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GLOBAL MARKETS-Shares lifted by U.S. data and Draghi stimulus hints

November 21, 2014 - reuters.com

* MSCI All-World index heads for second week of gains share * Draghi comments push down euro, euro zone yields, lift shares * Yen rebounds after Japan finmin frets about pace of fall * U.S. crude oil extends rise after overnight surge By Marc Jones LONDON, Nov 21 (Reuters) - World shares headed for a second week of gains on Friday after more reassuring U.S. data, while the yen pulled out of its dive as Japan's finance minister warned its recent weakening had been "too rapid". Euro zone stocks were set for their first weekly gain this month after an early rise, with traders spurred on by signals from Mario Draghi that the European Central Bank is becoming increasingly agitated by the bloc's feeble growth and inflation. ID:L6N0TB1BY The region's markets have been lagging those of the United States, Japan and faster-growing Britain over the last month, but a ramping up of ECB rhetoric this week has stoked hopes the bank will take more aggressive measures. "We will continue to meet our responsibility -- we will do what we must to raise inflation and inflation expectations as fast as possible," Draghi said in a speech. "If on its current trajectory our policy is not effective enough to achieve this ... we would step up the pressure and broaden even more the channels through which we intervene." The comments pushed 10-year Italian government bond yields IT10YT=TWEB , which have been one of the biggest beneficiaries since Draghi took charge of the ECB in 2011, to a new all-time low, and shoved the euro back below $1.25 to $1.2470. Germany's DAX .GDAXI , France's CAC .FCHI and pan-regional Euro STOXX 50 .STOXX50E were all up between 0.8 and 1 percent by 0915 GMT, leaving them on course for weekly gains of 3 percent, 1.3 percent and 2 percent respectively. Japan, the other major economy trying to aggressively stimulate its economy and inflation, remained in focus, as the yen rose sharply from this week's seven-year low to the dollar. Finance Minister Taro Aso said the currency's fall over the past week was "too rapid", in one of the strongest warnings against a weak yen since Tokyo and the Bank of Japan started their aggressive monetary stimulus two years ago. Contrasting its All World benchmark .MIWD00000PUS , MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS ended the week down over 1 percent as the Nikkei .N225 also saw its first weekly drop in five. After weeks of speculation about a snap election, Japan's Prime Minister Shinzo Abe dissolved parliament's lower house on Friday. Victory for him in the Dec. 14 poll could pave the way for more drastic reforms and stimulus. ID:nL3N0TB1LW <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Asset returns in 2014 http://link.reuters.com/gap87v Euro zone debt crisis http://r.reuters.com/hyb65p Currencies vs dollar http://link.reuters.com/tak27s Rouble and the oil price http://link.reuters.com/jad65s ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> TOP ECONOMY Global investor sentiment was underpinned by record finishes by the Dow Jones industrial average .DJI and S&P 500 .SPX on Thursday after a spate of upbeat U.S. data that offset signs of spreading weakness in China and Europe. Initial U.S. weekly jobless claims fell, factory activity in the U.S. mid-Atlantic region grew at its fastest pace in two decades and existing home sales strengthened. ID:nL2N0TA0YB Hong Kong .HSI and mainland Chinese shares .SSEC also rebounded on Friday as prolonged profit-taking pressure finally eased in the first week of a landmark link between the Hong Kong and Shanghai exchanges. ID:nL3N0TB1TJ "Investors are back to being reasonable," said Shih Wenbien, stock strategist at Yunta Securities in Shanghai. In commodities markets there were also signs of stabilisation after weeks of turbulence. Oil CLc1 extended gains with U.S. crude adding about 0.6 percent to $76.33 a barrel and Brent LCOc1 lifting about 0.5 percent to $79.69, on track to snap a straight eight-week slide. Spot gold XAU= was slightly lower on the day at $1,193.40 an ounce, but still on track for its third straight weekly gain. In emerging markets, Russia's rouble <RUB=, which is closely tied to the fortunes of oil, was heading for its first weekly rise since early September. ID:nL6N0TB0TD (Additional reporting by Shanghai newsroom; Editing by Catherine Evans) ((lisa.twaronite@thomsonreuters.com;)(+81 3 6441 1870; Reuters Messaging: lisa.twaronite.thomsonreuters.com@reuters.net))

India fwd/annualised dlr premia - Nov 21

November 21, 2014 - reuters.com

Euro extends losses as Draghi's comments on more action weigh

November 21, 2014 - reuters.com

LONDON, Nov 21 (Reuters) - The euro fell sharply against the dollar and the yen on Friday after European Central Bank chief Mario Draghi said inflation expectations were declining to levels that would be deemed excessively low, keeping the door open for further easing. The euro shed 1 percent against the yen to 146.72 yen EURJPY= , while it dropped 0.6 percent against the dollar to trade at $1.2450 EUR= . Draghi also said the central bank is ready to act in a timely manner if low inflation persists. ID:nF9N0O600J (Reporting by Anirban Nag; Editing by Jemima Kelly) ((anirban.nag@thomsonreuters.com)(+44 20 7542 8399)(Reuters Messaging: anirban.nag.thomsonreuters.com@reuters.net)) Keywords: MARKETS FOREX/EURO

RPT-FOREX-Yen rises after Japan fin min warns against rapid fall

November 21, 2014 - reuters.com

(Repeats to additional subscribers) * Aso says yen's fall too rapid * Euro slips to day's low after Draghi's comments * Pound slips after eurosceptic party wins second seat By Anirban Nag LONDON, Nov 21 (Reuters) - The yen rose on Friday after Japanese Finance Minister Taro Aso said the currency's fall over the past week was too rapid, in one of the strongest warnings against a weak yen since Japan started its aggressive monetary stimulus two years ago. The dollar fell to 117.355 from around 118 yen JPY= before his comments. It was last at 117.65 yen, down 0.5 percent on the day, and below a 7-year high of 118.98 yen struck on Thursday. The dollar has climbed almost 10 yen since the Bank of Japan surprisingly eased policy in late October. The euro also fell against the yen to 147.25 yen EURJPY= , off a six-year high of 149.12 hit on Thursday. The single currency EUR= was also hurt by comments from European Central Bank chief Mario Draghi who said inflation expectations were dropping to levels he considered excessively low. Most of the focus was on Aso's comments, who said rapid currency moves, whether up or down, were undesirable. ID:nT9N0SV01S His comments triggered profit-taking on bets placed against the yen that had been built up after the Bank of Japan's easing late last month and Prime Minister Shinzo Abe's decision to delay a planned tax hike and call a snap election. "Aso's comments are not very surprising given he is speaking about the rapid pace of the yen's fall," said Yujiro Goto, FX strategist at Nomura. "While the comments will slow the pace of yen depreciation, I don't think it will change the overall momentum. We can expect some consolidation here." Traders said investors would look to rebuild long dollar/short yen positions if the pair drops towards 117 yen. "Although the market reacted to Mr. Aso's comments, I don't think it would have lasting impact on the yen," said Kosuke Hanao, head of FX at HSBC in Tokyo. "Market players had predicted that some kind of correction was inevitable anyway before Japan's long weekend and the U.S. Thanksgiving week." Monday is a labour day public holiday in Japan. The market mood remains bullish on the dollar also given the outperformance of the U.S. economy. Figures out of the United States on Thursday was generally upbeat, led by a stunning jump in the Philadelphia Fed survey of manufacturing which soared to its highest since 1993. Sterling dipped to $1.5655 GBP=D4 , hurt partly by a second victory by an anti-EU political party. Mark Reckless, a former Conservative party MP who defected to UKIP won the Rochester and Strood by-election. ID:nL6N0TB06O The result underlined the political risk that will be a factor in Britain between now and the general election in May. (Additional reporting by Tomo Uetake; Editing by Toby Chopra) ((anirban.nag@thomsonreuters.com)(44 20 7542 8399)(Reuters Messaging: anirban.nag.cole.thomsonreuters.com@reuters.net)) Keywords: MARKETS FOREX/

