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UPDATE 1-Poland to give more to poorest, defer defence spending hike

August 27, 2014 - reuters.com

* Government to raise pensions, child tax breaks for poorest * Defence spending hike deferred until 2016 * Ruling PO party trails opposition before elections (Adds more quotes, analyst comment) By Pawel Sobczak and Wiktor Szary WARSAW, Aug 27 (Reuters) - Poland will raise the lowest state pensions and boost tax benefits for families, but it plans to defer an increase in defence spending until 2016, the prime minister said, in a move aimed at boosting the government's support before elections Prime Minister Donald Tusk told parliament on Wednesday he will propose raising the lowest state pension by at least 36 zlotys ($11.3 US dollar) per month from 2015 and allow the poorest families to fully use a tax break for having children by giving them cash. However, defence spending will be raised to 2 percent of Poland's $515 billion economy from the current 1.95 percent only from 2016, Tusk said. In June, President Bronislaw Komorowski called on the government to spend more on defence, in response to the conflict between Russia and neighbouring Ukraine. Poland's current defence spending is already some of the highest in Europe. "If there is anything to divide, then one must think of the two great tasks, that is social solidarity ... and helping all those who bring up children and thus invest in the future of Poland," Tusk said. Tusk's ruling Civic Platform (PO) party will compete for votes in regional elections in November this year. Parliamentary and presidential elections are both scheduled for next year. Civic Platform has been trailing the largest opposition party, Law and Justice (PiS), in opinion polls, after the release of recordings embarrassing to the government in June. Two polls conducted in July gave PiS a 12-percentage-point lead over PO, casting doubt on the ruling party's chances of winning the November elections. Labour Minister Wladyslaw Kosiniak-Kamysz said in parliament the additional cost of the changes in pensions will reach 1.7 billion zlotys in 2015. Child-related tax breaks for families with more than two children will be raised by 20 percent from 2015, Tusk also said. Poland's budget deficit reached 4.3 percent of gross domestic product last year. Budget execution - revenue collected and money spent - was running 8.4 billion zlotys ahead of schedule in the first half of 2014 as the economy grew more than expected, giving the government room to raise social spending. The government now expects a surplus of 5.8 percent of GDP this year. The budget deficit will not exceed 3 percent of GDP next year, Finance Minister Mateusz Szczurek said on Wednesday. The government has been aiming for a 2.5 percent deficit ratio in 2015, so Szczurek's comments may reflect some loosening of fiscal policy. Michal Dybula, an economist at BNP Paribas, said in a comment entitled "Poland: Pre-election pork barrel" that the total cost of the announced measures is unlikely to exceed half a percentage point of GDP in 2015. Dybula added that all of the increases in pensions and child benefits should translate into higher consumption, because of the low savings rate of pensioners and low-income earners. Despite economic growth of about 3 percent, consumer prices fell in annual terms for the first time in decades in July, meaning that many retirees would see their pension practically unchanged in the coming quarters. (1 US dollar = 3.1749 Polish zloty) (Writing by Marcin Goettig; Editing by Larry King) ((marcin.goettig@thomsonreuters.com; +48226539720; Reuters Messaging: marcin.goettig.reuters.com@thomsonreuters.net)) Keywords: POLAND PENSIONS

India fwd/annualised dlr premia-Aug 27

August 27, 2014 - reuters.com

PRESS DIGEST- Canada - Aug 27

August 27, 2014 - reuters.com

Aug 27 (Reuters) - The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy. THE GLOBE AND MAIL ** Barrick Gold Corp ABX.TO is eliminating its entire corporate development team and more cuts are in the works as the world's top gold miner looks to trim costs, three sources familiar with the situation said on Tuesday. (http://bit.ly/1zDcYml) ** Canada's public health agency is preparing to bring home a trio of scientists who were helping to combat Ebola in Sierra Leone after three people in their hotel complex tested positive for the viral hemorrhagic fever. A Health Canada spokesman confirmed late Tuesday night that the Public Health Agency of Canada is finalizing plans to pull its mobile laboratory team out of the West African country. (http://bit.ly/1tCil5r) NATIONAL POST ** Cominar Real Estate Investment Trust CUF_u.TO has signed a deal to buy a portfolio of 15 properties including shopping centres, office buildings and an industrial park in Quebec and Ontario from Ivanhoe Cambridge Inc for C$1.53 billion ($1.40 billion). (http://bit.ly/1qgvNtt) ** Hewlett-Packard Co HPQ.N is recalling more than 6 million personal-computer power cords in the United States and Canada, citing reports of overheating and melting units. The cords, distributed with Hewlett-Packard and Compaq notebooks and related products, were sold from September 2010 to June 2012, the company and U.S. Consumer Product Safety Commission said in a statement on Tuesday. (http://bit.ly/1p84Gg4) ** The Canadian Human Rights Tribunal has ordered Human Resources and Skills Development Canada to reimburse former employee Leslie Hicks nearly C$17,000 ($15,606) in expenses after ruling last year the department had engaged in "reckless discrimination" against him. (http://bit.ly/1tCcRHF) ** Drivers in Ontario could soon face much stiffer penalties for texting behind the wheel, as the governing Liberals are set to reintroduce a bill that would boost the maximum fine to C$1,000 ($918). (http://bit.ly/1zD3RSL) (1 US dollar = 1.90 Canadian dollar) (Compiled by Rama Venkat Raman in Bangalore) ((ramavenkat.raman@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6749 7151; Reuters Messaging: ramavenkat.raman.thomsonreuters.com@reuters.net)) Keywords: PRESS DIGEST CANADA/

EMERGING MARKETS-Stocks touch new 3-year highs, Russian shares rise

August 27, 2014 - reuters.com

By Alexander Winning LONDON, Aug 27 (Reuters) - Emerging stocks touched new three-year highs on Wednesday, supported by the prospect of further monetary stimulus in the euro zone, while Moscow-listed shares rose after tentative signs of diplomatic progress over the Ukraine crisis. Expectations are growing that the European Central Bank will further ease monetary policy to counter sluggish growth and low inflation. Additional easing would boost demand for riskier emerging market stocks, which are up some 9 percent this year. "The market is taking on the mentality that investors will be forced to increase capital allocations to emerging markets if the ECB is preparing to do more and the Fed stays dovish," said Manik Narain, emerging FX strategist at UBS. The MSCI emerging equities index .MSCIEF was up 0.3 percent, extending gains made earlier in the week to reach a new three-year high. Emerging market bonds were little changed on the day. 11EML Russian stocks .MCX .IRTS rose 0.5 percent, a day after Ukrainian President Petro Poroshenko met Russia's Vladimir Putin and promised to work on an urgent ceasefire plan to halt four months of fierce fighting in eastern regions. ID:nL5N0QW57L ID:nL5N0QX13T Putin described the talks as positive, but it was unclear how the pro-Russia rebels would respond to a mooted ceasefire, how soon it could be agreed and how long it might last. The rouble RUB= was broadly flat, but the Ukrainian hryvnia UAH= briefly strengthened around 0.7 percent, retreating from recent record lows. Investor attention was also focused on Turkey, where the central bank was holding a policy meeting on interest rates later on Wednesday. "Market expectations are split between an on-hold decision and a 25 bps rate cut," Narain said. "If the language is considerably more hawkish than the action, the market may actually rally." According to a Reuters poll of 20 banks last week, 13 expect the central bank to leave its main weekly repo rate at 8.25 percent. Six predict a 0.25 percent cut, and one expects a cut of half a percent. Turkish stocks .XU100 hovered near three-week highs ahead of the central bank meeting, and the lira TRY= was 0.1 percent stronger against the U.S. dollar. ID:nL5N0QX175 The Israeli shekel ILS= was 0.15 percent softer, but held away from 11-month lows set in the previous session. An open-ended ceasefire in the Gaza war between Israel and Palestinians militants took effect on Tuesday and was still holding by Wednesday. The South African rand ZAR= was 0.3 percent firmer after second-quarter gross domestic product data on Tuesday showed the country avoided slipping into recession. ID:nL5N0QW1XA Meanwhile, Qatari stocks .QSI reached a record high for a third straight day following the country's upgrade to emerging market status earlier this year. For GRAPHIC on emerging market FX performance 2014, see http://link.reuters.com/jus35t For GRAPHIC on MSCI emerging index performance 2014, see http://link.reuters.com/weh36s For GRAPHIC on MSCI emerging Europe performance 2014, see http://link.reuters.com/jun28s For GRAPHIC on MSCI frontier index performance 2014, see http://link.reuters.com/zyh97s For CENTRAL EUROPE market report, see CEE/ For TURKISH market report, see .IS For RUSSIAN market report, see RU/RUB ) (Additional reporting by Sujata Rao) ((alexander.winning@thomsonreuters.com)(Reuters Messaging: alexander.winning.thomsonreuters.com@reuters.net))

Keywords: MARKETS EMERGING

PRECIOUS-Gold edges higher as dollar retreats, equities steady

August 27, 2014 - reuters.com

* European shares stabilise after sharp rally * Dollar index edges lower, relieving pressure on gold * Palladium-backed fund shows hefty outflow (Updates throughout, changes dateline, pvs SINGAPORE) By Jan Harvey LONDON, Aug 27 (Reuters) - Gold prices rose above $1,285 an ounce on Wednesday, recovering from a two-month low the previous week, as stocks took a breather after a 2-1/2 week rally and the dollar index retreated from 13-month highs. Spot gold XAU= was up 0.4 percent at $1,285.50 an ounce at 0946 GMT, extending a recovery from last week's low at $1,273.06, while U.S. gold futures GCv1 for December delivery were up $1.10 an ounce at $1,286.30. Soft German economic data and corporate results helped arrest a rally in stocks, which had climbed 6 percent since Aug. 8, while the dollar index eased 0.2 percent after hitting its highest in more than a year in earlier trade. FRX/ .EU "The dollar looks strong, but very overbought," Saxo Bank's head of commodity research Ole Hansen said. "Short term, I think gold could build a bit further on the rejection at 1271, looking for a move back up towards 1296 or even 1302, but not higher." The euro edged off its lowest point in almost a year on Wednesday as Germany's finance minister played down speculation over more European Central Bank monetary policy easing in the coming months. ID:nB4N0PR01K A measure of German consumer sentiment showed its biggest drop in more than three years on Wednesday, while the impact of the Ukrainian crisis and tensions between the West and Moscow were visible in European company results. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ GRAPHIC-2014 commod returns: http://link.reuters.com/reb25t GRAPHIC-Gold/USD correlation: http://r.reuters.com/ryx52s GRAPHIC-Gold across currencies: http://r.reuters.com/wun62s ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> ASIAN DEMAND STILL SOFT Traders reported some gold buying overnight in Asia, the leading market for physical gold, but volumes remained light. "The market is still very cautious. The physical side is not as good as in the previous month and even last year," said Brian Lan, managing director of retailer GoldSilver Central Pte Ltd in Singapore. Holdings of the SPDR Gold Trust GLD , the world's largest gold-backed exchange-traded fund and a gauge of investor demand, fell 0.4 percent to 797.09 tonnes on Monday from 800.08 tonnes on Friday. GOL/SPDR Among other precious metals, silver XAG= was up 0.7 percent at $19.44 an ounce, while spot platinum XPT= was up 0.5 percent at $1,417.75 an ounce and spot palladium XPD= was up 0.3 percent at $883.75 an ounce. Exchange-traded funds backed by palladium showed significant outflows. Data on Tuesday from ETF Securities showed holdings of its UK-listed palladium exchange-traded product fell by 120,625 ounces, or 45 percent. "Palladium has had the benefit of willing buyers prepared to step forward all year; and those willing buyers must have stepped forward again to absorb this ETF selling," UBS said in a note. "Otherwise, 120,000 ounces of palladium selling - a very sizeable volume - would have been acutely reflected in the price." (Additional reporting by Lewa Pardomuan in Singapore; editing by Jane Baird) ((jan.harvey@thomsonreuters.com)(+44)(0)(207 542 7744)(Reuters Messaging: jan.harvey.thomsonreuters.com@reuters.net)) Keywords: MARKETS PRECIOUS/

