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India fwd/annualised dlr premia-Sep 19

September 19, 2014 - reuters.com

UPDATE 3-UK markets welcome Scotland's rejection of independence

September 19, 2014 - reuters.com

(Updates market prices, adds quotes and context) By Jamie McGeever LONDON, Sept 19 (Reuters) - Investors in British financial markets breathed a sigh of relief on Friday, after a Scottish vote against independence spared them prolonged and unprecedented uncertainty that a break up of the United Kingdom might have unleashed. Stocks rose, sterling hit a two-year high against the euro, and currency market volatility - which had reached historically high levels ahead of Thursday's vote - collapsed. Royal Bank of Scotland RBS.L said it had scrapped contingency plans to relocate to England. Shares in RBS and other financial firms, particularly those domiciled in Scotland, led the stock market rally. Scotland's rejection of independence ended a fraught few weeks for markets that had seen the value of sterling fall sharply after some polls suggested the 307-year old union was on the brink of collapse. ID:nL6N0RK02D http://graphics.thomsonreuters.com/14/scotland/index.html The vote not only keeps Britain intact but also reduces the likelihood of its leaving the European Union, potentially a much greater risk for markets and something Scottish independence might well have precipitated, analysts said. "The removal of the risk of a UK break-up is positive for UK assets," said Goldman Sachs. The FTSE 100 index of leading shares .FTSE rose 0.6 percent. RBS was up 3 percent, Lloyds LLOY.L was up 2 percent and insurance giant Standard Life SL.L was up 1 percent. Shares of firms with significant exposure to the North Sea oil industry also outperformed the broader market. Glasgow-based oil and gas services firm Weir Group WEIR.L North Sea rig operator Petrofac PFC.L rose 1.5 percent. [ID: nL6N0RK15B] Oil giant Royal Dutch Shell RDSa.L said the rejection of independence "reduces the operating uncertainty for businesses based in Scotland." ID:nL6N0RK1CT STERLING BET Some of the most dramatic market moves were in the foreign exchanges, particularly in options, which are used by traders and investors to protect themselves against sharp swings in exchange rates. Volatility had risen before Thursday's referendum to levels not seen since the collapse of Lehman Brothers in 2008 and the unusually uncertain UK general election of 2010. The cost of insuring against sterling volatility over the next week more than halved to 5.4 percent GBPSWO= from a close on Thursday of 11.8 percent and overnight volatility plunged to 9 percent from 23 percent GBPONO=R . Sterling itself strengthened, recovering ground lost since the start of the month after one poll put the "Yes" campaign for independence in the lead for the first time in over a year. The pound rose to a two-year high against the euro, with the single currency trading as low as 78.10 pence EURGBP=D4 , and rose above $1.65 against the dollar GBP=D4 . But those gains had already started to evaporate by mid-morning on Friday and the pound fell back below $1.64. Major political risks, from the fallout of this vote to next May's general election, still lie ahead for the pound, analysts said. "Even though the victory of the "No" campaign has avoided a huge political upheaval in the UK, winds of change will still be felt which implies that politics are more likely to be responsible for further bouts of volatility in UK markets over the next few years," said Jane Foley, senior currency strategist at Rabobank. Market-based UK interest rates rose, as investors bet there will now be less impediment to the Bank of England's raising rates as planned, perhaps as early as next year. The yield on 2-year gilts rose to its highest in over two months at 0.926 percent GB2YT=RR and the yield on 10-year gilts rose to a six-week high of 2.603 percent GB10YT=TWEB before falling back. "While there are lots of political questions to be answered, in terms of extra devolution, the economic questions will gravitate back to monetary policy," said RBC economist Sam Hill. (Reporting by Patrick Graham, Sudip Kar-Gupta, Lionel Laurent, David Milliken, Ron Bousso, Writing by Jamie McGeever; Editing by John Stonestreet and Toby Chopra) Keywords: SCOTLAND INDEPENDENCE/MARKETS

London gold 1030 fix - Sept 19 - 1222.50 dlrs

September 19, 2014 - reuters.com

UPDATE 1-New Polish PM brings her rival into government

September 19, 2014 - reuters.com

* Ministers for finance, defence keep their jobs * Kopacz's party rival gets Sikorski's old post * PM Kopacz says chose a government of unity, continuity (Adds details, quotes) By Pawel Sobczak and Christian Lowe WARSAW, Sept 19 (Reuters) - Poland's prime minister designate, Ewa Kopacz, brought party rival Grzegorz Schetyna into her new government as foreign minister on Friday to try to neutralise a potential challenge to her authority. Outgoing foreign minister Radoslaw Sikorski, one of Poland's most high-profile politicians on the international stage, is to be given the job of speaker of parliament, on paper the second most senior role in the state after the president. Kopacz, announcing her new cabinet line-up at a ceremony at Warsaw's University of Technology, left the other big ministerial posts -- finance, defence, and treasury -- unchanged. For the full line-up, click on ID:nL6N0RK1TR She said her selections were intended to ensure continuity of the policies started by outgoing Prime Minister Donald Tusk, her mentor who is leaving for a senior post in Brussels, and to preserve unity in the ruling Civic Platform party. "I wanted a strong government with the backing from the whole of Civic Platform," said Kopacz, who will become Poland's second woman prime minister when she is confirmed in the post. "We have elections next year, and as they say, it's all hands on deck. That's why Grzegorz Schetyna is in the government." Kopacz, until now speaker of parliament, was hand-picked by Tusk to take over from him after he was appointed President of the European Council, responsible for chairing European Union summits. PARTY POLITICS Kopacz will be formally appointed as prime minister by the president on Sept. 22. Under the constitution, she then has two weeks to submit her government to a vote of confidence in parliament, where the ruling coalition has a small but usually reliable majority. During Tusk's seven years in power, Schetyna tried several times to challenge him but was sidelined. When Schetyna lost his job as speaker of parliament, Kopacz replaced him and later took his job as the Civic Platform's first deputy leader. After Tusk announced his departure for Brussels, Schetyna said he would run for leadership of the Civic Platform, a post Tusk is vacating. That would be a direct challenge to Kopacz, as by tradition the prime minister is also party leader. A senior Civic Platform figure close to Kopacz told Reuters that Schetyna's plan to run for the party leadership was "a low blow." The decision to bring Schetyna into the government could be enough to persuade him and his faction within the party to stay loyal to Kopacz, at least until the parliamentary election due to take place late next year. Sikorski, a former war reporter who is married to Pulitzer Prize-winning author Anne Applebaum, had earlier this year been tipped as a possible new NATO secretary-general or as the EU's chief diplomat. Kopacz said he had not been fired. "It is a promotion. It is a strong, sovereign position for a strong politician. There will be no surprises. He will become the parliamentary speaker," she told reporters. Finance Minister Mateusz Szczurek will remain in his post, as will Treasury Minister Wlodzimierz Karpinski, who oversees the state's stakes in some of Poland's biggest companies. Defence Minister Tomasz Siemoniak keeps his job and is given the additional title of deputy prime minister. (Additional reporting by Wiktor Szary, Adrian Krajewski and Marcin Goettig; Writing by Christian Lowe; Editing by Tom Heneghan) ((christian.lowe@thomsonreuters.com; +48 22 653 97 00; Reuters Messaging: christian.lowe.thomsonreuters.com@reuters.net)) Keywords: POLAND GOVERNMENT/KOPACZ

