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Regulators back widening of FX fixing window to 5 mins -sources

September 23, 2014 - reuters.com

By Patrick Graham LONDON, Sept 23 (Reuters) - Global regulators have decided to back a widening to five minutes of the 60-second window during which daily currency reference rates are fixed, as part of industry efforts to overhaul the world's biggest market, banking sources said on Tuesday. After a year in which allegations, sackings and suspensions have rocked the $5 trillion-a-day market, officials from the Financial Stability Board last week detailed recommendations for change to be presented to a G20 summit in Brisbane in November. Banking sources told Reuters the FSB had weighed a series of proposals from banks on how much to extend the period over which the daily reference points are set and decided to back a four-fold widening of the current window. Experts argue that the longer the period over which currency trades are aggregated, the less chance there is for a handful of traders to influence the final fixing. Activity around the WM/Reuters currency fix at 4 pm local time in London is at the heart of a global investigation into allegations that traders colluded and used client information improperly to influence pricing. The FSB declined to comment on any of its findings and said it would publish details at the end of this month. At the meeting in Cairns, Australia last week, the FSB also approved recommendations from its working group on benchmarks that banks segregate orders for the "fixings" from trading desks, the sources said. After feedback from the industry, however, the body has shelved the idea of a new central utility to match off and execute fixing orders as too expensive and potentially counterproductive, they said. "From what we understand the final recommendation will be for a five minute wide window," one of the sources told Reuters. "There is no recommendation for a central clearing facility but they have decided that the fixing flows will be separated from other flow business through a system of Chinese walls." A second source confirmed the rough outline of what had been agreed by the FSB. SEGREGATION The FSB last month published responses from more than 30 asset managers, banks and industry associations to its initial report, which laid out 15 proposals for changes to the fixings. The responses had shown banks and their clients agreed on the need to expand the window, on the assumption that it would be harder for individual players to influence pricing over a longer period. But there were also warnings, particularly from a number of smaller firms, that extending the window would also extend the risk players would be exposed to. The sources said the five-minute period was a compromise between the two ideas. The proposals are broadly part of efforts by the financial sector to deal with the latest row to erupt over alleged market manipulation since the 2008 financial crisis. Whether they will convince politicians and the public that the foreign exchange market has cleaned up its act, however, is likely to depend more on the outcome of ongoing investigations. More than 30 dealers at banks have been suspended or fired since the revelations on the fixings were published more than a year ago, but no one has been charged. Banking and legal sources told Reuters earlier this month that banks caught up in the British investigation are pushing for a coordinated settlement to help limit the damage to their reputations. "These proposals will be implemented as quickly as possible. I would expect it to happen quite quickly," said one source. The proposal to isolate fixings flows at banks will probably mean changes in the layout of trading floors and potentially the hiring of new staff, the source said. "Just looking at the way Chinese walls are implemented elsewhere, I would imagine the traders would physically sit on a different floor," the source said. "Fixing orders tend currently to be handled by the spot desks, and that will obviously change." (Editing by Mike Dolan, Larry King) ((patrick.graham@thomsonreuters.com; +44 207 542 9429; Reuters Messaging: patrick.graham.thomsonreuters.com@reuters.net)) Keywords: FX INVESTIGATION/FSB

Sterling recovers poise after M&A wobble

September 23, 2014 - reuters.com

By Patrick Graham LONDON, Sept 23 (Reuters) - Sterling held its ground against the dollar after a volatile opening on Tuesday, with concerns about a tax deal that prompted heavy sales of some UK stocks weighing on a currency still recovering from two weeks of political turbulence. The pound has struggled to bounce since Scotland relieved investors by voting to stick with its union with England in a referendum last week that had been seen as too close to call. Dealers and analysts say the overall tone remains more measured than over a two-month period which had seen sterling drop more than 6 percent against the dollar. GBP=D4 The prospect of further monetary easing in the euro zone, in contrast to expected rises in UK interest rates, will support the pound against the euro EURGBP=D4 , they say, but the outlook against the dollar is more mixed. "People put this morning's move down to the price action around tax inversion-related stocks but I wouldn't really expect this to be a long-term driver for sterling," said Josh O'Byrne, a strategist with Citi in London. "The dollar is still doing pretty well and that is the biggest factor at the moment." The U.S. Treasury Department has announced new rules reducing the tax benefits for companies which strike tax "inversion" deals, denting the takeover appeal of UK companies for U.S. suitors. Drugmaker Shire, which is being acquired by AbbVie's ABBV.N, tumbled 6.5 percent in response. AstraZeneca, which turned down a bid from Pfizer PFE this year, fell 5 percent and medical devices manufacturer Smith & Nephew Plc SN.L, also tipped as a U.S. bid target, shed 3.8 percent. Sterling traded roughly steady in late trade in London at $1.6369. That was around 3 cents higher than the 10-month low hit in the run-up to last week's referendum, but more than 2 cents below the high hit as the results came in. Against the euro, it was down less than 0.1 percent. "We're bit more hawkish than the market (on interest rates) at the moment and think that sterling should still do well against the euro going forward," O'Byrne said. "But it may take more UK data to bring us back to those fundamentals." British public sector borrowing data made little impact on the market, but mortgage approvals numbers from the British Bankers' Association added to signs that the housing market, a worry for policymakers over the past year, was cooling off. Rising house prices have been one factor fuelling expectations of a rise in official Bank of England interest rates but new rules have made it harder to borrow and many Britons are already priced out of the market. That would add to the suspicion that an economic upturn is not quite as durable and broad-based as some have previously believed, and a number of banks have pushed back expectations for rises in rates to next spring. "The UK is largely bereft of major event risks this week, a welcome respite after last week's Scottish referendum anxiety," said Kit Juckes, a strategist with French bank Societe Generale in London. "Short GBP/USD still makes sense. As with the euro, short-covering rallies (in the pound) have been tiny and longer-term economic growth prospects are no longer as bright as they were." (Editing by Andrew Roche) ((patrick.graham@thomsonreuters.com)(+44207 542 9429)(patrick.graham.thomsonreuters.com@reuters.net)) Keywords: MARKETS FOREX/STERLING

UPDATE 1-Nigeria stocks, bonds fall on naira, oil price worries

September 23, 2014 - reuters.com

* Stocks down almost 1 pct so far this year * Investors jittery over falling oil prices (Adds bond yields, quote, naira value) LAGOS, Sept 23 (Reuters) - Nigerian stocks .NGSEINDEX fell to a four-month closing low of 40,537 points on Tuesday, as a weaker naira NGN=D1 hurt by falling global oil prices LCOc1 dampened appetite for equities, dealers said. The index shed 1.1 percent on the day to its lowest closing level since May 28, dragged down by heavyweight banking and cement stocks. Shares in Dangote Cement DANGCEM.LG , Nigeria's most capitalised stock, shed 1.73 percent to 221 naira, while Zenith Bank ZENITHB.LG fell 3.64 percent to 23.80 naira. Bond yields also rose as offshore funds sold naira assets, dealers said. "It was a red day for the Nigerian bourse. We think the current negative market sentiment will persist into tomorrow's session," Vetiva Capital wrote in a note. Yields on Nigeria's 2024 NG10YT=RR bond, latest addition to a JP Morgan emerging market government bond index (GBI-EM), rose two basis points in the course of two days to 12.34 percent, after rising 37 basis points over the past month. The naira closed at 163.80 against the greenback, below the three-month low of 163.45 naira it touched a week ago, over doubts on central bank's ability to support the currency against a backdrop of declining global oil prices and higher demand for dollars. Brent crude fell below $98 a barrel on Monday, dropping for the third session in four, as sluggish demand and ample supplies outweighed expectations of a cut in oil output from the Organization of the Petroleum Exporting Countries (OPEC). ID:L3N0RN1TR Other top decliners include the local unit of British drug maker GSK GLAXOSM.LG , down 7.69 percent, while Guaranty Trust Bank GUARANT.LG and FBN Holdings FBNH.LG both lost more than 1.6 percent. (Reporting by Oludare Mayowa and Chijioke Ohuocha; Editing by David Holmes) ((chijioke.ohuocha@thomsonreuters.com; +234 703 4180 621; Reuters Messaging: chijioke.ohuocha.thomsonreuters@reuters.net)) Keywords: STOCKS NEWS/NIGERIA