UPDATE 1-Russia's Polymetal returns to profit and sees stronger second half

August 27, 2014 - reuters.com

(Adds details, CEO comments, context) MOSCOW, Aug 27 (Reuters) - Russian gold and silver miner Polymetal POLYP.L returned to profit in the first half, and forecast stronger results in the rest of the year thanks to sales from a far eastern deposit and a weaker rouble which pushes up export revenues. After writing off billions of dollars and recording losses last year because of a slump in gold prices, many Russian miners are back in the black. The weakening of the rouble has also helped exporters who get revenues in foreign currencies. London-listed Polymetal, part-owned by Russian tycoon Alexander Nesis, made a net profit of $100 million in the first half of 2014, compared with a loss of $255 million in the same period last year, it said in a statement. Revenue edged up 1 percent to $727 million as higher sales volumes countered lower prices. "If precious metals prices don't change significantly, we expect that the second half will be better than the first mainly thanks to seasonal factors, such as the start of gold shipping from the Mayskoye gold deposit," Chief Executive Vitaly Nesis, brother of Alexander, told Reuters. Its Mayskoye deposit is located in Russia's far east and its gold is shipped by sea. The company is still on track to produce 1.365 million troy ounces of gold equivalent in 2014, said CEO Nesis. Gold equivalent is a measure of gold and other metals expressed in units of gold. Its shares were up 2.2 percent at 0944 GMT, outperforming the FTSE Gold Mines index .FTGM which was up 1.6 percent. (Reporting by Andrey Kuzmin; Writing by Polina Devitt; Editing by Maria Kiselyova and Pravin Char) ((maria.kiselyova@thomsonreuters.com; +7 495 775 1242; Reuters Messaging: maria.kiselyova.thomsonreuters.com@reuters.net)) Keywords: RUSSIA POLYMETAL INTL/RESULTS

Egyptian pound steady against the dollar at central bank sale

August 27, 2014 - reuters.com

CAIRO, Aug 27 (Reuters) - Egypt's pound EGP= held steady at a central bank dollar sale on Wednesday, with the bank saying it sold $37.6 million at a cut-off price of 7.1401 pounds CBEO per dollar, unchanged from Monday's rate. The rate for dollar sales has stayed in a very tight range since the beginning of June, after the bank allowed the pound to weaken in May. The central bank offered $40 million on Wednesday. The rates at which banks are allowed to trade dollars are determined by the results of central bank sales EGYTV , giving the bank effective control over official exchange rates. (Reporting by Asma Alsharif; Editing by Angus MacSwan) ((asma.alsharif@thomsonreuters.com; +20225783290; Reuters Messaging: asma.alsharif.reuters.com@reuters.net)) Keywords: EGYPT FOREX

Czech upper house ratifies joining EU's fiscal pact

August 27, 2014 - reuters.com

PRAGUE, Aug 27 (Reuters) - The Czech upper parliamentary house ratified the European Union's fiscal compact on budget stability on Wednesday, demonstrating the centre-left government's drive to get closer to euro entry after years of eurosceptic administrations. The central European country suffered a lengthy recession in 2011-2013. But it was spared bank failures and a sovereign debt crisis and has cut budget deficits below the EU limit of 3 percent of gross domestic product. Joining the compact, which sets stricter rules for fiscal policy in order to keep debt levels under control, is mainly symbolic at this stage as the pact's deficit rules will not fully apply to the Czechs until they join the euro zone. But the Czechs will gain the right to take part in more policy discussions including euro zone summits, Foreign Minister Lubomir Zaoralek said. "It is my personal experience from Europe that it is a mistake that we are not present at certain debates," Zaoralek told the Senate. "Especially it is a mistake to miss negotiations where the future of the euro zone is on agenda." The fiscal compact was signed by 25 EU countries in 2012, with the Czechs and Britain the only exceptions. It caps the structural part of member states' budget deficits at 0.5 percent of GDP. The government plans to join the euro, but not before around 2020, and public scepticism about the single currency has been widespread during the European debt crisis. Accession to the pact must still be ratified in the lower house, where the government holds a solid majority. (Reporting by Jan Lopatka, editing by John Stonestreet) ((jan.lopatka@thomsonreuters.com; +420224190474; Reuters Messaging: jan.lopatka.thomsonreuters.com@reuters.net)) Keywords: CZECH EU/FISCAL PACT

Former UK PM Brown sets aside feud to try to keep Scotland in UK

August 27, 2014 - reuters.com

DUNDEE, Aug 27 (Reuters) - Former British prime minister Gordon Brown will set aside a long-running feud on Wednesday to make his first public appearance with Alistair Darling, the leader of the campaign to keep Scotland part of the United Kingdom. With three weeks to go before a historic independence referendum on Sept. 18, the two Labour party politicians, who fell out while in government from 2007-10, will appear in Dundee to argue that Scotland would be better off staying in the UK. The joint appearance by two of Scotland's most high-profile politicians comes as postal voting gets underway and as the campaign ratchets up with independence supporters struggling to catch up with their rivals in the polls even though their leader, Alex Salmond, won a final TV debate on Monday. ID:nL5N0QV2EZ Darling was Britain's finance minister from 2007 to 2010 under Brown, but his comments on the 2008 financial crisis and subsequent criticism of Brown's leadership soured relations between the two. Anti-independence "Better Together" campaign director Blair McDougall urged postal voters to focus on the uncertainty that a vote for independence would bring with no clear decision on what currency would be used and warned of the possible impact on pensions and public services. "For the hundreds of thousands of Scots who will make up their minds and vote over the next few days the big questions are the economic ones. Gordon and Alistair are two of the biggest economic figures in the UK," he said in a statement. Their joint appearance came as more than 100 business leaders joined forces in the biggest intervention by Britain's business community in the referendum debate so far, signing a letter to oppose Scotland ending its 307-year ties with England. "As job creators, we have looked carefully at the arguments made by both sides of the debate," the letter said. "Our conclusion is that the business case for independence has not been made." ID:nL3N0QX0W8 (Writing by Belinda Goldsmith; Editing by Andrew Osborn) ((Belinda.Goldsmith@thomsonreuters.com; +44 207 542 2299.)) Keywords: SCOTLAND INDEPENDENCE/BROWN

Indonesia wants smelter supply deal before Newmont can resume exports

August 27, 2014 - reuters.com

By Fergus Jensen and Yayat Supriatna JAKARTA, Aug 27 (Reuters) - Indonesia wants copper miners Newmont Mining Corp NEM.N and Freeport-McMoRan Inc FCX.N to hammer out a deal on concentrate supply for an upcoming smelter before allowing Newmont to resume exports, a mining ministry official said on Wednesday. U.S.-based Newmont, which runs the Batu Hijau copper mine on remote Sumbawa island, withdrew its international arbitration filing against the Indonesian government this week, indicating a possible breakthrough in a seven-month dispute that has halted exports. ID:nL3N0QW3EG Newmont declared force majeure at its Indonesian mine in June and then filed for arbitration in July, and has been in a dispute with the government over an export tax imposed in January that the miner says conflicts with its mining contract. "They both have to sit together," Sukhyar, director-general of coal and minerals at the mining ministry, told reporters. "We are asking for their (Newmont's) certainty in working with Freeport. "We recognise that Freeport's smelter plan also accommodates concentrates from Newmont, so I've asked them to meet again to confirm this (plan)." He did not elaborate. The tax is part of government moves to force miners to develop local mineral-processing facilities, which would bring bigger returns for Indonesia from its mineral resources. Mining industry executives in Indonesia have balked at the idea of developing downstream industries and building smelters, citing a lack of power and infrastructure in remote areas where mines are often located. Both Freeport and Newmont, which together account for 97 percent of Indonesia's copper output, had previously argued they should be exempt from the tax, which kicks in at 25 percent and rises to 60 percent in the second half of 2016, before a total concentrate export ban in 2017. But Freeport's Indonesian unit resumed exports earlier this month after being granted a much reduced tax rate on condition it builds a smelter, and after signing a Memorandum of Understanding (MoU) with the government in July. ID:nL4N0QJ373 Freeport has begun initial work on the construction of a domestic smelter and is looking at potential sites to build the $2.3 billion project. Freeport declined to comment on Wednesday but has previously stated that the project may also involve Newmont. Newmont could not be reached for immediate comment on Wednesday. Newmont said in a statement on Tuesday that multiple studies had shown it was not economically viable for it to build a smelter on its own. "The company has an MoU to participate in a process with PT Freeport Indonesia designed to lead towards the development of a smelter," the statement said. Newmont also has conditional concentrate supply agreements with two Indonesian companies that plan to build their own copper smelters in the country, it said. Government officials have previously stated that Newmont has already agreed to pay an export tax, without giving an exact figure, but that further talks were needed over the issue of an increase in royalties. The MoU talks between Newmont and the government are likely to be concluded next week, Yoesrawan Galang, chairman of the Newmont Indonesia workers' union, told Reuters, adding that production may return to full capacity by mid-October. Newmont's copper concentrate stocks are around 80,000 tonnes, Galang added. Before the new export rules, Newmont forecast total output of copper in concentrate would amount to 110,000 to 125,000 tonnes from its Indonesian mine this year. A trade ministry official said on Wednesday the ministry was yet to receive a recommendation from the mining ministry to enable issue of a concentrate export permit to Newmont. (Additional reporting by Wilda Asmarini and Michael Taylor; Writing by Michael Taylor; Editing by Muralikumar Anantharaman) ((michael.taylor@thomsonreuters.com; +62)(0)(21 2992-7602; Reuters Messaging: michael.taylor.thomsonreuters.com@reuters.net)) Keywords: INDONESIA NEWMONT/

ECB's Coeure calls for stronger government backing of ABS market -magazine

August 27, 2014 - reuters.com

FRANKFURT, Aug 27 (Reuters) - European governments must support Europe's market for securitised debt by issuing guarantees to make it a successful alternative source of funding to bank loans, European Central Bank Executive Board member Benoit Coeure said. "Europe is facing a very fundamental choice if it wants to move to an ABS (asset-backed securities) market that is as deep and liquid as the U.S. market," Coeure told Risk magazine in an interview, excerpts of which were released on Wednesday. "To reach this goal, the securitisation market will require a significantly different amount of public sponsoring than is currently the case." Securitised debt based on poor quality U.S. mortgages became untradable in 2007, unleashing a chain of events that led to the global markets meltdown, with taxpayers having to rescue banks that had chunks of the debt on their books. Since then, the market has failed to recover in Europe in particular, a region which depends heavily on banks for funding the economy at a time when they are focusing more on boosting their capital buffers than granting loans. The ECB and the Bank of England are trying to kick-start top quality securitisation and encourage investors to return, while also calling for more lenient regulation of high-quality assets. The ECB itself is working on a programme to boost the market for ABS, with which it wants to unblock lending particularly to small and medium-sized companies that form the backbone of the euro zone economy. ECB President Mario Draghi said at an annual central banker gathering in Jackson Hole on Friday that the ECB's preparations for outright purchases in the ABS markets were "fast moving forward", expecting it to contribute to further credit easing. A stronger involvement of government guarantees, for example through the European Investment Bank or German state-controlled development bank KfW, would help deepen the market that has almost completely dried up since the financial crisis. "This is obviously not a decision that falls under the remit of the ECB because this is not our money and, at the end of the day, it's shifting risk to public balance sheets. So it has to be a political decision," Coeure was quoted as saying. "It can deliver economic benefits but would have to be explained to lawmakers and taxpayers." (Reporting by Eva Taylor and Paul Carrel; Editing by Hugh Lawson) ((eva.taylor@thomsonreuters.com)(49 69 75651244)(Reuters Messaging: eva.taylor.thomsonreuters.com@reuters.net)) Keywords: ECB ABS/COEURE

Goldman Sachs prices 30-year, $974 mln bond in Taiwan - sources

August 27, 2014 - reuters.com

TAIPEI, Aug 27 (Reuters) - Goldman Sachs has priced its 30-year, $974 million U.S. dollar-denominated bond in Taiwan, two people familiar with the issue said Wednesday. The zero coupon bond was priced with an internal rate of return of 4.96 percent, the sources said. The latest dollar bond offering in Taiwan is the biggest so far from a single issuer, highlighting the appetite among Taiwan's insurance companies, which were recently allowed to invest more in long-term foreign currency debt issued locally. Goldman Sachs' offering brings the total U.S. dollar bond issuance on the island in the past two months to over $5 billion. Domestic regulators relaxed rules in June to allow local insurance companies to invest in foreign currency debt issued in Taiwan but not count it toward their quota for overseas investment. The bond will list on the GreTai Securities Market, Taiwan's over-the-counter exchange. (Reporting By Miaojung Lin; Editing by Simon Cameron-Moore) ((jr.wu@thomsonreuters.com; Reuters Messaging: jr.wu.thomsonreuters.com@thomsonreuters.net))

