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FOREX-U.S. trade gulf weighs on USD, focus moves to payrolls data

May 06, 2015 - reuters.com

* Dollar under fresh pressure after weak trade data * Big trade deficit could mean a negative Q1 GDP * Kiwi hit by soft wages data, Aussie retail sales next By Ian Chua SYDNEY, May 6 (Reuters) - The dollar nursed broad losses early on Wednesday, having come under renewed pressure after disappointing U.S. trade data for March painted an even bleaker economic picture of the first quarter. Data on Tuesday showed U.S. trade deficit jumped 43.1 percent to $51.4 billion in March, the largest since October 2008, thanks to a surge in imports. Analysts said the deficit probably subtracted from growth, suggesting GDP could have contracted in the first quarter. ID:nL1N0XW10H The dollar index fell as far as 94.877, retreating from a one-week high of 95.946. It last stood at 95.160. Against the yen, the greenback eased to 119.93 JPY= from a 3-1/2 week high of 120.51. The euro rebounded to $1.1183 EUR= , from Tuesday's low of $1.1066. "Our positioning analysis framework suggests USD long positions have been cut back to their flattest this year, and combined EURUSD positioning is at its least short point since last summer," analysts at BNP Paribas wrote in a note to clients. "We think the risk/reward is attractive for entering new USD longs ahead of the jobs data," they said, referring to Friday's non-farm payrolls report. Investors shrugged off more forward-looking data, including a survey showing the pace of growth in the U.S. services sector rose to a five-month high in April. ID:nN9N0VD026 Some commodity currencies also firmed as resource prices rallied, with the Australian dollar the best performer. The Aussie rose more than 1 percent to $0.7955 AUD=D4 and was last at $0.7924. It was already on the rise on Tuesday after the Reserve Bank of Australia gave no clear signs that it will ease again, following a widely expected cut in the cash rate to a record low 2.0 percent. Some analysts now expect the RBA to stand pat for an extended period. In the short term, local retail sales data at 0130 GMT could provide a bit of distraction for the Aussie. ECONAU . In New Zealand, a soft wages report added to pressure for a cut in interest rates and put the kiwi under immediate pressure. The kiwi fell to a near one-month low of $0.7479 NZD=D4 before steadying at $0.7494. The key focus in Asia is a private survey of China's services sector due at 0145 GMT. With the market already worried about slowing Chinese manufacturing activity, any weakness here will undoubtedly cement expectations for more stimulus. ECONCN Japanese financial markets will stay shut on Wednesday for the Golden Week holiday. Trading resumes on Thursday. (Editing by Eric Meijer) ((ian.chua@thomsonreuters.com; +61 2 9321 8174; RM: ian.chua.thomsonreuters.com@reuters.net)) Keywords: MARKETS FOREX/

Kinross keen on M&A but will take a disciplined approach - CEO

May 06, 2015 - reuters.com

By Euan Rocha TORONTO, May 5 (Reuters) - Kinross Gold K.TO is scouting for acquisition opportunities but vows it will be disciplined and only strike a deal if it offers value to shareholders, the Canadian gold miner's chief executive said on Tuesday. "On the external front, we are looking like everyone else is," Paul Rollinson said in an interview. "But at the end of the day we will be disciplined." The CEO spoke as the Toronto-based company reported results that edged past expectations. Investors have punished Kinross for a risky deal in 2010 that eventually soured badly. In March, the company settled a lawsuit that had accused it of defrauding investors by making a bet on Red Back Mining and its Tasiast mine in Mauritania that has led to over $6 billion in writedowns. ID:nL2N0WS33B Its share price has fallen nearly 90 percent since the time the Red Back deal closed in September 2010. Despite this, Kinross, whose assets include operations in Russia, Brazil and the United States, among other countries, is once again scouting for assets with an eye to future growth. Kinross is widely viewed as one of the front runners in the race to acquire AngloGold Ashanti Ltd's ANGJ.J Cripple Creek gold mine in Colorado. Analysts and industry insiders also see Kinross as a likely bidder for AuriCo Gold Inc AUQ.TO , which owns the Young-Davidson mine in Northern Ontario. AuRico last month agreed to a friendly deal with rival Alamos Gold Inc AGI.TO , but Kinross, along with rivals Iamgold Corp IMG.TO and others, are widely expected to put forward counter proposals. ID:nL4N0XA41V Rollinson declined to comment on either process but said he sees Canada as an attractive prospect. "We love Canada, we don't have an operation in Canada and we'd love to have an asset in Canada," he said. Canadian gold projects once shunned by miners in favor of more alluring opportunities overseas are regaining their sheen, as a weaker currency, new tax breaks and greater security are luring miners back home. ID:nL1N0W60BO QUARTERLY RESULTS Excluding onetime foreign exchange losses, Kinross reported quarterly earnings of $15.3 million, or 1 cent a share. On average, analysts polled by Thomson Reuters I/B/E/S had expected the company to break even. Quarterly revenue in the first quarter was $781.4 million, down 4.4 percent, due to a lower average realized gold price. Kinross reiterated its full-year production and cost outlook. It expects operations at its Maricunga mine in northern Chile to resume in June after heavy rains halted work there in late March. ID:nMKWFY8jKa (Additional reporting by Nicole Mordant in Vancouver; Editing by Jonathan Oatis) ((euan.rocha@thomsonreuters.com; +1 416 941 8185; Reuters Messaging: euan.rocha.reuters.com@reuters.net)) Keywords: KINROSSGOLD RESULTS/

UPDATE 1-New Zealand jobless rate steady, wages subdued

May 06, 2015 - reuters.com

* NZ Q1 jobless rate steady at 5.8 pct * Labour participation rate record 69.6 pct * Wage growth subdued, allows rate cut consideration By Gyles Beckford WELLINGTON, May 6 (Reuters) - New Zealand's strongly growing economy created 16,000 jobs in the first quarter, keeping pace with an increase in the workforce to hold the jobless rate steady, while subdued wage pressures left open the case for the central bank to consider cutting interest rates. Employment growth was led by the technical, services and construction sectors, but the jobless rate held steady at 5.8 percent. The participation rate rose to a record 69.6 percent, Statistics New Zealand data showed on Wednesday. ID:nW9N0TU02H However, previous data was revised to reflect population growth shown in the 2013 census. Wages data released at the same time showed a 0.3 percent lift in private sector wages over the quarter, with the annual rate holding steady at 1.8 percent. Economists had forecast 5.5 percent unemployment, jobs growth of 0.8 percent, and annual private sector wage growth of 2.0 percent. The size of the workforce has been boosted by record immigration gains, which along with low inflation has kept a lid on wages. "At the margin, it does add to the case for the Reserve Bank to cut rates. That's not our call at the moment but the data add to the case for that, and the Reserve Bank will looking at these numbers closely," said Westpac economist Felix Delbruck. Last week the bank said rate rises were not being contemplated, and it opened the door to rate cuts if demand weakens and low inflation feeds into wage and price behaviour. ID:nL5N0XQ09Q A Reuters poll shows 14 of 15 economists expect New Zealand's rates will remain on hold until next year, with a clear majority favouring the second half for a first rise to 3.75 percent. NZ/POLL Aukland, New Zealand's biggest city, accounted for about a half of all jobs created over the past year, while earthquake hit Canterbury accounted for about 16 percent. New Zealand's economy grew 3.5 percent last year, the strongest growth in seven years, driven by housing, tourism, and manufacturing, helping to offset the slowdown in the previously surging dairy sector. Inflation fell to a 15-year low in the first quarter because of weak price pressures, a high currency, and mixed global outlook, which has seen the RBNZ hold interest rates stable since last September. (Editing by Eric Meijer) ((Gyles.Beckford@thomsonreuters.com; +64 4 802 7977 ; Reuters Messaging: gyles.beckford.reuters.com@reuters.net)) Keywords: NEWZEALAND ECONOMY/EMPLOYMENT

