OTHER MARKETS:
Last % Chg % YTD
U.S. Dollar Index 78.345 -0.2 +3.6
Crude Oil $82.43 +0.5 +7.4
Gold $1,356.6 +0.3 +18
MSCI World Index 1,237.34 +0.2 +8.0
TOP STORY:
Soros Gold Bubble Expanding as ETP Holdings Increase (Update1)
Gold’s 24 percent surge this year to a record is proving no deterrent to George Soros, John Paulson and Paul Touradji, whose investments signal more gains for the longest winning streak in at least nine decades.
COMMODITY EXCLUSIVES:
Dollar Bears Pare Bets as QE2 Attacks Prove Unfounded (Update2)
At a time when foreign officials and U.S. lawmakers are criticizing the Federal Reserve’s plan to buy Treasury bonds, the currency market is voting in favor of Ben S. Bernanke’s quantitative easing.
Climate Talks Echo 50-Year Bretton Woods Process (Update1)
It took decades for negotiators to write treaties that curb nuclear warheads and settle trade disputes between nations, and by that measure, efforts to limit global warming may just be getting started.
Banks ‘Back in Bed’ With Companies Lend $10 Billion in Europe
Wind Telecomunicazioni SpA, Deutsche Post AG and Premier Oil Plc marketed $10 billion of loans to secure low borrowing costs as bond markets were gripped by concerns over Europe’s fiscal crisis.
U.S. Hikers in Iran Seek Move to Embassy, Lawyer Says (Update1)
The lawyer representing two U.S. Americans detained in Iran for more than a year on espionage charges said he’ll request that they be allowed to move to the Swiss embassy in Tehran while awaiting trial.
Hedge Funds Cut Oil Bets Most in Three Months: Energy Markets
Hedge funds cut bullish bets on oil by the most in almost three months amid speculation fallout from the Irish debt crisis and China’s efforts to curb inflation will slow economic growth, sapping demand for fuel.
Energy Mergers Spur Oil India, GAIL Debut Bonds: India Credit
India’s biggest energy companies are lining up their first overseas bond sales, seeking cheaper funding to compete with Chinese rivals for resources from Australia to Brazil and Canada.
INDUSTRIAL METALS:
Copper Fluctuates as Euro Gains, Metal Imports Into China Slump
Copper fluctuated in London and New York as the euro gained after Ireland sought international aid and imports of the metal into China, the world’s largest consumer, fell to a one-year low.
Gold, Silver to Beat Farm Commodities, SocGen Says (Update2)
Palladium, gold and silver will extend their rallies next year and investors should remain overweight in precious metals, which will outperform farm products including sugar, according to Societe Generale SA.
China October Copper Imports Decline to One-Year Low (Update1)
Refined copper imports by China, the world’s largest consumer, tumbled to the lowest level in a year, as high international prices and ample domestic supplies cut the demand for overseas shipments.
China Food Inflation May Be ‘Worst Enemy’ of Metals, Citi Says
Accelerating food inflation in China may be the “worst enemy” of metal prices because it will encourage the government to increase interest rates, slowing industrial production growth, Citigroup Inc. said in a report.
MINING:
Titanium Maker VSMPO Sees Order Book Rising Up to 25% Next Year
OAO VSMPO-Avisma, the world’s largest producer of titanium, said its order book may climb between 20 percent and 25 percent next year on orders from Siemens AG and U.S. specialty-metals producer Allegheny Technologies Inc.
N.Z. Mine Rescuers Prepare for ‘Loss of Life’ as Air Tested
Rescuers at a coal mine on New Zealand’s West Coast where 29 men are missing after an explosion last week are preparing for possible loss of life as they drill into the shaft to test for toxic gases.
Anglo American to Sell Its Queensland Steam Coal Mine (Update1)
Anglo American Plc., the third- largest producer of steelmaking coal, plans to dispose of its Callide thermal coal mine in central Queensland, Australia, adding to at least six other coal assets it’s selling.