FOREX-Yen rises after Japan fin min warns against rapid fall

November 21, 2014 - reuters.com

* Aso says yen's fall too rapid * Euro slips to day's low after Draghi's comments * Pound slips after eurosceptic party wins second seat By Anirban Nag LONDON, Nov 21 (Reuters) - The yen rose on Friday after Japanese Finance Minister Taro Aso said the currency's fall over the past week was too rapid, in one of the strongest warnings against a weak yen since Japan started its aggressive monetary stimulus two years ago. The dollar fell to 117.355 from around 118 yen JPY= before his comments. It was last at 117.65 yen, down 0.5 percent on the day, and below a 7-year high of 118.98 yen struck on Thursday. The dollar has climbed almost 10 yen since the Bank of Japan surprisingly eased policy in late October. The euro also fell against the yen to 147.25 yen EURJPY= , off a six-year high of 149.12 hit on Thursday. The single currency EUR= was also hurt by comments from European Central Bank chief Mario Draghi who said inflation expectations were dropping to levels he considered excessively low. Most of the focus was on Aso's comments, who said rapid currency moves, whether up or down, were undesirable. ID:nT9N0SV01S His comments triggered profit-taking on bets placed against the yen that had been built up after the Bank of Japan's easing late last month and Prime Minister Shinzo Abe's decision to delay a planned tax hike and call a snap election. "Aso's comments are not very surprising given he is speaking about the rapid pace of the yen's fall," said Yujiro Goto, FX strategist at Nomura. "While the comments will slow the pace of yen depreciation, I don't think it will change the overall momentum. We can expect some consolidation here." Traders said investors would look to rebuild long dollar/short yen positions if the pair drops towards 117 yen. "Although the market reacted to Mr. Aso's comments, I don't think it would have lasting impact on the yen," said Kosuke Hanao, head of FX at HSBC in Tokyo. "Market players had predicted that some kind of correction was inevitable anyway before Japan's long weekend and the U.S. Thanksgiving week." Monday is a labour day public holiday in Japan. The market mood remains bullish on the dollar also given the outperformance of the U.S. economy. Figures out of the United States on Thursday was generally upbeat, led by a stunning jump in the Philadelphia Fed survey of manufacturing which soared to its highest since 1993. Sterling dipped to $1.5655 GBP=D4 , hurt partly by a second victory by an anti-EU political party. Mark Reckless, a former Conservative party MP who defected to UKIP won the Rochester and Strood by-election. ID:nL6N0TB06O The result underlined the political risk that will be a factor in Britain between now and the general election in May. (Additional reporting by Tomo Uetake; Editing by Toby Chopra) ((anirban.nag@thomsonreuters.com)(44 20 7542 8399)(Reuters Messaging: anirban.nag.cole.thomsonreuters.com@reuters.net)) Keywords: MARKETS FOREX/

Swiss franc eases on growing talk of SNB intervention

November 21, 2014 - reuters.com

LONDON, Nov 21 (Reuters) - The Swiss franc eased to a nine-day low against the euro on Friday, with dealers citing market talk that the Swiss National Bank may be intervening to weaken the currency as it hovers close to a three-year old cap. The euro rose 0.1 percent to 1.2033 francs EURCHF= , its highest level in over a week. "Price action over the last few days suggests to us that the Swiss National Bank might have started to purchase euro/Swiss franc to defend the 1.20 floor," Beat Siegenthaler, a currency strategist at UBS, one of Switzerland's two big international banks, said in a note. "Next Monday's weekly sight deposit numbers should give the market the first indication whether these suspicions are true and to what extent." The franc hit a 26-month high this week ahead of a Nov. 30 referendum on the issue of gold reserves that the SNB says, if passed, would impede its ability to conduct monetary policy. (Reporting by Anirban Nag; editing by Patrick Graham) ((anirban.nag@thomsonreuters.com; +44 20 7542 8399 ; Reuters Messaging: anirban.nag.thomsonreuters.com@reuters.net)) Keywords: MARKETS FOREX/SWISS FRANC

UPDATE 1-Russia's MMK core earnings hit the highest in 4.5 years

November 21, 2014 - reuters.com

(Adds details, quotes, context) MOSCOW, Nov 21 (Reuters) - Russian steelmaker MMK MAGN.MM MAGNq.L said on Friday its third-quarter core earnings hit their highest level in more than four years on rising steel prices and a fall in the cost of raw materials, but a weak rouble weighed. Prices for iron ore, used in steel production, have fallen 48 percent so far this year due to a supply glut and are on track for their biggest weekly drop since May 2013. ID:nL3N0TB2QR MMK's third-quarter earnings before interest, taxation, depreciation and amortisation (EBITDA) hit their highest level since the fourth quarter of 2009 and reached $522 million, up 31 percent, quarter-on-quarter. "EBITDA growth was due to improved production structure and a recovery of steel prices on the domestic market ..., combined with declining prices for iron ore during the quarter" MMK, controlled by businessman Viktor Rashnikov, said in a statement. The weaker rouble, which has fallen almost 30 percent against the dollar so far this year, has helped to revive domestic steel market, but has also pushed the company's net profit lower. MMK's third-quarter net profit fell 84 percent, quarter-on-quarter to $26 million, missing analysts forecast of $125 million due to the non-cash foreign exchange loss. Excluding this factor, its net profit would have totaled $222 million. In the fourth quarter the company expects weak iron ore prices to partially compensate a seasonal decline in domestic sales, MMK said. Its third-quarter revenue was down 3.4 percent at $2.1 billion. (Reporting by Polina Devitt and Svetlana Burmistrova; Editing by Alexander Winning and Elizabeth Piper) ((Polina.Devitt@thomsonreuters.com; +7 495 775 12 42; Reuters Messaging: polina.devitt.reuters.com@reuters.net)) Keywords: RUSSIA MMK/RESULTS

Sterling dips after anti-EU party wins second by-election

November 21, 2014 - reuters.com

By Patrick Graham LONDON, Nov 21 (Reuters) - Sterling inched lower on Friday after anti-EU party UKIP took a second parliamentary seat from Prime Minister David Cameron's Conservatives, a harbinger of growing political risk ahead of next May's general election. Dealers played down any major impact from the vote in a constituency just south of London, but said concerns about the political outlook were clearly one of the factors behind a continuing downbeat tone on sterling. The pound is down 1.5 percent this week in trade-weighted terms =GBP , its worst performance since the start of 2013. It was a third of a percent lower against the dollar at $1.5653 and marginally higher against the euro at 79.78 pence, leaving it 0.1 percent weaker against a currency basket. "The result was pretty much as expected. The margin to UKIP was if anything slightly smaller so there isn't that much reaction this morning," said Graham Davidson, a spot currency dealer with National Australia Bank in London. "But the political situation is a pretty big headwind for sterling and it will only become a bigger issue as we head into the election next year." Cameron's Conservatives are neck and neck in the polls with main opposition party Labour but a slide in support for both means the electoral arithmetic favours a coalition that could hand either UKIP or the Scottish nationalists a key role. One wants to take Scotland out of the United Kingdom, the other Britain out of the European Union. George King, portfolio strategist at RBC Wealth Management, told a Reuters investment summit this week that investors should prepare for the possibility next year's polls could lead to a potentially disruptive exit from the EU. "At the beginning of the year we were cautious on emerging markets because of elections in key markets. Ironically ... just as the political risk stream in emerging markets begins to ameliorate, we see it beginning to rise in the United Kingdom," he said. ID:nL6N0T94EJ "We are not trying to (predict the outcome of the election) ... all we are saying is that if the risk isn't priced in, we should be aware of that and decide what to do." (Editing by Catherine Evans) ((patrick.graham@thomsonreuters.com)(+44207 542 9429)(patrick.graham.thomsonreuters.com@reuters.net)) Keywords: MARKETS STERLING/OPEN/

SNB says it will keep cap on Swiss franc as long as necessary

November 21, 2014 - reuters.com

RUESCHLIKON, Switzerland, Nov 21 (Reuters) - The Swiss National Bank's cap on the franc remains a key part of monetary policy and it will be maintained as long as required, a central bank board member said on Friday. "It's clear that the minimum exchange rate of 1.20 is absolutely central to prevent an unwanted tightening of monetary policy conditions," Fritz Zurbruegg said in a speech in Rueschlikon, near Zurich. The cap will remain in place for as long as necessary, Zurbruegg said. The safe-haven Swiss franc is hovering close to the 1.20 per euro limit imposed by the Swiss central bank in 2011, when the currency's strength squeezed exporters and threatened deflation. ID:nL6N0TA5QV (Reporting by Katharina Bart, writing by Alice Baghdjian) ((alice.baghdjian@thomsonreuters.com; +41 58 306 7461; Reuters Messaging: alice.baghdjian.thomsonreuters.com@reuters.net)) Keywords: SNB CAP/