London platinum/palladium 0945 fix - Aug 27

August 27, 2014 - reuters.com

FOREX-Euro picks up off low as Schaeuble plays down ECB easing speculation

August 27, 2014 - reuters.com

* Euro recovers a touch from a near 1-year low * Kiwi bounces back from six-month low * Dollar index hits 13-month high after strong data By Jemima Kelly LONDON, Aug 27 (Reuters) - The euro edged off its lowest point in almost a year on Wednesday as Germany's finance minister played down speculation over more European Central Bank monetary policy easing in the coming months. The shared currency was trading at $1.3183, up 0.1 percent on the day, after falling as low as $1.3151 EUR= in Asian trade. Germany's Finance Minister Wolfgang Schaeuble was quoted in a newspaper on Wednesday as saying ECB chief Mario Draghi had been "over-interpreted" after he said he would use "all the available instruments" should inflation weaken more. ID:nB4N0PR01K Some had seen Draghi's comments, made at the U.S. Federal Reserve's annual conference at Jackson Hole over the weekend, as a sign that the ECB was considering the introduction of quantitative easing in the euro zone. "Our contention is that Draghi and the ECB are turning more dovish, but nowhere near as dovish as the market has interpreted it post-Jackson Hole," said Adam Myers, head of foreign exchange strategy at Credit Agricole in London. "And because of that, today we think the euro will bounce - it's gone too far." The euro was resilient despite data showing German consumer morale fell for the first time in more than 1-1/2 years heading into September as shoppers grew more wary of the impact of sanctions on Russia and other international conflicts. ID:nL9N0O5022 It also brushed off Italy's economy minister quoted in the Corriere della Sera paper as saying the country must cut its growth forecast. That could bring the government into line with most economists, who expect little or no growth for the euro zone's third-largest economy this year. ID:nL5N0QX11I All eyes are now on euro zone inflation numbers on Friday and the ECB's next policy meeting on Sept. 4. Despite its bounce against the dollar, the euro struggled against a slew of currencies, including the British pound. Earlier on Wednesday, the euro touched its lowest level in nearly 10 months versus the Australian dollar at A$1.4109 EURAUD=R . Against the Canadian dollar, the euro set a nine-month low of C$1.4362 EURCAD=R . KIWI RISES The New Zealand dollar was the biggest mover among developed currencies, rising just over 0.5 percent to $0.8377 NZD=D4 , edging away from a six-month low of $0.8311 hit on Tuesday. The kiwi found support after giant cooperative Fonterra reaffirmed its forecast for its farm gate milk price for the 2014/15 season and announced a partnership with a Chinese food manufacturer to sell milk in China. Dairy is New Zealand's largest export earner. The dollar index .DXY , which measures the greenback against a basket of major currencies, edged back slightly after having hit a 13-month peak of 82.727 in Asian trade. Data on Tuesday showed orders for U.S.-manufactured durable goods posted their biggest gain on record in July, while consumer confidence rose in August to its highest level since October 2007. ID:nL1N0QW0N6 ID:nZON059200 But some traders said that U.S. data would need to be even stronger before the Fed's rate-setting Federal Open Market Committee would consider tightening policy. "The U.S. figures will have to be more convincing to provide further strong impetus for the hawks on the FOMC and thus the dollar," said analysts from Commerzbank in a morning note. "However, given the increased probability of further expansionary measures from the ECB and thus an ever widening divergence between monetary policies, euro/dollar is likely to continue to be pulled in a southerly direction." (Additional reporting by Ian Chua in Sydney and Masayuki Kitano in Singapore; Editing by Hugh Lawson) Keywords: MARKETS FOREX

INDICATORS - Lebanon - Aug 27

August 27, 2014 - reuters.com

New French economy minister pledges end to infighting

August 27, 2014 - reuters.com

PARIS, Aug 27 (Reuters) - France's new economy minister vowed on Wednesday to rebuild trust in the euro zone's second largest economy and put an end to mixed messages and infighting on its economic policy. Speaking a day after President Francois Hollande named him to replace maverick, anti-globalisation leftist Arnaud Montebourg, 36-year-old former investment banker Emmanuel Macron sought to reassure that he would form a close-knit partnership with Finance Minister Michel Sapin. "We will fight, but we will not fight against those in our own camp, we won't fight against part of the French people, we will fight with all the energy we have," Hollande's former top economic adviser said at a handover ceremony with Montebourg. Macron, a former Rothschild banker who was seen as the corporate world's ear at Hollande's office until he stepped down from the role this year, pledged to try and rebuild trust in France among investors and the French themselves. Economists have welcomed Macron's nomination, seen as a sign Hollande will press ahead with a pro-business policy decided earlier this year to cut corporate taxes by 40 billion euros to lift the economy out of stagnation while trimming the deficit. Montebourg was evicted on Monday for lashing out against that economic strategy - which Macron helped craft. Montebourg's main complaint was that deficit-cutting measures are likely to kill off recovery hopes and unfairly hit society's poor. "This is a change of personnel, almost a change of generation, a change of style," Sapin, whose efforts to reassure France's EU partners were often undermined by Montebourg's public statements, told France Inter. "Above all, there is a complete consistency that Montebourg didn't have ... With Macron you know where you are going." Hollande is the most unpopular president in polling history and surveys show voters do not trust him to kickstart the eurozone's second largest economy, where growth was zero in the first half of this year. Business leaders had long complained that protectionist, anti-austerity Montebourg was sending confusing messages about the government's policies. Macron said he would work to boost France's industry, without "pointless quarrels." (Reporting by Ingrid Melander and Jean-Baptiste Vey; editing by Andrew Callus and Mark John) ((andrew.callus.thomsonreuters.com@reuters.com; +33)(0)(1 49 49 51 30 ; Reuters Messaging: andrew.callus.thomsonreuters.com@reuters.net)) Keywords: FRANCE POLITICS/

Rouble weakness hurts Rewe in Russia -CEO in paper

August 27, 2014 - reuters.com

VIENNA, Aug 27 (Reuters) - Weakness in the rouble may wipe out any gains by German retailer Rewe REGRP.UL in Russia, which remains its fastest-growing market in local-currency terms despite sanctions on food imports, the head of the group's international operations was quoted saying. Frank Hensel told Austrian newspaper Wirtschaftsblatt that the decline of the rouble, which has suffered a sharp sell-off linked to Russia's perceived role in the Ukraine crisis, would offset the growth the company was achieving there. "We have 97 Billa stores in Russia and a high degree of independent supply channels. But our selection (of products) is affected and we are observing the situation very carefully," Hensel told the business newspaper in an interview published on Wednesday. "Our business in Russia and Ukraine is still developing in a satisfactory way. In local-currency terms, Russia is even our most dynamic market. But by the end of the year that dynamic will not be so visible because of exchange-rate fluctuations." Moscow banned imports of most food from the West earlier this month in retaliation against EU and U.S. sanctions over the Ukraine crisis. ID:nL6N0QD41M (1 US dollar = 0.7585 euro) (Reporting by Georgina Prodhan; Editing by David Goodman and David Holmes) ((georgina.prodhan@thomsonreuters.com; +431 5311 2256; Reuters Messaging: georgina.prodhan.thomsonreuters.com@reuters.net)) Keywords: UKRAINE CRISIS/REWE

UPDATE 1-Shenzhen exchange explores stock pipeline with Hong Kong -official

August 27, 2014 - reuters.com

(Adds official comments, context) By Michelle Chen HONG KONG, Aug 27 (Reuters) - Shenzhen is studying a plan to connect its stock exchange with Hong Kong's stock market, similar to the scheme planned for Shanghai, and hopes it can be launched as soon as possible, a government official said on Wednesday. "The Shenzhen government has raised this suggestion to the China Securities Regulatory Commission and the CSRC's opinion is that we can do some research on the Shenzhen-Hong Kong stock connect plan," Xiao Zhijia, deputy director-general of Shenzhen's Office of Financial Development Services, told Reuters by telephone. The plan will then need to be discussed with Hong Kong's stock exchange and the city's regulators following which China's regulators will then decide when to launch a similar scheme between Shenzhen and Hong Kong, he said. He declined to give a specific time frame for the launch saying it depended on the success of the Hong Kong-Shanghai scheme. "It is quite flexible and the power of decision is in the CSRC's hands," he said. The Shenzhen stock exchange, a rival to Shanghai's market, looks to emulate the Nasdaq in the United States by focusing on companies in their early growth stages. It also has some big-name listings, including China Vanke 000002.SZ , the country's biggest residential property developer. Shenzhen stocks, in particular those on the ChiNext .CHINEXTC board, have consistently outperformed the Shanghai Exchange which has concentrated on listing large-cap blue chip firms in recent years. A foreign fund manager, speaking on condition of anonymity, said that he believed foreign investors would be far more enthusiastic about investing in Shenzhen companies, which tend to feature more technology and consumer names. These stocks represent the future of China's economy rather than the blue-chip banks, insurers, and other state-owned giants that dominate Shanghai's index, according to some investors. Authorities expect the landmark stock-connect programme between Shanghai and Hong Kong - another step in China's efforts to open up its markets - will launch in October. Regulators and market participants are racing to test mechanisms to ensure readiness. While China investors anticipate a wave of institutional money will flow into the mainland's relatively undervalued markets, Hong Kong stock punters are hoping Chinese money will boost trading volumes and lift stocks. The Shanghai Composite Index rose to eight-month highs last week, and Hong Kong's Hang Seng Index reached a more than six-year high this week as investors hailed the latest development as a catalyst for further market gains. A Shenzhen-Hong Kong connection hinges on the success of the Shanghai-Hong Kong link, an analyst told Reuters, who expected such a scheme to be launched in the first quarter of 2015 at the earliest. (Additional reporting by Grace Li and Saikat Chatterjee in HONG KONG and Pete Sweeney in BEIJING; Editing by Richard Borsuk and Jacqueline Wong) ((saikat.chatterjee@thomsonreuters.com; 852-2843-6548; Reuters Messaging: saikat.chatterjee.reuters.com@reuters.net)) Keywords: CHINA MARKETS/SHENZHEN STK EX HONGKONG

Sterling firm near 2-week high versus struggling euro

August 27, 2014 - reuters.com

LONDON, Aug 27 (Reuters) - Sterling traded firm near two-week highs against a struggling euro on Wednesday, helped by widening interest rate differentials between the two-year British government bonds and their euro zone counterparts. The gap between the two GB2YT=RR EU2YT=RR has moved in favour of sterling fixed income assets, rising to its highest since early July, amid expectations that the European Central Bank may resort to asset purchases, or quantitative easing, in coming months to ward off the growing threat of falling prices. In contrast, investors are expecting the Bank of England to start tightening policy sometime in early 2015. GBPOIS=ICAP Euro zone inflation data is due on Friday. Analysts polled by Reuters expect annual inflation to have slowed to 0.3 percent in August from 0.4 percent in July, falling even further below the ECB's target of close-to-but-below 2 percent. Last Friday, in stronger language than he has used in the past, ECB President Mario Draghi said the central bank was prepared to respond with "all the available instruments" should inflation drop further. That has seen euro zone bond yields drop to record lows and weighed on the euro. The euro was down 0.1 percent at 79.565 EURGBP=D4 , having fallen to a two-week low of 79.49 earlier in the day. The euro has shed nearly 0.9 percent since Draghi's comments at Jackson Hole last Friday. It bounced slightly against the dollar EUR= on Wednesday after German finance minister Wolfgang Schaeuble said Draghi's comments had been "overinterpreted", but traders said most investors were selling into the bounce. "The UK data calendar is light into next week, thus the euro/sterling trend will largely be determined by the euro. Risks look skewed to 79.10/20 pence," said Chris Turner, head of currency strategy at ING. Sterling was also higher against the dollar, gaining 0.15 percent to $1.6570 GBP=D4 and staying well above the five-month low of $1.6501 struck on Monday after Scotland's pro-independence leader Alex Salmond won a final TV debate before a Sept. 18 referendum. Opinion polls still suggest Scots will reject independence. Apart from the uncertainty caused by the Scottish referendum which has in the margins pegged back the pound, sterling has also suffered as investors have unwound aggressive expectations of rate hikes later this year. Despite minutes last week from the BoE's latest policy committee meeting showing two of the nine members voting for an immediate rate hike, falling wages and inflation, as well as dovish signals from the central bank, have led many to push back rate rise expectations well into 2015. ID:nL9N0PR003 "There isn't a strong case for a sterling short-covering rally. So no news may make for a range-bound market but any bounce in sterling/dollar is likely to be small on data-less days," said Kit Juckes, currency strategist at Societe Generale. (Editing by Angus MacSwan) ((anirban.nag@thomsonreuters.com; +44)(0)(20 7542 8399; Reuters Messaging: anirban.nag.thomsonreuters@reuters.net)) Keywords: MARKETS STERLING/