Beowulf Mining Says Kallak Results Show ‘Large Iron Ore Tonnage’
Beowulf Mining Plc said the assay results of the Kallak iron ore deposit indicated a “large iron ore tonnage.”
China Rescues 29 Workers From Coal Mine After Daylong Search
All 29 workers trapped in a flooded coal mine in China’s southwestern province of Sichuan have been taken to safety, ending a daylong rescue mission, China Central Television reported.
Norilsk to Pay 11% of 2011 Ebitda on Export Duties, Troika Says
OAO Norilsk Nickel will pay about $713 million in copper and nickel taxes next year after Russian Prime Minister Vladimir Putin introduced a 10 percent export duty on both metals from mid-December, Troika Dialog said.
PRECIOUS METALS:
Gold Climbs in London as Weaker Dollar Boosts Investment Demand
Gold climbed in London as the dollar weakened against the euro on optimism a deal to rescue Ireland’s banks may curb a spread of the debt crisis.
Silver Sales to Jump as Demand Gains, Perth Mint Says (Update1)
Silver-coin sales will climb as investors seek to protect their wealth from weakening currencies, according to the Perth Mint, producer of about 6 percent of the world’s gold bullion.
Investors Should Stay Overweight in Gold, Silver, SocGen Says
Investors should stay overweight in silver, palladium and gold over a period of one year, said Societe Generale.
AGRICULTURE:
White Sugar Advances Following India Crop Estimate; Cocoa Gains
Sugar rose in London after production in Maharashtra, India’s biggest producing state, fell 29 percent as heavy rainfall in the main growing areas slowed harvests.
China Sells All Sugar on Offer in State Auction, Website Says
China sold all of the 200,000 metric tons of white sugar it offered in nationwide auctions today, the Guangxi Sugar Market Net said on its website.
Palm Oil Drops as China Takes Steps to Curb Price, Exports Slow
Palm oil declined on concern that China’s plans to cool domestic prices by selling cooking-oil stockpiles will reduce demand from the world’s biggest user of the commodity.
Rice Exports From Vietnam Climb to Record, Group Says (Update1)
Vietnam, the world’s second-largest rice exporter, shipped a record 6.11 million metric tons from Jan. 1 to Nov. 19, the Vietnam Food Association said.
Rubber Gains for Third Day on Ireland Bailout, Tight Supplies
Rubber advanced for a third day as the yen weakened against the euro amid optimism that an agreement to rescue Ireland’s banks will prevent contagion across European debt markets, while supply remained tight. The cash price in Thailand climbed to a record.
Cotton Slumps to Four-Week Low on China Growth, Indian Planting
Cotton declined to a four-week low in New York and futures in Zhengzhou fell on speculation that global demand will decline as China, the biggest importer, takes steps to slow growth and as planting expands in India.
SHIPPING:
Greek Owners Boost Spending on Second-Hand Vessels, Broker Says
Greek shipowners, with the world’s second-biggest merchant fleet after China, increased spending on second-hand ships in October, accounting for almost one third of used vessels sold worldwide, shipbroker Golden Destiny said.
Supertanker Rates Are ‘Stabilizing,’ According to SSY Futures
SSY Futures Ltd., a unit of the world’s second-largest shipbroker, comments in an e-mailed report today on supply and demand for supertankers to load 2 million-barrel cargoes of Middle East crude oil.
Somalis Face First German Piracy Trial in 4 Centuries (Update1)
Ten Somalis were accused by prosecutors of attacking the ship Taipan on the Indian Ocean in Germany’s first piracy trial in four centuries.
Grain Ship Leaves U.K. Terminal With 17,000 Tons for Mauritania
A ship carrying 17,000 metric tons of feed wheat left a terminal at Great Yarmouth, U.K., for Mauritania, trader Gleadell Agriculture Ltd. said in a report on its website.
ECONOMIES:
China to Sell 8 Billion Yuan of Bonds in Hong Kong (Update2)
China’s government will sell 8 billion yuan ($1.2 billion) of bonds in its second such sale in Hong Kong, boosting the availability of offshore investment products as appreciation prospects spur demand for the currency.