SNAPSHOT-India stocks, bonds, rupee, swap, call at 0805 GMT

November 21, 2014 - reuters.com

STOCKS .BSESN .NSEI ----------------------- The benchmark BSE index up 0.88 percent and the broader NSE index gains 0.87 percent, after hitting record highs, as banking stocks lead gainers. Kotak Mahindra Bank's acquisition of ING Vysya Bank adds to confidence in the Indian economy and its lenders, traders say. ID:nL3N0TA4HX .BO RUPEE INR=D2 -------------- The partially convertible rupee trades stronger at 61.86/87 per dollar versus its previous close of 61.94/95, tracking strength in local stocks. However, state-owned banks buying dollars to keep the rupee under pressure. INR/ GOVERNMENT BONDS IN084024G=CC ------------------------------- The benchmark 10-year bond yield up 1 basis point at 8.17 percent, after auction results of the 140-billion-rupee debt sale. IN/ INTEREST RATE SWAPS INROIS MIOIS= ------------------------------------- The benchmark five-year swap rate down 2 basis points at 7.33 percent and the one-year rate falls 4 basis points at 7.91 percent. CALL MONEY INROND= -------------------- India's cash rate at 7.90/8.00 percent, little changed from Thursday's close of 8.00/8.05 percent. (Compiled by Dipika Lalwani) ((Dipika.Lalwani@thomsonreuters.com; 022-61807098; Reuters Messaging: dipika.lalwani@thomsonreuters.com)) Keywords: INDIA SNAPSHOT/

CORRECTED-FOREX-Yen jumps after Japan fin min warns on rapid fall

November 21, 2014 - reuters.com

(Corrects second paragraph to show the yen rose, not the dollar) * Aso says yen's fall too rapid * Many see yen still under pressure * Upbeat U.S. data supports dollar By Tomo Uetake TOKYO, Nov 21 (Reuters) - The yen rose sharply on Friday after Japanese Finance Minister Taro Aso said the currency's fall over the past week was too rapid, in one of the strongest warnings against a weak yen since Japan started its aggressive monetary stimulus two years ago. The yen rallied to 117.355 per dollar from around 118.00 yen JPY= before his comments, extending it recovery from a seven-year low of 118.98 struck on Thursday. The yen last traded at 117.70 per dollar. The yen also made ground against the euro, recovering to 147.72 yen per euro EURJPY= , coming back from a six-year low of 149.12 hit on Thursday. Aso also said rapid currency moves, whether up or down, were undesirable, speaking to reporters after a cabinet meeting on Friday. ID:nT9N0SV01S His comments triggered profit-taking on yen-selling positions that had built up after the Bank of Japan's easing late last month and Prime Minister Shinzo Abe's decision to delay a planned tax hike and call a snap election. The dollar has climbed almost 10 yen since the Bank of Japan sprang its surprise easing in late October. Many market players, however, see a rebound in the yen as a short-term correction, and do not expect a change in Abe's policy to stimulate growth through massive monetary easing. "Although the market reacted to Mr. Aso's comments, I don't think it would have lasting impact on the yen," said Kosuke Hanao, head of FX at HSBC in Tokyo. "Market players had predicted that some kind of correction was inevitable any way before Japan's long weekend and the U.S. Thanksgiving week." Monday is a labour day public holiday in Japan. The market mood remains bullish on the dollar also given the outperformance of the U.S. economy. Figures out of the United States on Thursday was generally upbeat, led by a stunning jump in the Philadelphia Fed survey of manufacturing which soared to its highest since 1993. Inflation also surprised on the upside, with the core consumer price index nudging up to 1.8 percent for the year. That should be a welcome development for many at the Federal Reserve who have been worried that inflation could stay too low for too long. TOP/CEN In contrast, data out of Europe was mostly weak with manufacturing surveys missing forecasts across the continent. The divergence in economic fortunes saw the euro ease back to $1.2565 EUR= and away from the week's high of $1.2599. The data cupboard is bare for Friday but European Central Bank chief Mario Draghi and Bundesbank head Jens Weidmann are both due to speak at the European Banking Congress in Frankfurt. (Additional reporting by Wayne Cole; Editing by Simon Cameron-Moore) ((Wayne.Cole@thomsonreuters.com; 612 9373 1813; Reuters Messaging: wayne.cole.thomsonreuters.com@reuters.net)) Keywords: MARKETS FOREX/

Kenya central bank sells dollars to support shilling - traders

November 21, 2014 - reuters.com

NAIROBI, Nov 21 (Reuters) - Kenya's central bank intervened on Friday to sell dollars for the second day in a row, which helped strengthen the shilling from near three-year lows, traders said. By 0805, the shilling was quoted at 89.75/95, compared with 90.10/30 earlier in the session. The central bank intervened on Thursday and last week as well, on both occasions coming in when the shilling was around the 90.30-level. "They are in the market," said one trader at a commercial bank, adding the bank was offering dollars. Another trader also confirmed the central bank intervention. (Writing by Edmund Blair; Editing by James Macharia) ((edmund.blair@thomsonreuters.com; +254 20 499 1232; Reuters Messaging: edmund.blair.thomsonreuters.com@thomsonreuters.net)) Keywords: KENYA MARKETS/CENBANK

Hong Kong shares rebound as casinos gain, but shed over 2 pct on week

November 21, 2014 - reuters.com

SHANGHAI, Nov 21 (Reuters) - Hong Kong shares snapped a four-day losing streak on Friday as profit-taking pressure eased, but ended lower on the week despite the highly-touted launch of a landmark link between the Hong Kong and Shanghai exchanges. The Hang Seng Index .HSI unofficially closed up 0.4 percent at 23,437.12 points. The Hong Kong China Enterprises Index .HSCE ended up 0.7 percent at 10,447.18 points. For the week, however, the indexes dropped 2.7 percent and 2.9 percent, respectively, with the Hang Seng posting its largest weekly percentage loss since early October. Monday's launch of the "stock connect" had been expected to boost share values and volumes on both bourses, but many investors took advantage of the sharp run-up in prices ahead of the debut to take profits instead. Mainland China investors' interest in Hong Kong stocks remained weak. They took up less than 2 percent of the daily 10.5 billion yuan ($1.72 billion) "southbound" quota. Casinos were among the top gainers on Friday, along with oil companies as Brent crude futures edged higher and tried to break an eight-week slide. ($1 = 6.1220 Chinese yuan) (Reporting by Shanghai Newsroom; Editing by Kim Coghill) ((brenda.goh@thomsonreuters.com; +86)(0)(21 6104 1763; Reuters Messaging: brenda.goh.thomsonreuters.com@reuters.net)) Keywords: MARKETS HONGKONG STOCKS/CLOSE

RUBBER-TOCOM closes 2.1 pct lower on rising yen, weak Shanghai

November 21, 2014 - reuters.com

TOKYO, Nov 21 (Reuters) - Benchmark Tokyo rubber futures erased gains earlier in the day to end down 2.1 percent on Friday, reflecting the yen's sharp rise against the dollar and weak Shanghai futures. Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, rose in early trading to a near three-and-a-half month high hit on Monday, on positive sentiment following an agreement among top producers to manage rubber exports to curb excess supply that have battered prices. ID:nL3N0TA23P The Tokyo Commodity Exchange rubber contract for April delivery JRUc6 0#2JRU: finished 4.4 yen lower at 201.6 yen($1.71) per kg. For the week, the contract fell 1.7 percent. "The stronger yen and weak Shanghai futures pushed the market momentum lower," said a Tokyo-based dealer who declined to be identified. The most-active rubber contract on the Shanghai futures exchange for May delivery SNRK5 fell 300 yuan to finish at 12,670 yuan ($2,069) per tonne. The yen rose sharply on Friday after Japanese Finance Minister Taro Aso said the currency's fall over the past week has been too rapid, in one of the strongest warnings against a weak yen since Japan started its aggressive monetary stimulus two years ago. ID:nL3N0TB1IO The U.S. dollar was quoted around 117.73 yen JPY= , compared with 118.64 a day earlier. FRX/ The front-month rubber contract on Singapore's SICOM exchange for December delivery STFc1 last traded at 152.00 U.S. cents per kg, down 2.8 cents. (1 US dollar = 117.8000 Japanese yen) (1 US dollar = 6.1241 Chinese yuan) (Reporting by Osamu Tsukimori; Editing by Biju Dwarakanath) ((osamu.tsukimori@thomsonreuters.com, +813 6441 1857, Reuters Messaging: osamu.tsukimori.thomsonreuters.com@reuters.net;))