NZ dollar drops sharply after disappointing jobs report

May 06, 2015 - reuters.com

SYDNEY, May 6 (Reuters) - The New Zealand dollar fell half a U.S. cent on Wednesday after disappointing jobs data reinforced expectations the next move by the Reserve Bank of New Zealand could be a cut in interest rates. The kiwi dropped to $0.7494 NZD=D4 , from $0.7550 before the data, to be down nearly 1 percent on the day. ID:nW9N0TU02H (Reporting by Cecile Lefort; Editing by Chris Reese) ((Cecile.Lefort@thomsonreuters.com; +61 2 9321-1877; Reuters Messaging: cecile.lefort.thomsonreuters@reuters.net)) Keywords: MARKETS NEW ZEALAND/FOREX

BRIEF-Kinross Gold Q1 loss per share $0.01

May 06, 2015 - reuters.com

May 5 (Reuters) - Kinross Gold Corp K.TO : * Q1 adjusted earnings per share $0.01 * Q1 loss per share $0.01 * Q1 revenue $781.4 million versus $817.4 million * Sees 2015 production of 2.4-2.6 million au eq. oz. * Sees 2015 production cost of sales $ 720-$780 per au eq. oz * Sees 2015 all-in sustaining cost $1,000-$1,100 per au eq. oz. * Sees 2015 total capital expenditures of $725 million * Q1 production of 629,360 gold equivalent ounces versus 664,690 ounces * Q1 all-in sustaining cost per aueq. oz. sold decreased to $964 versus $1,001 * Says firmly on track to meet production guidance for the year 2015, is tracking below guidance on both cost of sales and all-in sustaining cost * Says lower power costs and favorable foreign exchange rates contributed to a continued decline Inparacatu's cost of sales in Q1 * Says Maricunga operations are expected to restart in June, with no anticipated change to regional guidance * Alternate routes to the Maricunga mine have now been established * Says mining and crushing operations at Maricunga expected to re-start in June using an additional backup power plant, with main power lines expected to be back in operation in September * Says loss of production from temporary suspension of Maricunga operations expected to be largely offset by lower-than-expected impact on Paracatu's production from power rationing in brazil * Q1 earnings per share view $0.00, revenue view $763.0 million -- Thomson Reuters I/B/E/S * FY 2015 earnings per share view $0.03, revenue view $3.11 billion -- Thomson Reuters I/B/E/S Source text for Eikon: ID:nCCN9ccTWL Further company coverage: K.TO (Reporting By Kanika Sikka) ((kanika.sikka@thomsonreuters.com;))

JPMorgan says currency probe settlement talks in 'advanced stages'

May 05, 2015 - reuters.com

NEW YORK, May 5 (Reuters) - JPMorgan Chase & Co JPM.N said on Tuesday it is in "advanced stages" of settlement talks with the U.S. Department of Justice and Federal Reserve over previously disclosed investigations into its foreign exchange trading. The company gave the description of the talks in a quarterly filing with the U.S. Securities and Exchange Commission on Tuesday. A Justice spokesman acknowledged that the department has an "active, ongoing investigation," but declined to comment further. JPMorgan also estimated its "reasonably possible" legal expenses, in excess of its litigation reserves, at $5.5 billion as of the end of March, down from $5.8 billion at the end of December. (Reporting by David Henry in New York and Lindsay Dunsmuir in Washington.) ((David.Henry@thomsonreuters.com; +1-646-223-6114; Reuters Messaging: david.henry.thomsonreuters.com@reuters.net)) Keywords: JPMORGAN FOREX/SETTLEMENT

GLOBAL MARKETS-U.S. yields hit 5-month highs; stocks, dollar fall

May 05, 2015 - reuters.com

* Huge widening in U.S. trade gap raises Q1 growth concerns * U.S. services upturn revives bets on growth rebound * Stand-off in Greece's debt talks bogs down sentiment * Dollar slips on mixed signals, oil hits year high (Adds Wall Street close) By Richard Leong NEW YORK, May 5 (Reuters) - Long-term U.S. Treasury yields rose on Tuesday to their highest level this year as investors reassessed their view on the global economy, while stock prices around the world fell on worrisome U.S. trade data and news on Asian factory activity. The stand-off between Greece and its creditors also curbed appetite for equities. Oil prices reached fresh 2015 highs as protests disrupted exports from an eastern Libyan port, while gold gained on safety bids stemming from anxiety in other markets. The two-week selloff in Treasuries, German Bunds and British gilts stemmed from factors including heavy debt supply, reduced pessimism about Europe, and easing downward pressure on U.S. and European inflation. "You are seeing the worst of disinflation over. You are also seeing oil prices stabilizing," said Bill Stone, chief investment strategist at PNC Asset Management Group in Philadelphia. There was no major shift in investor conviction on whether the Federal Reserve would raise interest rates at its September meeting, but a less gloomy global backdrop caused some investors to consider such a move as more likely than two weeks ago. The dollar's fall, however, suggested doubts persist about a September rate hike following mixed U.S. data. The United States posted its biggest monthly trade gap in nearly 6-1/2 years in March, while a private gauge on the services sector unexpectedly improved in April. ID:nL1N0XW10H <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Graphics: U.S. trade balance http://link.reuters.com/vyx54t U.S. services sector http://link.reuters.com/sec63s U.S./world services PMI http://link.reuters.com/muw52w China PMI http://link.reuters.com/tuc92w Asia manufacturing PMI http://link.reuters.com/baq77s ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> In late U.S. trading, the Dow Jones industrial average .DJI closed down 142.53 points, or 0.79 percent, to 17,927.87, the S&P 500 .SPX ended 25.01 points, or 1.18 percent, lower to 2,089.48 and the Nasdaq Composite .IXIC finished down 77.60 points, or 1.55 percent, to 4,939.33. .N The MSCI world equity index .MIWD00000PUS , which tracks shares in 45 nations, fell 0.9 percent, to 435.09. The pan-European FTSEurofirst 300 .FTEU3 equity index shed 1.6 percent at 1,555.46, erasing an earlier gain spurred by an almost 7 percent jump in UBS UBSG.VX shares. ID:nL5N0XW0AD Tokyo's Nikkei .N225 eked out a 0.06 gain despite data from China, Taiwan and Japan which showed factory activity contracting. While worries intensified about Asia's biggest economies, the European Commission said euro zone economic growth would be stronger than previously expected this year. ID:nL5N0XW1SD Prices of major government bonds declined in an ongoing market pullback. Safe-haven German Bunds' 10-year yields DE10YT=RR touched 0.535 percent, the highest since January. GVD/EUR This has also led investors to dump U.S. Treasuries, sending the 30-year bond yield US30YT=RR to 2.934 percent, the highest in five months and above its 200-day moving average. The 30-year yield was last 2.892 percent. ID:nL1N0XW1KV In the currency market, the mixed U.S. data spurred selling in the dollar, especially against the euro. The single currency EUR= was up 0.44 percent at $1.1193. ID:nL1N0XW1HU Brent crude LCOc1 settled up $1.07, or 1.61 percent, at $67.52 a barrel. U.S. crude CLc1 settled up $1.47 or 2.49 percent at $60.40. ID:nL4N0XW1B3 Spot gold prices XAU= rose $6.1 or 0.51 percent, to $1,193.80 an ounce. (Reporting by Lionel Laurent, Sudip Kar-Gupta in London; Editing by Nick Zieminski and Meredith Mazzilli) ((richard.leong@thomsonreuters.com; +1 646 223 6313; Reuters Messaging: richard.leong.thomsonreuters.com@thomsonreuters.net; Twitter @RichardLeong2)) Keywords: MARKETS GLOBAL/