London platinum/palladium 0945 fix - Sept 19

September 19, 2014 - reuters.com

UPDATE 1-Kenyan shilling firms after central bank sells dollars for second day

September 19, 2014 - reuters.com

(Adds quotes, details) NAIROBI, Sept 19 (Reuters) - The Kenyan shilling KES= firmed on Friday after the central bank sold an unspecified amount of dollars into the market for the second day in a row, but traders said there was still strong dollar demand. By 0830, commercial banks quoted the shilling at 88.25/89.35 to the dollar, from Thursday's close of 88.95/89.05. "Yes, the central bank has sold dollars for the second day," National Bank of Kenya trader, Ian Kahangara, said. The local currency of East Africa's biggest economy has been under pressure since last week due to dollar demand from importers, against scant hard currency inflows. Despite the injection of dollars, the shilling remained under pressure and was likely to weaken again, traders said. Traders said the central bank would be hard pressed to sustain its interventions without running down its own foreign exchange reserves, because hard currency inflows were scarce. "For how long will the central bank sustain the dollar sales without running down its reserves in the face if strong dollar demand and scarce dollar inflows," Kahangara said. Peter Njuguna, a Treasury official at Kenya Commercial Bank said the central bank was determined to support the shilling. "I think their thinking is that the move to 89.50 was too drastic, and they want to stabilise at slightly stronger levels, they are really supporting the shilling," Njuguna said. The central bank said in a statement on Thursday that it was able to cope with any shocks to the economy after accumulating what is said was its highest ever foreign exchange reserves, totalling $7.4 billion - worth 4.85 months of import cover. Kenya's tea and tourism sectors, leading foreign exchange earners, have faced difficult times this year, causing a shortage of hard currency. A global glut has hurt tea prices, while insecurity has kept tourists away. KES= KES1= ...........................Shilling spot rates KESF= 0#KESF= .....................Shilling forward rates EURKES= KESX= KESX1= .......................Cross rates KES=KE ..................................Local contributors CBKINDEX .......................Central Bank of Kenya Index KE/DEBT .....................Kenyan Bonds contributor pages CBK03 CBK06 KE3MTB= ...............Treasury bill yields CBK04 ..................Central bank open market operations CBK07 .........................Horizontal repo transactions KEIBR= , CBK02 ................Daily interbank lending rate 0#KETSYSTR= .............................Kenya Bond pricing ECONAFRICA ..................Real time Africa economic data <ECI & AFR> ...........................African economic news .NSE20 .................................NSE-20 Share Index .NASI .................................NSE All Share Index .FTFNKEN1 ...........................FT NSE Kenya 15 Index .FTFNKEN2 .......................... FT NSE Kenya 25 Index SPEED GUIDES: REUTERS KES/1 KE/DEBT MONEY KE/EQUITY (Reporting by James Macharia; Editing by Tom Heneghan) ((james.macharia@thomsonreuters.com; Tel: +254 204 991 232 ; Reuters Messaging: james.macharia.thomsonreuters@reuters.net)) Keywords: KENYA MARKETS/

UPDATE 1-Russian stocks fall as economic concern mounts

September 19, 2014 - reuters.com

(Adds details, comments.) MOSCOW, Sep 19 (Reuters) - Russian shares fell on Friday, bucking the trend on other stock markets, amid concern that Western sanctions over Ukraine are imposing a heavy toll on Russia's economy. At 0800 GMT, the dollar-denominated RTS index .IRTS was down 0.6 percent to 1,180 points. The rouble-based MICEX .MCX was 0.7 percent lower at 1,439 points. Analysts said the Russian market was reacting to calls for the West to toughen sanctions against Russia over the Ukraine crisis. On Thursday, the European Parliament backed a resolution which asked the EU to consider excluding Russia from the international banking system SWIFT. Meanwhile, Ukrainian President Petro Poroshenko asked the U.S. Congress to back "forceful" sanctions against Russia. "Both the EU resolution and Poroshenko's tone are quite surprising, given the progress in Ukraine negotiations and intact ceasefire," Alfa Bank analysts commented. "That being said, these statements seem to be political declarations in nature rather than meant for practical implementation." Waves of Western sanctions in response to Russia's policy in Ukraine are now taking a heavy economic toll, with officials expecting a slow recovery at best. Russia adopted a relatively tough three-year budget on Thursday, envisaging the possibility that the government may have to dip into reserves despite budgetary cutbacks. Prime Minister Dmitry Medvedev said that the budget had been prepared in "difficult circumstances, when an economic slowdown was exacerbated by the implementation of sanctions". ID:nL6N0RJ2DS Economy Minister Alexei Ulyukayev said that he expected the economy would grow only 0.1-0.2 percent in the remaining months of this year. While the government predicts modest growth of 1 percent next year, others are less optimistic. Former finance minister Alexei Kudrin warned earlier this week that the economy was likely to shrink next year. He said on Friday that without political changes Russia's investment climate was unlikely to improve. ID:nL6N0RK1CS The market mood has been further soured this week by the arrest of tycoon Vladimir Yevtushenkov on money-laundering charges, an event that has been attacked by business leaders as undermining the investment climate. ID:nL6N0RI168 Shares in Yevtushenkov's Sistema conglomerate AFKS.MM were down 4 percent on Friday, reversing a weak rally on Thursday following a 30 percent collapse on Wednesday. Russian share indexes are also softening because of weakening oil prices. The Brent benchmark was at $97.5 per barrel on Friday, having fallen from over $99 per barrel on Thursday. LCOc1 The trend on Russia's stock market contrasts with gains elsewhere. Asian and European stock markets were broadly up on Friday, amid relief over Scotland's vote to remain in the United Kingdom, preventing a messy break-up that could have fueled economic uncertainty. "The positive trend in Europe may continue on Friday because ... the opponents of Scotland's independence from Britain are victorious. On the Russian market, in contrast, gloom and discord reigned," Rossiysky Kapital analyst Anastasia Sosnova said in note. Despite the stock market gloom, the rouble continued to rally on Friday, after falling to record lows earlier in the week. Analysts said that the rouble is now being supported by demand from exporters, who need to convert their foreign currency earnings into local currency to pay monthly taxes. Mineral extraction tax, the biggest tax paid by natural resource companies, falls due on Sept. 25. The rouble was up 0.21 percent against the dollar at 38.40 RUBUTSTN=MCX and up 0.32 percent to 49.51 versus the euro EURRUBTN=MCX . It was 0.32 percent stronger at 43.31 against the dollar-euro basket RUS=MCX . The rouble still remains weak relative to its emerging- market peers. It has underperformed them by 13 to 14 percent so far this year, VTB Capital analysts said in a note. 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 Larry King) ((jason.bush@thomsonreuters.com; +7 495 775 1242; Reuters Messaging: jason.bush.reuters.com@reuters.net)) Keywords: RUSSIA MARKETS/

SNAPSHOT-India stocks, bonds, rupee, swap, call at 0800 GMT

September 19, 2014 - reuters.com

STOCKS .BSESN .NSEI ---------------------- The benchmark BSE index higher at 0.12 percent and the NSE index up 0.23 percent, as exporters gain on hopes they will better weather any Fed-related volatility. The index also gets support from FIIs building long positions in index futures on Thursday. .BO GOVERNMENT BONDS IN084024G=CC ------------------------------- The benchmark 10-year bond yield steady at 8.45 percent, ahead of the 120 billion rupees ($1.97 billion) debt sale in focus. IN/ RUPEE INR=D2 -------------- The partially convertible rupee trade largely flat at 60.82/83 per dollar against Thursday's close of 60.83/84, pairing early gains on broad dollar gains after a fall in U.S. jobless claims. However, strength in stocks limit the fall. INR/ INTEREST RATE SWAPS INROIS MIOIS= ------------------------------------- The five-year rate drops 1 bp to 7.85 percent, while the one-year rate also down 1 bp at 8.40 percent. CALL MONEY INROND= -------------------- India's cash rate little changed at 8.00/8.05 percent, compared with Thursday's close of 7.95/8.00 percent. ($1 = 60.8000 Indian rupee) (Compiled by Dipika Lalwani) ((dipika.lalwani@thomsonreuters.com; +91-22-6180-7098; Reuters Messaging: dipika.lalwani.thomsonreuters.com@reuters.net)) Keywords: INDIA SNAPSHOT/

FOREX-Sterling at 2-year high versus euro as Scots reject independence

September 19, 2014 - reuters.com

(Recasts, adds details; changes dateline, PVS TOKYO) * Sterling rises on Unionist victory * Strong U.S. jobless claims boosts U.S. yields and dollar * Yen hits six-year low vs dollar, sterling By Anirban Nag LONDON, Sept 19 (Reuters) - Sterling climbed to a two-year peak against the euro and a two-week high against the dollar on Friday after Scottish voters rejected independence, averting a break-up of the United Kingdom and prolonged uncertainty. Scottish nationalist leader Alex Salmond conceded defeat in the independence referendum held on Thursday, ending a few weeks of sharp fluctuations in UK financial markets. ID:nS8N0R500M The pound jumped to $1.6525 GBP=D4 in Asian trade, its highest since Sept. 2, as early results pointed to a victory for the Unionists. It pared some of those gains to trade at $1.6465, still up 0.4 percent on the day and well above a 10-month low of $1.6052 it reached on Sept. 10. It rose to a two-year high of 78.10 pence per euro EURGBP=R and a six-year high of 180.70 yen GBPJPY=R . Traders and analysts said with most of the uncertainty stemming from Scotland vote out of the way, investors are likely to focus on economic fundamentals and interest rate expectations. The cost of hedging against sharp fluctuations in the pound also fell GBPVOL= , after rising to four-year highs in the past two weeks after polls showed the referendum was too close to call. "We expect sterling price action to retain policy differentials as the primary driver, in the form of expectations for Bank of England normalisation, and to return to the ranges seen through August," said Geoff Yu, currency strategist at UBS. Sterling overnight interbank average rates are pricing in the chance of a first rate increase by the BoE in the spring of 2015. Analysts said sterling stood to gain more against the euro and yen, since both the European Central Bank and the Bank of Japan are likely to pursue ultra-loose monetary policy. The Federal Reserve reiterated this week that near zero rates will be maintained for a considerable time, but policymakers also indicated they expect faster rate hikes next year and the year after. The Fed nudged up its expected path of interest rate increases - or Fed dots - boosting yields on U.S. notes, and hence the appeal of the dollar. DOLLAR HIGHER, EURO LAGS The dollar stood tall against the yen, scaling a six-year high as a drop in U.S. jobless claims reinforced the market's view of the diverging trajectory of U.S. and Japanese interest rates. The dollar jumped to as high as 109.46 yen JPY= before stepping back to 109.14 yen, still up 0.4 percent on the day. "After the dot-related strength of the dollar and the increased market focus on further easing in Japan, dollar/yen has accelerated higher and now has the potential to get to the 110 level and even beyond to the 110.67 area, the high from 2008, in our view," Morgan Stanley said in a note. The dollar index .DXY , a measure of the greenback's value against six currencies, climbed to 84.743, its strongest in more than four years and last stood at 84.436. The euro was trading softer, at $1.2892, having hit a 14-month low of $1.2834 on Thursday EUR= . It has been under some pressure after the ECB handed out a below-forecast 82.6 billion euros in its first offering of four-year loans on Thursday. Traders said the lower take-up would keep pressure on the ECB to opt for quantitative easing. (Editing by Larry King) ((anirban.nag@thomsonreuters.com; +44 20 7542 8399; Reuters Messaging: anirban.nag.thomsonreuters.com@reuters.net)) Keywords: MARKETS FOREX/