Keywords: MARKETS RUBBER/

Czech Republic - Factors To Watch on Nov 21

November 21, 2014 - reuters.com

Vietnam domestic market commodity prices-Nov 21

November 21, 2014 - reuters.com

Nov 21 (Reuters) - Following are domestic prices of Vietnam's key commodities. Unit: million dong VND= per tonne. Item Nov 17-21 Nov 10-14 Location Robusta beans 40.4-41.4 39.1-41.2 Central Highlands Black pepper 192.0-196.0 188.0-196.0 Southern region Refined sugar 13.0-15.5 13.0-15.5 Southern region Summer-autumn paddy 5.50-6.40 5.50-6.40 Mekong Delta ___________________ SJC gold 3.535-3.545 3.506-3.526 Hanoi, HCM City NOTES: Gold prices are low/high selling prices quoted in million dong during the week by top manufacturer SJC per 3.75-gram ingot. Coffee export prices COFFEE/ASIA1 Rice export prices RICE/ASIA1 Historical data VNCOMM01 Central bank's gold auction SBVGOLD2013 ($1=21,345 dong) (Compiled by Hanoi Newsroom) ((ho.minh@thomsonreuters.com; +844 3825 9623)) Keywords: VIETNAM COMMODITIES/PRICES

Polish c.banker Osiatynski sees scope for another rate cut

November 21, 2014 - reuters.com

WARSAW, Nov 21 (Reuters) - Polish Monetary Policy Council member Jerzy Osiatynski said he still sees room for further rate cut, as inflation is seen below target in the coming years, Polish news agency PAP reported on Friday. "I still think there is scope for a rate cut. Regardless of the latest data showing that the economic growth dynamics is higher than expectations. Because it is still lower than the dynamics from 2009-2010 and potential income level," he said. "All inflation forecasts, including core inflation, point to the fact that at least until the end of 2016 it will stay significantly below the 2.5 percent target," he added. (Reporting by Michal Janusz; Writing by Marcin Goclowski; Editing by Adrian Krajewski) ((marcin.goclowski@thomsonreuters.com; +48 22 6539724; Reuters Messaging: marcin.goclowski.reuters.com@thomsonreuters.net)) Keywords: POLAND RATES/OSIATYNSKI

TABLE-Foreign trading in South Korean stocks

November 21, 2014 - reuters.com

China shares rise, led by brokerages, as profit-taking cools

November 21, 2014 - reuters.com

SHANGHAI, Nov 21 (Reuters) - China stocks rallied on Friday as profit-taking pressure faded, letting them eke out gains for the week in which the highly-touted landmark link between the Hong Kong and Shanghai exchanges was launched. Monday's launch of the "stock connect" had been expected to boost share values and volumes on both bourses, but many investors took advantage of the sharp run-up in prices ahead of the debut to take profits. The Shanghai Composite Index .SSEC rose 1.4 percent to 2,487.1 points. The CSI300 index .CSI300 of the largest listed companies in Shanghai and Shenzhen climbed 1.8 percent. For the week, the SSEC was up 0.3 percent and the CSI300 by 0.1 percent. Financials sector, particularly brokerages, outperformed on Friday. CITIC Securities Co Ltd 600030.SS rose 6.7 percent and Haitong Securities Co Ltd 600837.SS 8.3 percent. China Merchants Securities Co Ltd 600999.SS climbed by the 10 percent daily limit. The available balance on northbound daily quota stood at 10.66 billion yuan at Friday close. (Reporting by Shanghai Newsroom; Editing by Richard Borsuk) ((yixin.chen@thomsonreuters.com; +86 21 61041713; Reuters Messaging: yixin.chen.thomsonreuters.com@reuters.net)) Keywords: MARKETS CHINA STOCKS/CLOSE

South Africa's rand holds on to post-MPC gains

November 21, 2014 - reuters.com

JOHANNESBURG, Nov 21 (Reuters) - South Africa's rand held on to the previous day's gains against the dollar on Friday, after the central bank left interest rates unchanged but indicated they would have to rise eventually. At 0637 GMT the rand ZAR=D3 traded at 10.9670 per dollar, barely changed from Thursday's close at 10.9605 in New York. Government bonds extended Thursday's advance, pushing the yield for the benchmark instrument due in 2026 ZAR186= down 7.5 basis points to 7.685 percent, its lowest in more than a year. The rand's gains were partly a factor of improved investor appetite for riskier, but high yielding emerging markets, as interest rates in Japan and Europe look to stay low for longer, traders said. "As long as the developed world keeps throwing money at the masses and is unconvincing in the growth story, the attraction of these high-yielding assets is likely to remain inflated," said Standard Bank trader Warrick Butler. "The world does seem to be underweight EM assets in general." The South African Reserve Bank's decision to keep the benchmark repo rate unchanged at 5.75 percent at its last policy meeting of 2014 could, however, weigh on the rand in the long run, amid expectations the Federal Reserve might start hiking rates soon. "The slow pace of tightening in this cycle is not building up a large buffer against Fed rate hikes, nor is it helping enough to correct the imbalances on the current account," said Rand Merchant Bank currency analyst John Cairns. South Africa's twin deficits on the budget and currency account have tended to make it more vulnerable than its peers during episodes of emerging market sell-offs. (Reporting by Stella Mapenzauswa; editing by David Dolan) ((stella.mapenzauswa@thomsonreuters.com; +27 11 775 3161; Reuters Messaging: stella.mapenzauswa.thomsonreuters.com@reuters.net)) Keywords: MARKETS SAFRICA/CURRENCY

Philippine c.bank forecasts balance of payments deficit for 2014

November 21, 2014 - reuters.com

MANILA, Nov 21 (Reuters) - The Philippine central bank expects the country to end the year with a balance of payments deficit of $3.4 billion, as foreign investors shift funds overseas, although it raised its forecast for this year's current account surplus, its governor said on Friday. Bangko Sentral ng Pilipinas Governor Amando Tetangco said the current account surplus will likely be $6.6 billion in 2014, above the previous estimate of $6 billion, and is expected to climb further to $6.8 billion in 2015. The balance of payments will likely swing back to a surplus of $1 billion in 2015, he added. Last year, the Philippines recorded a balance of payments surplus of $5.1 billion and a current account surplus of $9.4 billion, he said. "Structural flows into the economy continue to be strong. What is being affected is the capital account because of the reaction of some asset managers and foreign funds to policy decisions in the advanced economies, particularly the Fed," Tetangco told reporters. Tetangco attributed the increased forecast for this year's current account surplus to a narrower trade deficit, as a decline in world oil prices reduced the country's oil import bill. Tetangco said import growth this year would likely be 5 percent, slower than the previous estimate of 9 percent, with export growth at 2 percent, below the 6 percent forecast announced in July. Remittances from overseas Filipino workers are expected to grow 5.5 percent this year, up from the prior forecast of 5 percent, with a 5 percent uptick foreseen for 2015. Tetangco said the country will end the year with foreign reserves of about $79 billion, compared with the previous forecast of $85.3 billion. (Reporting By Karen Lema; Editing by Edmund Klamann) ((neiljerome.morales@thomsonreuters.com; +632 8418914;)) Keywords: PHILIPPINES ECONOMY/CENBANK