UPDATE 2-U.S. Senate Republicans determined to move on fast track trade bill

May 05, 2015 - reuters.com

(Adds White House comment, opinion poll, background) WASHINGTON, May 5 (Reuters) - U.S. Senate Republicans plan to push ahead with legislation key to sealing a Pacific trade pact as soon as possible, Senate Majority Leader Mitch McConnell said on Tuesday, despite objections from the chamber's top Democrat. McConnell, speaking on the Senate floor, said that as soon as the Senate finished work on budget and Iran legislation, he would attempt to bring up a bill to streamline the passage of trade deals through Congress. The budget and Iran bills are expected to be completed by next week. An aide to Senate Minority Leader Harry Reid said on Monday that Reid would try to delay the trade bill until bills to authorize highway funding and renew a domestic surveillance program are debated - a move that could push back a vote on fast-track until June. ID:nL1N0XV2XS While Reid does not set the Senate schedule, he could erect procedural roadblocks that would make it difficult to move the trade bill promptly and jeopardize an already-tight timetable. Some of the 11 other countries negotiating the Trans-Pacific Partnership have said fast-track authority, which restricts Congress to a yes-or-no vote on trade deals, is essential before closing the TPP. The deal will have to pass Congress this year to avoid being bogged down in 2016 U.S. election campaigns. Many Democrats, worried about the impact of trade on U.S. jobs, oppose the legislation and a tough fight is expected in the House of Representatives. Still, a Wall Street Journal/NBC poll showed 37 percent of Americans say that free trade has helped the United States, compared to 31 percent who said it has hurt. It was the first time since 1999 that trade supporters outnumbered critics, the newspaper said. NBC said Democratic supporters were more supportive than Republicans. White House spokesman Josh Earnest told reporters there was "strong bipartisan support" for both the trade bill and surveillance reforms. "We're setting the bar awfully low if we think the Senate can only do one thing over the course of the next month," he said. Democratic Senator Ron Wyden, who drafted the fast-track bill in partnership with Republicans, said all three bills could and should be completed before the end-of-May break. ID:nL1N0XW1G1 The two measures Reid mentioned face approaching deadlines. Congress needs to renew funds for transport infrastructure by May 31, while the Foreign Intelligence Surveillance Act expires on June 1. (Reporting by Susan Cornwell and Krista Hughes; Additional reporting by Roberta Rampton; Editing by Chizu Nomiyama and Cynthia Osterman) ((krista.hughes@thomsonreuters.com; +1 202 354 5854; Reuters Messaging: krista.hughes.thomsonreuters.com@reuters.net)) Keywords: USA TRADE/

Nigeria gobbles up half its budgeted borrowing allowance in 2015

May 05, 2015 - reuters.com

ABUJA, May 5 (Reuters) - Nigeria has already used half the borrowing allowance it has budgeted for and has not released any funds for capital expenditure so far this year, as lower oil prices eat into its revenues, the country's finance minister said on Tuesday. "We have serious challenges," Finance Minister Ngozi Okonjo-Iweala said in an emailed statement. "Things have been tough since the beginning of the year and they are likely to remain so till the end of the year." The borrowed money has been spent to cover overhead, including salaries, the minister said. Lawmakers in Africa's biggest economy and oil producer last week passed a 4.49 trillion naira ($23 billion) budget for 2015, 3.2 percent lower than last year's spending plans. It was forced to cut spending after global oil prices slumped. urn:newsml:reuters.com:*:nL8N0XP4DE The budget took longer than usual getting through parliament, worsening the cash squeeze, because of the closely fought general elections in March, which saw incumbent President Goodluck Jonathan defeated. "As a result of the 50 percent decline in oil revenues, the country has faced a difficult cash crunch ... Out of the 882 billon naira budgetary provision for borrowing, the government has borrowed 473 billion naira to meet up with recurrent expenditure," the finance ministry said. Okonjo-Iweala had projected annual domestic borrowing last year would fall to below 500 billion naira from 577 billion naira in 2013. The borrowing requirement this year could crowd out lending to the real economy, raising domestic interest rates and yields on government bonds, which could hurt growth. Forecasts for growth have already been lowered twice this year. The ministry said that inflation is still in single digits and that the Nigerian economy is projected to grow by 4.8 percent this year. Government revenues have shrunk sharply since oil sales account for up to 80 percent of them and its currency, the naira, NGN=D1 has weakened drastically, despite the central bank's spending billions of U.S. dollars to prop it up. The lack of funds for capital expenditure means badly needed infrastructure development will be put on hold. Funding for large projects such as bridges and roads had already begun to dry up in 2014, forcing construction firms companies with government contracts to cut back and fire thousands of workers. ID:nL6N0WK5P1 ($1 = 197 naira) (Reporting By Camillus Eboh, additional reporting by Chijioke Ohuocha, Writing by Julia Payne, Editing by Larry King) ((julia.payne@thomsonreuters.com; +234 803 400 4222)) Keywords: NIGERIA ECONOMY/

FOREX-Dollar falters as mixed U.S. data clouds rate outlook

May 05, 2015 - reuters.com

* U.S. trade deficit widens, pressures dollar * ISM services report better than expected * Greece debt talks hit snags (Adds comment, updates prices) By Gertrude Chavez-Dreyfuss NEW YORK, May 5 (Reuters) - The dollar skidded from three-week highs against the yen and one-week peaks against the euro as a mixed batch of U.S. economic data added to uncertainty about the pace of future interest rate increases. A better-than-expected report on the U.S. services sector for April was offset by a wider-than-anticipated trade deficit. The dollar initially rallied on the service sector survey, but came crashing back down. Another report on Tuesday showed the pace of expansion in the U.S. services sector eased from a seven-month high in April on a dip in new business growth. ID:nN9N0XA000 The dollar had started to regain ground in the last few days on signs the U.S. economy was beginning to recover after a soft patch earlier in the year. "May seasonality calls for U.S. dollar gains, but Friday's non-farm payrolls release will be the ultimate determinant of direction," said Christopher Vecchio, currency analyst at DailyFX.com, a unit of New York-based FXCM. "The lingering net-long U.S. dollar positions in the futures market alongside disappointing U.S. economic data from Q1 2015 leave the greenback in a vulnerable place, particularly if the April jobs report disappoints." He added that the strength of the labor market was truly the engine of the dollar appreciation since last July. In late trading, the dollar index fell 0.4 percent to 95.072 .DXY . The euro recovered from one-week lows to trade 0.5 percent higher at $1.1195 EUR= , shrugging off a report that said the International Monetary Fund may cut funding to Greece unless its European partners accept more debt writedowns. German Finance Minister Wolfgang Schaeuble denied the IMF was insisting on further debt relief, but said the fund had warned that Greece's financial situation was worsening. ID:nL5N0XW2DJ Against the yen, the dollar fell 0.3 percent to 119.82 yen JPY= , after earlier touching three-week highs. Data showed on Tuesday that the pace of growth in the U.S. services sector rose to a five-month high in April, lifted by a surge in business activity. The Institute for Supply Management said its services index rose to 57.8 last month from 56.5 in March. ID:N9N0VD026 The report briefly lifted the dollar. Earlier in the session, data showed that the trade deficit surged to its highest in nearly 6-1/2 years in March as imports rebounded strongly. The trade gap jumped to $51.4 billion, the largest since October 2008. Economists polled by Reuters had forecast the trade deficit rising to $41.2 billion. (Reporting by Gertrude Chavez-Dreyfuss; editing by Andrew Hay and Meredith Mazzilli) ((gertrude.chavez@thomsonreuters.com; +1-646-223-6322; Reuters Messaging: gertrude.chavez.reuters.com@reuters.net)) Keywords: MARKETS FOREX/