TABLE-Foreign trading in South Korean stocks

September 19, 2014 - reuters.com

UPDATE 5-Scots spurn independence but impatient for new powers

September 19, 2014 - reuters.com

* Nationalist leader Salmond concedes defeat * Unionists to secure 55 percent of vote - Reuters calculations * Cameron says delighted, promises more powers to UK's parts * UK PM faces upsurge in English nationalism, EU referendum * Pound, stocks rise (Adds Cameron comments, EU referendum) By Alistair Smout and Angus MacSwan EDINBURGH, Sept 19 (Reuters) - Scotland spurned independence in a historic referendum that threatened to rip the United Kingdom apart, sow financial turmoil and diminish Britain's remaining global clout. A vote for the 307-year union is a relief for millions of Britons including Prime Minister David Cameron, whose job was on the line, as well as allies across the world who were horrified at the prospect of the United Kingdom's separation. Unionists won 55 percent of the vote while separatists won 45 percent with 31 of 32 constituencies declared. Political leaders of all hues agreed that Britain would be changed for good nonetheless. Unionists cheered, kissed and drank wine and beer in Glasgow, Scotland's biggest city where secessionists won, while nationalist leader Alex Salmond conceded defeat in Edinburgh, which supported the United Kingdom. "Scotland has by a majority decided not, at this stage, to become an independent country. I accept that verdict of the people and I call on all of Scotland to follow suit in accepting the democratic verdict of the people of Scotland," Salmond said. Cameron, speaking outside his official London residence in Downing Street, said the question of Scottish independence had been settled for a generation. "There can be no disputes, no re-runs, we have heard the settled will of the Scottish people," said Cameron. Queen Elizabeth II, who is at her Scottish castle in Balmoral, is expected to make a rare comment on Friday. The campaign for independence had electrified this country of 5.3 million but also divided the passions of friends and families from the remote Scottish islands of the Atlantic to the tough city estates of Glasgow. Sterling strengthened sharply against the dollar and the euro while British share prices rose. Royal Bank of Scotland RBS.L said it had scrapped plans to move its registered office to England. Though the break up the United Kingdom, the world's sixth largest economy and a permanent member of the United Nations Security Council, has been avoided, Britain's rulers admit the Scottish vote will lead to a reshaped the union. Speaking in front of an image of a giant white on blue Scottish flag, Salmond laced his defeat with a warning to British politicians in London that they must respect their last minute promise of more powers for Scotland. "Scotland will expect these to be honoured in rapid course," he said before walking off the stage, his head bowed. FEDERAL KINGDOM? Opinion polls showing a surge in Scottish separatist support in the two weeks leading up to the Sept. 18 vote prompted a rushed British pledge to grant more powers to Scotland, a step that has angered some English lawmakers in Westminster. In an effort to deflate that anger, Cameron vowed to forge a new constitutional settlement that would grant Scotland the promised powers but also give powers to England, Wales and Northern Ireland. "Just as Scotland will vote separately in the Scottish parliament on their issues of tax, spending and welfare, so too England, as well as Wales and Northern Ireland should be able to vote on these issues," Cameron said. "All this must take place, in tandem with and at the same pace as the settlement for Scotland." Cast as a constitutional revolution, commentators said Cameron's pledge of more powers to the constituent parts of the United Kingdom was aimed at sedating 'the slumbering beast of English nationalism'. Cameron's Conservatives have seen members seep towards the United Kingdom Independence Party, an anti-European Union party, ahead of a referendum on EU membership that Cameron has promised by the end of 2017 if he wins the 2015 election. "I'm not convinced by what I've heard this morning from Mr Cameron this morning that he seriously wants to address that," UKIP leader Nigel Farage said. UK PLC Seeking to tap into a cocktail of historical rivalry, opposing political tastes and a perception that London has mismanaged Scotland, nationalists said Scots, not London, should rule Scotland to build a wealthier and fairer country. Though the nationalists won Glasgow, they failed to live up to opinion polls before the vote which forecast that the United Kingdom's fate was balanced on a knife edge. "We have chosen unity over division, and positive change rather than needless separation," Alistair Darling, head of the "Better Together" campaign and a former British finance minister. The vote prevents 59-year-old Salmond from winning his dream of an independent Scotland, a goal for which he has worked with a mix of shrewd calculation and nationalist passion for his entire adult life. Unionists had warned independence would usher in financial, economic and political uncertainty and diminish the UK's standing in the world. They have said that Scotland would not keep the pound as part of a formal currency union. U.S. President Barack Obama and European Union leaders had made clear they wanted the United Kingdom to stay together. Marin Schulz, the centre-left speaker of the European Parliament, told German radio that while the referendum had been an internal matter for Britain: "I admit I am relieved by the result." While Scottish leaders promised to work together, Scots remained divided in joy and disappointment over the fate of their country. "I'm delighted. It's overwhelming as well. The people listened, they thought about it, and now they have spoken," said Sheila Gilmore, a Scottish-born Labour lawmaker who welcomed the preservation of the union. But Calum Martin, a 21 year-old history student at Edinburgh University who voted for independence said the question of secession would return. "It's a disappointing result but it sets the stage for going forward," Martin said. "As long as there are flaws, there will be calls for independence. You can't put the genie back in the bottle once it's out." (Additional reporting by Andrew Osborn, Kate Holton, William Schomberg and David Milliken in London. Writing by Guy Faulconbridge. Editing by Mike Peacock) ((guy.faulconbridge@thomsonreuters.com; +442075424758;)) Keywords: SCOTLAND INDEPENDENCE/

Vietnam domestic market commodity prices-Sept 19

September 19, 2014 - reuters.com

Sept 19 (Reuters) - Following are domestic prices of Vietnam's key commodities. Unit: million dong VND= per tonne. Item Sept 15-19 Sept 8-12 Location Robusta beans 37.8-39.6 38.2-40.9 Central Highlands Black pepper 190.0 183.0-189.0 Southern region Refined sugar 13.0-15.5 13.0-15.5 Southern region Summer-autumn paddy 5.50-6.46 5.70-6.25 Mekong Delta ___________________ SJC gold 3.595-3.615 3.599-3.639 Hanoi, HCM City NOTES: Gold prices are low/high selling prices quoted in million dong during the week by top manufacturer SJC per 3.75-gram ingot. Coffee export prices COFFEE/ASIA1 Rice export prices RICE/ASIA1 Historical data VNCOMM01 Central bank's gold auction SBVGOLD2013 ($1=21,180 dong) (Compiled by Hanoi Newsroom) ((ho.minh@thomsonreuters.com; +844 3825 9623)) Keywords: VIETNAM COMMODITIES/PRICES

South Africa's rand near seven-month lows vs dollar

September 19, 2014 - reuters.com

JOHANNESBURG, Sept 19 (Reuters) - South Africa's rand held near a seven-month low against the dollar on Friday, looking set to end the week with a loss as markets took in the end of Governor Gill Marcus' five-year term at the bank. Marcus took markets by surprise on Thursday when she announced, after the bank had left interest rates unchanged at 5.75 percent as expected, that she would be stepping down at the end of her term in November. ID:nL6N0RJ3H0 The rand was testing seven-month lows against the dollar on Friday. At 0648 GMT, it traded at 11.0875/dollar, compared with a 11.0750 close in New York on Thursday. ZAR=D3 Analysts said the decline was a knee-jerk reaction to the announcement, underscoring the esteem in which Marcus was held by investors. "The rand did not like the announcement that Governor Marcus will not stand for another term," Rand Merchant Bank's John Cairns said in a market note. Dealers said the uncertainty of who will succeed Marcus was also making investors nervous. "The way this has been handled is not the best: ideally there should have been a known succession plan in place months ago," Cairns said. Yields on government bonds nudged down half a basis point to 8.235 percent on the benchmark 2026 bond, trading within Thursday's levels. ZAR186= The National Treasury will be selling 800 million rand($72 million) in 2038 ZAI2038= , 2050 ZAI2050= and 2025 ZAI2025= inflation-linked bonds in the session. Results are due after auction closes at 0900 GMT. (1 US dollar = 11.0830 South African rand) (Reporting by Xola Potelwa; Editing by Larry King) ((xola.potelwa@thomsonreuters.com; +27 11 775 3098; Reuters Messaging: xola.potelwa.thomsonreuters.com@reuters.net)) Keywords: MARKETS SAFRICA/CURRENCY