DIARY- Turkey - to Jan 1

November 21, 2014 - reuters.com

Saikhanbileg appointed as new Mongolian prime minister

November 21, 2014 - reuters.com

ULAN BATOR, Nov 21 (Reuters) - Mongolia's parliament has appointed Chimed Saikhanbileg as prime minister, the foreign ministry said on Friday. Saikhanbileg replaces Norov Altankhuyag, who was removed from his post on Nov. 5 amid concerns about a serious economic downturn in the landlocked Asian country, which depends heavily on foreign mining investment and commodity prices. ID:nL4N0SV86G (Reporting by Terrence Edwards, Writing by David Stanway) ((david.stanway@thomsonreuters.com; +86 10 6627 1289; Reuters Messaging: david.stanway.thomsonreuters.com@reuters.net)) Keywords: MONGOLIA POLITICS/

Turkey - Factors to Watch on Nov 21

November 21, 2014 - reuters.com

ISTANBUL, Nov 21 (Reuters) - Here are news, reports and events that may affect Turkish financial markets on Friday. The lira TRYTOM=D3 firmed slightly to 2.2200 against the dollar by 0630 GMT from 2.2231 late on Thursday. The benchmark 10-year government bond yield tTR240724TA=IS ended spot trade at 8.34 percent on Thursday compared to 8.55 percent at Wednesday's close. Istanbul's main share index .XU100 closed up 1.29 percent at 82,511.89 points on Thursday. GLOBAL MARKETS Most Asian stock markets rose on Friday on data showing broad U.S. economic strength, while the yen rebounded from overnight multi-year lows after a Japanese official expressed concern about the pace of its recent descent. ID:nL3N0TB026 In commodities markets, U.S. crude CLc1 extended gains from Thursday, adding about 0.6 percent to $76.32. The strong U.S. economic data helped oil snap a three-day losing streak, though markets remained wary ahead of whether the Organization of the Petroleum Exporting Countries will agree on reducing production when it meets next week. (O/R) BANK ASYA ASYAB.IS Bank Asya closed 80 branches in a bid to cut operating costs and boost profitability, the Islamic lender said in a filing to the Istanbul stock exchange late on Thursday. Bank Asya, which in November reported a net loss in the third quarter partly due to a rise in bad loans, has been caught in a power struggle between President Tayyip Erdogan and Fethullah Gulen, an Islamic cleric whose sympathisers founded the bank. GOZDE GIRISIM Gozde Girisim GOZDE.IS , the listed private equity unit of Turkish conglomerate Yildiz Holding, increased its shareholding in Makina Takim Endustrisi MAKTK.IS , a cutting tool manufacturer to 83.14 percent from 59.96 percent. The company disclosed the deal in a filing to the Istanbul stock exchange. DOGAN HOLDING DOHOL.IS Turkish conglomerate Dogan Holding made a loss of 12.51 million lira ($5.6 million) in the third quarter, compared with a net loss of 13.75 million lira a year earlier, the company said in a filing to the Istanbul stock exchange. In the first nine months of the year, Dogan made a loss of 95.82 million lira, compared with a 41.18 million lira loss in the same period in 2013. KIRKUK OIL Oil sourced from Kirkuk fields has been shipped through Kurdish-built infrastructure, Iraqi Oil Minister Adel Abdel Mahdi said on Thursday, as a deal reached with Iraqi Kurds to end a long-running feud over oil revenues is implemented. ID:nL6N0TA51K INTEREST RATES The Turkish central bank kept interest rates on hold on Thursday and said it would keep monetary policy tight until the inflation outlook improves significantly, hinting that no cuts are likely until next year. ID:nL6N0TA1IU Note: For a list of forthcoming events, see TR/DIARY . For other related news, double click on: Turkish politics TR-POL Turkish equities TR-E Turkish money TR-M Turkish debt TR-D Turkish hot stocks TR-HOT Forex news FRX All emerging market news EMRG All Turkish news TR For real-time quotes, double click on: Istanbul National-100 stock index .XU100 , interbank lira trading IYIX= , lira bond trading 0#TRTSYSUM=IS (1 US dollar = 2.2195 Turkish lira) (Writing by Dasha Afanasieva; Editing by Daren Butler) ((dasha.afanasieva@thomsonreuters.com; +90 212 350 7051;)) Keywords: TURKEY FACTORS/

Sri Lankan stocks weaker on political uncertainty

November 21, 2014 - reuters.com

COLOMBO, Nov 21 (Reuters) - Sri Lankan stocks fell sharply in early trade on Friday, a day after the president of the island nation said he would seek an unprecedented third term, prompting one of his lawmakers to join the opposition with a call to curb the presidency's "draconian powers". At 0614 GMT, the main stock index .CSE was down 1.43 percent at 7,422.39. "Lot of selling pressure suddenly. Anyway, we were looking at a correction but suddenly we have seen selling pressure with the political uncertainty," said Dimantha Mathew, manager research at First Capital Equities (Pvt) Ltd. Analysts said investors are awaiting to see the direction of the market after Sri Lankan President Mahinda Rajapaksa declared a snap election in January, aiming for an unprecedented third term. ID:nL3N0TA34Y Continued foreign buying, low interest rates and hopes of better corporate earnings pushed the bourse into the overbought zone by Nov. 18 before it started sliding back on political uncertainty. Turnover stood at 1.11 billion rupees ($8.47 million), with 55.3 million shares changing hands. Sri Lankan rupee forwards traded little changed due to dollar demand from importers, but moral suasion by the central bank limited its fall, dealers said. Dealers said the rupee will likely remain weak due to rising seasonal imports, at least through November and then start to inch up in December on remittances. The spot currency was steady at 131.00/30 per dollar at 0607 GMT compared with Thursday's close. Dealers said the central bank defended the local currency at 131.00. Central bank officials were not immediately available for comment. Three-day forwards, or spot-next, traded at 131.20/25 per dollar, a tad firmer from Thursday's close of 131.25/30. Dealers said the central bank raised its desired level for the three-day forwards by 5 cents to 131.20. They said exporters and banks were reluctant to sell dollars on expectation the currency would weaken further. Overseas investors sold a net 39.54 billion rupees ($302 million) worth of government securities in the eight weeks through Nov. 12, data from the central bank showed. ($1 = 131.0000 Sri Lankan rupee) (Reporting by Ranga Sirilal; Editing by Sunil Nair) ((ranga.sirilal@thomsonreuters.com; +94-11-232-5540; Reuters Messaging: ranga.sirilal.thomsonreuters.com@reuters.net; www.twitter.com/rangaba)) Keywords: MARKETS SRI LANKA/

INDICATORS - Kazakhstan - Nov 21

November 21, 2014 - reuters.com

S.Korean won recovers from 15-month low on yen rebound; shares edge higher

November 21, 2014 - reuters.com

(For the midday report, please click ID:nL3N0TB1KN ) SEOUL, Nov 21 (Reuters) - The South Korean won KRW= closed a shade higher against the dollar on Friday, underpinned by short-covering and a rebound in the Japanese yen JPY= . The local currency KRW=KFTC was quoted at 1,113.8 to the dollar at the conclusion of onshore trade, compared with Thursday's closing rate of 1,115.1. The won notched a weekly loss of 1.2 percent for a fourth-consecutive week of declines, the longest losing streak since May, 2013. South Korean shares edged higher on Friday as risk appetites were supported by cheery U.S. economic data as well as a rebound in the yen easing the pressure on local exporters. The Korea Composite Stock Price Index (KOSPI) .KS11 rose 0.35 percent to close at 1,964.84. (Reporting by Joonhee Yu; Editing by Anand Basu) ((joonhee.yu@thomsonreuters.com; 822 3704 5643; Reuters Messaging: joonhee.yu.thomsonreuters.com@reuters.net)) Keywords: MARKETS SOUTHKOREA/