GLOBAL MARKETS-U.S. yields touch 5-month highs; stocks, dollar fall

May 05, 2015 - reuters.com

* Huge widening in U.S. trade gap raises Q1 growth concerns * U.S. services upturn revives bets on growth rebound * Stand-off in Greece's debt talks bogs down sentiment * Dollar slips on mixed signals, oil hits year high (Updates to early U.S. afternoon, adds quote) By Richard Leong NEW YORK, May 5 (Reuters) - Long-term U.S. Treasury yields rose to their highest of the year on Tuesday as investors reassessed the chances of a September interest rate hike by the U.S. Federal Reserve, while global stock prices fell on uneasiness about U.S. and Asian growth. The stand-off between Greece and its creditors also curbed appetite for equities. Oil prices reached fresh 2015 highs as protests disrupted exports to an eastern Libyan port, while gold gained on safety bids stemming from anxiety in other markets. The two-week selloff in Treasuries, German Bunds and British gilts stemmed from a host of factors including heavy debt supply, less pessimism about Europe, and easing downward pressure on U.S. and European inflation. "You are seeing the worst of disinflation over. You are also seeing oil prices stabilizing," said Bill Stone, chief investment strategist at PNC Asset Management Group in Philadelphia. There was no major shift in investor conviction on whether the Federal Reserve would raise interest rates at its September meeting, but a less gloomy global backdrop caused some investors to consider such a move is more likely than two weeks ago. The dollar's fall suggested doubts persist about a September Fed rate hike in the wake of mixed U.S. data. They showed the United States posted its biggest monthly trade gap in nearly 6-1/2 years in March, while a private gauge on the services sector in unexpectedly improved in April. ID:nL1N0XW10H <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Graphics: U.S. trade balance http://link.reuters.com/vyx54t U.S. services sector http://link.reuters.com/sec63s U.S./world services PMI http://link.reuters.com/muw52w China PMI http://link.reuters.com/tuc92w Asia manufacturing PMI http://link.reuters.com/baq77s ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> In mid-afternoon U.S. trading, the Dow Jones industrial average .DJI fell 114.34 points, or 0.63 percent, to 17,956.06, the S&P 500 .SPX decreased 20.44 points, or 0.97 percent, to 2,094.05 and the Nasdaq Composite .IXIC declined 71.63 points, or 1.43 percent, to 4,945.30. The MSCI world equity index .MIWD00000PUS , which tracks shares in 45 nations, fell 0.79 percent, to 435.58. The pan-European FTSEurofirst 300 .FTEU3 equity index shed 1.6 percent at 1,555.46, erasing an earlier gain spurred by an almost 7 percent jump in UBS UBSG.VX shares. ID:nL5N0XW0AD Tokyo's Nikkei .N225 eked out a 0.06 gain despite data from China, Taiwan and Japan which showed factory activity contracting. While worries intensified about Asia's biggest economies, the European Commission said euro zone economic growth would be stronger than previously expected this year. ID:nL5N0XW1SD Prices of major government bonds declined in an ongoing market pullback stemming from less pessimism about Europe. Safe haven German Bunds' 10-year yields DE10YT=RR touched 0.535 percent, the highest since January. GVD/EUR This has also led investors to dump U.S. Treasuries, sending 30-year bond yield US30YT=RR to 2.934 percent, the highest in five months. The 30-year yield was last 2.905 percent. ID:nL1N0XW1KV In the currency market, the mixed U.S. data spurred selling in the dollar, especially against the euro. The single currency EUR= was up 0.46 percent at $1.1195. ID:nL1N0XW1HU Brent crude LCOc1 was last up $1.10, or 1.66 percent, at $67.55 a barrel. U.S. crude CLc1 settled up $1.47 at $60. ID:nL4N0XW1B3 Spot gold prices XAU= rose $6.1 or 0.51 percent, to $1,193.80 an ounce. (Reporting by Lionel Laurent, Sudip Kar-Gupta in London; Editing by Nick Zieminski) ((richard.leong@thomsonreuters.com; +1 646 223 6313; Reuters Messaging: richard.leong.thomsonreuters.com@thomsonreuters.net; Twitter @RichardLeong2)) Keywords: MARKETS GLOBAL/

UK's Labour 1 point ahead of Conservatives before Thursday election -Survation poll

May 05, 2015 - reuters.com

LONDON, May 5 (Reuters) - Britain's opposition Labour Party led the ruling Conservatives by 1 percentage point in a Survation opinion poll published on Tuesday, two days before a general election. Survation showed Labour on 34 percent and the Conservatives on 33 percent. Earlier on Tuesday, a Populus opinion poll put the Conservatives and Labour level on 34 percent each, while an Ashcroft poll had the Conservatives on 32 percent and Labour on 30 percent. (Reporting by Mark Trevelyan; Editing by Andrew Osborn) ((mark.trevelyan@thomsonreuters.com; +44 207 542 1263; Reuters Messaging: mark.trevelyan.thomsonreuters@reuters.net)) Keywords: BRITAIN ELECTION/SURVATION

S.Africa's rand recovers as U.S. trade deficit dampens dollar

May 05, 2015 - reuters.com

JOHANNESBURG, May 5 (Reuters) - South Africa's rand firmed on Tuesday after a mixed batch of U.S. economic data stoked uncertainty about the pace of interest rate increases in the United States, denting the dollar and giving emerging markets a modest reprieve. At 1526 GMT the rand had gained 0.38 percent to 12.018 per dollar ZAR=D3 , recovering from a slide towards its worst level in two weeks in the previous session as local economic data sapped appetite for the currency. New vehicle sales for April fell 3.3 percent to their lowest in over 10 months on Monday, while power utility Eskom ESKDY.PK continued to cut electricity from the national grid as it battles to meet demand. ID:nJ8N0WE03T ID:L5N0XW3WB "The underlying bias is still higher, which favours a move towards firm resistance at 12.2000/2200 but momentum has clearly eased since last week," analysts from research house ETM Analytics said in a note. South Africa's rand has shed more than 3 percent in value against the dollar since an April high of 11.9650, according to Thomson Reuters data, pushed lower by greenback strengthening on bets of an interest rate hike by the end of 2015. A wider-than-anticipated U.S. trade deficit reported on Tuesday, its widest since 2008, dampened the dollar's recent strong run. ID:nnB4N0RB02F The patchy data also highlighted the uncertainty about the timing of a rate hike by the U.S. Federal Reserve, a move that is expected to draw investors out of riskier but higher-yield emerging market assets. Yields rose on government bonds, with the benchmark instrument due in 2026 ZAR186= adding 4 basis points to 8.09 percent. (Reporting by Mfuneko Toyana; Editing by Gareth Jones) ((mfuneko.toyana@thomsonreuters.com; +27117753153; Reuters Messaging: mfuneko.toyana.thomsonreuters.com@reuters.net)) Keywords: MARKETS SAFRICA/CURRENCY