Stirring market seismograph relief for ailing trading industry

September 23, 2014 - reuters.com

By Jamie McGeever LONDON, Sept 23 (Reuters) - Recent stirrings of long-dormant financial market volatility have come in the nick of time for an industry that has been bleeding revenue and jobs for years, even though bankers doubt the secular downsizing of the trading world can be reversed. The prospect of higher U.S. interest rates, and to a lesser extent interest rates, has provided a shot in the arm for market activity and banks' trading operations since the half year mark. Trading in fixed income, currencies and commodities (FICC) has been steadily falling since the 2008 crisis, in large part thanks to a collapse and convergence of interest rates across the developed world that has crushed volatility. Key measures of price volatility - particularly in currencies, which in large part trade on interest rate differentials - have sunk this year. Implied volatility in euro/dollar and dollar/yen, the two most liquid currency pairs in the world, fell to a record low in July EUR1MO= JPY1MO= . U.S. stock market volatility hit a 7-year low .VIX and bond volatility languished near recent depths. Low volatility limits price swings and narrows bid/offer spreads, thereby minimizing banks' scope to make money. Post-crisis regulation such as 'Dodd-Frank' and 'Volcker Rule' legislation in the United States and Basel III banking reforms globally also effectively restrict banks' ability to hold, trade and speculate on fixed income and derivatives. But volatility has since reversed, lifted by U.S. rate speculation and a range of geopolitical flare-ups that caught markets offguard. Treasury bond and FX market volatility rose to levels not seen since January. "Fixed income does show like it's showing a few signs of life. But we're not out of the woods," said Chris Wheeler, banking analyst at Mediobanca in London. So far this year, the trading environment has been tough for banks' FICC operations, which critics sometimes dub "casino banking" and distinguish from traditional investment services like underwriting share issues or arranging mergers and acquisitions. Reuters data show that of 10 major U.S. and European investment banks, only Morgan Stanley MS.N and Bank of America-Merrill Lynch BAC.N raked in higher FICC trading revenue in the first half of this year compared with the same period last year. The other eight saw revenues fall, from Credit Suisse CSGN.VX and Societe Generale's SOGN.PA 6 percent decline to the 23 percent slump at Barclays BARC.L . The average decline across the 10 banks was 10 percent. http://graphics.thomsonreuters.com/14/02/BANK_IBREVENUE0214_VF.html WHEN THE TREND ISN'T YOUR FRIEND Major U.S. and European banks will report third-quarter earnings results from next month. That quarter is usually weak because it covers the summer months of July and August, leaving September to make up the shortfall. Credit ratings agency Standard & Poor's argues that while FICC trading will recover "eventually", revenues will probably still be between 5 and 10 percent lower this year than last. But there are encouraging signs as the Fed prepares the ground for what will be its first rate hike since June 2006, with the Bank of England to follow a similar path. Yields on benchmark 10-year U.S. Treasuries have risen more than 20 basis points so far in September, on track for the biggest monthly rise this year. And speculators last week amassed a net short position in two-year Treasury futures on the Chicago futures exchanges worth 98,610 contracts, the biggest bet in over seven years that shorter-term U.S. bond yields will rise. "If you're big in foreign exchange and big in U.S. rates, you will start to see things pick up throughout the rest of the year," said Simon Maughan, product specialist at financial-data supplier OTAS Technologies. But the drive to cut costs across the industry shows little sign of easing. Banks are laying off thousands of staff, notably the thousands of job losses announced by Barclays in May. In a report published earlier this month, London-based consulting firm Coalition said the reduction in global FICC staff during the first half of the year was far bigger than that seen in banks' equities or investment banking divisions. Headcount fell 9 percent to around 17,700 from 19,600 in the same period last year, compared with a two percent fall in equities and a one percent fall in investment banking. Since the first half of 2011, FICC staffing has shrunk by more than a quarter, Coalition said. The division that has seen the biggest slump in revenue so far this year, according to Coalition, is G10 foreign exchange trading, down 35 percent to $2.7 billion. And in the last two years, G10 rates trading revenue has almost halved to $9.8 billion. "Costs will continue to be cut, and the challenges on costs will remain," said the head of rates trading at a bank in London. "It's premature to envisage a pick up in hiring." And pay for those lucky enough to hold onto their jobs isn't rising much, if at all. Options Group, a consultancy, predicts that average compensation in rates trading will fall this year by 15 to 20 percent from last year. (Reporting by Jamie McGeever, editing by Louise Heavens) ((jamie.mcgeever@thomsonreuters.com; +44)(0)(207 542 8510;)) Keywords: MARKETS FINANCIALS/TRADING

South Africa's rand recoups overnight losses over Russia deal

September 23, 2014 - reuters.com

JOHANNESBURG, Sept 23 (Reuters) - South Africa's rand pulled back from the previous day's 8-month lows on Tuesday as calm returned to a market spooked by news of Pretoria signing a major nuclear power deal with Russia. South African officials clarified that the agreement signed with Russian atomic agency Rosatom was part of a tender process that would involve other countries and not a contract to build power plants. ID:nL6N0RO2VJ At 1515 GMT the rand ZAR=D3 traded at 11.1470 to the greenback, slightly firmer than Monday's close in New York. Government bonds also edged up, pulling the yield for the benchmark 2026 government bond ZAR186= 1 basis point lower to 8.175 percent. The rand stumbled to 11.1890 overnight, its weakest since early February, as investors wondered how South Africa would be able to afford the reported $10 billion price tag of the deal. A deal with Russia might also hurt South Africa's international standing because of Moscow's role in the Ukraine crisis, traders said. "Some of the headlines yesterday seemed to aggravate the market and didn't inspire any sort of confidence given that Russia is regarded as a bit of a pariah at the moment," Nedbank rand trader William Van Rijn said. "Today the euro was somewhat stronger and that gave the market a little bit of comfort. We have also seen some possible profit-taking of dollar selling into this market," he added. (Reporting by Stella Mapenzauswa; Editing by Ed Cropley) ((stella.mapenzauswa@thomsonreuters.com; +27117753161; Reuters Messaging: stella.mapenzauswa.thomsonreuters.com@reuters.net)) Keywords: MARKETS SAFRICA/CURRENCY

POLONIA Rate rises 0.02 pp.

September 23, 2014 - reuters.com

WARSAW, Sep 23 (Reuters) - POLONIA the reference rate for Overnight deposits amounted to 2.46 percent. The volume of transactions concluded till 16:30 by banks participating in POLONIA fixing amounted to 3,569 mln PLN. Note: Description of reference rate at: http://www.acipolska.pl/ ((warsaw.newsroom@reuters.com))

U.S. court halts bitcoin mining operation Butterfly Labs -FTC

September 23, 2014 - reuters.com

WASHINGTON, Sept 23 (Reuters) - A U.S. court has shut down Butterfly Labs, a Missouri company the Federal Trade Commission alleges deceptively marketed computers designed to produce bitcoins, the "virtual currency" payment system. The FTC's complaint against Butterfly and its corporate officers alleges that the company charged consumers thousands of dollars for its bitcoin computers, called BitForce, but then failed to provide the computers until they were almost obsolete, or in many cases did not provide the computers at all. Unlike traditional currency, bitcoins are not distributed by a central bank or backed by physical assets like gold, but instead are "mined" by users who use computers to calculate increasingly complex algorithmic formulas. When a user solves a formula, the bitcoin system awards that user a set number of bitcoins. As time passes and more bitcoins are mined, mining becomes more difficult. The codes become more complex and require more powerful computers to solve them. "We often see that when a new and little-understood opportunity like Bitcoin presents itself, scammers will find ways to capitalize on the public's excitement and interest," said Jessica Rich, director of the FTC's Bureau of Consumer Protection. Butterfly sold its computers from $149 to $29,899 based on the machines' purported computing power. The FTC said that more than 20,000 consumers had not received the computers they purchases as of September 2013. The defendants in the case are BF Labs, Inc, doing business as Butterfly Labs; Darla Drake; Nasser Ghoseiri and Sonny Vlesides, the FTC said. (Reporting by Ros Krasny) ((ros.krasny@thomsonreuters.com; 202 898 8415; Reuters Messaging: ros.krasny.thomsonreuters.com@reuters.net)) Keywords: FTC BITCOIN/FRAUD

Goldman Sachs head of European FX trading to leave -source

September 23, 2014 - reuters.com

LONDON, Sept 23 (Reuters) - Goldman Sachs GS.N is set to lose London-based European head of spot foreign exchange trading Mitesh Parikh, its second high-profile forex operative to leave this year, a source familiar with the matter said on Tuesday. The departure of Parikh follows that of New York-based Steven Cho, its global head of G-10 spot and forward trading, in February. Parikh, who joined Goldman Sachs in 2002, according to the Financial Conduct Authority register of approved persons, could not be reached immediately for comment. A string of forex traders have been leaving the industry as it grapples with tighter regulation, shrinking profit margins and deep cost-cutting. (Reporting by Jamie McGeever; Editing by Hugh Lawson) ((jamie.mcgeever@thomsonreuters.com)(+44)(0)(207 542 8510)) Keywords: MARKETS FX TRADER

