Gold Advances in London as European Debt Concerns Boost Demand
Gold gained for a second day in London as speculation Europe’s debt woes will worsen boosted demand for the metal as a protection of wealth.
COMMODITY EXCLUSIVES:
Indian Companies’ Qualified Institutional Placement (Table)
Following is a table showing Indian companies selling shares through a qualified institutional placement, or QIP, according to company filings to the Bombay and National Stock Exchanges.
Fredriksen Bets $2 Billion on Rigs After BP Spill (Update1)
Billionaire John Fredriksen’s Seadrill Ltd. invested $2 billion in the past two months on oil rigs, leading a jump in orders as safety concerns after BP Plc’s Gulf of Mexico disaster spur demand for newer platforms.
PGNiG Won’t Decide Today on Filing for Polish Gas Price Cut
Polskie Gornictwo Naftowe i Gazownictwo SA, Poland’s dominant gas company, said it needs more time to decide whether it will ask the regulator to lower the price of gas after the market situation has changed “completely,” spokeswoman Joanna Zakrzewska told Bloomberg News by phone today.
Hedge Funds Raise Gas Bets to Four-Month High: Energy Markets
Hedge funds increased bullish bets on natural gas to the highest level in four months on speculation that lower-than- normal temperatures will bolster heating demand and trigger withdrawals from record stockpiles.
Romania to Hold Petrom Stake Tender in January, Ariton Says
Romania will hold a tender to sell a 9.84 percent stake in the Balkan nation’s largest oil company, OMV Petrom SA, in January, Economy Minister Ion Ariton said.
European Companies With $700 Billion Ease Deal Dearth (Update1)
European companies are heading into 2011 with almost $700 billion in cash, raising pressure on executives to do deals, boost dividends and buy back stock.
Coca-Cola’s Chief Says World Needs More Than One Climate Accord
Coca-Cola Co. Chief Executive Officer Muhtar Kent said multiple international accords, not a single treaty, are needed to fight climate change.
INDUSTRIAL METALS:
Copper Rises, Heads for Monthly Gain on Shortage Speculation
Copper rose in London, heading for a fifth monthly gain, as speculation about a potential shortage of metal overcame concern that demand may weaken as China moves to limit inflation.
ThyssenKrupp Forecasts Higher Sales After Returning to Profit
ThyssenKrupp AG, Germany’s largest steelmaker, forecast an increase in sales and earnings this fiscal year after a recovery in metal demand helped the company return to profit in the 12 months through September.
Ma’aden, Alcoa Venture Signs $1.9 Billion in Loans (Update2)
A joint venture between Saudi Arabian Mining Co., a state- controlled metals producer, and Alcoa Inc. signed finance contracts valued at 7.1 billion riyals ($1.9 billion) to help pay for an aluminum project in the kingdom.
MINING:
Vedanta Sees Konkola Listing in 2011 After Volatility (Update1)
Vedanta Resources Plc, which this month announced a $1.1 billion initial public offering for unit Konkola Copper Mines Plc, said it will pursue the sale in 2011 because of swings in market prices.
Collahuasi Copper Mine Seeks End to Record-Matching Chile Strike
Anglo American Plc and Xstrata Plc’s Collahuasi venture will attempt to end a strike that matches the longest recorded at a major Chilean copper mine in a second day of wage talks with union leaders in northern Chile.
PRECIOUS METALS:
China’s Lion Fund to Raise up to $500 Million for Gold ETFs
Lion Fund Management Co. will raise up to $500 million in China to invest in overseas exchange-traded funds backed by gold, the first in the country to be approved to do so, a company executive said today.
AGRICULTURE:
Uralkali Billionaire Says Potash Price Should Rise by $80 a Ton
Alexander Nesis, the billionaire co-owner of Russian fertilizer maker OAO Uralkali, said potash prices should rise by $80 a ton as producers need to develop mines to meet increased demand.
Soybeans, Corn Fluctuate on South American Rains, China Demand
Soybeans, corn and wheat fluctuated in Chicago as investors weighed rains in South America against rising demand for raw materials used to make food and biofuels.
Vietnam Coffee Harvest Slows As Rain Disrupts Picking, Drying
Coffee harvesting in Vietnam, the world’s biggest grower of robusta beans used in instant drinks and espressos, has been disrupted by renewed rains just one week after picking began, local officials and traders said.
Swedish Winter-Wheat Sowing Rises 1.2%, Statistics Office Says
Farmers in Sweden, Scandinavia’s biggest grain grower, probably increased planting of winter wheat for harvesting next year by 1.2 percent, the country’s statistics office reported.
Bangladesh to More Than Double State Rice Purchases, Hasan Says
Bangladesh, South Asia’s biggest rice importer, plans to more than double state purchases of the grain this year to build stockpiles as farmers withhold supplies on speculation prices will rise, a government official said.