INDICATORS - Kazakhstan - Sept 19

September 19, 2014 - reuters.com

Sri Lanka rupee steady amid importer dollar demand; cbank caps fall

September 19, 2014 - reuters.com

COLOMBO, Sept 19 (Reuters) - The Sri Lankan rupee traded steady on Friday in dull trade, despite dollar demand from importers as the central bank intervened for the third straight day to prevent a fall in the local currency, dealers said. The central bank forced banks to trade in the three-day forward rupee contract by restricting spot rupee trades above 130.28, dealers said. The spot currency LKR=LK was at 130.28/32 to a dollar, unchanged from Thursday's closing level, while the three-day forwards, or spot next, traded steady at 130.34/36 per dollar at 0602 GMT. "It is a very dull market. But still the import demand is there and the central bank did not allow any trade beyond 130.28," said a currency dealer asking not to be named. Central bank officials were not immediately available for comment. Dealers said imports have picked up and one of the two state banks through which the central bank usually intervenes in the foreign exchange market also bought dollars at 130.28. Dealers said the rupee currency would trade in the same level due to the central bank's intervention despite the pickup in imports. By 0606 GMT, Sri Lanka's share index .CSE was up 0.32 percent, or 22.78 points, at 7,229.68, the highest since June 13, 2011. Turnover stood at 1.33 billion Sri Lankan rupees ($10.21 million), with 50 million shares changing hands. ($1 = 130.2800 Sri Lankan rupee) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Anand Basu) ((ranga.sirilal@thomsonreuters.com; +94-11-232-5540; Reuters Messaging: ranga.sirilal.thomsonreuters.com@reuters.net ; www.twitter.com/rangaba)) Keywords: MARKETS SRI LANKA/

UPDATE 2-UK markets bounce after Scotland rejects independence

September 19, 2014 - reuters.com

(Adds stock and bonds prices, analyst quote) By Jamie McGeever LONDON, Sept 19 (Reuters) - Investors in British financial assets breathed a sigh of relief on Friday, after a Scottish vote against independence spared them prolonged and unprecedented uncertainty. Stocks were called to open up by more than 1 percent, sterling rose to a two-year high against the euro, and currency market volatility - which had reached historically high levels ahead of Thursday's vote - quickly subsided. Shares in companies based in Scotland, such as Royal Bank of Scotland RBS.L and Lloyds LLOY.L , were expected to rise as much as 3 percent. Scotland's vote against independence ended a fraught two weeks for markets that had seen the value of sterling fall sharply after some polls suggested the 307-year old union was on the brink of collapse. ID:nL6N0RK02D The bounce for sterling was less pronounced than some analysts had forecast, though. The currency fell back after its initial gains to trade just 0.3 percent higher against the dollar. The vote not only keeps Britain intact but also reduces the likelihood of its leaving the European Union, potentially a much greater risk for markets and something Scottish independence might well have precipitated, analysts said. "The 'no' vote removes the huge political and economic uncertainty of untangling the 307-year-old union. A large downside risk to UK growth has lifted," HSBC strategists said in a note on Friday. London blue-chip stock futures FFIc1 and spread-better calls pointed to a 1.2 percent rise when markets open later on Friday. The cost of insuring against big swings in sterling over the next week more than halved to 5.675 percent GBPSWO= from a close on Thursday of 11.8 percent. Volatility had risen to levels not seen since the collapse of Lehman Brothers in 2008 and the unusually uncertain UK general election of 2010. Sterling itself, already pushed up on Thursday by speculation that Alex Salmond's nationalists had fallen short of the majority needed for independence, rose to a two-year high against the euro, with the single currency trading as low as 78.10 pence EURGBP=D4 . It came off its peak against the dollar above $1.65, but was still up a third of one percent on the day at $1.6460 GBP=D4 . Market-based UK interest rates rose, as investors bet there will now be less impediment to the Bank of England's raising rates as planned, perhaps as early as next year. The yield on 2-year and 10-year gilts rose in early trade by around 2 basis points to 0.90 percent and 2.61 percent respectively GB2YT=TWEB GB10YT=TWEB . "While there are lots of political questions to be answered, in terms of extra devolution, the economic questions will gravitate back to monetary policy," said RBC economist Sam Hill. (Reporting by Patrick Graham, Sudip Kar-Gupta, Lionel Laurent, David Milliken Writing by Jamie McGeever; Editing by John Stonestreet, Larry King) Keywords: SCOTLAND INDEPENDENCE/MARKETS

Czech Republic - Factors To Watch on Sept 19

September 19, 2014 - reuters.com

RPT-Standard Life eyes constitutional change implications after Scotland "No" vote

September 19, 2014 - reuters.com

(Repeats to new USN) LONDON, Sept 19 (Reuters) - Standard Life SL.L said on Friday it would consider the implications of any constitutional changes to its customers and stakeholders after Scotland rejected independence. "We recognise that further constitutional change is very likely following the clear result of the referendum," the company said in a statement. "We will consider the implications of any changes for our customers and other stakeholders in our business to ensure their interests are represented and protected." Standard Life has previously said it would consider transferring businesses to England in the event of a "Yes" vote. (Reporting by Carolyn Cohn; editing by Simon Jessop) ((carolyn.cohn@reuters.com)(44 207 542 6320)(Reuters Messaging: carolyn.cohn.thomsonreuters.com@reuters.net)) Keywords: SCOTLAND REFERENDUM/STANDARDLIFE

Russian stocks open down, rouble stable

September 19, 2014 - reuters.com

MOSCOW, Sep 19 (Reuters) - Russian stocks opened down on Friday, reflecting weakening oil prices and bucking positive trends on global stock markets. At 0605 GMT, the dollar-denominated RTS index .IRTS was down 0.3 percent to 1,184 points, while the rouble-based MICEX .MCX was 0.2 percent lower at 1,445 points. The Brent oil benchmark was at $97.7 per barrel on Friday, having fallen from over $99 per barrel on Thursday. LCOc1 In contrast to Russia's, Asian stock markets were broadly up on Friday and European stocks were expected to open higher, as investors express relief over Scotland's vote to remain in the United Kingdom. The rouble was flat against the dollar at 38.44 RUBUTSTN=MCX and up 0.07 percent at 49.64 versus the euro EURRUBTN=MCX . It was 0.16 percent stronger at 43.46 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 Elizabeth Piper) ((jason.bush@thomsonreuters.com; +7 495 775 1242; Reuters Messaging: jason.bush.reuters.com@reuters.net)) Keywords: RUSSIA MARKETS/

REFILE-FOREX-Sterling in box seat as Scottish voters reject independence

September 19, 2014 - reuters.com

(Refiles to fix typographical error in headline) * Sterling rises on Unionist victory * Strong U.S. jobless claims boosts U.S. yields and dollar * Yen hits 6-year low vs dollar, sterling By Hideyuki Sano TOKYO, Sept 19 (Reuters) - Sterling jumped to a two-week high against the U.S. dollar and two-year peak against the euro on Friday, rallying on relief that Scottish voters rejected independence in a referendum, averting a break-up of the United Kingdom. Scottish nationalist leader Alex Salmond conceded defeat over his bid to win independence, ending a few weeks of uncertainties that gripped financial markets. ID:nS8N0R500M "The market became tense on the referendum but in the end, the "No" camp turned out to be pretty strong. Markets will calm down and shift back their focus to the economic outlook," said Minori Uchida, chief FX strategist at the Bank of Tokyo-Mitsubishi UFJ. The pound jumped almost 0.8 percent to $1.6525 GBP=D4 in Asian trade, its highest since Sept. 2 as early results pointed to a victory for the Unionists. It last stood at $1.6470, up 0.5 percent from late U.S. levels, extending its bounce from a 10-month low of $1.6052 hit on Sept. 10. Against the euro, it hit a two-year high of 78.12 pence per euro EURGBP=R and climbed to a six-year high of 180.66 yen GBPJPY=R . The U.S. dollar stood tall against the yen, scaling a six-year high as a drop in U.S. jobless claims reinforced the market's view of the diverging trajectory of interest rates between the United States and Japan. The dollar jumped to as high as 109.46 yen JPY= before stepping back a tad to 109.14 yen, still up 0.4 percent on the day. While other U.S. data on Thursday showed some weakness in home building and factory activity, they hardly dented the perception that the U.S. central bank will be well ahead of the likes of the Bank of Japan in tightening rates. The Federal Reserve reiterated this week that near zero rates will be maintained for a considerable time, but policymakers also indicated they expect faster rate hikes next year and the year after. That boosted yields on U.S. notes, and hence the yield appeal of the dollar. The dollar index .DXY , a measure of the greenback's value against six currencies, climbed to 84.743, its strongest level in more than four years and last stood at 84.268. The euro also hit a 14-month low of $1.2834 on Thursday before bouncing back higher and it last traded at $1.2917 EUR= . The Australian dollar also weakened as it was sold against the surging sterling. The Aussie fell 0.3 percent to $0.8965 AUD=D4 , near six-month low of $0.8927 hit on Thursday. (Additional reporting by Naomi Tajitsu in Wellington; Editing by Shri Navaratnam & Kim Coghill) ((hideyuki.sano@thomsonreuters.com; +81 3 6441 1827; Reuters Messaging: hideyuki.sano.thomsonreuters.com@reuters.net)) Keywords: MARKETS FOREX/