London gold 1500 fix - Sept 23 - 1222.00 dlrs

September 23, 2014 - reuters.com

UPDATE 1-Kenyan shilling edges down due to demand, shares sag

September 23, 2014 - reuters.com

* Currency traders eye the central bank * Profit-taking weighs on main share index (Adds closing rate, shares) By Duncan Miriri NAIROBI, Sept 23 (Reuters) - Kenya's shilling KES= weakened on Tuesday due to demand for dollars, particularly by energy importers, and traders said the currency could extend losses unless the central bank offered support. The benchmark share index .NSE20 edged down as investors booked gains from its recent rally. The central bank sold dollars on Thursday and Friday last week in a bid to boost the currency, which has been under pressure in part because of a slowdown in revenues from tourism, a sector that has been hit hard by worries about security. At the 1300 GMT close of trade, leading commercial banks posted the shilling at 89.15/25 to the dollar, down from Monday's close of 88.80/90. Traders said the shilling could weaken further towards the psychologically important level of 89.50 shillings. "It depends largely on what the central bank will do," said a trader at a commercial bank. The central bank has not indicated whether it would intervene again or at what point, but traders said the bank could offer dollars if the shilling slides to that level. The central bank started its intervention on Thursday when the shilling fell to 89.45/89.55, a level it last reached in December 2011. In the stock market, the NSE-20 share index lost 0.54 percent to close at 5,377.29 points, still within its six-year high hit on Friday, as some investors took profits. Shares in retailer Uchumi UCHM.NR fell 3.56 percent to close at 10.85 shillings each, while those of the Nairobi Securities Exchange NSE.NR fell 2.78 percent to close at 26.25 per share. In the debt market, bonds worth 1.0 billion shillings were traded, down from a volume of 1.5 billion shillings the previous day. KES= KES1= ...........................Shilling spot rates KESF= 0#KESF= .....................Shilling forward rates EURKES= KESX= KESX1= .......................Cross rates KES=KE ..................................Local contributors CBKINDEX .......................Central Bank of Kenya Index KE/DEBT .....................Kenyan Bonds contributor pages CBK03 CBK06 KE3MTB= ...............Treasury bill yields CBK04 ..................Central bank open market operations CBK07 .........................Horizontal repo transactions KEIBR= , CBK02 ................Daily interbank lending rate 0#KETSYSTR= .............................Kenya Bond pricing ECONAFRICA ..................Real time Africa economic data <ECI & AFR> ...........................African economic news .NSE20 .................................NSE-20 Share Index .NASI .................................NSE All Share Index .FTFNKEN1 ...........................FT NSE Kenya 15 Index .FTFNKEN2 .......................... FT NSE Kenya 25 Index SPEED GUIDES: REUTERS KES/1 KE/DEBT MONEY KE/EQUITY (Additional reporting by Edmund Blair; Editing by) ((edmund.blair@thomsonreuters.com; +254 20 499 1232; Reuters Messaging: edmund.blair.thomsonreuters.com@thomsonreuters.net)) Keywords: KENYA MARKETS/

FOREX-Euro gets lift from German prospects; dollar dips

September 23, 2014 - reuters.com

* Euro pulls away from 14-month trough * Dollar index holds below four-year peak * Dollar consolidation under way, says analyst (Adds New York prices, quotes; changes byline and dateline; previous LONDON) By Michael Connor NEW YORK, Sept 23 (Reuters) - The battered euro rose on Tuesday, pulling away from a 14-month trough against the dollar, as the greenback eased against other major currencies on profit-taking after a 10-week streak of gains. Bruised by worries about economic growth and loosening European Central Bank monetary policies, the euro on Tuesday got some relief from a business survey showing Germany's economy probably expanded in the third quarter. The common currency rose to $1.2885 EUR= , recovering from Monday's 14-month low of $1.2816 and prompting some traders to suspect it might correct higher. "The euro has moved up a bit, but I would look to sell into the rise," said Jeremy Stretch, head of currency strategy at CIBC World Markets. "Clearly the German composite PMI reading was better, but what is worrying is the slide in the index for manufacturing towards the contraction territory." The German composite PMI rose to 54.0 from 53.7 in August, moving further above the 50 mark, which denotes growth. ECONDE The corresponding survey for the euro zone, however, showed business activity expanding at a slightly weaker pace than expected as companies cut prices for the 30th month in a row. Overall, the data did little to alter the picture of a sluggish recovery in the euro zone. ID:nL9N0Q3002 The euro's rise stung the dollar index, which shed 0.33 percent. The index .DXY last traded at 84.472, having peaked at 84.861 on Monday, a high not seen since July 2010. The basket of six currencies traded against the dollar had posted 10 straight weeks of gains through Friday as markets wagered U.S. rates would rise long before those in Europe or Japan. "It's starting to take shape," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington. "The dollar's longest string of weekly gains in decades has seemingly entered a period of consolidation." The dollar's run even prompted New York Federal Reserve Bank President William Dudley to caution that the gains could complicate the Fed's job, potentially hurting U.S. economic performance and pushing down inflation. Dudley said on Monday that while the value of the dollar was not a policy goal of the Fed's, it had to be taken into account as part of the central bank's economic forecast. ID:nL2N0RN0VY The dollar also eased 0.2 percent to 108.62 yen JPY= , down from a six-year high of 109.46 set on Friday. There was not much boost for either the Japanese currency or its safe-haven peer, the Swiss franc CHF= , to news that the United States and partner nations had carried out the first air strikes against Islamic State in Syria, opening a new front in the battle against militants. (Additional reporting by Anirban Nag in London; Editing by Lisa Von Ahn) ((michael.connor@thomsonreuters.com; 646 223 6309; Reuters Messaging: michael.connor.reuters.com@reuters.net))

Keywords: MARKETS FOREX/

UPDATE 1-Newmont lifts 2014 copper output forecast after Indonesia permit

September 23, 2014 - reuters.com

(Adds details, share movement) Sept 23 (Reuters) - Newmont Mining Corp NEM.N raised its full-year copper production forecast after ending a tax dispute with the Indonesian government that allows it to resume shipments from the country. U.S.-based Newmont halted exports in January after Indonesia imposed a hefty export tax that the U.S. firm said violated its mining contract. It halted production in June. The miner said on Monday it received an export permit from the Indonesian government to resume copper concentrate shipments from the country. ID:nL3N0RN30Y Newmont, the second-largest copper producer in Indonesia, said it now expects to produce 120,000-125,000 tonnes on a consolidated basis in 2014, up from its previous forecast of 80,000-95,000 tonnes. (http://bit.ly/1B3dTNJ) The company also raised its 2015 copper production forecast to 250,000-270,000 tonnes from 220,000-240,000 tonnes. The company also raised consolidated gold production for 2015 to 5.21-5.71 million ounces from 5.1-5.4 million ounces. Newmont's shares were marginally up premarket after closing at $23.66 on the New York Stock Exchange on Monday. (Reporting by Sneha Banerjee in Bangalore; Editing by Saumyadeb Chakrabarty) ((sneha.banerjee@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6749 1130; ; Reuters Messaging: sneha.banerjee.thomsonreuters.com@reuters.net)) Keywords: NEWMONTMINING OUTLOOK/

London platinum/palladium 1400 fix - Sept 23

September 23, 2014 - reuters.com

New Issue- Accor SA adds 150 mln euros to 2021 bond

September 23, 2014 - reuters.com

Sept 23(Reuters) -Following are terms and conditions of a bond increased on Tuesday. Borrower Accor SA ACCP.PA Issue Amount 150 million euro Maturity Date February 5, 2021 Coupon 2.625 pct Issue price 105.346 Yield 1.728 pct Spread 105 basis points Underlying govt bond Over Mid-swaps Payment Date September 30, 2014 Lead Manager(s) Credit Agricole CIB, Natixis & RBS Listing Lux Full fees Undisclosed Denoms (K) 100 Governing Law French Notes The issue size will total 900 million euro when fungible Temporary ISIN FR0012188662 ISIN FR0011731876 Security details and RIC, when available, will be on Z3CE Customers can right-click on the code for performance analysis of this new issue For ratings information, double click on RRS0001 For all bonds data, double click on BONDS For Top international bonds news TOP/DBT For news about this issuer, double click on the issuer RIC, where assigned, and hit the newskey (F9 on Reuters terminals) ((EMEA Fixed Income Desk Bangalore; jenifer.prabhaker@thomsonreuters.com; Reuters Messaging jenifer.prabhaker.reuters.com@reuters.net; +91 80 6677 2510, fax +44 20 7542 5285))

Newmont raises full-year copper production forecast

September 23, 2014 - reuters.com

Sept 23 (Reuters) - Newmont Mining Corp NEM.N raised its full-year copper production forecast to reflect the resumption of shipments from Indonesia. The miner received an export permit from the Indonesian government on Monday to resume copper concentrate shipments from the country. ID:nL3N0RN30Y Newmont, Indonesia's second-largest copper producer, now expects to produce 120,000-125,000 tonnes on a consolidated basis for 2014, up from its previous forecast of 80,000-95,000 tonnes. (http://bit.ly/1B3dTNJ) (Reporting by Sneha Banerjee in Bangalore; Editing by Saumyadeb Chakrabarty) ((sneha.banerjee@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6749 1130; ; Reuters Messaging: sneha.banerjee.thomsonreuters.com@reuters.net)) Keywords: NEWMONTMINING OUTLOOK/