UPDATE 1-Japan Post not thinking about changing JGB investment stance - CEO

August 27, 2014 - reuters.com

(Adds CEO comments, background) TOKYO, Aug 27 (Reuters) - Japan Post Holdings Co is not thinking of changing its stance on investment in Japanese government bonds (JGBs), its chief executive said on Wednesday. "We are holding a massive amount (of JGBs), so we would never consider making a significant change. Such a move would hurt us by impacting the market," Japan Post CEO Taizo Nishimuro told reporters. In addition to delivering mail and parcels, state-owned Japan Post runs insurance and banking operations that manage massive amounts of money in markets, mostly in Japanese government bonds. At the end of June, Japan Post's banking unit held about 121.2 trillion yen ($1.2 trillion) in JGBs, accounting for 60 percent of its total assets. Its insurance unit held 50 trillion yen in JGBs, also about 60 percent of its assets. Japan Post's two financial units have been in spotlight for any hint of shift in their JGB-heavy investment stance following Japan's giant public pension fund's move toward boosting domestic stock investment to secure higher returns amid ultra-low interest rates. ID:nL4N0QD2GE ($1 = 103.9100 Japanese yen) (Reporting by Taiga Uranaka; Editing by Chris Gallagher and Miral Fahmy) ((taiga.uranaka@thomsonreuters.com; +81-3-6441-1813; Reuters Messaging: taiga.uranaka.reuters.com@reuters.net)) Keywords: JAPAN POST JGBS/

Philippines trims Q1 GDP growth slightly to 5.6 pct y/y

August 27, 2014 - reuters.com

MANILA, Aug 27 (Reuters) - Philippine economic growth in the first quarter of 2014 was revised to 5.6 percent from 5.7 percent, the statistics board said on Wednesday. The notice of a revision in the annual pace of growth was posted on the board's website. Official data on Philippine second quarter GDP growth will be released on Thursday. The domestic economy likely grew a seasonally adjusted 2.0 percent in April-June from the previous three months, according to a Reuters poll. From a year earlier, the economy probably expanded at a 6.2 percent rate. ID:nL4N0QS102 Manila is targeting growth of 6.5-7.5 percent this year. (Reporting by Karen Lema; Editing by Richard Borsuk) ((karen.lema@thomsonreuters.com; +632 841-8938; Reuters Messaging: karen.lema.thomsonreuters.com@reuters.net)) Keywords: PHILIPPINES ECONOMY/GDP

Bund yields dip as faltering outlook supports ECB stimulus hopes

August 27, 2014 - reuters.com

* German September consumer confidence slips * Italy must revise down GDP forecast - Finance Minister * Bund future nears contract high, cash yields fall * Germany's Schaeuble says Draghi comments 'over-interpreted' * Austria's OVP party appoints new leader after resignation By John Geddie LONDON, Aug 27 (Reuters) - German Bund yields fell back towards record lows on Wednesday, as further evidence of the bloc's faltering economy fed market expectations for more European Central Bank stimulus. Weaker-than-expected consumer confidence in Germany drove the market, together with reported comments from Italy's economy minister that Rome must revise down its economic output growth forecast. ECONALLDE Eager to tackle the euro zone's economic malaise, ECB President Mario Draghi on Friday appeared to shift the bank's policy response away from austerity towards growth. Crucially for investors, he left the door open to a broad-based programme of asset purchases known as quantitative easing (QE). "When the EMU's largest economy is falling behind, this is very much increasing the chances of the ECB heading for further monetary measures, above all QE," said DZ Bank strategist Daniel Lenz. German Bund futures came within a tick of the all-time contract high of 151.10 early on Wednesday, while 10-year bond yields opened 2 basis points lower at 0.928, a shade above the record low of 0.926 percent hit on Monday. DE10YT=TWEB FGBLc1 Spanish and Italian bond yields both hit new record lows for the third consecutive day, down 7 bps and 5 bps respectively at 2.12 and 2.38 percent, respectively. ES10YT=TWEB IT10YT=TWEB With Draghi particularly concerned about the decline in market expectations of inflation, the latest consumer price growth in Germany due on Thursday and then the euro wide data on Friday will be closely watched. ECONALLEU While few expect the ECB to take announce further policy action at its meeting next week, one trader said investors will be "hoping for all the right noises". But there is certainly room for disappointment as well. Germany's Finance Minister Wolfgang Schaeuble told a newspaper on Wednesday that Draghi's comments at Jackson Hole had been "over-interpreted", particularly in reference to fiscal policy playing a greater role in promoting growth. ID:nB4N0PR01K Elsewhere, Austrian bond yields dipped 2 bps to 1.67 percent after news late on Tuesday that Austria's conservative People's Party has picked Economy Minister Reinhold Mitterlehner to replace Michael Spindelegger as party leader, who resigned unexpectedly in a row over tax reform. AT10YT=TWEB Spindelegger's departure comes amid a political battle in Europe over whether belt-tightening has gone too far at the expense of economic growth, a clash that has also forced a government reshuffle in France this week. ID:nL5N0QW13L (Editing by Hugh Lawson) ((John.Geddie@thomsonreuters.com; +44 20 7542 3486; Reuters Messaging: john.geddie.thomsonreuters.com@reuters.net))

Keywords: MARKETS BONDS/EURO

UPDATE 1-Russian stocks up following Russia-Ukraine talks

August 27, 2014 - reuters.com

(Adds comment, updates prices) MOSCOW, Aug 27 (Reuters) - Russian stocks were higher on Wednesday morning after Ukraine's President Petro Poroshenko said he would work on a ceasefire to defuse Ukraine's separatist crisis. At 0830 GMT, the dollar-denominated RTS index .IRTS was up 0.5 percent at 1,266 points, while its rouble-based peer MICEX .MCX was 0.6 percent higher at 1,452 points. Poroshenko made his comment during a meeting with Russian President Vladimir Putin in Minsk, where the two countries also agreed to resume gas talks. The event was being closely watched by investors for signs of diplomatic progress. ID:nL5N0QW57L Putin called the talks positive, but it was unclear how pro-Russia rebels in eastern Ukraine would respond to the idea of a ceasefire and how soon it could be agreed. "The big hopes of investors for the meeting of the leaders of Russia and Ukraine were partially justified," Rossiysky Capital analyst Anastasia Sosnova said in a note. Analysts at Vector Securities were more sceptical, noting that the rebels were not represented at the Minsk talks and that previous peace negotiations and declarations had led nowhere. "Now we are seeing an escalation of the military conflict in Ukraine and a lot of talking about peace... A serious rise (in the market) is possible only when there is a prospect of sanctions against Russia being lifted," they wrote in a morning note, predicting that the market will trade sideways in coming weeks. The rouble was little changed. It was 0.06 percent stronger against the dollar at 36.13 RUBUTSTN=MCX but lost 0.12 percent to 47.64 versus the euro EURRUBTN=MCX , and was 0.14 percent weaker at 41.34 against the dollar-euro basket RUS=MCX . 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 Jason Bush, editing by John Stonestreet) ((jason.bush@thomsonreuters.com; +7 495 775 1242; Reuters Messaging: jason.bush.reuters.com@reuters.net)) Keywords: RUSSIA MARKETS/

GLOBAL MARKETS-ECB speculation weighs on euro, yields; stocks buoyant

August 27, 2014 - reuters.com

* ECB easing speculation intensifies * Euro at one-year low, bond yields under pressure * Stocks buoyant, but Europe pauses for breath By Jamie McGeever LONDON, Aug 27 (Reuters) - The euro extended its slide on Wednesday, hitting its lowest level in a year against the dollar as expectation grew that the European Central Bank will act soon to counter low growth and inflation. Government bond yields around the world remained under pressure and stock markets were buoyant on the prospect of further stimulus in the world's second largest economic bloc, although European bourses struggled to make any much headway following two days of strong gains. Fueling the ECB easing speculation, Italian Economy Minister Pier Carlo Padoan said Italy must lower its growth forecast for this year and German consumer sentiment fell for the first time since early last year. ID:nL5N0QX0W9 ID:nL9N0O5022 Steve Barrow, senior strategist at Standard Bank in London, said the ECB faced a tough task in getting the market to believe it will bring inflation back up towards its target of close to, but below 2 percent. "It will probably require things like QE (quantitative easing), much lower bond yields - and a much lower euro," he said. Euro zone inflation data due on Friday is likely to show a new low for this cycle of just 0.3 percent and add to the sense of urgency on policy. ECB president Mario Draghi's call last week for more action on both the monetary and fiscal fronts has markets wagering that fresh steps could come as soon as next week when the central bank's governing council meets. German Finance Minister Wolfgang Schaeuble on Wednesday, however, cooled some of the fevered speculation, saying Draghi's comments had been "overinterpreted". ID:nB4N0PR01K The euro broke down to an 11-month low of $1.3152 EUR= in Asian trade on Wednesday before recovering some ground to $1.3185 in early European trade, slightly higher on the day. The euro's earlier weakness helped lift the U.S. dollar index .DXY to its highest level in 13 months at 82.698 before it too eased back. The greenback dipped against the yen below 104 yen, further back from Monday's 7-month peak at 104.49. The prospect of yet more lashings of liquidity in Europe was taken as a positive for emerging markets and MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS gained 0.4 percent to its loftiest since January 2008. The major European markets paused after recent gains, with the FTSEurofirst 300 index of leading shares .FTEU3 , Germany's DAX .GDAXI and Britain's FTSE 100 .FTSE all flat on the day at 1376 points, 9583 points and 6823 points, respectively. The Italian and French markets were both down around 0.1 percent .FTMIB .FCHI . The three major U.S. indices were called to open slightly higher, extending Wall Street's rally after the S&P 500 .SPX ended Tuesday above the 2,000 mark for the first time. EURO YIELDS NOSEDIVE In European bond markets German Bund futures came within one tick of the all-time contract high of 151.10, while 10-year bond yields fell one basis point to 0.937 EU10YT=RR , within a whisker of Monday's record low 0.926 percent. ID:nL5N0QW3KS The rally on the periphery has been even larger. Spanish and Italian bond yields both hit new record lows for the third consecutive day, down seven and five basis points, respectively, at 2.12 and 2.38 percent. ES10YT=TWEB IT10YT=TWEB Markets also kept a wary eye on developments in Ukraine after Russian President Vladimir Putin met his Ukrainian counterpart Petro Poroshenko for one-on-one talks. Poroshenko said a "roadmap" would be prepared to agree to a ceasefire as soon as possible in east Ukraine, while Putin emphasised it was up to Kiev to work out conditions with pro-Russian separatist rebels. TOP/NOW4 In commodities, gold was hovering at $1,285 XAU= an ounce after failing to sustain a bounce to $1,290.80. Oil prices clawed back some of their recent losses. Brent crude LCOc1 inched up 44 cents to $102.94 a barrel, while U.S. crude CLc1 rose 26 cents to $94.12. (Reporting by Jamie McGeever, additional reporting by Wayne Cole; Editing by Crispian Balmer; To read Reuters Global Investing Blog click on http://blogs.reuters.com/globalinvesting; for the MacroScope Blog click on http://blogs.reuters.com/macroscope; for Hedge Fund Blog Hub click on http://blogs.reuters.com/hedgehub) ((jamie.mcgeever@thomsonreuters.com)(+44)(0)(207 542 8510)) Keywords: MARKETS GLOBAL

SNAPSHOT-India stocks, bonds, rupee, swaps, call at 0755 GMT

August 27, 2014 - reuters.com

STOCKS .BSESN .NSEI ----------------------- Indian shares edge up, with the broader NSE index rising 0.39 percent as blue-chips gain, tracking stronger Asian markets on speculation over further stimulus in the Euro Zone. .BO GOVERNMENT BONDS IN084024G=CC -------------------------------- India's benchmark 10-year bond yield falls 1 basis point to 8.55 percent as adequate rupee liquidity in the system is seen aiding sentiment for debt. Traders await the outcome of the treasury bill sale for immediate direction. IN/ RUPEE INR=D2 -------------- The partially convertible rupee little changed at 60.44/45 per dollar against its previous close of 60.4335/4450. Stuck in a narrow range as dollar gains offset by foreign buying. INR/ INTEREST RATE SWAPS INROIS MIOIS= ------------------------------------- The benchmark five-year swap rate down 1 basis point at 8.03 percent and the one-year rate also falls 1 basis point to 8.44 percent. CALL MONEY INROND= --------------------- India's cash rate higher at 8.00/8.10 percent against the previous close of 7.00/7.05 percent. ---------------------- Double click on codes in <> Reuters MIOR/MIBOR MIBR= NSE MIBID/MIBOR MIBR=NS Reuters Corporate Bond Yield/Spread 0#AAAINBMK= For Reuters Benchmarks IN/BENCH (Compiled by Dipika Lalwani) ((dipika.lalwani@thomsonreuters.com; +91-22-61807098; Reuters Messaging: dipika.lalwani.thomsonreuters.com@reuters.net)) Keywords: INDIA SNAPSHOT/