UPDATE 1-UK markets bounce after Scotland rejects independence

September 19, 2014 - reuters.com

By Jamie McGeever LONDON, Sept 19 (Reuters) - Investors in British financial assets breathed a sigh of relief on Friday, spared a prolonged and unprecedented degree of uncertainty from the United Kingdom splitting apart after Scotland voted against independence. Stocks were called to open up by more than 1 percent, sterling rose to a two-year high against the euro, and currency market volatility - which had reached historically high levels ahead of Thursday's vote - quickly subsided. Scotland's vote against independence ended a fraught two weeks for markets that had seen the value of sterling fall sharply after some polls suggested the 307-year old union was on the brink of collapse. ID:nL6N0RK02D The bounce for sterling was much less pronounced than some analysts had forecast, with the currency falling back after its initial gains to be up just 0.3 percent against the dollar. But the vote not only keeps Britain intact but also reduces the likelihood of it leaving the European Union, potentially a much greater risk for markets and something Scottish independence might well have precipitated, analysts said. "The 'no' vote removes the huge political and economic uncertainty of untangling the 307-year-old union. A large downside risk to UK growth has lifted," HSBC strategists said in a note on Friday. London blue chip stock futures FFIc1 and spreadbetter calls pointed to a 1.2 percent rise when markets open later on Friday. The cost of insuring against big swings in sterling over the next week more than halved to 5.675 percent GBPSWO= from a close on Thursday of 11.8 percent. Volatility had risen to levels not seen since the collapse of Lehman Brothers in 2008 and the unusually uncertain UK general election of 2010. Sterling itself, already pushed up on Thursday by speculation on markets that Alex Salmond's nationalists had fallen short of the majority needed for independence, rose to a two-year high against the euro, with the single currency trading as low as 78.10 pence EURGBP=D4 . It came back off its peak against the dollar above $1.65, but was still up a third of one percent on the day at $1.6460 GBP=D4 . "Markets can move on from this event now, but the fate of the pound is still subject to great debate," said Chris Weston, chief market strategist at IG in London. (Reporting by Patrick Graham, Sudip Kar-Gupta, Lionel Laurent, writing by Jamie McGeever; editing by John Stonestreet) Keywords: SCOTLAND INDEPENDENCE/MARKETS

African Markets - Factors to watch on Sept 19

September 19, 2014 - reuters.com

DIARY- Turkey - to Dec 24

September 19, 2014 - reuters.com

Turkey - Factors to Watch on Sept 19

September 19, 2014 - reuters.com

ISTANBUL, Sept 19 (Reuters) - Here are news, reports and events that may affect Turkish financial markets on Friday. The lira TRYTOM=D3 eased to 2.2300 against the dollar by 0530 GMT from 2.2266 late on Thursday. Istanbul's main share index .XU100 closed down 1.86 percent at 77,496.43 points on Thursday. The benchmark 10-year government bond yield tTR240724T0=IS stood at 9.36 percent at the spot close on Thursday and rose to 9.43 percent in Friday-dated trade. GLOBAL MARKETS The British pound rose sharply after the Scottish independence vote indicated Scotland would remain in the United Kingdom, while Wall Street's overnight gains and Alibaba Group's red-hot initial public offering underpinned Asian shares. Sterling GBP=D4 was last up 0.6 percent at $1.6489 after rising as high as $1.6525, a marked turnaround from a 10-month low of $1.6051 touched just last week. Investors awaited final results, with figures so far indicating a solid win for the "No" camp. ID:nL3N0RK011 CENTRAL BANK SURVEY TRINTM=ECI The central bank will announce its monthly survey on economists' and businesspeople's expectations for the economy (1130 GMT). Note: For a list of forthcoming events, see TR/DIARY . For other related news, double click on: Turkish politics TR-POL Turkish equities TR-E Turkish money TR-M Turkish debt TR-D Turkish hot stocks TR-HOT Forex news FRX All emerging market news EMRG All Turkish news TR For real-time quotes, double click on: Istanbul National-100 stock index .XU100 , interbank lira trading IYIX= , lira bond trading 0#TRTSYSUM=IS (Writing by Daren Butler) ((daren.butler@thomsonreuters.com; +90-212-350 7122; Reuters Messaging: daren.butler.thomsonreuters.com@reuters.net)) Keywords: TURKEY FACTORS/

CORRECTED-British markets breathe sigh of relief as Scots vote "No"

September 19, 2014 - reuters.com

(Corrects name of politician in second paragraph) LONDON, Sept 19 (Reuters) - British stocks were set to open higher on Friday while previously inflated bets on high volatility in the currency market over the next week fell away as the "No" camp looked set for victory in Scotland's independence referendum. The deputy leader of the pro-independence Scottish National Party, Nicola Sturgeon, effectively conceded defeat in the vote after the bulk of results had leant towards "No". Sterling, already pushed up on Thursday by speculation on markets that Alex Salmond's nationalists had fallen short of the majority needed to break up their union with England, gained another half percent to as high as $1.6525. GBP=D4 London blue chip futures pointed to a 1.2 percent rise when markets open later on Friday, while the cost of insuring against big swings in Britain's pound over the next week sank to 7.087 percent from a close on Thursday of 11.8 percent. (Reporting by Sudip Kar-Gupta, Patrick Graham and Jamie McGeever) ((patrick.graham@thomsonreuters.com; +44 207 542 9429; Reuters Messaging: patrick.graham.thomsonreuters.com@reuters.net)) Keywords: MARKETS SCOTLAND/

SNAPSHOT-India stocks, bonds, rupee, swap, call at 0447 GMT

September 19, 2014 - reuters.com

STOCKS .BSESN .NSEI ---------------------- The benchmark BSE index higher at 0.11 percent and the NSE index up 0.16 percent, as FIIs built long positions in index futures on Thursday. Exporters lead gains on hopes they will better weather any Fed-related volatility. .BO GOVERNMENT BONDS IN084024G=CC ------------------------------- The benchmark 10-year bond yield steady at 8.45 percent, ahead of debt sale of 120 billion rupees ($1.97 billion). IN/ RUPEE INR=D2 -------------- The partially convertible rupee stronger at 60.81/82 per dollar against Thursday's close of 60.83/84, driven by hopes of continued foreign fund buying in shares and bonds. INR/ INTEREST RATE SWAPS INROIS MIOIS= ------------------------------------- The five-year rate steady at 7.86 percent, while the one-year rate up 1 basis point at 8.42 percent. CALL MONEY INROND= -------------------- India's cash rate at 8.05/8.10 percent, up from Thursday's close of 7.95/8.00 percent. (1 US dollar = 60.8000 Indian rupee) (Compiled by Dipika Lalwani) ((dipika.lalwani@thomsonreuters.com; +91-22-6180-7098; Reuters Messaging: dipika.lalwani.thomsonreuters.com@reuters.net)) Keywords: INDIA SNAPSHOT/