German gas trading grows in 2014, Europe hubs expand

September 23, 2014 - reuters.com

* Volumes in H1 up to a third higher than last year * Germany's huge gas storage sites benefit trading * German gas demand also boosts role of Dutch trading hub By Vera Eckert FRANKFURT, Sept 23 (Reuters) - Gas trade is growing in Germany in line with a continental European trend which has also boosted growth in the bigger Dutch market, challenging Britain's dominance of the sector. Wholesale natural gas trading volumes in continental Europe have risen sharply in the past years, bolstered by the common euro currency and a large industrial and residential client base. "We estimate the (German) market size as between 1,750 and 2,000 terawatt hours (TWh) in first half 2014, compared with a full-year total for 2013 of just over 3,000 TWh," said Nigel Harris of British consultancy Prospex in its annual European gas report on Tuesday. German volumes could further rise as it is the European Union's main location to store gas imported from Russia, which meets a third of the region's demand. Should exports from Russia via Ukraine be disrupted this winter due to the crisis there, Germany's storage sites would play a big role in helping to safeguard supplies during winter. Despite its growth, Prospex said the German market would likely remain smaller than Europe's leading gas hubs in the Netherlands and Britain, where 2013 volumes stood at 8,433 and 17,989 TWh respectively, although market data suggests that Dutch volumes overtook British ones this summer. ID:nL5N0RD22U While forecasts for overall European gas use are weak due to sluggish economic growth, improved energy efficiency, rising alternative fuels such as renewable power generation, and because of unprofitable gas-to-power generation, the threat of Russian supply shortfalls has provided an incentive for hedging and forward trade, Prospex said. "Physical trading volumes at German hubs could grow strongly on this," Harris said. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ MAP-Russia to EU gas routes http://link.reuters.com/qer37v TABLE-Russia gas sales to EU http://link.reuters.com/jev68v ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> At well over 20 billion cubic metres (bcm) capacity, Germany has Europe's biggest gas storage capacity ahead of Italy (16.5 bcm) and France (12 bcm). Russia halted gas supplies to Ukraine in June because of a dispute over unpaid bills and shipped less gas than requested to eastern European countries in recent weeks. ID:nL6N0RH3CI Russia usually sends almost half of its gas supplies to Europe via Ukraine, but its state-controlled gas exporter Gazprom GAZP.MM has recently sent more flows via Nord Stream, a pipeline via the Baltic Sea that bypasses Ukraine. Germany is Russia's biggest gas customer, and Gazprom is keen to keep up supplies despite the clash between Russia and the West over the conflict in Ukraine. ID:nL5N0R328J German gas network operators trade spot gas at the Dutch Title Transfer Facility (TTF) as well as on Germany's two trading hubs, Gaspool and NCG, in order to hedge their gas and power production assets in the region and to balance gas flows and ensure network stability. Short-term gas trading has also ballooned as more long-term gas contracts are priced off spot gas prices instead of the oil market, a method that was introduced before gas markets were liberalised and traded on a daily basis. ID:nL5N0QZ2JH In overall trading volumes, Germany ranks third behind the Dutch and British gas markets, but ahead of Belgium, France and Italy which are each around half the size of either of Germany's two markets. (Editing by Henning Gloystein) ((vera.eckert@thomsonreuters.com, +49 69 7565 1228; Reuters Messaging: vera.eckert.thomsonreuters.com@reuters.net)) Keywords: GAS TRADE/EUROPE

UPDATE 1-Russian assets firm on China data, newspaper report on sanctions

September 23, 2014 - reuters.com

* RTS index gains 0.6 percent * Newspaper report boosts hopes of sanctions relief * Chinese data spells cheer for metal exporters (Adds latest prices, comments) MOSCOW, Sept 23 (Reuters) - Russian assets firmed on Tuesday, buoyed by a report that the European Union might review sanctions imposed against Moscow over its role in the Ukraine crisis and by positive economic data from China, a major market for Russia's raw materials. At 1145 GMT, the dollar-denominated RTS index .IRTS was up 0.6 percent at 1,159 points, while its rouble-based peer MICEX .MCX traded 0.4 percent higher at 1,418 points. The daily Kommersant, citing an unnamed EU source, reported the 28-nation bloc could review its economic sanctions against Russia as early as Sept. 30. The EU has previously indicated it could scrap sanctions on Russia if a review to be carried out by the end of September shows that a peace plan in Ukraine is being implemented. ID:nL5N0RC316 A fragile ceasefire has been broadly holding in eastern Ukraine since Sept. 5, though pro-Russian separatists and the Kiev government remain far apart on the future status of rebel-held areas. More than 3,000 people have been killed since the conflict erupted in eastern Ukraine in April. "Despite the fact that there has been no official confirmation of the (Kommersant) report, for an oversold market it has been enough to go up," Andrei Dirgin, head of research at Alfa-Forex in Moscow, wrote in a note. Several waves of sanctions by the EU and the United States have sent Russian equities and the rouble lower in recent months, with the RTS shedding all of its mid-year gains after the Ukraine conflict escalated in late summer. Blue chips badly hit by the sanctions led Tuesday's gains, with Sberbank SBER.MM trading 0.9 percent higher and Rosneft ROSN.MM adding 0.5 percent. Novatek NVTK.MM , hit by U.S. sanctions, was 1.6 percent higher. In another boost for Russian assets, China's factory activity data came in stronger than expected, boosting Moscow's metal and steel companies for whom China is a major market. ID:nS7N0MG03Q However, trading was restricted for shares of coal-to-steel group Mechel MTLR.MM after they tumbled nearly 30 percent in the previous session following a comment by Economy Minister Alexei Ulyukayev that bankruptcy may be the only option for the debt-ridden miner. The rouble was 0.3 percent stronger against the dollar at 38.57 RUBUTSTN=MCX and traded virtually unchanged on the day at 49.69 versus the euro EURRUBTN=MCX . This left the currency 0.1 percent stronger at 43.60 against the dollar-euro basket RUS=MCX the central bank uses to gauge the rouble's nominal exchange rate. For rouble poll data see FXRUB FXEURRUB FXRUS For Russian equities guide see RU/EQUITY For Russian treasury bonds see 0#RUTSY=MM Russia in graphics: http://link.reuters.com/dun63s (Reporting by Lidia Kelly; Editing by Gareth Jones) ((lidia.kelly@thomsonreuters.com; +7 495 775 1242; Reuters Messaging: lidia.kelly.reuters.com@reuters.net)) Keywords: RUSSIA MARKETS/

TABLE-MCX-SX Currency Futures traded on Sep 23

September 23, 2014 - reuters.com

TABLE-NSE Currency Futures traded on Sep 23

September 23, 2014 - reuters.com

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

September 23, 2014 - reuters.com

STOCKS .BSESN .NSEI ---------------------- The benchmark BSE index ended down 1.58 percent and the NSE index also fell 1.58 percent, marking their biggest single-day fall in about two-and-a-half months as blue-chips tracked weaker global shares on disappointment over European manufacturing data and concerns about an unemployment measure in a survey in China. .BO RUPEE INR=D2 -------------- The partially convertible rupee ended weaker at 60.94/95 per dollar against the previous close of 60.8150/8250, as shares slumped after weak global manufacturing surveys raised growth concerns, while month-end dollar demand from importers also hurt sentiment for the local unit. INR/ GOVERNMENT BONDS IN084024G=CC ------------------------------- The benchmark 10-year bond yield ended up 3 basis points at 8.47 percent, as investors took profits ahead of the government's announcement of its borrowing plans for the second half of the fiscal year. IN/ INTEREST RATE SWAPS INROIS MIOIS= ------------------------------------- The benchmark five-year swap rate closed up 3 bps at 7.83 percent, while the one-year rate ended flat at 8.40 percent. CALL MONEY INROND= -------------------- India's cash rate ended at 7.60/7.65 percent, higher from the previous close of 7.15/7.20 percent but below the repo rate as liquidity is seen comfortable. (Compiled by Dipika Lalwani) ((dipika.lalwani@thomsonreuters.com; +91-22-6180-7098; Reuters Messaging: dipika.lalwani.thomsonreuters.com@reuters.net)) Keywords: INDIA SNAPSHOT/

Sri Lanka rupee ends near 4-month low on importer dollar demand

September 23, 2014 - reuters.com

COLOMBO, Sept 23 (Reuters) - The Sri Lankan rupee ended slightly weaker on Tuesday at a near four-month low on importer dollar demand after the central bank placed certain curbs on the use of its standing deposit facility to boost credit and economic growth. The central bank before the market opened on Tuesday kept its key policy rates steady, but limited commercial banks' access to its repurchase or standing deposit facility, a move analysts see as an effective rate cut. ID:nL3N0RO26L The spot currency LKR=LK ended at 130.35/38 per dollar, its lowest close since June 3 and weaker from Monday's close of 130.30/35. Dealers said the interbank money market rates dropped by 50 basis points after the central bank's move. The call money rate fell to 6.25 percent from Monday's 6.75 percent and repo rate to 6.00 percent from Monday's 6.50 percent, they said. Dealers also said the rupee premiums or forward trade will ease due to a possible foreign outflow from government securities after the central bank's decision to limit commercial banks' access to deposit facility. (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Anand Basu) ((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