UPDATE 1-Italy must cut growth forecast, economy minister tells Corriere

August 27, 2014 - reuters.com

(Adds details, background) ROME, Aug 27 (Reuters) - Italy must cut its output growth forecast, its economy minister told a newspaper, adding that economic weakness was a European problem that the region's governments needed to tackle together. The government in Rome predicted in April that Italy, which unexpectedly fell back into recession in the second quarter of this year, would see 0.8 percent growth in 2014. "We must revise the GDP (gross domestic product) growth forecast to the downside," Pier Carlo Padoan said in an interview published in daily Corriere della Sera on Wednesday. A cut could bring the government into line with most economists, who expect little or no growth for the euro zone's third-largest economy this year. Prime Minister Matteo Renzi is due to unveil on Friday a package of measures aimed at breathing life back into an economy which has been one of the world's most sluggish for the past two decades. Padoan said Italy would keep its budget deficit below the European Union limit of 3 percent of gross domestic product this year, repeating a promise he and Renzi have made several times. He told Corriere that slow growth was a problem across Europe and called for a united "European vision" for reforms which would allow all the region's governments to work together. "The current situation is worse than expected and no one is happy with it, but it calls attention to the fact that we need joint action," Padoan said. Italy's GDP fell by 1.9 percent last year and by 2.4 percent in 2012. It is now lower, in inflation-adjusted terms, than at any time since 2000. Renzi has faced criticism for focusing less on immediate economic measures than on long-term institutional reforms like changing the electoral law and abolishing the upper parliamentary house as an elected chamber. (Reporting by Isla Binnie,; editing by Francesca Landini and John Stonestreet) ((isla.binnie@thomsonreuters.com; +39 06 8522 4392; Reuters Messaging: isla.binnie.thomsonreuters.com@reuters.net)) Keywords: ITALY ECONOMY/

Turkish markets firm ahead of rates meeting, eye political appointments

August 27, 2014 - reuters.com

ISTANBUL, Aug 27 (Reuters) - Turkish assets firmed on Wednesday with most economists expecting the central bank to keep interest rates on hold later and investors focused on who will be in the new cabinet, set to be announced on Friday. According to a Reuters poll of 20 banks last week, 13 expect the central bank to leave its main weekly repo rate at 8.25 percent. Six predict a 0.25 percent cut, and one expects a cut of half a percent. None saw a change in the 12 percent overnight lending rate. But on Wednesday analysts said the market appeared to be pricing in a 0.25 percent cut in the weekly repo rate. "We have long argued that the inflation outlook as well as Turkey's risks did not justify rate cuts. Unless political pressures turn out to be decisive, the MPC is likely to think the same way this time and keep policy rates unchanged," a note from Finansbank said. Prime Minister and president-elect Tayyip Erdogan has repeatedly called for sharper interest rate cuts, arguing that high borrowing costs are responsible for stubborn inflation. Following his election in the country's first popular polls for president, markets have focused on the make-up of the new political team and where it will sit in relation to a more powerful presidency planned by Erdogan, who has assured them there would be no economic policy changes. ID:nL6N0QD35A In a speech on Wednesday ahead of an AK Party congress, Erdogan said the new cabinet of ministers would be announced on Friday. ID:nL5N0QX15W "We think market will concentrate on the announcement of new cabinet and economy," said a note from Erkin Isik, strategist at TEB-BNP Paribas said. "These could lead TRY to reverse its recent underperformance, especially if global risk sentiment remains as supportive," the note said, pointing out that the lira is underperforming emerging markets by 1.8 The lira firmed to 2.1626 against the dollar by 0715 GMT from 2.1647 late on Tuesday. Istanbul's main share index .XU100 was up 0.38 percent at 81,051 points, outperforming a 0.21 percent rise in the broader emerging markets index .MSCIEF . The benchmark 10-year government bond yield tTR200324T0=IS fell to 9.16 percent from 9.22 percent on Tuesday. (Reporting by Dasha Afanasieva, Editing by Nick Tattersall and Angus MacSwan) ((dasha.afanasieva@thomsonreuters.com; +90 212 350 7051;)) Keywords: MARKETS TURKEY/

Czech Republic - Factors To Watch on Aug 27

August 27, 2014 - reuters.com

PRECIOUS-Gold drifts higher; firm dollar and equities limit upside

August 27, 2014 - reuters.com

* Physical demand slow - gold retailer * Spot gold may revisit low of $1,273-technicals ID:nL3N0QX1CQ (Updates prices) By Lewa Pardomuan SINGAPORE, Aug 27 (Reuters) - Gold edged higher on Wednesday, its third day of gains in four, but a lack of buying support from Asia, a strong U.S. dollar and firmer equities due to hopes of more stimulus from the European Central Bank are expected to check any big upside for the metal. Bullion has struggled in August to decisively break above the psychological level of $1,300 an ounce as speculation grew about an earlier than expected increase in U.S. interest rates. On Wednesday, gold XAU= added 0.24 percent to $1,283.70 an ounce by 0616 GMT, having jumped about 1 percent on Tuesday on chart-based buying before paring gains. Prices hit a two-month low of $1,273.06 on Aug. 21 but are still up more than 6 percent this year. "The market is still very cautious. The physical side is not as good as in the previous month and even last year," said Brian Lan, managing director of retailer GoldSilver Central Pte Ltd in Singapore. "What we are seeing is a lot of speculative trading by the bigger players and hedge funds. Gold is still within the trading band," said Lan, adding that short-term technical support for the metal was at $1,275 while resistance was still $1,300. U.S. gold GCcv1 was flat at $1,284.50 an ounce. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ For a 24-hour gold chart analysis: http://graphics.thomsonreuters.com/F/1/20142708104538.jpg ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> The dollar hit a 13-month peak against a basket of major currencies on Wednesday, with the euro still struggling amid expectations of further policy easing from the European Central Bank. USD/ MKTS/GLOB A firm U.S. dollar makes dollar-priced bullion more expensive for holders of other currencies, and some speculators also turned to equities following the release of U.S. data on durable goods and consumer confidence. ID:nZON059200 ID:nL1N0QW0N6 Speculation is growing that the European Central Bank is preparing a programme of large-scale asset purchases to weaken the euro and try to jump-start growth in the struggling euro zone. ID:nL5N0QS3ZW "We suspect that we (will) likely see pressure resume on gold going into the balance of the week, as Tuesday's move did not look all that convincing to us," said INTL FC Stone in a report. Holdings of the SPDR Gold Trust GLD , the world's largest gold-backed exchange-traded fund and a gauge of investor demand, fell 0.4 percent to 797.09 tonnes on Monday from 800.08 tonnes on Friday. GOL/SPDR Precious metals prices 0616 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1283.70 3.06 +0.24 6.54 Spot Silver 19.39 0.05 +0.26 -0.10 Spot Platinum 1419.20 8.60 +0.61 3.78 Spot Palladium 884.45 3.25 +0.37 24.05 COMEX GOLD DEC4 1284.50 -0.70 -0.05 6.88 9183 COMEX SILVER SEP4 19.40 0.01 +0.00 0.15 3594 Euro/Dollar 1.3173 Dollar/Yen 103.94 (Editing by Muralikumar Anantharaman and Biju Dwarakanath) ((lewa.pardomuan@thomsonreuters.com ; +65 68703834; Reuters Messaging: lewa.pardomuan.thomsonreuters.com@reuters.net))

Keywords: MARKETS PRECIOUS/

Russian stocks open up following Russia-Ukraine talks

August 27, 2014 - reuters.com

MOSCOW, Aug 27 (Reuters) - Russian stocks opened slightly higher on Wednesday following a summit in Minsk where Ukraine's President Petro Poroshenko told Russian leader Vladimir Putin he would work on a ceasefire to defuse Ukraine's separatist crisis. At 0615 GMT, the dollar-denominated RTS index .IRTS was up 0.3 percent at 1,263 points, while its rouble-based peer MICEX .MCX was 0.4 percent higher at 1,450 points. The Minsk meeting, at which Russia and Ukraine also agreed to resume gas talks, is being closely watched by investors for signs of diplomatic progress. ID:nL5N0QW57L Putin called the talks positive, but it was unclear how the pro-Russia rebels in eastern Ukraine would respond to the idea of a ceasefire and how soon it could be agreed. The rouble was 0.15 percent weaker against the dollar at 36.16 RUBUTSTN=MCX and lost 0.06 percent to 47.62 versus the euro EURRUBTN=MCX . It was 0.13 percent weaker at 41.31 against the dollar-euro basket RUS=MCX . 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 Jason Bush; Editing by Crispian Balmer) ((jason.bush@thomsonreuters.com; +7 495 775 1242; Reuters Messaging: jason.bush.reuters.com@reuters.net)) Keywords: RUSSIA MARKETS/

INDICATORS - Kazakhstan - Aug 27

August 27, 2014 - reuters.com

UPDATE 1-Market Chatter-Corporate finance press digest

August 27, 2014 - reuters.com

(Adds item on Cathay Financial) Aug 27 (Reuters) - The following corporate finance-related stories were reported by media: * Otter Products LLC, the privately held company that makes the OtterBox protective cases for mobile phones, is exploring a sale that could value the company at more than $2.5 billion, including debt, according to people familiar with the matter. ID:nL5N0QW56H * DBRS Ltd, the privately held credit rating agency that competes with Standard & Poor's Financial Services LLC, Moody's Corp MCO.N and Fitch Ratings Inc, is exploring a sale, according to people familiar with the matter. ID:nL1N0QW28T * Ann Inc ANN.N has hired JPMorgan Chase & Co JPM.N to explore strategic alternatives, including a potential sale of the women's retailer, according to people familiar with the matter. ID:nL1N0QW1AL * Qualcomm QCOM.O , the world's No. 1 mobile chipmaker, may face a European investigation related to a four-year-old complaint from a subsidiary of rival Nvidia Corp NVDA.O , three people familiar with the matter said on Tuesday. ID:nL5N0QW3AT * Venture capital firm Kleiner Perkins Caufield & Byer has agreed to invest in fast-growing messaging startup Snapchat at a valuation close to $10 billion, the Wall Street Journal reported on Tuesday, citing people with knowledge of the matter. ID:nL1N0QW2HQ * Barrick Gold Corp ABX.TO is eliminating its entire corporate development team and more cuts are in the works as the world's top gold miner looks to trim costs, three sources familiar with the situation said on Tuesday. ID:nL1N0QW2BP * Royal Bank of Scotland RBS.L will be fined by Britain's financial regulator on Wednesday over mortgage advice given to customers, sources familiar with the matter told Reuters on Tuesday. ID:nL5N0QW4E3 * Standard Chartered STAN.L is aiming to sell part of its business in the United Arab Emirates (UAE) after it agreed to close some accounts there in an anti-money laundering settlement with U.S. authorities, two sources familiar with the plan said. ID:nL5N0QW1N7 * The United States will slap anti-subsidy import duties on Mexican sugar, sources said on Tuesday, a move that could push up candy and soft drink prices for U.S. consumers and incite retaliation from Mexico on other products. ID:nL1N0QW0X0 * Spanish energy company Repsol SA's REP.MC talks to buy oil and gas assets belonging to Canadian producer Talisman Energy Inc TLM.TO have stalled, The Wall Street Journal reported on Tuesday, citing several people familiar with the matter. ID:nL1N0QW2MW * The UK Competition and Markets Authority (CMA) has become the latest regulator to investigate the global foreign exchange market following allegations of rigging, the Wall Street Journal reported on Tuesday, citing two people familiar with the matter. ID:nL3N0QW4QP * Telecom Italia TLIT.MI will make a bid valued at roughly 7 billion euros ($9.2 billion) for Vivendi's Brazilian broadband unit GVT VIV.PA , which would leave Vivendi with a 15 to 20 percent stake in the Italian group, said four people familiar with the matter. ID:nL5N0QW3HB * Apple Inc AAPL.O is preparing to roll out a larger, 12.9-inch version of its iPad for 2015, with production set to begin in the first quarter of next year, Bloomberg cited people with knowledge of the matter as saying on Tuesday. ID:nL1N0QW1ZF * RadioShack Corp's RSH.N second-largest shareholder, Standard General LP, is negotiating a rescue package with investors to help the consumer electronics retailer ward off bankruptcy, Bloomberg reported, citing people with knowledge of the matter. ID:nL3N0QW4L7 * Taiwan's Cathay Financial Holding Co 2882.TW is in talks to acquire a 20 percent stake in medium-sized Philippine lender Rizal Commercial Banking Corp RCB.PS amid plans to expand in Southeast Asia, people with knowledge of the discussions said. ID:nL3N0QX1MS For the deals of the day click on DEALS/ For the Morning News Call-EMEA newsletter click on EMEA/MNC (Compiled by Shivam Srivastava in Bangalore) ((shivam.srivastava@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6749 6894; Reuters Messaging: shivam.srivastava.thomsreuters.com@reuters.net)) Keywords: MARKET CHATTER/