South African Markets - Factors to watch on Nov 21

November 21, 2014 - reuters.com

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Friday. DIARY For South Africa corporate diary, click on ZA/EQUITY For southern and South Africa diary, click on ZA/DIARY SOUTH AFRICAN MARKETS The rand rallied against the dollar and yields on government bonds dipped to their lowest in a year as the central bank kept interest rates unchanged at its final policy meeting for 2014. ZAR/ Stocks logged their biggest one-day decline in a month on Thursday, sliding 2 percent as weak overseas economic data and a firmer rand hit everything from commodities exporters to retailers. .J GLOBAL MARKETS Most Asian stock markets rose on Friday on data showing broad U.S. economic strength, while the yen rebounded from overnight multi-year lows after a Japanese official expressed concern about the pace of its recent descent. MKTS/GLOB WALL STREET The Dow and S&P 500 finished at record highs on Thursday as data showed further strength in the U.S. economy and Intel INTC.O gave an upbeat forecast. .N GOLD Gold was heading for its third-straight weekly gain on Friday, buoyed by short-covering and a pause in the dollar rally, while physical demand is also picking up on firmer prices. GOL/ EMERGING MARKETS For the top emerging markets news, double click on urn:newsml:reuters.com:*:nTOPEMRG SOME OF THE MAIN STORIES OUT IN THE SOUTH AFRICAN PRESS: BUSINESS DAY - Union finds anohter Eskom silo crack - Gold Fields to pounce on stragglers BUSINESS REPORT - Eskom cautions on renewed load shedding - Nampaks plans to change portfolio to grow profit ((helen.nyambura@thomsonreuters.com; +27 11 775 3034; Reuters Messaging: helen.nyambura.thomsonreuters.com@reuters.net)) Keywords: MARKETS SAFRICA/DAYBOOK

India Morning Call-Global Markets

November 21, 2014 - reuters.com

EQUITIES NEW YORK - The Dow and S&P 500 finished at record highs on Thursday as data showed further strength in the U.S. economy and Intel INTC.O gave an upbeat forecast. Tech shares gave the market its biggest lift, along with energy. Boosting all three major indexes, Intel shares jumped 4.7 percent to $35.95, hitting their highest level since January 2002, after its 2015 revenue outlook was above Wall Street's expectations and the company raised its dividend. For a full report, click on .N - - - - LONDON - Britain's top share index fell for a second day on Thursday, hit by weak economic data from the euro zone and China and a profit warning from energy supplier Centrica CNA.L . The blue-chip FTSE 100 index .FTSE closed 0.3 percent lower at 6,678.90 points, extending its retreat from an eight-week high reached on the previous day. For a full report, click on .L - - - - TOKYO - Japanese stocks skidded on Friday as selling ahead of a long weekend and signs of short-term overheating offset a boost from a solid Wall Street performance rooted in U.S economic strength. The Nikkei average .N225 shed 0.7 percent to 17,172.82 by 0120 GMT, leaving the benchmark on course to snap a run of four weeks of gains. For a full report, click on .T - - - - HONG KONG - Hang Seng Index .HSI is down 0.02 percent. For a full report, click on .HK - - - - FOREIGN EXCHANGE SYDNEY - The U.S. dollar paused for breath on Friday as its recent rapid ascent on the yen attracted profit taking, though the market mood remains bullish on the currency given the outperformance of the U.S. economy. The dollar had set up camp at 118.21 yen JPY= to be within easy walking distance of the seven-year peak of 118.96, while the euro levelled off at 148.17 from a top around 149.12 EURJPY= . For a full report, click on USD/ - - - - TREASURIES NEW YORK - U.S. Treasury debt prices inched higher on Thursday as investors sought the safety of government bonds amid concerns about global growth following weak manufacturing data from China and Europe. Data showed underlying U.S. inflation pressures increased last month, initial weekly jobless claims dipped and existing home sales strengthened, initially helping yields edge higher. But data out of Europe and China outweighed the impact of the sturdy U.S. data. For a full report, click on US/ - - - - COMMODITIES GOLD SINGAPORE - Gold was headed for a third weekly gain in a row on Friday buoyed by a pause in the dollar rally and short-covering after sharp losses, with support also from physical demand that is picking up on firmer prices. Spot gold XAU= was little changed at $1,193.06 an ounce by 0042 GMT, after gaining nearly 1 percent in the previous session. The metal is so far up 0.4 percent for the week. For a full report, click on GOL/ - - - - BASE METALS SYDNEY - London copper was barely changed on Friday but was on target for its biggest weekly loss since early October, as consumer demand faded and investor activity dwindled ahead of U.S. Thanksgiving next week. Three-month copper on the London Metal Exchange CMCU3 traded little changed at $6,662 a tonne by 0219 GMT, and was set to end the week down by 0.6 percent. Turnover was extremely low with less than 500 lots traded in across the benchmark contracts. For a full report, click on MET/L - - - - OIL NEW YORK - Oil closed higher on Thursday, snapping a three-day loss, as strong U.S. economic data bolstered crude markets but focus remained on whether OPEC will cut output to end a five-month long selloff when it meets next week. Factory activity in the U.S. mid-Atlantic region grew at its fastest pace in two decades, U.S. home resales jumped to their highest in more than a year in October, and a gauge of future U.S. economic activity gained more than expected last month 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/

Oil trader Andy Hall's Astenbeck hedge fund down 5 pct in Oct

November 21, 2014 - reuters.com

By Barani Krishnan Nov 20 (Reuters) - Renowned oil trader Andy Hall's hedge fund Astenbeck Capital Management had a 5 percent loss in October, after performing reasonably well the prior two months amid tumbling oil prices, according to a letter to investors from Hall. Westport, Connecticut-based Astenbeck, which manages approximately $3 billion, is now up 6 percent on the year, Hall said in the letter, which was dated Nov. 3 and seen by Reuters on Thursday. Through June the fund had been up nearly 20 percent year-to-date. October's decline was its second-worst drop this year. Astenbeck could not immediately be reached for comment. The price of benchmark Brent crude oil LCOc1 fell more than 9 percent in October for its biggest monthly deficit since June 2012. While Brent lost a cumulative 11 percent in August and September, Astenbeck was flat in that period. In his August and September letters to Astenbeck investors, Hall said he had cut risk and taken profit on some long-dated oil contracts. He also said he expected oil prices to continue to struggle as a result of huge supplies. It was a surprising revelation and outlook from a hedge fund manager who was once one of the most outspoken bulls in oil. It suggested that Hall had turned short, or bearish, on the market, at least in the near-term. With his October loss, it's not known if Hall has gone back to being a bigger bull in oil. Before this, Astenbeck's biggest loss for 2014 was in July, when the fund dropped 7 percent. Brent prices fell 6 percent that month. Hall did not cite any market positions held by Astenbeck in his latest letter to investors. Aside from oil, Astenbeck has also held positions in other commodities, including grains, natural gas and precious metals such as platinum and palladium. Hall did say that playing oil prices lower had its own risks. "On balance, there are plenty of reasons to be short nearby oil at the moment," he wrote. "However, it is a proposition not without significant risks, given current price levels and the likelihood of increased volatility. At times it is better to move to the sidelines." (Editing by Leslie Adler) ((barani.krishnan@thomsonreuters.com; +1 646 223 6192; Reuters Messaging: barani.krishnan.thomsonreuters.com@reuters.net)) Keywords: HEDGEFUNDS OIL/ASTENBECK