Indian rupee ends lower as shares slump, caution grows

September 23, 2014 - reuters.com

* Rupee ends at 60.94/95 per dollar vs 60.8150/8250 on Monday * Shares slip after downbeat European data * Rupee seen in 60.50/61.10 range in near term By Gaurav Pai MUMBAI, Sept 23 (Reuters) - The Indian rupee fell the most among emerging market peers on Tuesday as shares slumped after weak global manufacturing surveys raised growth concerns, while month-end dollar demand from importers also hurt sentiment for the local unit. Surveys showed French business activity contracted in September, while Germany's manufacturing sector expanded at its slowest pace since June 2013. .EU Meanwhile, a private survey showed China's factory activity edging up in September, though unemployment fell to a 5-1/2-year low. ID:nL3N0RN259 Traders are also bracing for volatility ahead of the policy review by the Reserve Bank of India on Sept. 30 and the end of the first half of the financial year the same day. "The rupee should remain in a 60.50 to 61.10 range in the coming days," said Chintan Karnani, chief analyst at Insignia Consultants, a currency risk advisory firm in New Delhi. The partially convertible rupee INR=D2 ended at 60.94/95 per dollar, compared with its close of 60.8150/8250 on Monday. The rupee was also hurt as importers sought to meet their month-end dollar needs, while the NSE index .NSEI posted its biggest single-day fall in about two-and-a-half months as blue-chips tracked weaker global shares. .BO In the offshore non-deliverable forwards PNDF , the one-month contract was at 61.23/33, while the three-month contract was at 61.81/91. FACTORS TO WATCH * Euro pulls away from 14-month trough USD/ * EM shares tumble to new three-month lows EMRG/FRX * Record-breaking dollar edges down against basket MKTS/GLOB * Foreign institutional investor flows INFII INFII01 * For data on currency futures INRFUTURES DIARIES & DATA: Indian Data Watch ECONIN European diary WEU/EQTY2 Indian diary IN/DIARY US Diary US/DIARY (Editing by Prateek Chatterjee) ((gaurav.pai@thomsonreuters.com)(Reuters Messaging: gaurav.pai.thomsonreuters.com@reuters.net)) Keywords: MARKETS INDIA FOREX/

Israel central bank chief sees rates staying near zero -report

September 23, 2014 - reuters.com

JERUSALEM, Sept 23 (Reuters) - The Bank of Israel is likely to keep interest rates near zero for some time, Governor Karnit Flug said, citing a weakening Israeli economy and poor global growth. The central bank held its benchmark interest rates steady at an all-time low of 0.25 percent on Monday after quarter-point rate cuts in July and August. ID:nL6N0RN2Y0 "The rate will remain low as long as needed," Flug said in an interview with the Haaretz daily published on Tuesday. "The current rate of 0.25 percent is appropriate for a slowing economy with very low inflation, a shekel that was until recently appreciating, and tepid demand. "When these conditions change, we will decide whether there is room for changing the rate. But so long as the global environment is poor, we can expect it to remain as it is. When inflation and interest rates globally are zero, Israel's rate will remain zero," she said. Flug added that Israeli rates must be in line with other central banks and that benign inflation globally requires very expansionary monetary policy. Israel's inflation rate in August eased to a seven-year low of zero while second-quarter gross domestic product growth was revised to an annualised 1.5 percent rate from a preliminary estimate of 1.7 percent. The revision, coupled with Israel's 50-day war with Hamas militants in Gaza in July and August, led the Bank of Israel to reduce its economic growth forecast for 2014 to a five-year low of 2.3 percent from 2.9 percent. Israel's statistics bureau is more pessimistic, estimating growth of 2 percent this year after a 3.2 percent pace in 2013. The central bank sees growth of 3 percent next year and Flug said Israel will begin to fully recover once the world economy rebounds and if the Bank of Israel and government take steps to support the domestic recovery. Speaking separately to the Calcalist financial daily, Flug said buying government bonds as the central bank did during the global financial crisis was a tool policymakers could use again, but declined to say whether such action is needed now. (Reporting by Steven Scheer; Editing by Catherine Evans) ((steven.scheer@thomsonreuters.com; +972 2 632 2210; Reuters Messaging: steven.scheer.thomsonreuters.com@reuters.net)) Keywords: ISRAEL CENBANK/FLUG

India fwd/annualised dlr premia-(closing)-Sep 23

September 23, 2014 - reuters.com

FOREX-Prospect of German recovery offers relief to euro

September 23, 2014 - reuters.com

* Dollar index holds below four-year peak set on Monday * Euro pulls away from 14-month trough * Aussie firmer as HSBC flash China PMI tops forecasts (Updates, adds fresh quote) By Anirban Nag LONDON, Sept 23 (Reuters) - The euro pulled away from a 14-month trough against the dollar on Tuesday, earning some relief from a business survey showing Germany's economy probably expanded in the third quarter. The common currency rose to $1.2896 EUR= , recovering from Monday's 14-month low of $1.2816 and prompting some traders to suspect it might correct higher as key support near $1.2800 loomed. Traders said a move above Sept. 18 highs of around $1.2830 was needed for sustained gains. "The euro has moved up a bit, but I would look to sell into the rise. Clearly the German composite PMI reading was better, but what is worrying is the slide in the index for manufacturing towards the contraction territory," said Jeremy Stretch, head of currency strategy at CIBC World Markets. The German composite PMI, rose to 54.0 from 53.7 in August, moving further above the 50 mark denoting growth. ECONDE The corresponding survey for the euro zone, however, showed business activity expanding at a slightly weaker pace than expected as firms cut prices for the 30th month in a row. Overall, the data did little to alter the picture of a sluggish recovery in the euro zone. ID:nL9N0Q3002 European Central Bank President Mario Draghi reiterated on Monday that the bank is ready to use additional unconventional tools if needed to spur growth in the bloc. ID:nL6N0RN34K Still, there is scepticism that the ECB would launch a bond-buying stimulus program any time soon, offering support to the euro. "We've seen the single currency move away from the $1.28 level, as the market has yet to be convinced that the ECB can deliver the balance sheet expansion that the ECB President has promised," said Simon Smith, chief economist at FxPro. Draghi had said earlier this month that the latest easing measures, which include buying asset-backed securities and offering cheaper long term loans to banks, will expand ECB's balance sheet to levels close to seen in early 2012. The ECB balance sheet stood around 3 trillion euros then compared with around 2 trillion now. But last week's take up of cheap long term loans by banks fell well short of expectations. "This makes the advent of full-blown QE more likely as a means towards achieving this, but it's not clear that the ECB has a consensus on the Governing Council to start QE at this point in time," Smith added. Quantitative easing, or buying large amounts of sovereign debt, faces strong resistance in Germany. DOLLAR PAUSES The euro's rise, saw the dollar index shed 0.4 percent. The index .DXY last traded at 84.434, having peaked at 84.861 on Monday, a high not seen since July 2010. It has posted 10 straight weeks of gains as markets wagered U.S. rates would rise long before those in Europe or Japan. The dollar's run even prompted New York Federal Reserve Bank president William Dudley to caution that the gains could complicate the Fed's job, potentially hurting U.S. economic performance and pushing down inflation. Dudley said on Monday that while the value of the dollar is not a policy goal of the Fed's, it had to be taken on board as part of the central bank's economic forecast. ID:nL2N0RN0VY Against the yen, the dollar eased 0.3 percent to 108.45 yen JPY= , down from a six-year high of 109.46 set on Friday. There was not much boost for either the Japanese currency or its safe-haven peer the Swiss franc EURCHF= to news the United States and partner nations had carried out the first air strikes against Islamic State in Syria, opening a new front in the battle against militants. The Australian dollar rose after a private survey showed that activity in China's manufacturing sector unexpectedly picked up in September. ID:nL3N0RN259 The Aussie dollar rose 0.5 percent to $0.8915 AUD=D4 , pulling away from Monday's seven-month low of $0.8851. Concerns about slowing Chinese growth and a big drop in the price of iron ore, Australia's top export earner, have added to pressure against the Australian dollar, which has slid 4.7 percent this month. Chinese steel and iron ore futures have fallen to record lows this week. ID:nL3N0RN2H8 (Editing by Louise Heavens) ((anirban.nag@thomsonreuters.com; +44-20-7542 8399; Reuters Messaging: anirban.nag.thomsonreuters.com@reuters.net)) Keywords: MARKETS FOREX/