Rubber, Set for Fifth Monthly Gain, Climbs on Yen, Low Supply
Rubber, set for a fifth monthly gain, climbed as a weakening Japanese currency and limited supply in Thailand, the largest shipper, improved the appeal of the commodity used to make tires and gloves.
Japan Seeks 209,297 Tons of Milling Wheat in Regular Tender
Japan is seeking to buy 209,297 metric tons of milling wheat in a regular tender on Dec. 2, the Ministry of Agriculture, Forestry and Fisheries said.
Rain May Cut 30% of Australia’s NSW Wheat Crop to Feed-Grade
Wet weather forecast for New South Wales, Australia’s largest wheat-producing state, threatens to downgrade as much as 30 percent of the state’s crop to feed- grade quality, a cereals technical specialist said.
SHIPPING:
Middle East Tanker Surplus Stays at 18% as Voyage Returns Slide
A surplus of supertankers competing for Middle East crude oil stayed unchanged as returns from shipping 2 million-barrel cargoes to Asia slid.
ECONOMIES:
China Cuts Retail Prices of Bristol-Myers, Roche Drugs (Update1)
China will cut the prices of 17 types of medicines including antibiotics and cardiovascular drugs starting Dec. 12 in an effort to curb inflation.
Developer Dollar Bonds Post First Loss Amid Curbs: China Credit
Investors in China real estate companies’ dollar bonds had their first loss of this half after the central bank imposed restrictions intended to limit developers’ access to bank loans and slow mortgage growth.
China Property Market’s Outlook Stable, Moody’s Says (Update1)
China’s property market was given a stable outlook by Moody’s Investors Service, which expects developers to withstand a “moderate downward correction” in prices in the next year following government curbs.
Spain Banks Face Funding Hurdle Amid Bailout Threat (Update1)
Spain’s banks may struggle to refinance about 85 billion euros ($111 billion) in debt next year as costs surge on concern continental Europe’s fourth- biggest economy may need an Irish- style bailout.
EU Faces More Bailouts as Irish Contagion Spreads: Euro Credit
The failure of the Irish rescue to stem a selloff across euro-region bond markets may spell more bailouts to come, starting with Portugal.
ECB Support ‘Critical’ for Spain as Crisis Worsens, Buiter Says
The European Central Bank may have to step up purchases of Spanish government bonds and backstop its banking system if the country runs into financing difficulties, Citigroup Inc. Chief Economist Willem Buiter said.
India’s Economy Expands Faster-Than-Estimated 8.9% (Update1)
India’s economy grew more than economists estimated last quarter, adding to evidence of a strengthening in domestic demand that’s stoked inflation by placing strains on the nation’s transport and power systems.
German Unemployment Falls to Lowest Level in 18 Years (Update2)
German unemployment fell for a 17th month in November as business optimism improved, underscoring the gulf between Europe’s biggest economy and peripheral nations struggling to cut debt.
OTHER MARKETS:
Euro, Italian Bonds Drop on Contagion Concern as Stocks Rise
The euro weakened for a third day and Italian and Spanish bond yields rose compared with German debt on concern the region’s crisis is worsening. European stocks gained while U.S. index futures declined.
Euro Drops to 10-Week Low Versus Dollar on European Debt Crisis
The euro dropped below $1.30 for the first time in more than 10 weeks amid speculation Europe’s debt woes will worsen and as unemployment in the region rose to the highest in more than 12 years.
Real Reversing Biggest Slump Since May on Rates: Brazil Credit
The Brazilian real’s biggest slide since May is unlikely to last as Standard Chartered Bank and Wells Fargo & Co. say the prospect of higher interest rates will help bolster the currency in December.
European Stocks Increase; Hochtief Gains as Remy Cointreau Falls
European stocks rose, after yesterday falling to an eight- week low, as investors awaited reports on the strength of house prices and consumer confidence in the world’s largest economy. Asian shares and U.S. futures retreated.
Global Equities Will Beat Less Risky Assets in 2011, UBS Says
Global equities are likely to outperform other securities in 2011 as corporations add leverage, correlations fall and the risk that political actions will derail the global recovery eases, UBS AG said.
Oil Drops on Speculation EU May Have to Bail Out More Members
Oil dropped from the highest in two weeks amid concern that the European Union may have to bail out more member states after Ireland agreed to a rescue package from the EU and the International Monetary Fund.
SPORTS:
Liverpool’s Jamie Carragher to Have Surgery, May Be Out 12 Weeks
Liverpool defender Jamie Carragher will have surgery on a dislocated shoulder and is likely to be out of action 12 weeks.
U.S., England World Cup Bids Meet FIFA Sales Goals, Study Says
England and the U.S. are the only countries bidding to host the World Cup in 2018 and 2022 that can meet FIFA’s revenue targets, a study commissioned by soccer’s governing body said. To contact the editor responsible for this story: Stuart Wallace in London at For the latest updates PRESS CTR + D or visit Stock Market news Today
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