India Morning Call-Global Markets

September 19, 2014 - reuters.com

EQUITIES NEW YORK - U.S. stocks rose on Thursday, a day after the U.S. Federal Reserve kept intact its pledge to keep interest rates low, providing a backstop for investors that helped lift both the Dow and S&P to record highs. The Dow Jones industrial average .DJI closed up 109.14 points, or 0.64 percent, to 17,265.99, the S&P 500 .SPX added 9.79 points, or 0.49 percent, to 2,011.36, and the Nasdaq Composite .IXIC gained 31.24 points, or 0.68 percent, to 4,593.43. For a full report, click on .N - - - - LONDON - Britain's top shares rose on Thursday as investors started to price in a vote by Scotland to remain in the United Kingdom, with further support coming from expectations that interest rates will stay low in the United States for an extended period. The FTSE 100 .FTSE closed up 38.39 points, or 0.6 percent, at 6,819.29 points. For a full report, click on .L - - - - TOKYO - Japanese stocks extended gains to an 8-1/2 month high on Friday after the yen dropped to a six-year low, underpinned by the Federal Reserve's policy outlook, and after the first result in the Scottish independence vote went to the unionist camp. The Nikkei share average .N225 rose 1.5 percent to 16,301.08 at the midday break, nearing a December 30 high of 16,320.22. For a full report, click on .T - - - - HONG KONG - Hang Seng Index .HSI is up 0.2 percent. For a full report, click on .HK - - - - FOREIGN EXCHANGE SYDNEY - Sterling rose to a two-week high against the U.S. dollar and two-year peak against the euro on Friday, taking comfort from early results of a Scottish referendum that indicated a break-up of the United Kingdom will be averted. The results from several small boroughs showed a solid lead for the "No" camp to independence. Earlier, a YouGov survey showed support for Scottish independence amounted to 46 percent of the electorate with 54 percent wanting to stay in the United Kingdom For a full report, click on USD/ - - - - TREASURIES NEW YORK - U.S. Treasury debt prices turned down on Thursday, with investors driving some shorter-maturity yields to highs not seen since 2011 a day after the Federal Reserve raised forecasts for some interest rates. Yields on two-year notes US2YT=RR touched a high of 0.597 percent before settling back to 0.5686 percent on a 1/32 price decline. That level was last seen in May 2011. For a full report, click on US/ - - - - COMMODITIES GOLD SINGAPORE - - Gold held above its lowest in 8-1/2 months on Friday but was headed for a third straight weekly drop on fears that a rate hike in the United States and a strengthening economy could dim the metal's appeal. Spot gold XAU= was little changed at $1,224.64 an ounce by 0037 GMT, poised for a 0.3 percent drop for the week. For a full report, click on GOL/ - - - - BASE METALS SYDNEY - London copper was set to end the week flat on Friday as concerns simmered over the timing of a possible U.S. rate hike, while signs of slowing growth in top metals user China also dragged. The number of Americans filing new claims for unemployment benefits dropped more than expected last week, suggesting a sharp slowdown in job growth in August was an aberration and reinforcing the market's view that U.S. interest rates will climb earlier than had been expected. For a full report, click on MET/L - - - - OIL NEW YORK - Crude oil fell on Thursday, pressured by ample supply, concerns about demand growth and a stronger U.S. dollar. Traders pinned much of the fall on the U.S. dollar's rally .DXY to its highest in more than four years against a basket of currencies. Brent LCOc1 fell $1.27 to settle at $97.70 a barrel. Prices have declined around 15 percent from a nine-month peak of $115.71 reached in June. For a full report, click on O/R (Compiled by Indulal PM) ((indulal.p@thomsonreuters.com; +91-22-6180-7183; Reuters Messaging: indulal.p.thomsonreuters.com@reuters.net)) Keywords: MORNINGCALL INDIA/

Mali to boost funding and policing of artisanal gold mining

September 18, 2014 - reuters.com

BAMAKO, Sept 18 (Reuters) - Mali plans to boost funding opportunities for its artisanal miners and to improve the policing of a sector that produces about a third of the country's gold exports, officials said on Thursday at the start of a mining reform meeting. Artisanal gold mining is plagued by frequent fatal accidents, smuggling and reports of child labour. Nor are the miners restricted on where they dig their pits, resulting in widespread environmental damage. Mali is Africa's third largest gold miner behind South Africa and Ghana and from about 350 sites contributed about 30 percent of the 67.4 tonnes it exported in 2013. Artisanal mining is on the rise in Mali as neighbours including Ghana, Senegal and Burkina Faso have imposed restrictions on the sector, driving more miners into Mali. Speaking at the meeting, Abdoulaye Pona, president of Mali's chamber of mines, and mines minister, Boubou Cisse, said the government was negotiating with banks to give miners easier access to financing for equipment and newly formed cooperatives would be supervised and revenues distributed equitably. "With this system, the miners will no longer continue to dig holes from right to left, here and there. Mining will be done in selected corridors and at the end of the activities we will close the holes to restore the ecosystem," Pona said. President Ibrahim Boubacar Keita, also at the meeting, called on miners to end the practice of child labour. "We will not allow children into gold mining sites," Keita said, "We have to stop this." A 2011 report by Human Rights Watch detailed reports of children aged 6 to 17 in Mali's artisanal mines digging pits, working underground in unstable mines, carrying and crushing heavy ore, and using toxic mercury to extract gold. At least 16 people were killed and eight injured when a shaft in an artisanal gold mine some 130 km (80 miles) south of Mali's capital Bamako collapsed on Saturday. ID:nL6N0RI1MR (Reporting by Tiemoko Diallo; Writing by Bate Felix; Editing by Louise Ireland) ((bate.felix@thomsonreuters.com; +221 33 864 5077; Reuters Messaging: bate.felix.reuters.com@reuters.net)) Keywords: MALI GOLD/

Naspers, banks lead South African stocks higher

September 18, 2014 - reuters.com

JOHANNESBURG, Sept 18 (Reuters) - South African stocks ended higher on Thursday, led by Naspers NPNJn.J after a broker upgrade while banks extended gains for the third straight session. Naspers topped the gainers' list on the blue-chip index after brokerage house UBS raised its rating on the e-commerce and media firm to 'buy' from 'neutral'. Its shares climbed 4.8 percent to 1,340 rand, the biggest daily percentage gain since July. Banks featured among the gainers, continuing a recovery from a three week-low last week. Nedbank NEDJ.J picked up 1.7 percent to 229.49 rand and FirstRand FSRJ.J added 1.3 percent to 44.72 rand. "There is a little bit of bargain hunting that has come back into the banking sector again," said Ferdi Heyneke, a trader at Afrifocus Securities. Traders were largely unfazed by the South African central bank's decision to leave rates unchanged and a subsequent announcement that its governor would step down. The blue-chip JSE Top-40 index was up 0.9 percent at 46,226 and the broader All-share index .JALSH gained 0.7 percent to 51,547. On the downside, gold shares dropped as the price of bullion sank to its lowest in more than eight months. Harmony HARJ.J fell 3.4 percent to 26.80 rand and larger rival Gold Fields GFIJ.J dropped 1.9 percent to 46.68. Trade was robust, with 294 million shares changing hands, well above last year's daily average of 176 million , and 145 companies gaining while 143 dropped. (Reporting by Tiisetso Motsoeneng and Peroshni Govender; Editing by Stella Mapenzauswa) ((tiisetso.motsoeneng@thomsonreuters.com; +27 11 775 3122; Reuters Messaging: tiisetso.motsoeneng.thomsonreuters.com@reuters.net)) Keywords: MARKETS SAFRICA/STOCKS

At least 15 firms seeking to run new London gold benchmark-sources

September 18, 2014 - reuters.com

* Deadline for proposals set for October * LBMA to hold seminar to present shortlisted proposals * Search for new chairperson scrapped By Clara Denina LONDON, Sept 18 (Reuters) - At least 15 companies have expressed interest in replacing the century-old London gold benchmark, with a new system seen in place by the end of 2014 as banks effectively call time on the current process, two sources familiar with the matter said. Representatives from a handful of banks have been running the gold "fix" since 1919. The twice-daily price they agree is used by producers, consumers and investors to trade the metal and value their holdings. The London Bullion Market Association (LBMA) and the four banks currently administering the price-setting mechanism by conferring in London by telephone had said earlier this month that their choice for a new operator would be announced in October, but the process is likely to take longer. Bank of Nova Scotia BNS.TO , HSBC HSBA.L , Societe Generale SOGN.PA and Barclays BARC.L currently set the benchmark. Deutsche Bank DBKGn.DE withdrew in May after two decades. The LBMA launched a consultation with market participants this month, including central banks and miners, to assess how they want prices to be derived. It will hold a seminar in October for shortlisted proposals. One change that banks were looking to make, mostly to comply with new regulations, was the appointment of an independent chairperson to supervise the current fix. But that search has since been scrapped, as the market has started leaning towards an electronic solution that would not require it, one of the sources said. ELECTRONIC SOLUTION IN SILVER In a shift driven by increased regulatory scrutiny after scandals over manipulation of benchmark prices in other financial markets, a similar process to find a new administrator took place in the silver market earlier this year. That search yielded an electronic auction mechanism run by the Chicago Mercantile Exchange (CME) CME.O jointly with Thomson Reuters TRI.TO . ID:nL6N0PL4ZL CME was the first to confirm its interest in bidding to operate the gold process in July. ID:nL6N0PS3QG The London Metal Exchange, data provider Platts, part of McGraw Hill Group MHFI.N , and bullion broker Autilla also said their dialogue with the bullion market was ongoing, but declined to comment on whether they had submitted a formal request. A third source said U.S. derivatives bourse Intercontinental Exchange ICE.N was likely to have put in a proposal. The exchange declined to comment. These companies had all bid to replace the 117-year-old silver benchmark, alongside U.S. news agency Bloomberg and UK-based exchange-traded-funds provider ETF Securities. (Editing by Veronica Brown and Dale Hudson) ((clara.denina@thomsonreuters.com)(+44 207 542 9420)(Reuters Messaging: clara.denina.thomsonreuters.com@reuters.net)) Keywords: GOLD FIX/