Platinum producer Lonmin denies tax avoidance claims

September 23, 2014 - reuters.com

(Adds background, detail) LONDON, Sept 23 (Reuters) - Lonmin, the world's third-largest platinum producer, on Tuesday denied reports that it has avoided taxes by shifting funds from its South African operations abroad. Lonmin dismissed as "false and mischievous" allegations that it has transferred funds out of the country so that they would not be used to meet miners' wage demands, social labour commitments, or be included in taxable income. "Lonmin pays tax fully and properly in all jurisdictions in which it operates," the South African mining company said. Tuesday's statement follows an article published last week by the Mail and Guardian newspaper, and public comments by South Africa's Alternative Information and Development Centre (AIDC), which has called on South Africa's Revenue Service to investigate Lonmin's financial operations. Lonmin was at the centre of a labour strike over pay in 2012 which turned violent and resulted into the police shooting of 34 striking mine workers. ID:nL6N0QH2JD The miner was also hit by a 6-month long mining strike earlier this year. ID:nL6N0Q01DG (Reporting by Silvia Antonioli; Editing by Clara Ferreira Marques) ((silvia.antonioli@thomsonreuters.com; +44)(0)(20 7542 1755; Reuters Messaging: silvia.antonioli.reuters.com@reuters.net)) Keywords: LONMIN TAXATION/

London gold 1030 fix - Sept 23 - 1225.00 dlrs

September 23, 2014 - reuters.com

London platinum/palladium 0945 fix - Sept 23

September 23, 2014 - reuters.com

INDICATORS - Kazakhstan - September 23

September 23, 2014 - reuters.com

MIDEAST STOCKS - Factors to watch - September 23

September 23, 2014 - reuters.com

DUBAI, Sept 22 (Reuters) - Here are some factors that may affect Middle East stock markets on Tuesday. Reuters has not verified the press reports and does not vouch of their accuracy. INTERNATIONAL/REGIONAL * U.S., Arab partners launch first strikes in Syria US-SY * GLOBAL MARKETS-Asia relieved as China flash PMI beats low expectations MKTS/GLOB * Brent climbs above $97 after upbeat China PMI O/R * MIDEAST STOCKS-Saudi Arabia slides ahead of NCB flotation; Gulf mixed MEAST-STX * PRECIOUS-Gold struggles near 8-1/2-month lows on fund outflows GOL-RTRS * Libya's parliament approves new government LY-POL * Islamic State urges attacks on U.S., French citizens, taunts Obama SY-WAR * Minds focused by IS, Saudis and Iranians think about making up IR-SA-DIP EGYPT * Egyptian pound steady on official market, weakens on black market EG-FRX SAUDI ARABIA * Saudi Oil minister seen playing down concerns about falling crude prices SA-CRU QATAR * Qatar adamant it will host 2022 World Cup despite doubts QA-SOCC UNITED ARAB EMIRATES * Dubai housing costs soar to Manhattan peaks, forcing moves to outskirts AE-REAM * UAE appoints Mubarak al-Mansouri as new c.bank governor AE-CEN * Abu Dhabi bourse in talks over four potential IPOs, two this year AE-IPO * Dubai Aug airport passenger traffic jumps 10.8 pct to record high AE-AIRL KUWAIT * Kuwait's Burgan Bank gives price thoughts for Tier 1 bond issue BURG.KW OMAN * National Bank of Oman picks banks for potential bond sale NBO.OM (Compiled by Dubai newsroom) ((dubai.newsroom@reuters.com)) Keywords: MIDEAST FACTORS

India Morning Call-Global Markets

September 23, 2014 - reuters.com

EQUITIES NEW YORK - U.S. stocks closed lower on Monday, with the S&P 500 suffering its biggest one-day decline since early August, as the latest housing data came in much weaker than expected, raising new concerns about the rate of growth in the economy. The Dow Jones industrial average .DJI fell 107.06 points, or 0.62 percent, to 17,172.68, the S&P 500 .SPX lost 16.11 points, or 0.8 percent, to 1,994.29 and the Nasdaq Composite .IXIC dropped 52.10 points, or 1.14 percent, to 4,527.69. For a full report, click on .N - - - - LONDON - Britain's top equity index slid on Monday, led lower by supermarket retailer Tesco TSCO.L which slumped as it cut its profit forecast for the third time in two months after finding a fault in its accounts. The blue-chip FTSE 100 index .FTSE , which rose 0.3 percent on Friday on relief that Scotland voted against breaking away from the UK, closed down 64.29 points, or 0.9 percent, at 6,773.63, extending its retreat from this month's 14-1/2 year high of 6,904.86. For a full report, click on .L - - - - TOKYO - Japan's Nikkei share average dropped on Monday as investors booked gains in heavyweight Softbank 9984.T after the listing of Alibaba Group Holding Ltd BABA.N , but the broader market held firmer near six-year high. The Nikkei .N225 declined 0.7 percent to 16,205.90, with a 6.1 percent slide in Softbank shares accounting for more than a half of the benchmark's fall. For a full report, click on .T - - - - HONG KONG - Hang Seng Index .HSI is trading 0.2 percent lower. For a full report, click on .HK - - - - FOREIGN EXCHANGE SYDNEY - The dollar hovered just below a four-year peak against a basket of major currencies early in Asia on Tuesday as the euro steadied near a 14-month trough with sellers taking a bit of a breather. The dollar index .DXY last traded at 84.699, having peaked at 84.861 on Monday, a high not seen since July 2010. It has posted 10 straight weeks of gains as markets wagered U.S. rates would rise long before those in Europe or Japan. For a full report, click on USD/ - - - - TREASURIES NEW YORK - Long-dated Treasuries yields dipped to their lowest in over a week on Monday on the view that lingering weakness in U.S. economic data may force the Federal Reserve to maintain a dovish stance on raising interest rates. Yields on 30-year Treasuries fell for a third straight session on the view that the Fed's latest interest rate projections, which suggest that rates will eventually rise faster than previously expected, were too optimistic given lingering weakness in areas such as U.S. jobs growth. For a full report, click on US/ - - - - COMMODITIES GOLD SINGAPORE - Gold was stuck near January lows on Tuesday, hurt by outflows from the top bullion backed exchange-traded fund as investors adjust positions in anticipation of higher interest rates in the United States and further strength in the dollar. Spot gold XAU= was little changed at $1,215.56 an ounce by 0032 GMT, not too far from a near nine-month low of $1,208.36 reached in the previous session. For a full report, click on GOL/ - - - - BASE METALS SYDNEY - London copper futures ticked higher on Tuesday but held near their weakest level since June on nagging worries about economic growth in top consumer China ahead of the release of a closely-watched data. The HSBC flash reading on manufacturing (PMI) for September is expected to dip to the flat level of 50.0 from August's microscopically expansionary 50.2, though the market is braced for an even weaker number. For a full report, click on MET/L - - - - OIL NEW YORK - Crude oil futures fell on Monday as ample supply and slowing economic growth in Europe and China outweighed expectations of a cut in oil output from the Organization of the Petroleum Exporting Countries (OPEC). Brent crude for November delivery LCOc1 fell $1.42 to settle at $96.97 a barrel, having dropped $2.01 intraday to $96.38. For a full report, click on O/R (Compiled by Indulal PM) ((indulal.p@thomsonreuters.com; +91-22-6180-7183; Reuters Messaging: indulal.p.thomsonreuters.com@reuters.net)) Keywords: MORNINGCALL INDIA

Gold Reserve says awarded $740.3 mln in Venezuela Brisas arbitration

September 23, 2014 - reuters.com

CARACAS, Sept 22 (Reuters) - The International Centre for Settlement of Investment Disputes (ICSID) determined Venezuela must pay U.S.-based miner Gold Reserve GRZ.A $740.3 million for terminating its Las Brisas gold concession, the company said on Monday. Socialist-run Venezuela in 2009 formally ended the concession in one of Latin America's largest gold deposits as part of a strategy to increase state control of key economic sectors. Gold Reserve then sought $2.1 billion in damages at the World Bank's ICSID for what it deemed an expropriation. "While the company is pleased with the award, it is less than the value of the Brisas project at today's gold and copper prices and Venezuela will substantially benefit from the development of the mine," the company said in a statement on its website. "We are hopeful that Venezuela will satisfy its obligations to the company without delay and without any further legal proceeding," Gold Reserve President Doug Belanger added. "Should they fail to do so, we are prepared to pursue all available means to ensure that the amount awarded to the company is recovered in full." The award comes at a tricky time for the South American OPEC country, which is struggling to shore up its coffers amid an economic crisis. Venezuela faces about 20 international compensation cases in disputes largely stemming from the 1999-2013 Hugo Chavez era. The late president nationalized large swaths of the economy, including mines, factories and oil fields, saying Venezuela should have ownership of its strategic resources. The government did not respond to requests for comments. There were no details on the ICSID website. (Reporting by Alexandra Ulmer; Editing by Ken Wills) ((alexandra.ulmer@thomsonreuters.com)(Twitter: @ReutersVzla, @AlexandraUlmer)(+58 212 655 2656)(Reuters Messaging: alexandra.ulmer.thomsonreuters.com@reuters.net)) Keywords: VENEZUELA ARBITRATION/