China’s Luxury Home Prices to Pass Hong Kong, UBS’s Zhang Says
Shanghai and Beijing’s luxury home prices may increase 15 percent each year to overtake Hong Kong in the next five to 10 years, said Joe Zhang, deputy head of China investment banking at UBS AG.
China Stocks, Bonds Fall as China in ‘Fighting Mode’ on Reserves
China’s stocks and bonds fell after the world’s fastest- growing major economy increased the amount of money that banks must set aside to fight inflation.
Yuan Loses to Taiwan Dollar as GDP Rates Converge: China Credit
The Taiwan dollar climbed twice as fast as the Chinese yuan in the past three months, reaping the benefits of strengthening trade and investment ties with the world’s fastest-growing major economy.
Ireland Becomes Second Euro Nation to Seek Aid (Update1)
Ireland became the second euro country to seek a rescue as the cost of saving its banks threatened a rerun of the Greek debt crisis that destabilized the currency. The euro rose and European bond risk fell.
Hong Kong Property Sales Slide as Tax Deters Buyers (Update1)
William Yue was ready last week to pay about HK$11 million ($1.4 million) for an apartment in Hong Kong’s Kowloon Tong district. Now, he’s reconsidering.
Riskiest Bonds Are Haven as Fed Seeks Inflation: Credit Markets
The riskiest junk bonds are providing a refuge for investors concerned that inflation will accelerate as the Federal Reserve attempts to bolster the economy.
N.Z. Credit Rating Outlook Lowered to Negative by S&P (Update2)
New Zealand’s credit-rating outlook was lowered to negative by Standard & Poor’s, spurring traders to buy protection on the nation’s debt and snapping a three-day rally in its currency.
Record U.S. Exports Reflect Midwest Boom With 3.7% Unemployment
The unemployment rate in North Dakota is 3.7 percent, and “if it wasn’t for cable news, we probably wouldn’t have any idea that the rest of the country was any different,” said Doug Johnson, co-owner of crop insurer TCI Insurance in West Fargo, who added six new employees this year.
OTHER MARKETS:
Euro Strengthens as Irish Rescue Spurs Bond Gains; Oil Rises
The euro and U.S. index futures gained after Ireland accepted an international bailout. Irish 10-year bond yields fell to the lowest level in almost two weeks and the cost of insuring the government’s debt declined.
N.Z.’s Dollar Slides as S&P Lowers Outlook; Australia’s Gains
The New Zealand dollar fell, reversing earlier gains, after Standard & Poor’s revised its outlook on the nation’s foreign- currency sovereign credit rating to negative from stable.
European Stocks Pare Gains; Stoxx 600 Index Is Little Changed
European stocks pared gains as banks reversed an earlier advance and equities in the region’s weakest economies declined. U.S. futures and Asia shares rose.
QR National Climbs in Sydney After A$4.05 Billion IPO (Update2)
QR National Ltd., Australia’s biggest rail-freight company, gained on its Sydney trading debut after raising A$4.05 billion ($4 billion) in the nation’s largest initial public offering in 13 years.
Oil Climbs After Ireland Agrees With EU on Bank Rescue Package
Oil rose, rebounding from its biggest weekly loss in three months, on optimism an agreement to rescue Ireland’s banks will prevent Europe’s debt woes from sapping economic growth and demand for fuels.
SPORTS:
Tottenham Eyes Real Madrid’s Benzema, Daily Mail Says: Roundup
The following is a roundup of soccer stories from U.K. newspapers, with clickable links to the Web.
Australia Calls Up Khawaja to Ashes Squad as Cover for Clarke
Australia added rookie batsman Usman Khawaja to its squad for this week’s series-opening Ashes cricket Test against England as backup for Michael Clarke, who is recovering from a back injury.
Mancini Says Manchester City Must Keep Working After Goal Glut
Manchester City’s Roberto Mancini told his players to keep working after a 4-1 win at Fulham that halved the gap to Premier League leader Chelsea to three points.
To contact the editor responsible for this story: Stuart Wallace in London at swallace6@bloomberg.net
