA * Saudi's Savola Q2 profit falls 15 pct, warns Q3 profit will also fall ID:nD5N10600B * Saudi suspends shares in Middle East Paper pending news on earnings ID:nL5N10827S UNITED ARAB EMIRATES * Etisalat's net profit falls 40 pct ID:nL5N1083WJ * KKR, Majid Al Futtaim said to weigh bids for Abu Dhabi's Dunia - Bloomberg ID:nL3N1084SA * UAE shifts fuel prices as the Gulf watches ID:nL5N1082GE * DP World begins $1.6 bln Dubai port upgrade; says H1 container volumes up ID:nL5N1081BY * Dubai realtor S&K says worsening market led to bankruptcy ID:nL5N1080UR QATAR * Qatar Airways says in talks with India's IndiGo ID:nL5N1082UR * Qatar Navigation reports 26 pct increase in H1 profit ID:nL5N108071 KUWAIT * Kuwait says S.Arabia must compensate for Khafji's oilfield closure-paper ID:nL5N10853M * Kuwait awards $11.5 bln contracts to build al-Zour refinery ID:nL5N10834R * Kuwait preparing Islamic bond legislation to help finance budget-min ID:nL5N10836I BAHRAIN * Bahrain links explosives in Tuesday bombing to Iran - state news agency ID:nL5N10824K (Compiled by Dubai newsroom) ((dubai.newsroom@reuters.com)) Keywords: MIDEAST FACTORS/

PRECIOUS-Gold wedged below $1,100 ahead of Fed meeting outcome

July 29, 2015 - reuters.com

MANILA, July 29 (Reuters) - Gold held just below $1,100 an ounce early on Wednesday, trading not far from a 5-1/2-year low, as investors awaited the outcome of the U.S. Federal Reserve's meeting for more clues on the timing of this year's interest rate increase. FUNDAMENTALS * Spot gold XAU= was little changed at $1,095.25 an ounce by 0029 GMT. The metal hit a low of $1,077 last week, its weakest since February 2010. * Gold has been stuck in narrow ranges this week ahead of the conclusion of the Fed's policy meeting on Wednesday. Policymakers are expected to send more signals to the market that a U.S. interest rate hike is certain this year as the economy recovers. * That rate hike, the first in nearly a decade, could happen in September or December, analysts say, suggesting more downside risk for non-interest yielding gold. * U.S. gold for August delivery GCcv1 slipped 0.2 percent to $1,094 an ounce. * Global gold demand shrank to its lowest level since 2009 in the second quarter as China poured funds into its now troubled equities market and imports by India dropped to the lowest in five quarters, according to a report by GFMS. ID:nL3N10833C * China's gold imports could fall as much as 40 percent this year as demand for bullion used to back domestic financing deals decreases, the world's biggest refiner Valcambi said. ID:nL3N1074L9 * U.S. consumer confidence suffered its biggest blow in four years in July on a less upbeat jobs outlook, while home appreciation in major cities stalled in May, suggesting a spring pause in housing demand. ID:nL1N10816F * For the top stories on metals and other news, click TOP/MTL or GOL/ MARKET NEWS * The dollar held on to its modest overnight gains as traders look to any hints from the Federal Reserve on the timing and the pace of its future rate hikes. USD/ * Asian shares attempted a rebound on hopes that Beijing could stem the rout in its markets without damage to the economy. MKTS/GLOB DATA/EVENT AHEAD (GMT) 0600 Germany GfK consumer sentiment Aug 0645 France Consumer confidence Jul 1400 U.S. Pending home sales Jun 1800 Federal Reserve releases statement after policy meeting (Reporting by Manolo Serapio Jr.; Editing by Richard Pullin) ((manolo.serapio@thomsonreuters.com; +632 841 8972; Reuters Messaging: manolo.serapio.thomsonreuters.com@reuters.net Twitter: @MannySerapio))

Keywords: MARKETS PRECIOUS/

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