Market Chatter- Corporate finance press digest

August 27, 2014 - reuters.com

Aug 27 (Reuters) - The following corporate finance-related stories were reported by media: * Otter Products LLC, the privately held company that makes the OtterBox protective cases for mobile phones, is exploring a sale that could value the company at more than $2.5 billion, including debt, according to people familiar with the matter. ID:nL5N0QW56H * DBRS Ltd, the privately held credit rating agency that competes with Standard & Poor's Financial Services LLC, Moody's Corp MCO.N and Fitch Ratings Inc, is exploring a sale, according to people familiar with the matter. ID:nL1N0QW28T * Ann Inc ANN.N has hired JPMorgan Chase & Co JPM.N to explore strategic alternatives, including a potential sale of the women's retailer, according to people familiar with the matter. ID:nL1N0QW1AL * Qualcomm QCOM.O , the world's No. 1 mobile chipmaker, may face a European investigation related to a four-year-old complaint from a subsidiary of rival Nvidia Corp NVDA.O , three people familiar with the matter said on Tuesday. ID:nL5N0QW3AT * Venture capital firm Kleiner Perkins Caufield & Byer has agreed to invest in fast-growing messaging startup Snapchat at a valuation close to $10 billion, the Wall Street Journal reported on Tuesday, citing people with knowledge of the matter. ID:nL1N0QW2HQ * Barrick Gold Corp ABX.TO is eliminating its entire corporate development team and more cuts are in the works as the world's top gold miner looks to trim costs, three sources familiar with the situation said on Tuesday. ID:nL1N0QW2BP * Royal Bank of Scotland RBS.L will be fined by Britain's financial regulator on Wednesday over mortgage advice given to customers, sources familiar with the matter told Reuters on Tuesday. ID:nL5N0QW4E3 * Standard Chartered STAN.L is aiming to sell part of its business in the United Arab Emirates (UAE) after it agreed to close some accounts there in an anti-money laundering settlement with U.S. authorities, two sources familiar with the plan said. ID:nL5N0QW1N7 * The United States will slap anti-subsidy import duties on Mexican sugar, sources said on Tuesday, a move that could push up candy and soft drink prices for U.S. consumers and incite retaliation from Mexico on other products. ID:nL1N0QW0X0 * Spanish energy company Repsol SA's REP.MC talks to buy oil and gas assets belonging to Canadian producer Talisman Energy Inc TLM.TO have stalled, The Wall Street Journal reported on Tuesday, citing several people familiar with the matter. ID:nL1N0QW2MW * The UK Competition and Markets Authority (CMA) has become the latest regulator to investigate the global foreign exchange market following allegations of rigging, the Wall Street Journal reported on Tuesday, citing two people familiar with the matter. ID:nL3N0QW4QP * Telecom Italia TLIT.MI will make a bid valued at roughly 7 billion euros ($9.2 billion) for Vivendi's Brazilian broadband unit GVT VIV.PA , which would leave Vivendi with a 15 to 20 percent stake in the Italian group, said four people familiar with the matter. ID:nL5N0QW3HB * Apple Inc AAPL.O is preparing to roll out a larger, 12.9-inch version of its iPad for 2015, with production set to begin in the first quarter of next year, Bloomberg cited people with knowledge of the matter as saying on Tuesday. ID:nL1N0QW1ZF * RadioShack Corp's RSH.N second-largest shareholder, Standard General LP, is negotiating a rescue package with investors to help the consumer electronics retailer ward off bankruptcy, Bloomberg reported, citing people with knowledge of the matter. ID:nL3N0QW4L7 For the deals of the day click on DEALS/ For the Morning News Call-EMEA newsletter click on EMEA/MNC (Compiled by Shivam Srivastava in Bangalore) ((shivam.srivastava@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6749 6894; Reuters Messaging: shivam.srivastava.thomsreuters.com@reuters.net)) Keywords: MARKET CHATTER/

UPDATE 1-Barrick scraps corporate development team, further cuts coming -sources

August 27, 2014 - reuters.com

(Adds background on previous layoffs, slump in gold prices) By Euan Rocha and Nicole Mordant TORONTO/VANCOUVER, Aug 26 (Reuters) - Barrick Gold Corp ABX.TO is eliminating its entire corporate development team and more cuts are in the works as the world's top gold miner looks to trim costs, three sources familiar with the situation said on Tuesday. The sources, who asked not to be named as they were not authorized to discuss the matter publicly, said Rick McCreary, the development team's head, is leaving the company this week, with some others on the team set to depart next month. The corporate development team's main role was to identify and evaluate assets worth buying. McCreary, a former investment banker with CIBC CM.TO , has led the team within Barrick since 2011. A spokesman for Barrick declined to comment on whether the company was doing a wider round of cuts, which the sources said would be announced in the coming weeks. He confirmed, however, that the corporate development team was being restructured with some staff moving into other groups. "The change reflects our focus on achieving operational excellence across the company, with an emphasis on optimizing our existing portfolio and further improving efficiency across our operations," said Andy Lloyd, a spokesman for Barrick Gold. Some staff from the corporate development team will stay on as part of a newly minted business development unit, while most others depart the company. Barrick along with its smaller peers has been hurt badly in the last couple of years by the decline in the price of gold. Barrick, in the last few years, has been largely focused on cutting costs and selling over $1 billion worth of assets deemed non-core. Takeovers have not really been on its radar, although it did abort an attempt to merge with rival Newmont Mining Corp NEM.N early this year. The latest round of cuts comes a little more than a year after Barrick moved to lay off up to a third of the staff at its headquarters in Toronto and other offices. ID:nL2N0F001C Last month, the miner announced that Chief Executive Officer Jamie Sokalsky would step down in September and not be replaced. The move concentrates power in the hands of Executive Chair John Thornton, who earlier this year took the reins from Barrick founder and long-time Chairman Peter Munk. ID:nL2N0PR0X9 Thornton, a former senior executive at Goldman Sachs GS.N , has already driven many of the company's recent initiatives, including an ill-fated attempt to merge with rival Newmont Mining and a joint venture with Saudi Arabian Mining Co 1211.SE , which is known as Ma'aden. ID:nL2N0PO01W Barrick named Kelvin Dushnisky, its head of corporate and government affairs, and Chief Operating Officer Jim Gowans as co-presidents with overall responsibility for execution of the company's strategic priorities and operating plans, at the time of Sokalsky's ouster. The miner said the co-president approach recognizes the importance of jointly managing daily mining operations and relationships with governments, local communities and other external stakeholders. (Editing by Jeffrey Hodgson, Tom Brown and Lisa Shumaker) ((euan.rocha@thomsonreuters.com; +1 416 941 8185; Reuters Messaging: euan.rocha.reuters.com@reuters.net)) Keywords: BARRICK GOLD MANAGEMENTCHANGES/

GLOBAL MARKETS-Stocks gain on ECB stimulus hopes, U.S. economic data

August 26, 2014 - reuters.com

* U.S. durable goods and consumer confidence data strong * European bond yields lower on the day * Euro falls against the dollar (Updates to close of U.S. markets) By Sam Forgione NEW YORK, Aug 26 (Reuters) - Worldwide stock indexes rose modestly on Tuesday and European bond yields fell on expectations of more stimulus from the European Central Bank, while strong U.S. data on durable goods and consumer confidence underpinned U.S shares. Wall Street's benchmark S&P 500 closed above the 2,000 mark for the first time, while the Dow hit an intraday record. Speculation grew that the European Central Bank is preparing a program of large-scale asset purchases to weaken the euro and try to jump-start growth in the struggling euro zone. Those expectations have bolstered European bond and stock markets since Friday, when ECB President Mario Draghi hinted at a policy shift in a speech in Jackson Hole, Wyoming. "Draghi's readiness to do more is providing the necessary boost for equity indexes," said Ashraf Laidi, chief global strategist at City Index. "Buying on the dips does remain the path of least resistance in the absence of any destabilizing factor." MSCI's all-country world index .MIWD00000PUS was last up 0.18 percent at 431.44. In Europe, the broad FTSEurofirst 300 index .FTEU3 closed up 0.75 percent at 1,376.83. The 10-year German bund DE10YT=TWEB yield was last at 0.943 percent, up from a session low of 0.932 percent but down from 0.955 percent late on Monday. On Wall Street, investors took heart from the data on U.S. durable goods orders and consumer confidence. The Conference Board, an industry group, said confidence rose in August to its highest level since October 2007, topping expectations. The Commerce Department reported that U.S. durable goods orders jumped 22.6 percent in July, the biggest gain on record, though the number was skewed by strong international demand for aircraft. Excluding transportation, orders fell 0.8 percent. ID:nL1N0QW0N6 The Dow Jones industrial average .DJI closed up 29.83 points, or 0.17 percent, at 17,106.70. The Standard & Poor's 500 Index .SPX was up 2.10 points, or 0.11 percent, at 2,000.02. The Nasdaq Composite Index .IXIC was up 13.29 points, or 0.29 percent, at 4,570.64. The benchmark 10-year U.S. Treasury note US10YT=RR was down 2/32 in price to yield 2.40 percent. "It's tough for Treasuries to sell off here given what's going on in Europe," said Gennadiy Goldberg, interest rate strategist at TD Securities in New York. The euro EUR= was last down 0.15 percent, at $1.3171, Despite slight gains earlier in the session, the currency remained at its lowest in nearly a year against the greenback. Brent crude LCOc1 fell 15 cents to settle at $102.50 a barrel. U.S. crude CLc1 rose 51 cents to settle at $93.86 per barrel. (Additional reporting by Nigel Stephenson and Francesco Canepa in London and Karen Brettell in New York; Editing by Dan Grebler and Leslie Adler) ((Sam.Forgione@thomsonreuters.com; 646-223-6189; Reuters Messaging: sam.forgione.thomsonreuters.com@reuters.net)) Keywords: MARKETS GLOBAL/

