MBA Mortgage Applications AUG 12 21.7% 7:00
U.S. Producer Price Index (MoM) JUL 0.1% -0.4% 8:30
U.S. PPI Ex Food & Energy (MoM) JUL 0.2% 0.3% 8:30
U.S. Producer Price Index (YoY) JUL 7.0% 7.0% 8:30
U.S. PPI Ex Food & Energy (YoY) JUL 2.3% 2.4% 8:30
USDA Cattle Slaughter AUG 17 128000 14:00
USDA Hog Slaughter AUG 17 413000 14:00
USDA Broiler Eggs Set AUG 12 196033 15:00
Metal Prices: ($/ton)
Last % Chg RSI
Copper 8,891 +0.7 38
Aluminum 2,373 -0.1 32
Zinc 2,194 +0.5 39
Lead 2,368 +0.5 39
Nickel 21,725 +0.1 39
Tin 24,425 +1.1 41
Other Markets:
Last % Chg % YTD
U.S. Dollar Index 73.747 -0.3 -6.7
Crude Oil $87.67 +1.2 -4.1
Gold $1,791.4 +0.3 +26
MSCI World Index 1,197.59 +0.1 -6.4
COMMODITY EXCLUSIVES:
Norway’s Oil Era Extended as North Sea Offers Hidden Giant (1)
Norway may slow a decade-long slump in oil production after a series of discoveries from the Arctic to the North Sea.
Fertilizers Lag Food Costs in Boost to Global Production Outlook
Prices in the $150 billion fertilizer market are lagging behind gains in food costs, providing farmers another incentive to boost production as grains and oilseeds advance.
INDUSTRIAL METALS:
Copper May Rise as Gap in Prices Spurs Purchasing From China
Copper may rise in London on signs Chinese buyers are taking advantage of the gap between prices in the U.K. city and Shanghai.
South Korean Agency Buys Aluminum, Zinc, Nickel in Tenders (1)
South Korea, Asia’s third-biggest buyer of base metals, bought 2,000 metric tons of aluminum, 1,500 tons of zinc and 200 tons of nickel in tenders, according to a government body website.
MINING:
Talvivaara Shares Slump on Quarterly Loss, Guidance Reassessment
Talvivaara Mining Co., a Finnish nickel producer, fell the most in more than a week in London trading after reporting a second-quarter loss.
ENRC First-Half Profit Rises 29% on Higher Commodity Prices (1)
Eurasian Natural Resources Corp., a Kazakh metals producer, posted a 29 percent increase in first-half profit and said a review of corporate governance is “well under way.”
Bumi Posts $62 Million Operating Profit on Record Coal Price (1)
Bumi Plc, the Indonesian coal exporter founded by Nathaniel Rothschild last year, reported operating profit of $62 million in the first half, driven by record thermal-coal prices.
PRECIOUS METALS:
Gold Gains for Third Day in London as Debt Concerns Spur Demand
Gold climbed for a third day in London and approached a record as concern about Europe’s debt crisis spurred demand for a protection of wealth.
Gold May Decline $100 After Gain of $900 Since End of 2008 (1)
Gold, which has risen about $900 since the end of 2008, may fall by $100 an ounce or more in the “near term” and probably still attract buyers, UBS AG said.
Palladium Rebound to Halt Near $779 an Ounce: Technical Analysis
Palladium’s rebound from a 12-week low last week may halt near $779 an ounce, according to technical analysis by Commerzbank AG.
U.S. Gained From Ending Gold Standard in 1971: Chart of the Day
The U.S. “benefitted immeasurably” from dropping the gold standard four decades ago because the dollar became the world’s reserve currency, allowing borrowing costs to fall, Societe Generale SA said.
Gold Market Is a ‘Bubble Poised to Burst,’ Wells Fargo Says (3)
Speculative demand from investors has pushed the gold market into a “bubble that is poised to burst” after prices surged to a record this year, Wells Fargo & Co. said.
AGRICULTURE:
Peppers Wilt as Barley Drowns for Farmers Who Can’t Tap Tax Aid
Sunburn is hard to avoid in the heat of a southeast Texas summer. Even the watermelons have it this year.
Wheat Rises for Third Day as Dryness May Reduce U.S. Seeding
Wheat rose for a third day in Chicago on speculation hot, dry weather in the U.S. Plains may curb seeding of winter varieties and on concern adverse weather in Russia and Ukraine might hurt crops.