UPDATE 1-China set to win Asia gold pricing race with new exchange

September 18, 2014 - reuters.com

(Adds details on first trade, comments from PBOC governor) By A. Ananthalakshmi and Fayen Wong SINGAPORE/SHANGHAI, Sept 18 (Reuters) - China launched a gold exchange open to foreign players for the first time on Thursday, putting the world's top bullion buyer on track to win a race to set the benchmark price in Asia. The launch of the Shanghai Gold Exchange's international bourse with yuan-denominated contracts is the first in a slew of bullion contracts expected in Asia, including Singapore and Hong Kong, before the end of the year as the region aims to have pricing power as the top consumer of the metal. China's efforts have the best chance of success, say market players, as it has a huge home market. With imports of over 1,000 tonnes of gold last year and local production of about 400 tonnes, China consumes over a third of global supply. A successful take-up of the exchange could see gold priced and paid for in yuan rather than the U.S. dollar, challenging the traditional dominance of London and New York in trading. The exchange's launch is also a big boost for the free trade zone, where the bourse is located. Despite being touted as a test bed for financial reforms, the zone has struggled to show significant progress in its first year. ID:nL3N0RG1NW "The launch of the gold contracts will increase China's influence and improve price discovery," China central bank governor Zhou Xiaochuan said at a launch event in Shanghai. "This will also accelerate the development of Shanghai's free trade zone and is an important milestone for the opening up of China's financial markets." HSBC HSBA.L , MKS Group, Bank of China 601988.SS , Industrial and Commercial Bank of China 601398.SS and Bank of Communications 601328.SS conducted the first trades across the three new contracts launched on the bourse. Asia, which accounts for about two thirds of global gold consumption, has long been clamouring to gain pricing power, although previous efforts have failed to win investor backing. SGE's global bourse is China's biggest step towards being a price-discovery centre by allowing foreign players to take part in the domestic market and by letting them trade in yuan. "What we will see over time is the move towards pricing of gold and other commodities in offshore RMB," said Jeremy East, global head of metals trading at Standard Chartered. "This potentially has global implications, for instance any producer selling gold into China would be paid in RMB rather than in dollar, which has been the traditional pricing currency hitherto." The long-used pricing benchmark for gold, the so-called London "fix", has come under regulatory scrutiny due to allegations of manipulation, adding to China's push to have a bigger influence on global pricing. While physical demand provides underlying support for gold, prices are largely driven by speculative trade. China's push for an international physical exchange means physical demand could have a stronger influence. The contracts on the new exchange will be physically settled and will be traded between bullion banks, refiners, producers and trading houses. Other centres are preparing similar contracts. CME Group CME.O is set to launch a physically deliverable futures contract in Hong Kong later this year, while the Singapore Exchange SGXL.SI will launch a wholesale contract. Dubai is also preparing to launch a spot contract. ID:nL3N0RC24E The success of these contracts depends heavily on the liquidity they can garner. "China's gold market advantage lies in the strength of its domestic market," said Jiang Shu, an analyst with Industrial Bank, one of the few banks allowed to import gold into China. The exchange attracted strong interest from foreign players, with Australia and New Zealand Banking Group ANZ.AX , Standard Chartered STAN.L , Goldman Sachs GS.N , and refiners Metalor and Heraeus among the initial set of about 40 trading members. ID:nL3N0QV020 (Reporting by A. Ananthalakshmi; Editing by Richard Pullin and Elaine Hardcastle) ((ananthalakshmi.as@thomsonreuters.com; +65 6870 3726; Reuters Messaging: ananthalakshmi.as.thomsonreuters.com@reuters.net)) Keywords: GOLD CHINA/PRICING

London gold 1500 fix - Sept 18 - 1220.50 dlrs

September 18, 2014 - reuters.com

London platinum/palladium 1400 fix - Sept 18

September 18, 2014 - reuters.com

S.Africa's Gold Fields aims to cut debt by $300 mln over 2 years

September 18, 2014 - reuters.com

JOHANNESBURG, Sept 18 (Reuters) - Gold Fields Ltd GFIJ.J aims to cut its debt by $300 million over the next two years, it said on Thursday, a move that would give South Africa's No.2 bullion miner ample headroom for potential acquisitions. The company's borrowings totalled $1.6 billion as at the end of June, putting its net debt to core profit, or EBITDA, at 1.47 times - well below the 2.5 times level agreed with creditors. "I think our debt is too high. We would like to get our debt down to about one times EBITDA. That means that we've got to actually shed another $300 million of debt over the next two years," Nick Holland, Gold Fields's chief executive, said in an emailed presentation. Gold Fields, which also operates in Australia, South America and Ghana, is on a drive to boost cash flow, pay dividends, sell non-core and underperforming assets, and fund growth through bolt-on acquisitions of in-production assets. "I really don't think we need to get bigger in terms of production - any acquisition will have to be aimed at growing our free cash flow and total returns to shareholders," Holland said. Since spinning off the bulk of its South African operations last year into a new company called Sibanye Gold SGLJ.J , Gold Fields has been selling off explorations projects to focus on projects that can meet its operating margin target of 15 percent. Last month, Gold Fields sold its controlling stake in a Peru mine for $81 million, two months after offloading its 85 percent interest in a Malian project. Earlier this year, it disposed of its interest in the Talas project in Kyrgyzstan. Holland said he was keeping an eye on its Darlot mine in Australia and Damang in Ghana, neither of which has hit the 15 percent margin target. "Both of those mines are showing very promising potential that they will be able to achieve our target over the next couple of years," he said. "If they can't make it, then ultimately they won't be in the portfolio." (Reporting by Tiisetso Motsoeneng; Editing by Ruth Pitchford) ((tiisetso.motsoeneng@thomsonreuters.com; +27 11 775 3122; Reuters Messaging: tiisetso.motsoeneng.thomsonreuters.com@reuters.net)) Keywords: GOLD FIELDS DEBT/

London gold 1030 fix - Sept 18 - 1223.00 dlrs

September 18, 2014 - reuters.com

London platinum/palladium 0945 fix - Sept 18

September 18, 2014 - reuters.com

China set to win Asia gold pricing race with new exchange

September 18, 2014 - reuters.com

By A. Ananthalakshmi SINGAPORE, Sept 18 (Reuters) - China will launch a gold exchange open to foreign players for the first time on Thursday, putting the world's top bullion buyer on track to win a race to set the benchmark price in Asia. The Shanghai Gold Exchange (SGE) will launch its international bourse with eleven yuan-denominated gold contracts, the first of a slew of bullion contracts expected in three other countries in the region before the end of the year. A successful take-up could see more gold priced and paid for in yuan rather than the U.S. dollar, challenging the traditional dominance of London and New York in trading. Asia, which accounts for about two thirds of global gold consumption, has long been clamouring to gain pricing power over bullion, although previous efforts have failed to win investor backing. China's efforts have the best chance of success, say market players, as it has a huge home market. With imports of over 1,000 tonnes of gold last year and local production of about 400 tonnes, China consumes over a third of global supply. SGE's global bourse, which will be situated in the new Shanghai free trade zone, is China's biggest step towards being a price-discovery centre by allowing foreign players to take part in the domestic market and by letting them trade in yuan. "What we will see over time is the move towards pricing of gold and other commodities in offshore RMB," said Jeremy East, global head of metals trading at Standard Chartered. "This potentially has global implications, for instance any producer selling gold into China would be paid in RMB rather than in dollar, which has been the traditional pricing currency hitherto." The long-used pricing benchmark for gold, the so-called London "fix", has come under regulatory scrutiny due to allegations of manipulation, adding to China's push to have a bigger influence on global pricing. "We should have gold fixing, pricing done in China itself," SGE chairman Xu Luode told an industry conference in Singapore in June. "We need to build China's influence in the global gold market." ID:nL4N0P610C While physical demand provides underlying support for gold, prices are largely driven by speculative trade. China's push for an international physical exchange means physical demand could have a stronger influence. The contracts on the new exchange will be physically settled and will be traded between bullion banks, refiners, producers and trading houses. ASIA'S BEST BET Others centres are preparing similar contracts. CME Group CME.O is set to launch a physically deliverable futures contract in Hong Kong later this year, while the Singapore Exchange SGXL.SI will launch a wholesale contract. Dubai is also preparing to launch a spot contract. ID:nL4N0P60BH ID:nL3N0RC24E The success of these contracts depends heavily on the liquidity they can garner, as that would indicate whether the prices would be widely accepted. "China's gold market advantage lies in the strength of its domestic market," said Jiang Shu, an analyst with Industrial Bank, one of the few banks allowed to import gold into China. A senior source at the SGE conceded that initial volumes may be light, but said the exchange was not worried about liquidity. "We have confidence in the success of the exchange because we have genuine demand here," said the source. The exchange has attracted strong interest from foreign players, signing up more trading members than it had initially planned. ID:nL3N0QV020 HSBC HSBA.L , Australia and New Zealand Banking Group ANZ.AX , Standard Chartered STAN.L , Goldman Sachs GS.N , and refiners Metalor and Heraeus are among initial trading members. Trading in SGE's gold contracts will kick off with a night session on Thursday, beginning at 8 pm local time (1200) GMT. SGE set the price for the contracts at 245.28 yuan per gram for the first day, with a trading limit set at 6 percent of the price. From Friday, the trading band will be 30 percent, the exchange said on its website on Thursday. (Reporting by A. Ananthalakshmi; Editing by Richard Pullin) ((ananthalakshmi.as@thomsonreuters.com; +65 6870 3726; Reuters Messaging: ananthalakshmi.as.thomsonreuters.com@reuters.net)) Keywords: GOLD CHINA/PRICING

