Kelvin Blacklock, CIO at Eastspring Investments says the markets that have moved up recently are those that have seen strong earnings growth. He says these defensive markets are looking expensive while the cyclicals appear cheap.» Read More
CHENNAI, India, May 23- Brent crude futures shed a dollar on Thursday to trade below $102 a barrel in a broad-based commodities sell-off, as data cast doubt on recovery in key consumer China and on worries about an early scale-back in Federal Reserve stimulus.
Federal Reserve Chairman Ben Bernanke and weakness in China's factory activity rattled Asian markets on Thursday, sending stock prices down, the U.S. dollar to three-year highs, and Japanese government bond yields to their highest in a year.
*Weak PMI casts doubt on China's recovery, oil demand. China's factory activity shrank in May, with the preliminary purchasing managers index slipping to a seven-month low, reflecting slower local demand as well as headwinds from the United States and the European Union. 1/ 8 ID: ID: nL3N0E40BA 3/ 8.
SINGAPORE, May 23- Japanese government bonds plunged on Thursday, taking yields to their highest in a year and leading a selloff in bonds globally after Federal Reserve Chairman Ben Bernanke's remarks sparked worries of a reduction in U.S. monetary stimulus.
SINGAPORE, May 23- London copper fell more than 2 percent on Thursday after a preliminary survey showed China's factory sector contracted in May, hitting sentiment already soured by concerns the United States may pull back on its bond-buying program.
*Weak PMI casts doubt on China's recovery, oil demand. China's factory activity shrank in May, with the preliminary purchasing managers index slipping to a seven-month low, reflecting slower external demand as well as headwinds from the United States and the European Union.
*Copper rallied to $7,533.75 a tonne in the previous session, its highest since April 12, but remains mired in losses of 7 percent for the year. *The most-traded September copper contract on the Shanghai Futures Exchange lost 0.75 percent to 53,080 yuan a tonne.
*MSCI Asia Pacific ex- Japan falls but Nikkei climbs. SINGAPORE, May 23- Japanese government bond prices dived and 10- year JGB futures tumbled a full point, prompting the Tokyo Stock Exchange to temporarily suspend trade as the dollar hit a near three-year high versus a basket of currencies on Thursday.
SINGAPORE, May 23- Gold fell for a third straight session on Thursday after U.S. *Spot gold dropped 0.3 percent to $1,363.96 an ounce by 0018 GMT, holding near a two-year low of $1,321.35 reached in April.
SINGAPORE, May 23- Singapore's central bank said on Thursday it expects core inflation to be close to 2 percent in 2013, within its target range of 1.5 to 2.5 percent. Ong Chong Tee, deputy managing director of the Monetary Authority of Singapore, said he expects core inflation to be "edging towards 2 percent."
Kelvin Blacklock, CIO at Eastspring Investments says the markets that have moved up recently are those that have seen strong earnings growth. He says these defensive markets are looking expensive while the cyclicals appear cheap.
*Spot gold slides after brief break over $1,400/ oz. (Rewrites throughout, updates prices, changes byline, dateline NEW YORK, May 22- Gold turned sharply lower on Wednesday, as investors weighed U.S. , "said Michael Cuggino and president and portfolio manager at Permanent Portfolio Funds in San Francisco."
*Ireland takes rare aim at multinationals' tax rates. Bruton's call for an international clampdown on aggressive tax planning by large corporates is a rare negative shot at a sector that Ireland has courted for decades and underscores the high stakes for Dublin, which faces pressure to act alone.
LONDON, May 22- Gold was flat on Wednesday, giving up earlier gains after U.S. Spot gold had briefly broken above $1,400 to a one-week high of $1,414.25 an ounce after Bernanke said the Fed needed to see further signs the economy was gaining traction before removing current measures.
*Several dealers doubt China will raise import duty. LONDON/ BEIJING, May 22- A slide in sugar prices driven by excess supplies may be given fresh impetus soon with China, one of the world's top importers, likely to cut back on purchases after a sharp jump in stocks. "If China were to continue to buy large tonnages of sugar, that would be a bullish signal.
*Fed Chairman Bernanke speaks to Congress at 1400 GMT. LONDON, May 22- Gold extended earlier gains on Wednesday as the dollar weakened after U.S. On Tuesday, New York Federal Reserve Bank President William Dudley and St.
*Coming Up: Fed Chairman Bernanke speaks at 1400 GMT. LONDON, May 22- Gold rose on Wednesday as the dollar fell after Federal Reserve officials allayed investor concerns that the U.S. central bank would soon reduce its bond-buying programme, while Chinese physical demand also lent some support to prices.
JAKARTA, May 22- Freeport McMoRan Copper and Gold Inc said it will not restart production at the world's second-largest copper mine in Indonesia after a tunnel collapse that killed 28 workers until it is convinced of the mine's safety.
SHANGHAI/ HONG KONG, May 22- Chinese commodities firms importing everything from gold and rubber to base metals are struggling to get trade loans as banks scrutinise their activities and hold back credit following Beijing's orders to rein in currency speculation.
*Gold still trading near 2- year lows. SINGAPORE, May 22- Gold rose on Wednesday on strong Chinese demand and after Federal Reserve officials allayed investor concerns that the U.S. central bank will soon exit its bullion-friendly bond purchases.