Congo army says kills 16 Ugandan rebels, loses four soldiers

May 05, 2015 - reuters.com

KINSHASA, May 5 (Reuters) - The army of Democratic Republic of Congo killed 16 Ugandan Islamist rebels over the weekend in fierce fighting, a military spokesman said on Tuesday, part of a campaign to drive the militants from the country's volatile eastern region. Congolese forces launched Operation Sukola I early last year against the Allied Democratic Forces (ADF), who are accused of massacring some 300 villagers near the town of Beni in North Kivu province between October and December. Four Congolese government soldiers were also killed in Sunday's fighting, which took place in Kokola, about 40 km (25 miles) north of Beni, according to Major Victor Masandi, an army spokesman for the operation. "The toll from the battle is 16 ADF killed, six AK-47s recovered," he said. The ADF was formed in the 1990s to fight the Ugandan government but it has transformed into a secretive Islamist group that now operates on the Congolese side of the border, where it is active in the illicit trade in timber and gold. Overnight attacks on civilians blamed on the rebels have declined since the army stepped up operations against the group late last year, though dozens of civilians have still died this year in similar massacres. The Congolese government said last week its forces had killed the group's third highest ranking commander. The ADF's leader, Jamil Mukulu, was also reported arrested in Tanzania last week, but the Ugandan government told Reuters it was still trying to verify whether Mukulu was in fact in custody. ID:nL5N0XR1R9 Army spokesman Masandi said the ADF had been significantly weakened by pressure from the operation. He said the group had been reduced to about 50 fighters operating in isolated clusters, well below a recent United Nations estimate of around 500 combatants. He blamed the ADF for an attack on Monday targeting a helicopter belonging to Congo's U.N. peacekeeping mission, known as MONUSCO. In a statement on Monday, MONUSCO said the helicopter was able to land safely, attributing the attack to unidentified armed men. Eastern Congo, where a 1998-2003 conflict resulted in millions of deaths, remains plagued by dozens of armed groups that prey on the local population and exploit its vast reserves of gold, tin and diamonds. (Reporting by Aaron Ross; Editing by Joe Bavier and Gareth Jones) ((aaron.ross@thomsonreuters.com; +243 81 51 00 107)) Keywords: CONGODEMOCRATIC UGANDA/FIGHTING

Mexico cenbank sells $52 mln at 15.2926 pesos at daily auction

May 05, 2015 - reuters.com

MEXICO CITY, May 5 (Reuters) - The central bank of Mexico sold $52 million on Tuesday at an average price of 15.2926 pesos per dollar, the bank said, part of an auction program to boost foreign exchange liquidity following a recent slide in the peso currency. Keywords: MEXICO ECONOMY/PESO

GLOBAL MARKETS-Treasury yields hit 5-month highs; stocks, dollar fall

May 05, 2015 - reuters.com

* Huge widening in U.S. trade gap raises concerns * Stand-off in Greece's debt talks bogs down sentiment * Longer-dated U.S., German yields rise in sell-off * Dollar fall on mixed U.S. data, oil prices gain (Updates market action, changes dateline, previous LONDON) By Richard Leong NEW YORK, May 5 (Reuters) - Long-term U.S. Treasury yields hit their highest level of 2015 on Tuesday as investors reassessed the chances of a September interest rate hike by the U.S. Federal Reserve, while global stock prices fell on uneasiness about U.S. and Asian growth. The stand-off between Greece and its creditors also curbed appetite for equities. "Greece is not going to get sorted out any time soon. At the moment, I'm more bearish than bullish and I would sell on any stock market rally," said Terry Torrison, managing director at Monaco-based McLaren Securities. The dollar fell as data showed the United States posted its biggest monthly trade gap in nearly 6-1/2 years in March, raising bets the Federal Reserve might not hike interest rates in 2015. The news was mitigated by a surprise improvement in a private gauge on the services sector in April. ID:nL1N0XW10H Oil prices reached fresh 2015 highs as protests disrupted exports to an eastern Libyan port, while gold gained on safety bids stemming from anxiety in other markets. The Dow Jones industrial average .DJI fell 101.3 points, or 0.56 percent, to 17,969.1, the S&P 500 .SPX was down 16.99 points, or 0.8 percent, to 2,097.5 and the Nasdaq Composite .IXIC declined 64.48 points, or 1.29 percent, to 4,952.44. The MSCI world equity index .MIWD00000PUS , which tracks shares in 45 nations, fell 2.78 points or 0.63 percent, to 436.25. The pan-European FTSEurofirst 300 .FTEU3 equity index fell 1.4 percent at 1,557.70, erasing an earlier gain spurred by an almost 7 percent jump in UBS UBSG.VX shares. ID:nL5N0XW0AD Tokyo's Nikkei .N225 eked out a 0.06 gain despite data from China, Taiwan and Japan which showed factory activity contracting. While worries intensified about Asia's biggest economies, the European Commission said euro zone economic growth would be stronger than previously expected this year. ID:nL5N0XW1SD Prices of major government bonds declined in an ongoing market pullback stemming from less pessimism about Europe. Safe haven German Bunds' 10-year yields DE10YT=RR touched 0.535 percent, the highest since January. GVD/EUR This has also led investors to dump U.S. Treasuries, sending 30-year bond yield US30YT=RR to 2.934 percent, the highest in five months. US/ In the currency market, the mixed U.S. data spurred selling in the dollar, especially against the euro. The single currency was up 0.45 percent against the greenback at $1.1190. ID:nL1N0XW1HU Brent crude LCOc1 was last up $1.54, or 2.32 percent, at $67.99 a barrel. U.S. crude CLc1 was last up $1.81, or 3.07 percent, at $60.74 per barrel. ID:nL4N0XW1B3 Spot gold prices XAU= rose $8.23 or 0.69 percent, to $1,195.93 an ounce. (Reporting by Lionel Laurent, Sudip Kar-Gupta in London) ((richard.leong@thomsonreuters.com; +1 646 223 6313; Reuters Messaging: richard.leong.thomsonreuters.com@thomsonreuters.net; Twitter @RichardLeong2)) Keywords: MARKETS GLOBAL/

UPDATE 1-Denmark cbank sells FX but will remain cautious on DKK

May 05, 2015 - reuters.com

(Adds FX reserve data, analyst, background) COPENHAGEN, May 5 (Reuters) - Denmark's central bank sold foreign currency to strengthen the crown and defend its peg to the euro in April for the first time in a year, data showed on Tuesday, having earlier built up record reserves as it sought to prevent a stronger crown. Central bank data showed its foreign currency reserves fell for the first time since May 2014 to 704.5 billion crowns ($105 billion) from a record 737.1 billion crowns at the end of March. The data showed the central bank bought 33.9 billion crowns using its foreign reserves, slightly exceeding analysts' expectation. ID:L5N0XW1M5 Having strained against the upper end of its narrow corridor to the euro, the crown slipped to its lowest in 14 years in April. ID:nL6N0WY1WK Analysts say the central bank will be in no rush to unwind the measures it put in place in January in February to keep the crown from strengthening, including four interest rate cuts and the massive build up in its foreign reserves. The European Central Bank's unprecedented quantitative easing programme as well as anticipated monetary easing in neighbouring Sweden and Norway will all keep upward pressure on the crown, said Steen Bocian, Danske Bank's chief economist. "It's in our judgement too early to expect rate changes from the Danish Central Bank," Bocian said in a note. "It's not certain the Central Bank will change the Danish rate on the fall in the FX reserve, even though a fall of this magnitude normally warrants a rate change." Under the Exchange Rate Mechanism (ERM2), Denmark must keep the crown within 2.25 percent of a rate of 7.46038 per euro, although in reality it has kept to a much tighter range of plus or minus 0.50 percent. This tight peg also means that normally, Denmark takes interest rate decisions in step with the European Central Bank. However, analysts said, the relative volatility of the crown could signal an independent interest rate move. ($1 = 6.7297 Danish crowns) (Reporting by Ole Mikkelsen, Sabina Zawadzki and Alexander Tange; Editing by Raissa Kasolowsky) ((ole.mikkelsen@thomsonreuters.com; +45 33 96 96 55; Reuters Messaging: ole.mikkelsen.thomsonreuters.com@reuters.net)) Keywords: DENMARK RESERVES/