Coffee Rises as Vietnam Harvest Nears Completion; Cocoa Drops
Coffee rose for a seventh session in London on concern about limited supplies from Vietnam as the harvest in the world’s largest producer of robusta beans neared completion. Cocoa fell.
Sugar Exports From India to Climb on Higher Output, Group Says
Sugar exports from India, the second-largest producer, may climb as much as 54 percent next year as output expands for a third year and a supply shortage from Brazil drives demand, according to a producers’ group.
Rubber Drops for Second Day as European Crisis May Hurt Demand
Rubber dropped for a second day on mounting concern that Europe’s debt crisis may worsen, hurting the global economy and demand for the commodity used in tires and gloves.
Japan Buys 14,750 Tons of Feed Wheat in Tender, Ministry Says
Japan bought 14,750 metric tons of feed wheat in a tender today, the Ministry of Agriculture, Forestry and Fisheries said.
Asia Inflation Risk to Rise on Thai Plan to Boost Rice Price (2)
Yingluck Shinawatra became Thailand’s first female prime minister by pledging to lift rural incomes through higher rice prices. The rest of Asia may now have to pay for her campaign promise.
Soybean Output in India May Climb as Monsoon Rains Spur Sowing
Soybean production in India, Asia’s biggest exporter of the oilseed meal, may climb as much as 10 percent next year as farmers increase area under the oilseed, a processors’ group said.
SHIPPING:
Maersk’s Tanker Subsidiary Extends Losses Into a Third Year
Maersk Tankers, a division of A.P. Moeller-Maersk A/S and operator of the world’s largest product tanker fleet, lost $19 million in the first half, extending losses into a third year.
Chemical, Oil Products Tanker Due at Libyan Rebel Port Today
The chemical or oil products tanker Breeze A is scheduled to arrive at the rebel-held port of Benghazi in Libya today, according to data from AISLive Ltd.
ECONOMIES:
Expanding Yuan Role Is Biggest Boost to Hong Kong Since 2003 (1)
Chinese Vice Premier Li Keqiang unveiled the biggest package of measures supporting Hong Kong’s economy since the 2003 SARS epidemic, allowing more two-way investment in shares and sparking a rally in brokerage stocks.
China Sells Dim Sum Bonds in Hong Kong at Record Low Yield (1)
China sold 15 billion yuan ($2.4 billion) of bonds to institutional investors in Hong Kong at the lowest yields since the Ministry of Finance began issuing debt in the city in 2009.
Franc Gains as Central Bank Refrains From Currency Target (3)
The franc strengthened after the Swiss central bank stopped short of announcing a target rate or temporary peg to the euro in its third attempt in as many weeks to drive down the currency.
Merkel, Sarkozy Shun Euro Bonds in Call for More Integration (1)
German Chancellor Angela Merkel and French President Nicolas Sarkozy rejected an expansion of the 440 billion-euro ($633 billion) rescue fund and rebuffed calls for joint euro borrowing to end the debt crisis, saying greater economic integration was needed first.
No Double-Dip Yet With U.S. Economy Punching Up Growth Figures
Some of the gloom that settled over the U.S. economic outlook as stocks and sentiment plunged in recent weeks may soon dissipate as households keep spending and factories keep producing.
BOE Unanimously Held Key Rate as Weale, Dale Switched Votes (2)
Bank of England policy makers Spencer Dale and Martin Weale ended their push for an interest- rate increase this month as the euro-area crisis and signs of a global economic cooling threatened to hurt growth in Britain.
OTHER MARKETS:
European Stocks Fall on Growth Concern as Franc, Oil Advance
European stocks fell for a second day as German and French leaders failed to convince investors they will revive growth. The Swiss franc strengthened, the dollar weakened and commodities rose.
U.S. Stock-Index Futures Gain; Staples Gains, Dell Declines
U.S. stock-index futures gained, indicating the Standard & Poor’s 500 Index will climb for the fourth time in five days.
Oil Climbs From Two-Day Low as U.S. Gasoline Inventories Decline
Oil advanced from a two-day low in New York as investors bet that shrinking fuel stockpiles in the U.S. indicate demand will increase in the world’s biggest crude- consuming nation.
SPORTS:
Arsenal’s Wenger May Face Further Sanctions From UEFA: Roundup
The following is a roundup of soccer stories from U.K. media, with clickable links to the Web.
English League Championship Soccer Table
The English Football League Championship soccer table through Aug. 16:
No Sex Urged for All Blacks Fans in Telecom World Cup Campaign
New Zealand rugby fans are being urged to abstain from sex to help the All Blacks national team break its 24-year World Cup drought on home soil.
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