PRECIOUS-Gold, silver end flat after sliding early on technicals

September 22, 2014 - reuters.com

* Silver prices drop to lowest since mid-2010 * Gold eyes key chart support at $1,180/oz, June 2013 low * Comex, ETF data suggest weak investment demand for metals * Coming up: US monthly home prices Tuesday (Updates market activities) By Frank Tang and Jan Harvey NEW YORK/LONDON, Sept 22 (Reuters) - Gold prices inched up on Monday on short-covering after a dollar rise and technical selling sent the precious metal to its weakest since early January earlier in the day. Silver also nearly erased earlier losses after falling to a four-year low. Precious metals tumbled last week as the dollar rallied to a four-year high against a basket of major currencies after the U.S. Federal Reserve indicated it could raise borrowing costs faster than expected when it starts moving. On Monday, the dollar index .DXY rose 0.1 percent. ID:nW1N0Q400M A string of encouraging U.S. economic indicators have pressured gold's safe-haven appeal. On Monday, U.S. home resales unexpectedly fell in August as potential buyers stepped away from the market, but economists said the decline did not signal renewed weakness in the housing sector. ID:nL2N0RN0PH "Given how poorly (gold) trades and the lack of building blocks to support it as well as the break lower on silver, we suspect a bearish break through $1,180 can be seen next," said Tom Fitzpatrick, analyst at CitiFX, Citigroup's technical research unit in New York. Spot gold XAU= touched a low of $1,208.36 an ounce, then inched up 0.1 percent to $1,216.89 by 2:04 p.m. EDT (1804 GMT). U.S. COMEX gold futures GCZ4 for December delivery settled up $1.30 an ounce at $1,217.90, with trading volume about 10 percent above its 30-day average, preliminary Reuters data showed. Bullion's ability to hold above near-term support at $1,210 triggered some physical demand from Chinese buyers, said Thomas Capalbo, precious metals trader at brokerage Newedge. Silver XAG= hit $17.30 an ounce, its lowest since June 2010, as a broad retreat led by copper weighed on expected industrial demand for the white metal, analysts said. ID:nL6N0RN2UC It was later up 0.2 percent at $17.80 an ounce. Higher U.S. interest rates boost the opportunity cost of holding non-yielding gold. A drop in rates by the U.S. central bank to record lows during the financial crisis was a key factor in sending gold prices to a record $1,920.30 an ounce in September 2011. Investor interest has dipped. Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust GLD , fell 7.78 tonnes to 776.44 tonnes on Friday, its lowest since December 2008. GOL/ETF Gold's recent losses have erased almost all of its gains this year, with the metal now up about 1 percent from last year, when it lost 28 percent of its value. Among other precious metals, spot platinum XPT= was down 0.7 percent at $1,323.30 an ounce, while spot palladium XPD= was down 1.5 percent to $791.80 an ounce. 2:04 PM EDT LAST/ NET PCT LOW HIGH CURRENT SETTLE CHNG CHNG VOL US Gold DEC 1217.90 1.30 0.1 1208.80 1221.00 124,001 US Silver DEC 17.774 -0.070 -0.4 17.325 17.865 70,552 US Plat OCT 1330.20 -7.10 -0.5 1327.00 1338.20 14,241 US Pall DEC 803.15 -9.45 -1.2 801.25 816.60 4,561 Gold 1216.89 0.70 0.1 1208.36 1220.34 Silver 17.800 0.040 0.2 17.380 17.890 Platinum 1323.30 -9.95 -0.7 1329.00 1335.50 Palladium 797.80 -12.20 -1.5 802.00 814.75 TOTAL MARKET VOLUME 30-D ATM VOLATILITY CURRENT 30D AVG 250D AVG CURRENT CHG US Gold 128,528 121,823 155,209 16.88 0.69 US Silver 73,561 48,010 52,607 22.54 5.07 US Platinum 20,299 11,981 12,000 13.38 -1.11 US Palladium 4,592 8,453 6,181 21.36 -0.63 (Additional reporting by A. Ananthalakshmi in Singapore; Editing by Susan Thomas, David Goodman and James Dalgleish and Jeffrey Benkoe) ((Frank.Tang@thomsonreuters.com; +1 646 223 6126; Reuters Messaging: frank.tang.thomsonreuters@reuters.net)) Keywords: MARKETS PRECIOUS/

London gold 1500 fix - Sept 22 - 1213.50 dlrs

September 22, 2014 - reuters.com

London platinum/palladium 1400 fix - Sept 22

September 22, 2014 - reuters.com

GLOBAL MARKETS-China slowdown worries hit stocks, commodities

September 22, 2014 - reuters.com

* Chinese growth worries hit stocks, commodities * Dollar gives up some of recent gains but Aussie falls * G20 finance chiefs warn of excessive risk in markets * Draghi due before European Parliament By Nigel Stephenson LONDON, Sept 22 (Reuters) - Concern about a potential slowdown in China hit global stocks and commodities on Monday while signs of disagreement between major economic powers on the need for extra stimulus further clouded the outlook. Shares fell in Asia and Europe as investors worried a closely watched gauge of Chinese manufacturing, due on Tuesday, could indicate activity was contracting. ID:nL3N0RN270 The Australian dollar AUD= fell half a percent to a seven-month low of $0.8826, reflecting Australia's dependency on Chinese appetite for its natural resources exports. Mining company stocks fell in Europe on fears over Chinese demand. British food retailer Tesco TSCO.L , whose shares fell more than 8 percent after it further cut its first-half profit forecast, also took its toll. "News out of China where finance minister Lou poured cold water on hopes that China will take further measures to boost its economy is souring sentiment for stocks," Markus Huber, senior analyst at Peregrine & Black, said. ID:nL3N0RM06E Wall Street looked set to open lower, with stock index futures ESc1 pointing to losses. Chinese steel and iron ore futures hit record lows, down 4 percent, plagued by excessive supply and demand worries. Brent crude oil LCOc1 fell below $98 a barrel and three-month copper CMCU3 on the London Metal Exchange was down 1.5 percent at $6,733 a tonne. "The big concern out there seems to be China. Everybody is getting increasingly worried about the economy and the real estate sector and there are question marks about when we might get additional policy stimulus (from China)," said Nic Brown, head of commodity research at Natixis. The closely-watched Chinese manufacturing number will be released on Tuesday, as will other global flash business activity surveys for September. Group of 20 finance ministers and central bank chiefs meeting in Australia at the weekend did little to settle investor nerves. They said they were close to adding $2 trillion to the global economy, but there were signs of disagreement. U.S. Treasury Secretary Jack Lew cited "philosophical" differences with some of his European counterparts over the need for short-term stimulus. German Finance Minister Wolfgang Schaeuble stressed Germany's long-held view that structural reform and strict budget controls were needed. Chinese Finance Minister Lou Jiwei told the meeting Beijing would not dramatically alter its economic policy because of any one indicator, China's central bank said in a statement. The G20 finance leaders also warned low interest rates and low asset price volatility could lead to a build-up of excessive risk. DRAGHI European Central Bank President Mario Draghi will speak in the European Parliament on Monday, days after a lukewarm take-up of cheap loans under the bank's latest scheme to push more money into the euro zone financial system. The pan-European FTSEurofirst stock index .FTEU3 was down 0.3 percent at 1,397.85 points. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS dropped about 1.2 percent. Japan's Nikkei stock average .N225 ended down 0.7 percent, after it marked its highest closing level since 2007 on Friday. The dollar, which has racked up its longest weekly winning streak against a basket of currencies since the its free float in 1973, gave up ground against major rivals, with the notable exception of the Australian dollar. The euro EUR= traded 0.1 percent higher at $1.2840, after touching a 14-month trough of $1.2826 in Asian trade, while the yen JPY-= was almost flat at 109.02 to the dollar. (Additional reporting by Lisa Twaronite in Tokyo, Patrick Graham, Atul Prakash and Harpreet Bhal; Editing by Catherine Evans/Ruth Pitchford) ((nigel.stephenson@thomsonreuters.com; +44 20 7542 8682; Reuters Messaging: nigel.stephenson.reuters.com@reuters.net)) Keywords: MARKETS GLOBAL/