African Markets - Factors to watch on Sept 18

September 18, 2014 - reuters.com

INDICATORS - Kazakhstan - Sept 18

September 18, 2014 - reuters.com

MIDEAST STOCKS - Factors to watch - September 18

September 18, 2014 - reuters.com

DUBAI, Sept 18 (Reuters) - Here are some factors that may affect Middle East stock markets on Thursday. Reuters has not verified the press reports and does not vouch of their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Dollar surges to 6-yr peak on yen, Tokyo stocks cheer MKTS/GLOB * Oil prices fall on EIA report of big U.S. crude stocks build O/R * Gold skids to 8-1/2 month low on U.S. rate hike fears GOL-RTRS * MIDEAST STOCKS-Saudi rises on economic reform plans; better global mood boosts region MEAST-STX * Iran's Rouhani: Islamic State beheadings a concern for mankind -NBC IR-MEAST * Nuclear deal elusive as Iran, six powers resume talks in New York IR-NUCL * South Africa launches US$500m 5.75-year sukuk at 3.90% yield ZA-SUK * Netanyahu rival shocks Israel with sudden plan to quit cabinet IL-POL * Libyan PM seeks to reassert authority as oil production is hit LY-OILG-POL * No guarantee of OPEC output target cut in November - delegates OPEC-RTRS * Syria reveals more chemical weapons facilities to watchdog - sources SY-WAR * Libya's El Sharara field shuts after damage to Zawiya refinery LY-REF * Iraq's oil output revival at stake for want of water IQ-OILG * Islamic State campaign tests Obama's commitment to Mideast allies MEAST-SECUR-US TURKEY * Spain to replace Dutch in Turkey Patriot missile deployment TR-DEF * Turkey buys 200,000 T milling wheat in tender - traders TR-WHT * Turkish lira up, Bank Asya shares drop to fresh lows TR-FRX ASYAB.IS * Bank Asya vows to see off "smear campaign" amid Turkish power struggle ASYAB.IS * Fitch Assigns Turk Eximbank's Forthcoming USD500m Notes 'BBB-(EXP)' Rating TR-ISU * Turkey confirms it borrowed 100 billion yen in 10-year samurai bond TR-GFIN EGYPT * Russia, Egypt seal preliminary arms deal worth $3.5 bln - agency RU-EG-DEFBUY * Egypt to buy 65 pct of oil product imports from UAE EG-AE-OILG SAUDI ARABIA * Oil market long term fundamentals robust-Saudi dep oilmin SA-OILG * Islamic Development Bank eyes Thursday for sukuk pricing, guidance given ISDBA.UL SUK-RTRS * Saudi utility to spend $80 bln by 2025 to raise water production SA-WATR * Saudi economic policy body to consider taxing unusued urban land SA-TAX * Saudi Arabia's top clerics speak out against militancy SA-SECUR * Saudi Arabia to allow OTC trade of shares in suspended or delisted firms SA-STX UNITED ARAB EMIRATES * Occidental Petroleum in talks to sell part of Dolphin Energy stake to Mubadala - WSJ OXY.N * Dubai lender Mashreq sets sights on Egypt and Turkey, says CEO MASB.DU * Emaar says shareholders to get one share in malls IPO for every 36 held EMAR.DU * Fitch: New Sukuk Rules May Help UAE Expand into Regional Hub AE-SUK * Etihad CEO says model of global airline alliances is 'fractured' AE-AIRL KUWAIT * Kuwait Airways studying offer to buy 10 Boeing 777 planes -chairwoman BA.N * Kuwait's Americana says major shareholder reviewing stake KKR.N FOOD.KW QATAR * Emir assures Merkel Qatar doesn't fund extremists in Syria, Iraq QA-DE-SECUR * Qatar Airways takes delivery of its first Airbus A380 AIR.PA QA-AIRL BAHRAIN * Zain Bahrain extends IPO subscription period by two weeks - statement IPO-ZAIN.BH ZAIN.KW (Compiled by Dubai newsroom) ((dubai.newsroom@reuters.com)) Keywords: MIDEAST FACTORS

India Morning Call-Global Markets

September 18, 2014 - reuters.com

EQUITIES NEW YORK - U.S. stocks edged higher in volatile trading on Wednesday after the U.S. Federal Reserve renewed its pledge to keep interest rates near zero for a "considerable time" and repeated concerns over slack in the labor market, standing firm against calls to overhaul its policy statement. The Dow Jones industrial average .DJI rose 24.88 points, or 0.15 percent, to 17,156.85, the S&P 500 .SPX gained 2.59 points, or 0.13 percent, to 2,001.57 and the Nasdaq Composite .IXIC was added 9.43 points, or 0.21 percent, to 4,562.19. For a full report, click on .N - - - - LONDON - Britain's top share index slipped and underperformed gains on rival European bourses on Wednesday, as the uncertainty raised by Scotland's vote on independence pegged back the UK stock market. The blue-chip FTSE 100 index .FTSE closed down by 0.2 percent, or 11.34 points, at 6,780.90 points. For a full report, click on .L - - - - TOKYO - Japan's Nikkei share average soared to a new eight-month high on Thursday morning, with yen weakness giving exporters a boost amid further confirmation of a stronger U.S. economy. The Nikkei share average .N225 rose 1.1 percent to 16,063.19 in mid-morning trade after climbing as high as 16,067.41, its highest since early January. For a full report, click on .T - - - - HONG KONG - Hang Seng Index .HSI is trading 0.8 percent down. For a full report, click on .HK - - - - FOREIGN EXCHANGE SYDNEY - The dollar rose to its highest in over four years against a basket of currencies on Thursday after the Federal Reserve's guidance on interest rates highlighted the diverging pathways between the United States and other rich nations. The dollar index .DXY surged to 84.814, reaching a high not seen since July 2010, and bringing into view its 2010 peak of 88.708. It last traded at 84.782. For a full report, click on USD/ - - - - TREASURIES NEW YORK - U.S. Treasury debt prices fell on Wednesday after the Federal Reserve kept in place near-zero interest rates and other ultra-loose U.S. monetary policies meant to boost economic growth. After surrendering early gains spurred by unexpectedly tame U.S. inflation data, Treasury prices turned negative as Fed policymakers issued economic assessments and a policy statement after a two-day meeting in Washington. For a full report, click on US/ - - - - COMMODITIES GOLD SINGAPORE - Gold tumbled to its lowest in 8-1/2 months on Thursday as the dollar index traded near a four-year peak after the Federal Reserve signalled that a faster hike in U.S. interest rates might be on the horizon. Spot gold XAU= fell to $1,216.01 an ounce early on Thursday, its lowest since Jan. 2, before paring some losses to trade at $1,222.26 by 0038 GMT. The metal lost nearly 1 percent the day before. For a full report, click on GOL/ - - - - BASE METALS SYDNEY - London copper slipped on Thursday after the Federal Reserve reaffirmed U.S. interest rates would stay low in the short term but suggested hikes may follow more quickly when they do arrive, pushing up the dollar and cutting the price of commodities. The U.S. central bank on Wednesday renewed its pledge to keep interest rates near zero for a "considerable time", but also indicated it could raise borrowing costs faster than expected when it starts moving. For a full report, click on MET/L - - - - OIL NEW YORK - Crude oil futures fell on Wednesday after a government report showed crude stocks rose sharply in the United States last week and as a strong dollar continued to create headwinds for dollar-denominated commodities. Brent November crude LCOc1 slipped 8 cents to settle at $98.97 a barrel, recovering from an intraday low of $98.51. For a full report, click on O/R (Compiled by Indulal PM) ((indulal.p@thomsonreuters.com; +91-22-6180-7183; Reuters Messaging: indulal.p.thomsonreuters.com@reuters.net)) Keywords: MORNINGCALL INDIA/

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