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  • *Saudi Arabia cuts ties with Iran, China data disappoints. LONDON, Jan 4- Gold rallied 2 percent on Monday, buoyed by rising tensions in the Middle East and a sharp drop in stocks following weak Chinese data that fueled concerns over global growth. The metal rallied along with oil, up 2.4 percent, after Saudi Arabia cut diplomatic ties with Iran after Iranian...

  • *None of 48 economists polled expect a move on January 14. Jan 4- The Bank of England's first rate increase in more than eight years is likely to come in the second quarter of 2016, as previously expected, bolstered by the Federal Reserve's decision to raise U.S. rates last month, a Reuters poll found. "With the first Fed rate hike having gone smoothly, this will give the...

  • BENGALURU/ SYDNEY, Jan 4- The global economy finished last year on a fragile footing, with factory activity in China shrinking for the 10th month running in December while a pick-up in the euro zone was tepid, suggesting more policy stimulus may be in the pipeline. Coming on a day of turmoil in Asian stock markets after China's central bank fixed the yuan at a 4-1/ 2...

  • China's President Xi Jinping speaks during the opening ceremony of the 2nd annual World Internet Conference in Jiaxing, China, on Dec. 16, 2015.

    China looked set for a soggy start to 2016 after activity in the manufacturing sector contracted for a fifth straight month in December.

  • *Dec factory activity shrinks for 5th month but services pick up. BEIJING, Jan 1- China looked set for a soggy start to 2016 after activity in the manufacturing sector contracted for a fifth straight month in December, suggesting the government may have to step up policy support to avert a sharper slowdown. While China's services sector ended 2015 on a strong note,...

  • LONDON, Dec 31- Gold was steady on Thursday, ending the year down 10 percent for its third straight annual decline, ahead of another potentially challenging year in 2016 amid the prospect of higher U.S. interest rates and a robust dollar. The most-active U.S. gold futures for February delivery settled at $1,060.2 per ounce on Thursday, almost flat compared with...

  • *Crude oil down 37 pct in 2015, seen hitting $20. LONDON, Dec 31- Stock markets in developed economies were set to record their fourth straight year of gains on Thursday while oil prices cemented losses of more than 35 percent as a roller-coaster year drew to a close. With China's slowdown and sliding oil prices troubling emerging markets, and global bonds on edge as...

  • Spain's Socialist party, runner-up in this month's elections, ruled out forming a new government with third-placed Podemos on Monday unless it renounced its pledge to grant a referendum on independence for Catalonia. This is likely to be seen as the lesser of two evils for markets, however, with investors worried that an immediate lurch to the left may threaten...

  • LONDON, Dec 29- Offshore rates for China's yuan fell to their weakest since a hefty two-day devaluation in August on Tuesday, mirroring a fall in onshore rates, with traders citing strong year-end dollar demand. Sweden's crown meanwhile hit a nine-month high against the euro as investors bet that the country's economy would continue to improve and that its...

  • Spain's Socialist party, runner-up in this month's elections, ruled out forming a new government with third-placed Podemos on Monday unless it renounced its pledge to grant a referendum on independence in Catalonia. With the Socialists having also ruled out a grand coalition or informal pact with Prime Minister Mariano Rajoy's People's Party, the country...

  • LONDON, Dec 28- Oil fell towards $37 a barrel on Monday, trading within sight of an 11- year low, pressured by excess supply that has more than halved prices since the downturn began in mid-2014. Brent crude was down 68 cents at $37.21 a barrel at 0949 GMT. "We expect both prices to rise next year," said Eugen Weinberg, an analyst at Commerzbank.

  • Bank of New York Mellon Corp and units of Deutsche Bank AG, Wells Fargo& Co and HSBC Holdings Plc were named in the lawsuits filed on Wednesday and Thursday in Manhattan federal court. BNY Mellon was the trustee for over $1 billion in mortgage-backed securities bought by Commerzbank and $1.3 billion of investments tied to a collateralized debt obligation,...

  • Bank of New York Mellon Corp and units of Deutsche Bank AG, Wells Fargo& Co and HSBC Holdings Plc were named in the lawsuits filed on Wednesday in Manhattan federal court. BNY Mellon was the trustee for over $1 billion in mortgage-backed securities bought by Commerzbank and $1.3 billion of investments tied to a collateralized debt obligation, Millstone II CDO,...

  • *Germany still faces housing shortages in some cities. NEUKIRCH, Germany, Dec 23- Near Germany's southern border, a small family-run construction company is being flooded with orders for its pre-fabricated homes. The family factory in Neukirch, a small town close to Austria and Switzerland, cannot keep up so company chief Joerg Bauer is expanding near the shores...

  • FRANKFURT/ BRUSSELS, Dec 22- New European Union rules on bank rescues, aimed at ending spectacular bailouts with public money, are already facing a political backlash on worries they may end up hurting small, unsophisticated investors. The directive was a central part of Europe's response to the global financial crisis, which saw hundreds of billions of euros of...

  • *Gold extends Friday's 1 percent rise. NEW YORK/ LONDON, Dec 21- Gold rose more than 1 percent on Monday as weaker than expected U.S. data and uncertainty about how fast the Federal Reserve will tighten interest rates next year weighed on the dollar. "good short-covering rally continues for the short holiday week," said George Gero, precious metals strategist for RBC...

  • *Dry weather outlook in Brazil may curb soy yields. LONDON, Dec 18- U.S. soybean futures edged up on Friday underpinned partly by concerns about dry weather in South America while wheat and corn prices were slightly lower. Furthermore, there are fears that the dry weather conditions in South America could have a negative impact on the young soybean plants, "...

  • LONDON, Dec 18- Euro zone government bond sales will fall below 900 billion euros next year for the first time since 2011 as crisis-hit Italy and Spain work off their debt hangovers with the help of ultra-low borrowing costs. Madrid and Rome have been rolling over emergency funding raised in the 2012 crisis in recent years, and can now take advantage of the plunge...

  • LONDON, Dec 18- Emerging equities slipped on Friday but remained on course to end the week up about 2.4 percent, whilst the Kazakh tenge fell to a new record low, continuing its recent slide on weak oil prices. "This is the price action we should expect," said Thomas Harr, head of emerging market research at Danske Bank. Chinese mainland shares were up about 0.3 percent...

  • LONDON, Dec 17- Zinc prices sunk to the lowest levels in nearly 6-1/ 2 years on Thursday and other industrial metals also fell as the dollar firmed after the first U.S. rate increase in nearly a decade. "Today's dollar strength is having an impact on base metals, but what is definitely surprising me is that zinc prices are under so much pressure when the Century mine is...