China investors scouring for gold, copper, infrastructure assets-industry

September 22, 2014 - reuters.com

By Melanie Burton MELBOURNE, Sept 22 (Reuters) - A growing number of private sector Chinese investors are on the hunt for gold and copper resources in countries such as Australia and Canada, advisers and analysts said on Monday. Growing investment abroad has been identified by Beijing as a strategic priority as it looks to slow the rise of its foreign currency reserves and help its firms climb up the global value chain. "In the past year, we saw almost $8 billion dollars of dedicated equity money organised into funds that are based in Hong Kong," Jorge Ramiro Monroy, managing director of Hong Kong-based adviser Emerging Markets Capital, said at a mining conference in Melbourne. "These funds by and large haven't started investing yet. The effect that will have on the market could be quite significant," said Monroy, adding that the bulk of the funds came from Chinese financial institutions. Canadian asset manager Sprott Inc SII.TO and Chinese gold miner Zijin Mining Group 601899.SS launched an offshore global mining fund a year ago with an initial seeding of $110 million to invest primarily in gold and copper mining companies. It has a target size of $500 million, according to its website. China investors were "hugely bullish" gold, in part a strategic push to underpin the yuan as it becomes more freely tradable, said Monroy. State-owned enterprises, in the midst of an anti graft crackdown, are more cautious, having been badly burned on deals such as Australian iron ore in the past. But they are still looking for projects near completion and are increasingly teaming up with local partners. "Particularly the bigger ones are looking for sizable projects with cash flows. If it's a greenfield project it needs to ramp up in a one-to-three year horizon," said Helen Cai, a managing director of research with China investment bank CICC. China this month simplified rules to make it easier for domestic companies to invest overseas. Its outbound direct investment by non-financial firms hit $90.2 billion in 2013, up 16.8 percent from the previous year. ID:nL3N0RA2FW Jia Yu, a director at a unit of state-owned China Power Investment Corporation, said that each year at least 30 percent of the company's total revenue has been targeted from overseas investment. "The Chinese government has strong motivational policies and we have strong pressure," she said. Baosteel Resources, working with Australian rail operator Aurizon Holdings Ltd AZJ.AX , took control of the West Pilbara Iron Ore project in July after sealing a $1 billion takeover of Aquila Resources. ID:nL4N0PJ51E "There is a greater interest from Chinese companies to work together with local companies ... Particularly around risk identification, risk management and interaction with local stakeholders and government," said Paul Glasson, chairman of advisory firm Satori Investments Greater China. Assets that could attract bids from China state-owned firms or their local joint ventures could be the upcoming sale of Australian ports in Queensland and Melbourne, said Scott Gardiner, managing partner at law firm King & Wood Mallesons. (1 US dollar = 6.1380 Chinese yuan) (Editing by Muralikumar Anantharaman) ((melanie.burton@thomsonreuters.com; +612 9373 1803; Reuters Messaging: melanie.burton.thomsonreuters.com@reuters.net)) Keywords: CHINA MINING/INVESTMENT

London gold 1030 fix - Sept 22 - 1214.00 dlrs

September 22, 2014 - reuters.com

London platinum/palladium 0945 fix - Sept 22

September 22, 2014 - reuters.com

INDICATORS - Kazakhstan - Sept 22

September 22, 2014 - reuters.com

MIDEAST STOCKS - Factors to watch - September 22

September 22, 2014 - reuters.com

DUBAI, Sept 22 (Reuters) - Here are some factors that may affect Middle East stock markets on Monday. Reuters has not verified the press reports and does not vouch of their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Asian shares slip, dollar pulls away from highs MKTS/GLOB * Brent falls back below $98 on sluggish demand, ample supply O/R * MIDEAST STOCKS-Most markets pull back after strong gains MEAST-STX * PRECIOUS-Silver slumps to 4-year low; gold looks likely to test $1,200 GOL-RTRS * Iran seeks give and take on Islamic State militants, nuclear program IR-PIA * Islamic State closes in on Syrian town, refugees flood into Turkey SY-WAR * Fighting close to Libyan oilfield and refinery as rival "oil minister" appears LY-CRU * Houthi rebels sign deal with Yemen parties to form new government YE-POL EGYPT * Bomb kills three policemen, including witness against Mursi EG-BOMB SAUDI ARABIA * Saudi's National Commercial Bank to start IPO this month IPO-NACO.SE * Saudi's Ma'aden gets regulator approval for $1.5 bln rights issue 1211.SE UNITED ARAB EMIRATES * Dubai's Amlak postpones first shareholder meet in six years on low interest AMLK.DU * Dubai World restructuring deal seen soon - top govt official DBWLD.UL * Dubai property prices show signs of cooling AE-REAM * Dubai's Limitless holds "positive" talks on debt restructuring - CEO AE-DBTR * Dubai's DIFC plans $700 mln sukuk issue by end-Oct -governor AE-SUK * Abu Dhabi's TAQA appoints Shamsi as VP of treasury TAQA.AD * UAE Aug inflation at 2.4 pct Y/Y AE-INFL KUWAIT * Kuwaiti National Real Estate Co agrees $537.6 mln debt restructuring NREK.KW BAHRAIN * Bahrain Steel closes $340 mln loan facility BH-LOA * Bahrain Aug inflation at 3.1 pct Y/Y BH-INFL OMAN * Oman budget surplus at $649 mln in Jan-June OM-ECI (Compiled by Dubai newsroom) ((dubai.newsroom@reuters.com)) Keywords: MIDEAST FACTORS

India Morning Call-Global Markets

September 22, 2014 - reuters.com

EQUITIES NEW YORK - U.S. stocks closed little changed on Friday after Alibaba's strong debut was offset by falling technology shares as Oracle and Yahoo stumbled, but the Dow managed to edge higher to set a record for a second straight session. Alibaba BABA.N took the spotlight after its initial public offering priced at $68 a share and rose as high as $99.70 before ending the session up 38 percent to $93.89. Shares of Yahoo YHOO.O , which is selling part of its Alibaba stake but will remain a top shareholder, were volatile in heavy volume and closed down 2.7 percent at $40.93. For a full report, click on .N - - - - LONDON - British financial markets rose and a collective sigh of relief echoed across the investment and business community on Friday after a Scottish vote against independence averted the deep uncertainty a United Kingdom break-up would have unleashed. Bank shares drove the rally in equities, sterling hit a two-year high against the euro, and currency market volatility - which had reached historically high levels ahead of Thursday's vote - collapsed. For a full report, click on .L - - - - TOKYO - Japan's Nikkei share average dropped on Monday as investors booked gains in heavyweight Softbank 9984.T after the listing of Alibaba Group Holding Ltd BABA.N , but the broader market held firm near six-year high. The Nikkei declined 0.5 percent to 16,236.60, with a 4.1 percent slide in Softbank shares accounting for about a half of the benchmark's fall. For a full report, click on .T - - - - HONG KONG - Hang Seng Index .HSI is trading 1.2 percent lower. For a full report, click on .HK - - - - FOREIGN EXCHANGE TOKYO - The dollar hovered near a two-year high against a basket of currencies on Monday, underpinned by expectations the U.S. Federal Reserve will start its rate-tightening cycle sooner than expected. The dollar index, a gauge of the greenback's strength against a basket of major currencies, was at 84.607 .DXY , within reach of a two-year high of 84.797 hit Friday. For a full report, click on USD/ - - - - TREASURIES NEW YORK - U.S. Treasury debt prices rose on Friday as traders took advantage of a recent rise in yields to do some bargain hunting following a week dominated by Federal Reserve policymakers and a failed referendum that could have broken up Britain. Prices of 30-year Treasuries US30YT=RR were ahead 1-5/32 to yield 3.295 percent in late trading, as compared to 3.359 percent on Thursday and 3.173 percent on Sept. 2. Treasuries have generally been selling off since the beginning of September in worries the Fed might start winding down ultra-loose monetary policy sooner than had originally been expected. For a full report, click on US/ - - - - COMMODITIES GOLD SINGAPORE - Gold was stuck near its lowest since January on Monday on fears that a stronger dollar and an earlier-than-expected hike in U.S. interest rates would dim the metal's appeal. Spot gold XAU= ticked up to $1,217.60 an ounce by 0032 GMT, but kept close to Friday's 1,213.61 - its lowest since early January. For a full report, click on GOL/ - - - - BASE METALS SYDNEY - London copper futures slipped for a third session on Monday as the dollar firmed on the likelihood of a U.S. interest rate hike and investors fretted over China's slowing economic growth. Three-month copper on the London Metal Exchange CMCU3 had dropped 0.47 percent to $6,803 a tonne by 0110 GMT. The industrial metal has fallen more than 7 percent so far this year. For a full report, click on MET/L - - - - OIL NEW YORK - U.S. crude oil and Brent traded in opposite directions on Friday as a sell-off ahead of Monday's expiration kept U.S. prices down, while discussions of OPEC cutting output put strength into the market overseas. With the two crudes trading lower in the morning, analysts and traders said much of the sell off in the WTI contract was a result of liquidation of long positions before the expiration on Monday. However, Brent saw a number of rallies through the day, pushing the arbitrage between the two grades to $6.74 CL-LCO1=R , the widest since Sept. 8. For a full report, click on O/R (Compiled by Manoj Rawal) ((manoj.rawal@thomsonreuters.com; +91-22-6180-7219; Reuters Messaging: manoj.rawal.thomsonreuters.com@reuters.net)) Keywords: MORNINGCALL INDIA/

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