Quebec's ambitious Plan Nord mineral project goes south

November 21, 2014 - reuters.com

By Allison Lampert and Nicole Mordant MONTREAL/VANCOUVER, Nov 20 (Reuters) - A plan by the Canadian province of Quebec to spend billions to develop the mineral riches of its northern region has been dealt a crippling blow by the pending closure of a major mine as iron ore prices sink and China's interest wanes. The Plan Nord project hopes to attract C$80 billion ($71 billion) of investment to the vast northern region, of which the iron ore-rich Labrador Trough is a major component. The French-speaking province is trying to sell the plan globally and is hoping miners will flock to northern Quebec after the government invests in the infrastructure necessary to open it up. But Plan Nord took a big hit on Wednesday, when Cliffs Natural Resources CLF.N said it is closing its Bloom Lake iron ore mine after struggling to secure funds to expand the mine and make it viable. Chinese steelmaker Wuhan Iron & Steel 600005.SS owns a minority stake in Bloom Lake. ID:nL3N0T93XA Bloom Lake, one of three producing iron ore mines in Quebec, would have become a major customer for a railway line being considered under Plan Nord. "Without Bloom Lake there's no Plan Nord," Cliffs Chief Executive Lourenco Goncalves told Reuters. "Without the mine, there's pretty much nothing for Plan Nord to transport from point A to point B." But even before Cliffs' move, Plan Nord was an idea struggling to get off the ground. Launched by the Liberal provincial government in 2011, Plan Nord was shelved by the Liberals' defeat in the 2012 election, but revived when they returned to power in April. The effort to reactivate it though came as iron prices were going into a downward spiral, and drumming up investment has been a tough ask as private funding for the mining sector has retreated with commodity prices. Last year, Canadian National Railway CNR.TO and its partner, pension fund manager Caisse de depot et placement du Quebec, halted their study of an 800-kilometer (500-mile) rail line because miners were delaying projects. The line, estimated to cost C$5 billion, was set to run from north of the mining town of Shefferville to Sept-Îles on the Gulf of St. Lawrence. "Plan Nord's a good idea but I think it is something that can't be done in one cycle," said Sandy Chim CEO of Century Iron Mines, an exploration company with projects in the region. Quebec says Plan Nord, which covers an area twice the size of France, would create jobs and revenue via billions worth of public and private investments over 25 years. In its latest budget, the province set aside C$63 million in the current fiscal year and up to C$2 billion by 2035 for the project. "We do not agree with comments suggesting that the Plan Nord is dead," Quebec Energy and Natural Resources Minister Pierre Arcand said in an email on Thursday. "The price of metals are cyclical and we are now putting the right conditions in place for when they rise back up." BIG PLANS The province has set aside C$20 million to study the viability of another rail line to connect the Labrador Trough to Sept-Îles. Two mining companies are part of the study. There are already two privately run rail lines in the region but the government hopes a multi-user line will reduce transport costs for companies that must compete against low-cost iron ore-producing behemoths in Australia and Brazil. Quebec has also outlined a C$1 billion natural resource fund to buy equity stakes in mining, oil and gas assets. Half of that fund is earmarked for Plan Nord projects. A further C$50 million has been set aside for an investment in Gaz Métro LNG to expand output of liquefied natural gas as a cheaper fuel for mining and other projects. "The government would need to put up billions of dollars to generate something there," said Andrew Bowering, chairman of Cap-Ex Iron Ore CEV.V , an exploration company with a Labrador Trough project. "Just putting a bigger rail line in, and maybe a road, isn't really going to change all that much." Meanwhile, companies in the region continue to struggle as iron ore prices hover at five-year lows. In July, low prices forced Labrador Iron Mines LIM.TO to halt operations for the rest of the year. Earlier in the year, mining giant Rio Tinto RIO.L took its Iron Ore Co of Canada, the biggest producer in the region, off the market after failing to find a buyer. Abroad the slump has forced the closure of many high-cost ore mines in China, the world's top iron ore importer. ($1=$1.13 Canadian) (Additional reporting by Susan Taylor and Euan Rocha in Toronto and Silvia Antonioli in London; Editing by Peter Galloway) ((nicole.mordant@thomsonreuters.com; +1-604-664-7315; Reuters Messaging: nicole.mordant.thomsonreuters.com@reuters.net)) Keywords: CANADA QUEBEC/PLANNORD

At least six dead as militias fight U.N. in C.African Republic

November 20, 2014 - reuters.com

BANGUI, Nov 20 (Reuters) - At least six people were killed and around 10 were injured in western Central African Republic during clashes pitting Christian militia fighters against U.N. peacekeepers, a town residents and local journalist said on Thursday. Shooting erupted in Cantonnier, a town on the border with Cameroon around 600 km (370 miles) west of the capital Bangui, Wednesday afternoon when soldiers from the U.N. mission, known as MINUSCA, attempted to disarm so-called anti-balaka fighters. Central African Republic descended into chaos when the mainly Muslim Seleka rebels seized power in the majority Christian state in March 2013, ousting President Francois Bozize. A backlash from the mostly Christian or animist anti-balaka militia led to clashes that have killed thousands, displaced around a million people, and brought de facto partition of the country. "Yesterday the anti-balaka came out to clean their weapons. Bystanders alerted MINUSCA who came to take the weapons. But they refused. They started to shoot and MINUSCA fired back," said Firmin Yaiman, a journalist in the town. The gunfire continued for several hours, another resident of Cantonnier told Reuters by telephone. Two anti-balaka fighters were killed in the clash and the bodies of four civilians believed to have been struck by stray bullets were recovered in neighbourhoods near the scene of the violence on Thursday, the Yaiman and the witness said. The injured were admitted to the town's hospital, they said. Violence has continued despite deployment of the U.N. mission, which could not confirm the death toll from Wednesday's clash. "I know there was an exchange of fire in Cantonnier when our forces were on patrol and were attacked by armed people near the town's police station," MINUSCA spokesperson Myriam Dessables said. Central African Republic is rich in diamonds, uranium and gold but it has been plagued by coups and misrule since independence from France in 1960, leaving it one of the world's most impoverished countries. (Reporting by Crispin Dembassa-Kette; Writing by Joe Bavier; editing by Ralph Boulton) ((joe.bavier@thomsonreuters.com; +225 07074101; Reuters Messaging: joe.bavier.thomsonreuters.com@reuters.net)) Keywords: CENTRALAFRICA UN/FIGHTING

UPDATE 1-Swiss central bank will act to defend franc cap if needed: board member

November 20, 2014 - reuters.com

(Adds no comment on direct market intervention) GENEVA, Nov 20 (Reuters) - The Swiss National Bank stands ready to defend its cap on the franc by buying unlimited quantities of euros or taking other, undisclosed steps, a central bank board member said on Thursday. The franc-euro exchange rate is hovering close to the 1.20 per euro floor set by the Swiss central bank in 2011, when the currency's strength was squeezing exporters and threatening deflation. ID:nL6N0T4607 "The SNB will continue to enforce the minimum exchange rate with the utmost determination," SNB board member Fritz Zurbruegg told a business audience in Geneva according to prepared remarks. "To this end, it is prepared to purchase foreign exchange in unlimited quantities and to take further measures immediately if required." Zurbruegg did not elaborate on what the further measures could be, but the SNB has in the past said it would not shrink from imposing negative interest rates on Swiss franc deposits to deter people from pushing up the currency's value. ID:nL6N0S41XH He declined to comment on any direct market intervention to weaken the franc, which has breached 1.2010 several times this week. The last time the SNB is known to have intervened was in September 2012. His remarks, delivered to a banking audience in Geneva, were part of the SNB's strategy to defend the cap in the run-up to a public vote on Nov. 30 on the bank's gold reserves. Under the "Save our Swiss gold" proposal, the SNB would be banned from selling any of its gold reserves and would have to hold at least 20 percent of its assets in the metal, compared with 7.8 percent last month. Zurbruegg said the SNB has no plans to sell its gold holdings, which the initiative's advocates fear. At 1,040 tonnes, the SNB has the seventh largest holding of the precious metal in the world. Zurbruegg urged voters to dismiss the proposal, calling it harmful to the central bank's efforts to ensure price stability in Switzerland. "In practice, given today's balance sheet total and gold price, the SNB would have to purchase around 70 billion Swiss francs ($73 billion) worth of gold - around two-thirds of the world's total annual gold production," Zurbruegg said. A poll released on Thursday showed support has slipped to 38 percent, falling short of the majority backing it needs to become law. ID:nL6N0T94AK (1 US dollar = 0.9582 Swiss franc) (Reporting By Tom Miles; Writing by Katharina Bart; Editing by Jeremy Gaunt/Ruth Pitchford) ((Katharina.Bart@thomsonreuters.com; +41 58 306 7312; Reuters Messaging: katharina.bart.thomsonreuters.com@reuters.net)) ((tom.miles@thomsonreuters.com; +41 22 733 38 31; Reuters Messaging: tom.miles.reuters.com@reuters.net)) Keywords: SWITZERLAND GOLD/CENBANK