FOREX-Dollar retreats as mixed U.S. data blurs rate outlook

May 05, 2015 - reuters.com

* U.S. trade deficit widens, pressures dollar * ISM services report better-than-expected * Greece debt talks hit snags (Recasts, updates prices, adds data, comment, changes byline; dateline; previous LONDON) By Gertrude Chavez-Dreyfuss NEW YORK, May 5 (Reuters) - The dollar fell from three-week highs against the yen and one-week peaks versus the euro as a mixed batch of U.S. economic data added to uncertainty about the pace of future interest rate increases. A better-than-expected report on the U.S. services sector for April was offset by a wider-than-anticipated trade deficit. The dollar initially rallied on the service sector survey, but came crashing back down. In addition, another report on Tuesday showed the pace of expansion in the U.S. services sector eased from a seven-month high in April on a dip in new business growth. ID:nN9N0XA000 The dollar had started to regain ground in the last few days on signs the U.S. economy was starting to recover after a soft patch earlier in the year. "I think people are realizing that the first quarter is a bigger hole to climb out of and into the second quarter and therefore there is the view that the Federal Reserve could delay raising interest rates," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington. In late morning trading, the dollar index fell 0.4 percent to 95.092 .DXY . The euro recovered from one-week lows to trade 0.4 percent higher at $1.1187 EUR= , disregarding a report that said the International Monetary Fund may cut a funding lifeline to Greece unless its European partners accept more debt writedowns. German Finance Minister Wolfgang Schaeuble denied the IMF was insisting on further debt relief, but said the fund had warned that Greece's financial situation was worsening. ID:nB4N0RB02F Against the yen, the dollar slipped 0.1 percent to 120.08 yen JPY= , after earlier touching three-week highs. Data showed on Tuesday that the pace of growth in the U.S. services sector rose to a five-month high in April, lifted by a surge in business activity. The Institute for Supply Management said its services index rose to 57.8 last month from 56.5 in March. Analysts had expected a reading of 56.2. ID:N9N0VD026 The report briefly lifted the dollar. Earlier in the session, data showed that the trade deficit surged to its highest in nearly 6-1/2 years in March as imports rebounded strongly after being held down by a labor dispute at key West Coast ports. The trade gap jumped 43.1 percent to $51.4 billion, the largest since October 2008. Economists polled by Reuters had forecast the trade deficit rising to $41.2 billion. ID:nLNN5GEBA9 The dollar had weakened on the trade deficit data (Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Patrick Graham in London; editing by Andrew Hay) ((gertrude.chavez@thomsonreuters.com; 646-223-6322; Reuters Messaging: rm://gertrude.chavez.reuters.com@reuters.net)) Keywords: MARKETS FOREX/

POLONIA Rate rises 0.02 pp.

May 05, 2015 - reuters.com

WARSAW, May 5 (Reuters) - POLONIA the reference rate for Overnight deposits amounted to 1.50 percent. The volume of transactions concluded till 16:30 by banks participating in POLONIA fixing amounted to 1,345 mln PLN. Note: Description of reference rate at: http://www.acipolska.pl/ ((warsaw.newsroom@reuters.com))

British election anxiety underpins demand to hedge sterling exposure

May 05, 2015 - reuters.com

By Anirban Nag LONDON, May 5 (Reuters) - Sterling rose on Tuesday after a sell-off last week, with most investors looking to hedge currency exposure in the options market just two days before Britain votes in the closest national election in recent history. Speculators have been adding to bets against the pound in recent weeks and the cost of protection against short-term swings in sterling has soared GBPSWO=R . IMM/FX Trading desks in London are bracing for sharp moves after the polls close on May 7 at 2100 GMT. Some banks and brokerages are deploying extra staff on late Thursday and early Friday. The one-week sterling/dollar implied volatility option, which expires on May 12, rose to 18.375 percent. That was its highest since the aftermath of May 2010's parliamentary elections, which gave no party an overall majority and led to several days of wrangling among parties to form a coalition. Polls before Thursday's ballot show the ruling Conservatives and the main opposition Labour Party neck-and-neck and support for Scotland's nationalist party surging, making another hung parliament the most likely outcome. ID:nWNAB06SMF Sterling hit a 10-day low of $1.5088 GBP=D4 earlier on Tuesday after data showed growth in Britain's construction industry slowed in April. The pound recovered to trade at $1.5160, up 0.2 percent on the day, but well below last week's high of $1.5498. ID:nL9N0OQ01U The pound was 0.4 percent higher at 73.415 pence EURGBP=D4 against the euro, which weakened across the board on reports the International Monetary Funds may cut a funding lifeline to Greece unless its European partners accept more debt writedowns. ID:nL5N0XW1OU "The focus is set to be on the election and then on the coalition negotiations, which could be messy and which may take some time," said Jane Foley, senior currency strategist at Rabobank. "We expect the pound to remain on the defence against the euro in the coming sessions." Major U.S. bank Citi also recommended investors go short sterling against the dollar. Indications over the weekend were the ruling Conservatives were unlikely to be in a position to govern, Citi said. And while many traders in London's right-leaning City oppose Labour, they are also concerned about the Conservative promise to hold a referendum on whether Britain should leave the European Union. In general, investors worry that a weak minority government won't be able to deal with Britain's fiscal and current account deficits. "It is the uncertainty which is going to be crucial for sterling," said Ian Stannard, head of European FX strategy at Morgan Stanley. "Our baseline scenario is it will fall to $1.39 against the dollar in the weeks after the election." (additional reporting by Jemima Kelly; Editing by Larry King) ((anirban.nag@thomsonreuters.com)(+44)(0)(20 7542 8399)(Reuters Messaging: anirban.nag.thomsonreuters@reuters.net)) Keywords: MARKETS FOREX/STERLING

UPDATE 3-Russian rouble kicks higher on oil surge, weak forex demand

May 05, 2015 - reuters.com

(Updates prices, adds detail) MOSCOW, May 5 (Reuters) - Russia's rouble gained on Tuesday as oil climbed to its highest price this year and demand for foreign currency slackened after a four-day holiday weekend when Russian markets were closed. At 1407 GMT, the rouble was around 1.9 percent stronger against the dollar at 50.72 RUBUTSTN=MCX and 2.7 percent higher against the euro at 56.39 EURRUBTN=MCX . The discrepancy was largely caused by the dollar's gaining against the euro since Russian markets closed on Thursday. Analysts said trading was likely to be volatile and volumes low for the rest of the week, as many traders would only return to work after another holiday weekend on May 9 to 11. The rouble's continued rise - it is up over 16 percent against the dollar in 2015 - threatens to inflate Russia's budget deficit by reducing oil revenues in rouble terms. Policymakers including Finance Minister Anton Siluanov have warned that the rouble rally is overdone. "You get the feeling that no one needs foreign currency, everyone bought it in advance and with plenty to spare, therefore there's practically no foreign currency bid," said Pyotr Neimyshev, a forex trader at Otkritie bank. The rouble had opened as much as 1 percent weaker against the dollar. It soon changed direction, however, and in afternoon trading extended gains after oil prices rose to new highs. Brent crude oil LCOc1 , an important driver for all Russian assets, was trading at around $67.8 a barrel, up 2 percent on the day after earlier peaking at $68.23. O/R Dmitry Polevoy, chief Russia economist at ING Bank, said in a note he expected increased volatility in the rouble in the coming days because of fewer corporate players who give trading its "depth and liquidity". Russian firms are typically most active on the forex market towards the end of each month, when large exporters convert foreign currency to meet tax payments. The tax period ended last week. Russian shares also posted healthy gains on Tuesday, fed by the stronger rouble and jump in oil prices. The dollar-denominated RTS index .IRTS was up 3.8 percent to 1,068 points, while its rouble-based peer MICEX .MCX traded 1.9 percent higher at 1,720 points. For rouble poll data see reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/fx-polls?RIC=RUB= 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 Alexander Winning and Vladimir Abramov; Editing by Larry King) ((alexander.winning@thomsonreuters.com; +7 495 775 1242; Reuters Messaging: alexander.winning.thomsonreuters.com@reuters.net)) Keywords: RUSSIA MARKETS/ROUBLE