GLOBAL MARKETS-Stocks gain on ECB stimulus hopes, U.S. economic data

August 26, 2014 - reuters.com

* U.S. durable goods and consumer confidence data strong * European bond yields lower on the day * Euro falls against the dollar (Updates prices, adds oil settlement prices) By Sam Forgione NEW YORK, Aug 26 (Reuters) - Worldwide stock indexes rose on Tuesday and European bond yields fell on expectations of more stimulus from the European Central Bank, while strong U.S. data on durable goods and consumer confidence underpinned U.S shares. The benchmark S&P 500 held above the 2,000 mark, after first breaching that milestone on Monday, and hit a record high. The Dow also hit an intraday record. Speculation grew that the European Central Bank is preparing a program of large-scale asset purchases to weaken the euro and try to jump-start growth in the struggling euro zone. Those expectations have bolstered European bond and stock markets since Friday, when ECB President Mario Draghi hinted at a policy shift in a speech in Jackson Hole, Wyoming. "Draghi's readiness to do more is providing the necessary boost for equity indexes," said Ashraf Laidi, chief global strategist at City Index. "Buying on the dips does remain the path of least resistance in the absence of any destabilizing factor." MSCI's all-country world index .MIWD00000PUS was last up 0.22 percent, at 431.64. In Europe, the broad FTSEurofirst 300 index .FTEU3 closed up 0.75 percent, at 1,376.83. The 10-year German bund DE10YT=TWEB yield was last at 0.943 percent, up from a session low of 0.932 percent but down from 0.955 percent late on Monday. On Wall Street, investors took heart from the data on U.S. durable goods orders and consumer confidence. The Conference Board, an industry group, said U.S. consumer confidence rose in August to its highest level since October 2007, topping expectations. The Commerce Department reported that U.S. durable goods orders jumped 22.6 percent in July, the biggest gain on record, though the number was skewed by strong international demand for aircraft. Excluding transportation, orders fell 0.8 percent. ID:nL1N0QW0N6 The Dow Jones industrial average .DJI was last up 43.74 points, or 0.26 percent, at 17,120.61. The Standard & Poor's 500 Index .SPX was up 3.44 points, or 0.17 percent, at 2,001.36. The Nasdaq Composite Index .IXIC was up 16.26 points, or 0.36 percent, at 4,573.60. The benchmark 10-year U.S. Treasury note US10YT=RR was roughly unchanged in price to yield 2.39 percent. "It's tough for Treasuries to sell off here given what's going on in Europe," said Gennadiy Goldberg, interest rate strategist at TD Securities in New York. The euro EUR= was last down 0.13 percent, at $1.3174. Despite slight gains earlier in the session, the currency remained at its lowest in nearly a year against the greenback. Brent crude LCOc1 fell 15 cents to settle at $102.50 a barrel. U.S. crude CLc1 rose 51 cents to settle at $93.86 per barrel. (Additional reporting by Nigel Stephenson in London and Karen Brettell in New York; Editing by Dan Grebler and Leslie Adler) ((Sam.Forgione@thomsonreuters.com; 646-223-6189; Reuters Messaging: sam.forgione.thomsonreuters.com@reuters.net)) Keywords: MARKETS GLOBAL/

UPDATE 1-Imperial Metals says new Canada mine on track for start-up

August 26, 2014 - reuters.com

(Adds details on agreement with aboriginal group, background) Aug 26 (Reuters) - Imperial Metals Corp III.TO , the company behind this month's major spill of mine waste in Western Canada, said it plans to start up operations at its new Red Chris copper and gold mine once a power line is completed in September. Imperial said in a statement that it is targeting to begin commissioning operations at the Red Chris mine in British Columbia once the Iskut extension power line is finished, as previously communicated. There have been concerns in the market that Imperial could be forced to delay the start-up of Red Chris as it deals with the clean-up of the spill at its Mount Polley mine, which is also in British Columbia. The bursting of the tailings dam at the Mount Polley copper and gold mine sent billions of gallons of gray sludge containing metals and minerals into waterways in the province's interior region. The clean-up is expected to cost between C$50 million (45.65 million U.S. dollars) and C$500 million. ID:nL2N0QE189 Imperial also said it has entered into an agreement with the Tahltan First Nation, the focus of which is a review of Red Chris's tailings dam to make sure that its design, engineering, construction and operation are to world-class standards. The review will be conducted by an independent engineering firm selected by the aboriginal group and is expected to be completed by Sept. 24, Imperial said. (1 US dollar = 1.0952 Canadian dollar) (Reporting by Nicole Mordant in Vancouver; Editing by Meredith Mazzilli and Leslie Adler) ((nicole.mordant@thomsonreuters.com; +1-604-664-7315; Reuters Messaging: nicole.mordant.thomsonreuters.com@reuters.net)) Keywords: IMPERIAL METALS REDCHRIS/

Imperial Metals says new Canada mine on track for start up

August 26, 2014 - reuters.com

Aug 26 (Reuters) - Imperial Metals Corp III.TO , the company behind this month's major spill of mine waste in Western Canada, said it plans to start up operations at its new Red Chris copper and gold mine once a power line is completed in September. Imperial said in a statement that it is targeting to begin commissioning operations at the Red Chris mine in British Columbia once the Iskut extension power line is finished, as previously communicated. There have been concerns in the market that Imperial could be forced to delay the start up of Red Chris as it deals with the clean up of the spill at its Mount Polley mine in British Columbia. (Reporting by Nicole Mordant in Vancouver; Editing by Meredith Mazzilli) ((nicole.mordant@thomsonreuters.com; +1-604-664-7315; Reuters Messaging: nicole.mordant.thomsonreuters.com@reuters.net)) Keywords: IMPERIAL METALS REDCHRIS/

GLOBAL MARKETS-Stocks gain on ECB stimulus hopes, U.S. economic data

August 26, 2014 - reuters.com

* U.S. durable goods and consumer confidence data strong * European bond yields fall further * Euro erases gains against the dollar (Updates prices to close of European markets) By Sam Forgione NEW YORK, Aug 26 (Reuters) - Worldwide stock indexes rose on Tuesday and European bond yields fell on expectations of more stimulus from the European Central Bank, while strong U.S. data on durable goods and consumer confidence underpinned U.S shares. The benchmark S&P 500 topped the 2,000 mark, after first breaching that milestone on Monday, and hit a record high. The Dow also hit an intraday record. Speculation grew that the European Central Bank is preparing a program of large-scale asset purchases to weaken the euro and try to jump-start growth in the struggling euro zone. Those expectations have bolstered European bond and stock markets since Friday, when ECB President Mario Draghi hinted at a policy shift in a speech in Jackson Hole, Wyoming. "Draghi's readiness to do more is providing the necessary boost for equity indexes," said Ashraf Laidi, chief global strategist at City Index. "Buying on the dips does remain the path of least resistance in the absence of any destabilizing factor." MSCI's all-country world index .MIWD00000PUS was up 1.02 points, or 0.24 percent, to 431.7. In Europe, the broad FTSEurofirst 300 index .FTEU3 closed up 0.75 percent, at 1,376.83 points. The 10-year German bund DE10YT=TWEB yield was at 0.939 percent, down from 0.955 percent late Monday. On Wall Street, investors took heart from the data on U.S. durable goods orders and consumer confidence. The Conference Board, an industry group, reported that U.S. consumer confidence rose in August to its highest level since October 2007, topping expectations. The Commerce Department reported that U.S. durable goods orders jumped 22.6 percent in July, the biggest gain on record, though the number was skewed by strong international demand for aircraft. Excluding transportation, orders fell 0.8 percent. ID:nL1N0QW0N6 The Dow Jones industrial average .DJI was last up 46.88 points, or 0.27 percent, to 17,123.75, the S&P 500 .SPX was up 3.45 points, or 0.17 percent, to 2,001.37 and the Nasdaq Composite .IXIC was up 10.22 points, or 0.22 percent, to 4,567.57. The benchmark 10-year U.S. Treasury note US10YT=RR was roughly unchanged in price to yield 2.39 percent. "It's tough for Treasuries to sell off here given what's going on in Europe," said Gennadiy Goldberg, interest rate strategist at TD Securities in New York. The euro EUR= erased gains against the dollar and was last down 0.02 percent, at $1.3189. Brent crude LCOc1 was last down $0.06, or 0.06 percent, at $102.59 a barrel. U.S. crude CLc1 was last up $0.31, or 0.33 percent, at $93.66 per barrel. (Additional reporting by Nigel Stephenson in London and Karen Brettell in New York; Editing by Dan Grebler and Leslie Adler) ((Sam.Forgione@thomsonreuters.com; 646-223-6189; Reuters Messaging: sam.forgione.thomsonreuters.com@reuters.net)) Keywords: MARKETS GLOBAL/

UPDATE 2-Newmont withdraws mining arbitration case against Indonesia

August 26, 2014 - reuters.com

(Adds company statement) By Michael Taylor and Yayat Supriatna JAKARTA, Aug 26 (Reuters) - Newmont Mining Corp NEM.N has withdrawn an international arbitration filing against the Indonesian government, government and company officials said on Tuesday, indicating a possible breakthrough in a seven-month dispute that halted exports. Newmont's Indonesian Chief Executive Martiono Hadianto said the mining giant had reached a "constructive solution" over new mining rules and expected to resume production at its copper mine soon. "The decision to discontinue and withdraw arbitration comes after commitments from senior government officials to open formal negotiations to conclude a Memorandum of Understanding (MoU) with PTNNT (PT Newmont Nusa Tenggara) upon cessation of the arbitration claim," the company said in a statement late on Tuesday. "Signing of a MoU with the government would be followed by the safe ramp-up of copper concentrate production and exports from Batu Hijau." U.S.-based Newmont, which declared force majeure at its Batu Hijau copper mine in June and then filed for arbitration in July, has been in a dispute with the Indonesian government over an export tax imposed in January that the U.S.-based miner says conflicts with its mining contract. ID:nL4N0QD0ZL The controversial export tax was part of government moves to force all miners to develop local mineral-processing facilities, which would bring bigger returns for Indonesia from its mineral resources. The government has yet to receive an official letter from Newmont, said Sukhyar, director-general of coal and minerals at the mining ministry, adding that Newmont still needed to negotiate a MoU before exports could be resumed. Sukhyar said Newmont had agreed to pay an export tax but that further negotiations were needed over royalties. Chief Economics Minister Chairul Tanjung is expected to make an announcement on Newmont's arbitration on Wednesday, said Susyanto, the director of the law bureau for the mines ministry. Mining industry executives in Indonesia have balked at the idea of developing downstream industries and building smelters, citing a lack of power and infrastructure in remote areas where mines are often located. RELATIONS TESTED The relationship between Newmont and the Indonesian government has been severely tested during the dispute, with outgoing president Susilo Bambang Yudhoyono criticising the company's methods. ID:nL4N0PZ2W1 In contrast, President-elect Joko Widodo, who will replace Yudhoyono in October, said he wanted to sit down with mining companies in a bid to resolve the row over policies. It is not known whether Widodo was involved in the talks that led to Newmont's withdrawal of its arbitration case. Before the new export rules, Newmont forecast total output of copper in concentrate would amount to 110,000 to 125,000 tonnes from its Indonesian mine this year. Shares of the Denver, Colorado-based gold and copper miner were up just over 1 percent at 1540 GMT. Freeport-McMoRan Inc's FCX.N Indonesian unit resumed exports earlier this month after clinching a deal and signing an MoU with the government in July. ID:nL4N0QE3YM Both Freeport and Newmont, which account for 97 percent of Indonesia's copper output, had previously argued they should be exempt from the tax, which kicks in at 25 percent and rises to 60 percent in the second half of 2016, before a total concentrate export ban in 2017. Freeport agreed to a much reduced export tax rate of 7.5 percent, which will fall further depending on its progress in the construction of a domestic copper smelter. (Additional reporting by Wilda Asmarini and Fergus Jensen; Editing by Randy Fabi and David Evans and Jane Baird) ((michael.taylor@thomsonreuters.com; +62)(0)(21 2992-7602; Reuters Messaging: michael.taylor.thomsonreuters.com@reuters.net)) Keywords: INDONESIA NEWMONT/ARBITRATION

GLOBAL MARKETS-Stocks gain on ECB stimulus hopes, U.S. data

August 26, 2014 - reuters.com

* ECB policy expectations drive stock gains * Strong U.S. consumer data underpins U.S. shares * European bond yields fall further * Dollar edges lower versus euro (Adds U.S. market open; changes dateline; previous LONDON) By Sam Forgione NEW YORK, Aug 26 (Reuters) - World stock indices rose on Tuesday and European bond yields fell on expectations of more stimulus from the European Central Bank and on strong U.S. data. The benchmark S&P 500 hit a fresh record above 2,000 after first breaching that milestone on Monday. Speculation grew that the European Central Bank is preparing a program of large-scale asset purchases to weaken the euro and try to jump-start growth in the struggling euro zone. Those expectations have bolstered European bond and stock markets since Friday, when ECB President Mario Draghi hinted at a policy shift in a speech in Jackson Hole, Wyoming. "Draghi's readiness to do more is providing the necessary boost for equity indexes," said Ashraf Laidi, chief global strategist at City Index. "Buying on the dips does remain the path of least resistance in the absence of any destabilizing factor." MSCI's all-country world index .MIWD00000PUS rose 0.3 percent. In Europe, the broad FTSEurofirst 300 index .FTEU3 added 0.68 percent. The 10-year German bund DE10YT=TWEB yield was last at 0.946 percent, down from 0.955 percent late Monday. Strong U.S. data on durable goods orders and consumer confidence underpinned gains in U.S. stocks. Data showed U.S. consumer confidence rose more than expected in August, climbing to its highest since October 2007. U.S. durable goods orders jumped 22.6 percent in July, the biggest gain on record, though the number was skewed by strong international demand for aircraft. Excluding transportation, orders fell 0.8 percent. ID:nL1N0QW0N6 The Dow Jones industrial average .DJI was up 67.94 points, or 0.40 percent, at 17,144.81. The Standard & Poor's 500 Index .SPX was up 6.46 points, or 0.32 percent, at 2,004.38. The Nasdaq Composite Index .IXIC was up 13.33 points, or 0.29 percent, at 4,570.67. The benchmark 10-year U.S. Treasury note US10YT=RR slipped 1/32 in price to yield 2.39 percent. "It's tough for Treasuries to sell off here given what's going on in Europe," said Gennadiy Goldberg, interest rate strategist at TD Securities in New York. The euro edged higher against the dollar after traders took profits on the greenback's recent gains. The euro EUR= was last up 0.12 percent, at $1.3207. Brent crude LCOc1 was last up 20 cents at $102.85 a barrel. U.S. crude CLc1 was last up 59 cents at $93.94. (Additional reporting by Nigel Stephenson in London and Karen Brettell in New York; Editing by Dan Grebler) ((Sam.Forgione@thomsonreuters.com; 646-223-6189; Reuters Messaging: sam.forgione.thomsonreuters.com@reuters.net)) Keywords: MARKETS GLOBAL/