London gold 1500 fix - Nov 20 - 1190.00 dlrs

November 20, 2014 - reuters.com

London platinum/palladium 1400 fix - Nov 20

November 20, 2014 - reuters.com

BRIEF-Inca One resumes test milling and nears completion of plant expansion

November 20, 2014 - reuters.com

Nov 20 (Reuters) - Inca One Gold Corp IO.V : * Resumes test milling, nearing completion of plant expansion, and closes final tranche of $5.5 million bond financing * Says restarted its test milling phase from the original production circuit * Says construction nears completion at the chala one gold processing plant * Projects that full commissioning of the expanded chala one plant appears to be on schedule for completion by end of December 31, 2014 * Source text for Eikon ID:nMKWGSJXwa * Further company coverage IO.V ((Bangalore Newsroom; +1 646 223 8780))

London gold 1030 fix - Nov 20 - 1194.00 dlrs

November 20, 2014 - reuters.com

UPDATE 1-S.Africa's Gold Fields Q3 dips on soft bullion price

November 20, 2014 - reuters.com

(Adds details, quotes) JOHANNESBURG, Nov 20 (Reuters) - South African bullion producer Gold Fields GFIJ.J posted a slip in third-quarter earnings on Thursday due to tumbling gold prices and stoppages at its flagship South Deep operation, which is undergoing an upgrade. The spot price of gold XAU= lost about 10 percent of its value in the three months to September as the dollar rallied to record highs over optimism in the U.S economy. Adjusted headline earnings per share in the three months to end-September totalled 23.1 cents per share, down 6 percent from 24.6 cents in the previous quarter. The spot price of gold was at $1,180.99 per ounce on Thursday but chief executive Nick Holland said Gold Fields was structured to "break even" at $1,050 per ounce. "We would start to rethink if we got down close to $1,000 and stayed there for an extended period of time," Holland told Reuters. Mining activities at South Deep, which accounts for more than half of overall production, fell 18 percent but the company plans to boost output by mining in previously untapped areas in the world's second-largest gold reserve. Shares in Gold Fields fell 3.8 percent at 0730 GMT, compared to a 0.37 percent decline in Johannesburg's All-share index .JALSH . (Reporting by Zandi Shabalala and Peroshni Govender; Editing by Ed Cropley) ((zandi.shabalala@thomsonreuters.com; +27 11 775 3158; Reuters Messaging: zandi.shabalala.thomsonreuters.com@reuters.net)) Keywords: GOLD FIELDS RESULTS/

Unusual gold moves in Asian hours puzzle jittery traders

November 20, 2014 - reuters.com

By A. Ananthalakshmi SINGAPORE, Nov 20 (Reuters) - Some of the biggest price moves in gold since late October have, unusually, occurred in Asian hours and traders more accustomed to following the lead of their Western counterparts suspect a big increase in algorithmic trading may be to blame. Sensitivity to the dollar-yen exchange rate may also help explain the moves, although some traders speculated that the timing looked suspiciously like attempts to catch Chinese traders off-guard during their lunch break. Liquidity in Asia tends to be thin until Europe wakes up but recent weeks have been different: COMEX gold futures GCcv1 , the busiest gold contract in the world, have suffered sharp sell-offs in Asia, sometimes sparked by the news flow or currency moves but often for no identifiable reason. "It is unusual for Asia to be seeing these busy trading sessions," said David Govett, head of precious metals at broker Marex Spectron in London. "I have spoken to a lot of people about it and the general consensus seems to be that there is a big increase in algorithmic and high-frequency trading in this time zone nowadays as it can be quite easy to push about," he said. The trend began on Oct. 31, when U.S. gold futures fell through a major technical level of $1,180 an ounce at around 3 p.m. Singapore time (0700 GMT). They fell $11 in a minute and nearly 9,000 lots were traded in five minutes, compared with just 535 lots in the five minutes preceding the drop. Some of the dips in price have tracked dollar-yen movements, including that one on Oct. 31, when the Bank of Japan announced a surprise increase in monetary stimulus and the yen tumbled. The breach of $1,180 - the lowest level hit by gold during last year's 28 percent slide - sparked a huge sell-off in the precious metal over the next two weeks. In the days following the first dip, gold tumbled 1 percent or hit new lows almost every other day around the same time, between 12:45 p.m. and 1:45 p.m. Singapore time. The slide took gold all the way down to $1,130.40 an ounce, its lowest since March 2010, reached in Asian hours on Nov. 7, when nearly 4,000 lots changed hands in just one minute. It has since recovered and is back trading near $1,180. GOL/ The price lurches that took the market lower often happened when traders in top gold consumer China, which usually provides support for the metal, were out for lunch. "Someone is utilising these thin trading volumes to get a turbo steroid move," said a precious metals trader in Hong Kong. Traders in Tokyo have also noticed that the falls tend to happen a few minutes before their markets are set to close. VOLATILITY Gold has seen a flurry of trading activity since the first break below $1,180 and its volatility .GVX is currently at its highest in 2014. A growing awareness of the new Asian trend may have served to intensify it. "At one point in the last two weeks, there was huge selling at around the same time every other day," said a trader in Tokyo. "Some people noticed that and went short just before that particular hour." This trader and others speculated that the selling could be coming from hedge funds. The simplest explanation for the volatility in Asia remains the rise in the dollar to a seven-year high against the yen. A stronger greenback makes dollar-denominated bullion more expensive for holders of other currencies. "There is definitely more Japanese participation. Gold could be sold off along with the yen so that Japanese investors could put money into the Nikkei," said Tan Tien Leong, chief investment officer of Singapore-based hedge fund AN Commodity. "We are taking much smaller positions in gold and keeping it very simple because there is lots of uncertainty out there." (Reporting by A. Ananthalakshmi; Editing by Alan Raybould) ((ananthalakshmi.as@thomsonreuters.com; +65 6870 3726; Reuters Messaging: ananthalakshmi.as.thomsonreuters.com@reuters.net)) Keywords: GOLD ASIA/VOLATILITY

Russia's Nord Gold doubles Q3 net profit y/y

November 20, 2014 - reuters.com

MOSCOW, Nov 20 (Reuters) - Russian gold miner Nord Gold NORDNq.L posted a third-quarter net profit of $56.9 million on Thursday after $23.2 million for the same period a year ago. Nord Gold, controlled by businessman Alexei Mordashov, said it was on track to reach the upper end of its 2014 gold output guidance of 900,000-950,000 troy ounces of gold equivalent. (Reporting by Polina Devitt; Editing by Elizabeth Piper) ((Polina.Devitt@thomsonreuters.com; +7 495 775 12 42; Reuters Messaging: polina.devitt.reuters.com@reuters.net)) Keywords: RUSSIA NORDGOLD/OUTPUT

S.Africa's Gold Fields Q3 dips on lower South Deep output

November 20, 2014 - reuters.com

JOHANNESBURG, Nov 20 (Reuters) - South African bullion producer Gold Fields GFIJ.J posted a 6 percent drop in third-quarter earnings on Thursday after its flagship South Deep mine saw an 18 percent decline in production as upgrades continued. Adjusted headline earnings per share in the three months to end-September totalled 23.1 cents per share from 24.6 cents in the previous quarter. (Reporting by Zandi Shabalala; Editing by Ed Cropley) ((zandi.shabalala@thomsonreuters.com; +27 11 775 3158; Reuters Messaging: zandi.shabalala.thomsonreuters.com@reuters.net)) Keywords: GOLD FIELDS RESULTS/

BRIEF-Gold fields sees lower full-year costs

November 20, 2014 - reuters.com

Nov 20 (Reuters) - Gold Fields Ltd GFIJ.J * Net earnings for Q3 ended 30 September 2014 of $19 million compared with us$9 million year earlier * Normalised earnings for September 2014 quarter of $23 million compared with $12 million for September 2013 quarter * During quarter gold fields generated $63 million of cash flow * Attributable gold equivalent production increased by 2 pct to 559,000 ounces in September quarter * All-In sustaining costs of $1,074/oz and all-in costs of 1,096/oz * Costs for full year expected to be lower than guidance, with aisc and aic expected to be 3 pct and 2 pct lower at approximately $1,090/oz and $1,130/oz respectively Source text for Eikon: ID:nJseT0008a Further company coverage: GFIJ.J ((Bangalore Newsroon +918067491130)) Keywords: GOLDFIELDS/BRIEF

INDICATORS - Kazakhstan - Nov 20

November 20, 2014 - reuters.com

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