Danish FX reserves slip from record high after cbank intervenes

May 05, 2015 - reuters.com

COPENHAGEN, May 5 (Reuters) - Denmark's central bank sold foreign currency to strengthen the crown in April for the first time in over a year, marking a victory over speculators who had pushed the currency hard against its upper range against the euro. Central bank data showed its foreign reserves fell for the first time since May 2014 to 704.5 billion crowns ($105 billion) from a record 737.1 billion crowns after the central bank bought 33.9 billion crowns using its foreign reserves. ($1 = 6.6844 Danish crowns) (Reporting by Sabina Zawadzki and Alexander Tange) ((sabina.zawadzki@thomsonreuters.com; +45 33 96 96 50, +45 20 54 86 88;)) Keywords: DENMARK RESERVES/DATA

ECB's balance sheet rises to 2.372 trln euros in week to May 1

May 05, 2015 - reuters.com

FRANKFURT, May 5 (Reuters) - The combined balance sheet of the European Central Bank and the euro zone's 19 national central banks billion euros rose 11.8 billion euros ($13.2 billion) to 2.372 trillion euros in the week to May 1, the ECB said on Tuesday. The ECB is rolling out a scheme to buy government bonds and other assets known as "quantitative easing" to pump 1 trillion euros into the economy in order to lift inflation towards its target of just below 2 percent. ($1 = 0.8963 euros) (Reporting by Hugh Lawson; editing by John O'Donnell) ((john.odonnell@thomsonreuters.com; +49 69 7565 1366; Reuters Messaging: john.odonnell.thomsonreuters.com@reuters.net)) Keywords: ECB BALANCESHEET/

GLOBAL MARKETS-European markets buck China concerns, Greece a drag

May 05, 2015 - reuters.com

* Results and U.S. forex settlement hopes lift UBS * Greek shares fall as debt standoff fears intensify * Shanghai index down over 4 percent, more stimulus talk * Australia central bank cuts rates, second time in 4 months (Adds econ data, US futures,) By Lionel Laurent LONDON, May 5 (Reuters) - European markets were firmer on Tuesday after an extended weekend break, bucking fears of slowing demand from China and despite debt stand-off fears depressing Greek stocks. The pan-European FTSEurofirst 300 .FTEU3 equity index rose 0.3 percent, with UBS UBSG.VX shares gaining almost 7 percent after the bank reported its highest quarterly profit in nearly five years and said it was in advanced U.S. talks to settle allegations of foreign exchange market rigging. ID:nL5N0XW0AD U.S. stock index futures SPc1 were lower ahead of another round of earnings reports and after data showed the U.S. trade deficit surged to its highest level in nearly 6-1/2 years in March as imports rebounded strongly after being held down by a labour dispute at key West Coast ports. The European Commission sent positive signals on the economy, saying euro zone economic growth would be stronger than previously expected this year thanks to cheaper oil, a weaker euro, stable global growth and supportive fiscal and monetary policies. ID:nL5N0XW1SD Britain's FTSE 100 index .FTSE was up 0.5 percent after a three-day weekend while Germany's DAX .GDAXI fell 0.4 percent. A fresh raft of earnings updates led to mixed trading, with Infineon up after the chip-maker lifted its annual outlook forecasts while airline Lufthansa LHAG.DE reined in profit expectations. Sterling hit a ten-day low against the dollar on Tuesday after data showed growth in Britain's construction industry slowed sharply in April, just two days before a national election that looks unlikely to hand any party an overall majority. Greece's debt stand-off with international creditors sent the ATG benchmark index .ATG down 4 percent. Athens stepped up diplomacy with euro zone partners to try to avert a potentially catastrophic funding crunch this month, when it must make a big debt repayment to the IMF as cash reserves dry up. ID:nL5N0XV3W0 Fears of an imminent crisis pushed up low-rated euro zone bond yields and the euro eased a little against the U.S. dollar. "We really do think time is running out over Greece. Everything has pointed to this being the week in which a deal needs to be done," Charles Stanley market analyst Jeremy Batstone-Carr said. "Greece is having huge difficulties making payments to the IMF, and the IMF is in no mood to soften its stance." Data from China, Taiwan and Japan showed factory activity contracting, while Australia's central bank cut interest rates for the second time in four months as the region's growth falters in the face of slowing Chinese demand. The Shanghai Composite Index .SSEC fell more than 4 percent, fuelled by media reports of tougher margin requirements by some brokerages. That added to concerns about market liquidity ahead of new share listings. ID:nL4N0XW1JS While some questioned the effectiveness of additional central-bank easing, London nickel hit a five-week high and copper held near a four-month peak as traders digested the prospect of further monetary stimulus. "Whilst China certainly needs to loosen monetary policy further, it is by no means set to conduct QE (bond-buying) or other unconventional measures," Jefferies' global equity strategist Sean Darby said. In commodities, Brent crude oil futures slipped towards $66 a barrel, falling from a 2015 high, as Saudi Arabia considered halting bombing in Yemen to allow the delivery of aid, which eased concerns about oil supply from the Middle East. A stronger U.S. dollar also weighed on the dollar-denominated commodity, while investors waited for data on U.S. commercial crude inventories later this week for more direction. (Reporting by Lionel Laurent) ((lionel.laurent@thomsonreuters.com; +44 207 542 9746; Reuters Messaging: lionel.laurent.thomsonreuters.com@reuters.net)) Keywords: MARKETS GLOBAL/

GLOBAL MARKETS-European markets buck China concerns

May 05, 2015 - reuters.com

* Results and U.S. forex settlement hopes lift UBS * Greek shares fall as debt standoff fears intensify * Shanghai index down over 4 percent, more stimulus talk * Australia central bank cuts rates, second time in 4 months LONDON, May 5 (Reuters) - European markets opened firmer on Tuesday after an extended weekend break, bucking fears of slowing demand from China and despite debt stand-off fears depressing Greek stocks. The pan-European FTSEurofirst 300 .FTEU3 equity index was up 1 percent, with UBS UBSG.VX shares gaining more than 7 percent the bank reported its highest quarterly profit in nearly five years and said it was in advanced U.S. talks to settle allegations of foreign-exchange-market rigging. ID:nL5N0XW0AD Britain's FTSE 100 index .FTSE was up 0.9 percent after a three-day weekend and Germany's DAX .GDAXI rose more than 1 percent, helped by Infineon raising its 2015 outlook. Greece's debt stand-off with international creditors sent the ATG benchmark index .ATG down 2 percent. Differences over pension and labour reforms are dogging intensive negotiations as the country's cash position becomes increasingly critical. ID:nL5N0XV3W0 Fears of an imminent crisis pushed up low-rated euro zone bond yields and the euro eased a little against the U.S. dollar. "We really do think time is running out over Greece. Everything has pointed to this being the week in which a deal needs to be done," Charles Stanley market analyst Jeremy Batstone-Carr said. "Greece is having huge difficulties making payments to the IMF, and the IMF is in no mood to soften its stance." Data from China, Taiwan and Japan showed factory activity contracting, while Australia's central bank cut interest rates for the second time in four months as the region's growth falters in the face of slowing Chinese demand. The Shanghai Composite Index .SSEC fell more than 4 percent, fuelled by media reports of tougher margin requirements by some brokerages. That added to concerns about market liquidity ahead of new share listings. ID:nL4N0XW1JS While some questioned the effectiveness of additional central-bank easing, London nickel hit a five-week high and copper held near a four-month peak as traders digested the prospect of further monetary stimulus. "Whilst China certainly needs to loosen monetary policy further, it is by no means set to conduct QE (bond-buying) or other unconventional measures," Jefferies' global equity strategist Sean Darby said. In commodities, Brent crude oil futures slipped towards $66 a barrel, falling from a 2015 high, as Saudi Arabia considered halting bombing in Yemen to allow the delivery of aid, which eased concerns about oil supply from the Middle East. A stronger U.S. dollar also weighed on the dollar-denominated commodity, while investors waited for data on U.S. commercial crude inventories later this week for more direction. Cheaper fuel prices helped airline Lufthansa LHAG.DE report improved first-quarter earnings, though the company said further action was needed to lower costs. The STOXX Europe 600 travel and leisure index .SXTP was up 1.5 percent. (Reporting by Lionel Laurent) ((lionel.laurent@thomsonreuters.com; +44 207 542 9746; Reuters Messaging: lionel.laurent.thomsonreuters.com@reuters.net)) Keywords: MARKETS GLOBAL/