UPDATE 1-Lonmin says no decision yet on size and shape of restructuring

August 26, 2014 - reuters.com

(Adds analyst comment, background) LONDON, Aug 26 (Reuters) - Platinum producer Lonmin LMI.L said it has not made a decision on the size and shape of any business restructuring and its immediate aim is to ramp up production after a crippling five-month platinum strike that hit the sector this year. Industry sources had told Reuters the company is planning a business restructuring, which will include the shut down of some of the company's shafts and job cuts. ID:nL5N0QV3P2 "No decisions, about the size and shape of any restructuring of the business, have been made," the company said in a statement on Tuesday. South Africa's longest and costliest mining strike ever almost paralysed Lonmin's production and hit its larger rivals Anglo American Platinum AMSJ.J and Impala Platinum IMPJ.J too, earlier this year. Lonmin has estimated it lost around 400,000 ounces of platinum production because of the strike, worth almost $600 million at current prices XPT= . The companies had to agree to a steep wage increase to end the strike in June but higher labour costs are weighing on the companies profitability amid weak platinum prices and are triggering an industry-wide reshaping. Before the strike Lonmin had the most solid financial position of the three producers but analysts said its balance sheet deteriorated more quickly than those of its peers during the strike as all its main operations were in the strike-hit area and unlike its rivals it could not rely on mines elsewhere. "I think everyone knows they need to do something but they are between a rock and a hard place," said Investec analyst Marc Elliott. "Shutting down shafts or cutting jobs would encounter big political opposition and could trigger another strike. But any means to cut operating costs in a sustainable manner is highly desirable." Lonmin announced earlier this month a change in its executive team, appointing turnaround specialist Johan Lesley Viljoen as chief operating officer, replacing two previously separate roles of executive vice president mining and executive vice president processing. In July Lonmin said it was aiming to lift production to 80 percent of normal levels by the end of its financial year in September. "Lonmin's immediate focus following the five-month strike is to achieve a safe ramp up of production in order to rebuild the business and restore profitability," Lonmin said, adding the ramp up was progressing "better than planned". The miner has said it expects output for its 2014 financial year to be around 340,000 ounces, less than half of what it produced the previous year. (Reporting by Silvia Antonioli and Ed Stoddard; editing by Louise Heavens and David Evans) ((silvia.antonioli@thomsonreuters.com)(+44)(0)(20 7542 1755)(Reuters Messaging: silvia.antonioli.reuters.com@reuters.net)) Keywords: LONMIN RESTRUCTURING/

PRECIOUS-Gold up as dollar rally pauses; strong U.S. data limits gains

August 26, 2014 - reuters.com

* Dollar pauses after strong gains * U.S. durable goods orders up record 22.6 percent in July (Updates prices, adds comment) By Clara Denina LONDON, Aug 26 (Reuters) - Gold rose on Tuesday after a pause in the dollar rally prompted a break above $1,280 an ounce that triggered chart-based buying, but gains were expected to be limited as optimism grows on the pace of the U.S. economic recovery. Spot gold XAU= hit a session high at $1,290.80 an ounce in early trade as stop orders were triggered on a break of the 200-day moving average just above $1,280. Buy stop orders are automatic orders placed by traders at pre-set levels. Prices have been rebounding from a two-month low of $1,273.06 which was hit on Aug. 21 on speculation of an eventual increase in U.S. interest rates. They were trading up 0.6 percent at $1,284.10 by 1442 GMT, while U.S. gold futures GCcv1 rose $6.00 an ounce to $1,284.80. "Overall, it seems that gold is getting back into that range of $1,287 and $1,312 as it is clawing back some of the losses made last week and gaining on the back of technical strength," Mitsubishi analyst Jonathan Butler said. "But with the dollar likely to remain strong, given the speculation of possible forward guidance from the Fed, and U.S. equities also higher ... I'm not seeing a spectacular rally in gold." Traders said the metal was likely to remain supported around $1,300 ahead of the expiration of Comex gold options for August later in the day. The dollar was flat against a basket of major currencies, pausing after strong gains in the previous week. Gold's initial gains were, however, capped by strong U.S. data showing consumer confidence rose more than expected in August, climbing to its highest level since October 2007. Separately, orders for long-lasting U.S. manufactured goods posted their biggest gain on record in July. ID:nZON059200 ID:nL1N0QW0N6 U.S. stocks edged higher after the data while European shares underperformed gains seen over the past two sessions, which followed comments from the European Central Bank President Mario Draghi that fuelled expectations the central bank will embark on a large-scale asset buying scheme as soon as next week to boost the sagging euro zone economy. MKTS/GLOB Tensions between Russia and Ukraine as well as violence in the Middle East helped lift prices, as the metal is usually seen as an insurance against financial and political risk. ID:nL1N0QV20L ID:nL5N0QV3WR Holdings of the SPDR Gold Trust GLD , the world's largest gold-backed exchange-traded fund, however, fell 0.4 percent to 797.09 tonnes on Monday from 800.08 tonnes on Friday, reflecting selling based on the previous session's price losses. GOL/SPDR Physical buying from jewellers in Asia, which had moderately re-emerged with the fall in bullion prices in the previous week, dried up on Tuesday. Premiums for gold bars in Hong Kong rose to 70 cents to $1.10 to the spot London prices, higher than the 50 cents to $1.00 quoted late last week. In Singapore, premiums were steady at 80 cents to $1 an ounce to spot London prices. Strength in gold pushed silver XAG= higher - the metal rose 0.7 percent to $19.47 an ounce. It had hit a two-month low of $19.25 on Thursday. Spot platinum XPT= , which touched its lowest level since May 5 at $1,407.30 last week, was up 0.2 percent at $1,414.50 an ounce, while spot palladium XPD= was down 0.4 percent at $884.75 an ounce. (Additional reporting by Lewa Pardomuan in Singapore; Editing by David Evans and Pravin Char) ((clara.denina@thomsonreuters.com)(+44 207 542 9420)(Reuters Messaging: clara.denina.thomsonreuters.com@reuters.net)) Keywords: MARKETS PRECIOUS/

London platinum/palladium 1400 fix - Aug 26

August 26, 2014 - reuters.com

RPT-Lonmin says no decision yet on size and shape of restructuring

August 26, 2014 - reuters.com

(Repeats with no change to text) LONDON, Aug 26 (Reuters) - Platinum producer Lonmin LMI.L said it has not made a decision on the size and shape of a business restructuring and its immediate aim is to ramp up production after a crippling five-month platinum strike that hit the sector this year. "No decisions, about the size and shape of any restructuring of the business, have been made," the company said in a statement on Tuesday. Industry sources said on Monday that the company is planning a business restructuring, which will include the shut down of some of the company's shafts and job cuts. ID:nL5N0QV3P2 "Lonmin's immediate focus following the five-month strike is to achieve a safe ramp up of production in order to rebuild the business and restore profitability," Lonmin said, pointing out that the ramp up was progressing "better than planned". (Reporting by Silvia Antonioli; editing by Louise Heavens) ((silvia.antonioli@thomsonreuters.com; +44)(0)(20 7542 1755; Reuters Messaging: silvia.antonioli.reuters.com@reuters.net)) Keywords: LONMIN RESTRUCTURING/

GLOBAL MARKETS-Euro, bond yields dip as looser ECB policy eyed

August 26, 2014 - reuters.com

* ECB policy expectations push down euro zone yields * Euro hits lowest level since September vs dollar * European shares rise, extending Monday's gains By Nigel Stephenson LONDON, Aug 26 (Reuters) - The euro hit its lowest level against the dollar in nearly a year and euro zone government bond yields fell to record lows on Tuesday on expectations the European Central Bank might ease monetary policy as soon as next week. The single currency fell as low as $1.3178 in Asian trade, its weakest since Sept. 9, before recovering slightly, in response to ECB chief Mario Draghi's comments last week that he was ready to use all available tools if euro zone inflation fell further. Draghi also called for fiscal policy to play a greater role in reviving the economy. ID:nL5N0QS3ZW ID:nL5N0QW11O The next ECB policy meeting is on Sept. 4. Preliminary euro zone data due on Friday are forecast to show annual inflation was just 0.3 percent this month, down from 0.4 percent in July, well below the ECB's target of just under 2 percent. "If it is confirmed over the next few weeks and months that inflation goes closer to zero, they (the ECB) will have to buy everything they can and inflate the balance sheet," said Frederik Ducrozet, senior euro zone economist at Credit Agricole. "There is no other option." European shares rose, extending gain made on Monday in trained thinned by a UK market holiday. The FTSEurofirst 300 index .FTEU3 was last up 0.4 percent at 1,371.34. The prospect of looser ECB policy and possibly further stimulus helped lift shares in Asia and Wall Street. The S&P 500 .SPX topped 2,000 for the first time and on Monday looked set to open higher. S&P 500 EMini futures ESc1 were up 0.2 percent. Emerging-market stocks .MSCIEF hit a three-year high on expectations of inflows if the ECB eases policy. However, Russian shares fell .MCX before talks in Belarus, where presidents Vladimir Putin of Russia and Petro Poroshenko of Ukraine were meeting in talks over conflict in eastern Ukraine. The dollar index .DXY , which measures the greenback against a currency basket, hit a one-year high in New York before falling back to trade less than 0.1 percent lower. The euro EUR= was last at $1.3196, up 0.1 percent on the day. The yen JPY= rose a similar amount at 103.90 to the dollar. FIRMER YEN The firmer yen took a toll on shares in Japanese exporters. The Nikkei index .N225 closed down 0.6 percent. German government bond yields DE10YT=TWEB , which hit a record low of 0.926 percent on Monday before pulling back, fell 1.5 basis points on Tuesday to 0.94 percent. Two-year yields DE2YT=TWEB edged up but remained negative at -0.04 percent. "Euro/dollar is vulnerable to testing new lows. A downtrend is easily formed given the opposite directions Fed and ECB monetary policies are seemingly headed," said Kyosuke Suzuki, director of forex at Societe Generale in Tokyo. French President Francois Hollande's call on Monday for a cabinet reshuffle, after leftist rebel ministers argued for a U-turn on economic policy, had also helped push yields and the euro lower. A new government was expected to be announced on Tuesday. ID:nL5N0QV0QU Yields on peripheral euro zone debt, which the ECB could buy to pump money into the region's lacklustre economy as part of an asset-purchase scheme known as quantitative easing, also fell. Italian and Spanish 10-year yields IT10YT=TWEB ES10YT=TWEB fell to new record lows. U.S. Treasury yields fell in line with euro zone debt. Ten-year bonds US10YT=RR dropped 1.4 bps to 2.38 percent. Brent crude oil futures LCOc1 edged up towards $103 a barrel, although a glut of supply and weak economic data in major consumer countries curbed gains. Gold rose 1 percent, though expectations of buoyant U.S. data later in the day ECONUS capped gains. Spot gold XAU= last traded at $1,286.40 an ounce, off a high for the day of $1,290.80. (Additonal reporting by Hideyuki Sano in Tokyo and John Geddie, Anirban Nag and Clara Denina in London and Blaise Robinson in Paris.; Editing by Larry King) ((nigel.stephenson@thomsonreuters.com; +44 20 7542 8682; Reuters Messaging: nigel.stephenson.reuters.com@reuters.net)) Keywords: MARKETS GLOBAL/

London platinum/palladium 0945 fix - Aug 26

August 26, 2014 - reuters.com

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