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Wires

  • *Spot gold seen testing support at $1,245 per ounce: technicals. Monday's close, CME Group's FedWatch program showed. "My expectations are that the pace of interest rate hikes will be kept steady and stable regardless of the short-term fluctuations in the U.S. economic data," said Mark To, head of research at Hong Kong's Wing Fung Financial Group.

  • *Rapeseed oil, soyoil pouring into China markets. KUALA LUMPUR, May 24- Palm oil demand from China, the world's No.2 importer of the commodity, is set to drop in coming months as supplies of alternative edible oils flood local markets, industry sources said. "The number of cargoes to China for June to August is very low... badly below normal, maybe less than 100,000 tonnes a...

  • SHANGHAI, May 24- China's yuan eased against the U.S. dollar on Wednesday on some corporate demand for the greenback, while traders shrugged off rating agency Moody's decision to cut its sovereign rating on China. Moody's Investors Service downgraded China's long-term local and foreign currency issuer ratings on Wednesday, citing expectations the...

  • *S&P rates China one notch higher, on negative watch. SHANGHAI/ BEIJING, May 24- Moody's Investors Service downgraded China's credit ratings on Wednesday, saying it expects the financial strength of the world's second-biggest economy will erode in coming years as growth slows and debt continues to rise. The ratings agency also changed its outlook for China to...

  • LUBEC, Maine— Maine's U.S. senators are on board with a plan to make it easier for seafood dealers to export sea urchins and sea cucumbers outside of the United States. Angus King say their proposal would prevent the U.S. Fish and Wildlife Service from burdening the industry with inspections that they say are repetitive. Democratic Congresswoman Chellie Pingree...

  • BEIJING— China is shutting down its only undersea coal mine as the government struggles to rein in rising production that threatens to frustrate a planned shift to cleaner-burning fuels. China is the world's largest coal consumer. Japan, Britain and Canada also have operated undersea coal mines, which can be more expensive than conventional mines.

  • SINGAPORE, May 24- Chicago soybean futures slid for a second session on Wednesday while corn edged up after closing lower the previous day, with easing concerns over planting delays in the U.S. grain belt adding pressure to grains markets. The Chicago Board Of Trade most-active soybean contract lost 0.4 percent to $9.44-1/ 2 a bushel by 0322 GMT, having closed down...

  • BEIJING— Chinese stocks sank Wednesday after Moody's cut the country's debt rating and other Asian markets rose following Wall Street's advance. CHINESE DEBT: Moody's Investors Service downgraded China's long-term local currency and foreign currency debt ratings, citing the country's rising debt. The change reflects an expectation " China's financial...

  • SHANGHAI, May 24- China stocks fell more than 1 percent before recouping some of the losses incurred on Wednesday morning in the wake of Moody's downgrading of China's debt ratings- aggravating a market already worried by tighter regulation, rising borrowing costs and signs of an economic slowdown. Moody's Investors Services downgraded China's long-term...

  • HONG KONG— Credit rating agency Moody's has cut its credit rating for China, citing slowing economic growth and rising debt that it says will erode the country's financial strength. Moody's said Wednesday that it is downgrading its long-term rating for China one notch to A1 from Aa3. Moody's said Beijing's economic reform program won't suffice to offset the...

  • *Bernanke: Japan's real equilibrium rate may be negative. TOKYO, May 24- Former Federal Reserve Chairman Ben Bernanke said on Wednesday the Bank of Japan may need to coordinate a new fiscal spending plan with the government, allowing for inflation to accelerate above its 2 percent target without worsening the debt burden. If inflation accelerated to 2 percent by...

  • *Aussie, China shares down after Moody's downgrade. TOKYO, May 24- China's main stock index fell one percent and the Australian dollar slipped on Wednesday after Moody's cut its sovereign credit rating on China. The Aussie fell as much as 0.3 percent to $0.7452 soon after the Moody's announcement downgrading China to A1 from Aa3.

  • TOKYO, May 24- Japan's Nikkei share average rose on Wednesday morning helped by exporters after the dollar gained against the yen, while financials gained ground thanks to a rise in U.S. Wall Street's strength lifted the mood in the Tokyo market. President Donald Trump's first full budget plan was largely as expected, even if it is not expected to be approved in...

  • TOKYO, May 24- The dollar held firm on Wednesday, having rebounded from 6-1/ 2- month lows against its major peers helped by a rise in U.S. Treasury yields, while the yuan eased after Moody's cut its sovereign rating on China due to concerns over the country's soaring debt. It managed to pull away from the 96.797 level plumbed on Monday, its lowest since Nov. 9, when...

  • CHICAGO, May 23- U.S. grains trader Bunge Ltd said on Tuesday it was not in talks with Swiss mining and commodities group Glencore Plc, after the latter said it had made an informal approach to discuss "a possible consensual business combination." Bunge shares ended trading in New York up 16.6 percent at $81.70, giving the company a market capitalization of $11.4...

  • SHANGHAI, May 24- Moody's Investors Services downgraded China's long-term local and foreign currency issuer ratings on Wednesday, citing expectations that the financial strength of the world's second-biggest economy would erode in the coming years. "The downgrade reflects Moody's expectation that China's financial strength will erode somewhat over...

  • SINGAPORE, May 24- Struggling commodity trader Noble Group Ltd said on Wednesday it was still in discussions with various potential strategic parties as it sought to regain market confidence, but its shares fell 11 percent in early trade. Sources have told Reuters that China's state-owned Sinochem is no longer pursuing an investment in Noble due to concerns...

  • MELBOURNE, May 24- London copper edged lower on Wednesday after credit ratings agency Moody's downgraded China due to its massive debt, with muted trade expected ahead of minutes of a Federal Reserve meeting later in the session. *CHINA: Moody's cited the growing leverage in China for the downgrade, and warned about slowing economic growth.

  • *OPEC, other producers to meet May 25 to decide output policy. SINGAPORE, May 24- Oil prices rose on Wednesday, supported by increasing confidence that an OPEC- led production cut aimed at tightening the market would be extended through the rest of 2017 and the first quarter of next year. "OPEC is meeting on 25 May with an extension of supply cuts at the top of its agenda.

  • *April manufacturers' sentiment index +24 vs +26 in April Service- sector index +30 in May vs 28 in April. TOKYO, May 24- Confidence among Japanese manufacturers receded in May for the first time in nine months after hitting a decade-high level April, a Reuters survey found, showing guarded optimism in a nascent export-led economic recovery. The dollar has risen...