INDICATORS - Kazakhstan - May 5

May 05, 2015 - reuters.com

BRIEF-Timmins Gold Q1 earnings break even

May 05, 2015 - reuters.com

May 4 (Reuters) - Timmins Gold Corp TMM.TO : * Reports 2015 first quarter financial results * Says Q1 production of 24,155 gold ounces was slightly lower than planned * Q1 earnings per share C$0.00 * Says production is expected to be back half-loaded, with about 55% of the production slated for the second half of the year * Source text for Eikon ID:nMKWq2rj5a * Further company coverage TMM.TO ((Bengaluru Newsroom; +1 646 223 8780))

India Morning Call-Global Markets

May 05, 2015 - reuters.com

EQUITIES NEW YORK - Wall Street ended higher on Monday as corporate earnings came in better than feared, although shares of McDonald's declined after the fast-food chain's turnaround plan left investors wanting more. Berkshire Hathaway Inc BRKa.N BRKb.N rose 1.62 percent, giving the biggest boost to the S&P 500 after the insurance and investment conglomerate's results beat forecasts. For a full report, click on .N - - - - LONDON - Germany's DAX share index climbed higher on Monday, catching up with gains in the U.S. market and with investors focusing on European PMI numbers due later in the day. At 0713 GMT, the DAX index .GDAXI was up 0.52 percent, but France's CAC .FCHI was down 0.18 percent. Major European markets were closed on Friday for the May Day holiday. The UK market, which was open on Friday, is shut for business on Monday. For a full report, click on .L - - - - TOKYO - Japanese stocks slipped as traders reduced their exposure ahead of Golden Week holidays in Japan and as uncertainty around corporate earnings and global economic growth sapped confidence. The Nikkei share average .N225 hit an intraday one-month low of 19,399.16, its weakest level since April 6, though it pared losses to end almost flat at 19,531.63. For a full report, click on .T - - - - HONG KONG - Hang Seng Index .HSI is up 0.04 percent. For a full report, click on .HK - - - - FOREIGN EXCHANGE SYDNEY - The dollar was slightly firmer against a basket of major currencies early on Tuesday, advancing against the euro and sterling in thin trade with several key financial centres shut for holidays. The euro last traded at $1.1146 EUR= , continuing to peel away from a two-month peak of $1.1290 set on Friday. It also lost a bit of ground against the yen, slipping to 133.96 EURJPY=R, from Friday's two-month high of 135.29. For a full report, click on USD/ - - - - TREASURIES NEW YORK - U.S. Treasuries prices fell on Monday, with the long-end of the curve suffering the most of the sell-off and extending the prior week's declines amid low trading volumes because of holidays in Tokyo and London. The 30-year U.S. Treasury bond fell 1-1/32 points in price, sending the yield to a five-month high of 2.8850 percent. US30YT=TWEB. For a full report, click on US/ - - - - COMMODITIES GOLD SINGAPORE - Gold retained overnight gains on Tuesday but was stuck below $1,200 an ounce as investors awaited a U.S. nonfarm payrolls report later in the week for clues on when the Federal Reserve would hike interest rates. Spot gold XAU= was little changed at $1,187 an ounce by 0037 GMT. The metal gained 0.8 percent on Monday, snapping a three-day losing streak, buoyed by holiday-thinned trading. For a full report, click on GOL/ - - - - BASE METALS MELBOURNE - London nickel edged to its highest level in five weeks on Tuesday as prospects of tighter supply and a technical rally drove a recovery from last month's six year lows. London copper slipped from near four month highs as markets more broadly digested a stream of weak global factory reports that may push monetary officials in the U.S. and China to maintain easier policies. For a full report, click on MET/L - - - - OIL NEW YORK - Brent crude oil futures slipped towards $66 a barrel on Tuesday, falling from a 2015 high, as Saudi Arabia considered halting bombing in Yemen to allow the delivery of aid, which eased concerns about oil supply from the Middle East. A stronger U.S. dollar also weighed on the dollar-denominated commodity, while investors waited for data on U.S. commercial crude oil inventories later this week for more direction. For a full report, click on O/R (Compiled by Abhishek Vishnoi) ((abhishek.vishnoi@thomsonreuters.com; +91 22 61807225; Reuters Messaging: abhishek.vishnoi.thomsonreuters.com@reuters.net)) Keywords: MORNINGCALL INDIA/

MIDEAST STOCKS - Factors to watch - May 5

May 05, 2015 - reuters.com

DUBAI, May 5 (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 for their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Asia shares edge up, Australia rate decision looms MKTS/GLOB * PRECIOUS-Gold clings to gains; US jobs data, rate outlook eyed ID:nL4N0XW03G * Brent crude slips towards $66 on Saudi plan to halt Yemen bombing O/R * MIDEAST STOCKS-Oil buoys Saudi Arabia; Egypt up as c.bank addresses FX shortage ID:nL5N0XV21C * MIDEAST MONEY-Booming Saudi fund sector offers foreigners access to IPOs ID:nL5N0XR1H5 * Digicel's Myanmar deal adds to Islamic finance landscape ID:nL5N0XW035 * France, Saudi Arabia: Iran nuclear deal must avoid destabilising region ID:nL5N0XV41A * Senegal to send 2,100 troops to join Saudi-led alliance ID:nL5N0XV3JV * Libya's foreign reserves fell by a quarter last year ID:nL5N0XV2SI * Saudi-led alliance mulls partial truces in Yemen -statement ID:nL5N0XV2GA * Turkey inflation up more than expected in April; central bank seen holding fire ID:nL5N0XV0UC * Foreign direct investment in Tunisia rises in first quarter ID:nL5N0XV1M0 EGYPT * Egypt's GASC seeks wheat for June 16-25 shipment ID:nL1N0XV2KA * Egypt to attract 20 pctwht more tourists this year - minister ID:nL5N0XV2YF * Egypt issues tender for second LNG import terminal -gas board official ID:nL5N0XV1SG * Egypt central bank sells $500 mln in interbank market ID:nL5N0XV17N SAUDI ARABIA * Saudi sets ownership caps as $575 bln bourse opens to foreigners ID:nL5N0XV349 * Saudi Arabia replaces head of royal ceremonies ID:nL5N0XV446 * Saudi Aramco to cut jet fuel prices domestically-SPA ID:nL5N0XV27H * Saudi's Al Muhaidib buys stake in Kuwaiti building supplies chain Abyat ID:nL5N0XT0H5 UNITED ARAB EMIRATES * Dubai crude April average hits 4-month high at $58.55/bbl-traders ID:nL4N0XW1A0 * Shopping, conferences boosted Dubai visitors by 8 percent in 2014 ID:nL5N0XV2CH QATAR * Qatar Airways' plans to boost flights rile U.S. airlines ID:nL1N0XV13S * France, Qatar sign Rafale deal, Hollande hails Gulf ties ID:nL5N0XV1JL OMAN * TABLE-Oman March bank loan growth 19.4 pct y/y, fastest since June 2012 ID:nL5N0XV25N KUWAIT * Kuwait's Burgan Bank Q1 net profit rises 2 pct, misses estimates ID:nL5N0XV0KU BAHRAIN * Bahrain cabinet sees rising deficits in 2015-16 budget plan ID:nL5N0XV2J0 (Compiled by Dubai newsroom) ((dubai.newsroom@reuters.com)) Keywords: MIDEAST FACTORS/

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