BEIJING, Aug 29 (Reuters) - Chinese state-owned enterprises (SOEs) may unilaterally terminate derivative contracts with six foreign banks that provide over-the-counter commodity hedging services, a leading financial magazine said.
China's SOE regulator, the State-owned Assets Supervision and Administration Commission (SASAC), has told the financial institutions that SOEs reserved the right to default on contracts, Caijing magazine quoted an unnamed industry source as saying.
It did not name the banks or the firms in question but cited a SASAC official as saying that almost every SOE involved in foreign exchange or trade had some exposure to derivatives such as crude oil, non-ferrous metals, agricultural commodities, iron ore and coal, although only 31 SOEs were licensed to do so.
Nobody at SASAC was immediately available to comment on Saturday.
Tuesday, September 1, 2009
Trader's Highlight
DJI-NEW YORK, Aug 31 (Reuters) - U.S. stocks fell on Monday as concerns about the global economy's health weighed on Wall Street following a sell-off in Chinese equities.
Energy shares led the decline after the sharp drop in China's main stock index, while oil slipped below $70 a barrel on increased worries about global energy demand.
The Shanghai Composite index <.SSEC> fell nearly 7 percent to a three-month low on fears that China's government is trying to moderate economic growth and choke off speculation in its stock market by tightening bank lending.
In Monday's session, the Dow Jones industrial average <.DJI> fell 47.92 points, or 0.50 percent, to end at 9,496.28. The Standard & Poor's 500 Index <.SPX> shed 8.31 points, or 0.81 percent, to 1,020.62. The Nasdaq Composite Index <.IXIC> declined 19.71 points, or 0.97 percent, to close at 2,009.06.
NYMEX-NEW YORK, Aug 31 (Reuters) - U.S. crude oil futures ended below $70 a barrel Monday afternoon as a sharp fall in Chinese equities spurred worries about demand and economic recovery in commodities and global stock markets.
On the New York Mercantile Exchange, October crude settled down $2.78, or 3.82 percent, at $69.96 a barrel, trading from $69.13 to $73.36.
CBOT-SOYBEANS - September down 35-3/4 cents at $11.00 a bushel; November down 31-1/2 at $9.79-1/2.
Fell 3 percent, taking a breather from last week's strong gains, spooked by prospects that Chinese state-owned companies may be allowed to terminate derivative contracts with some foreign banks that provide OTC commodity hedging services.
CBOT-SOYOIL - September down 1.08 cents at 34.99 cents.
Pressed by huge first-day September deliveries and ample cash supplies. Falling crude oil adds to bearish tone.
REGIONAL EQUITIES-BANGKOK, Aug 31 (Reuters) - Stock indexes in Singapore and
Indonesia fell to around a one-week low on Monday, weighed down by losses in big-caps and financials such as Oversea-Chinese Banking Corp (OCBC), Telkom Indonesia and Bank Rakyat.
Singapore's index <.FTSTI> dropped 1.4 percent, ending just above the lowest level since Aug. 25 hit during the day, with OCBC sliding 5.6 percent and Singapore Telecom off 3.1 percent.
Energy shares led the decline after the sharp drop in China's main stock index, while oil slipped below $70 a barrel on increased worries about global energy demand.
The Shanghai Composite index <.SSEC> fell nearly 7 percent to a three-month low on fears that China's government is trying to moderate economic growth and choke off speculation in its stock market by tightening bank lending.
In Monday's session, the Dow Jones industrial average <.DJI> fell 47.92 points, or 0.50 percent, to end at 9,496.28. The Standard & Poor's 500 Index <.SPX> shed 8.31 points, or 0.81 percent, to 1,020.62. The Nasdaq Composite Index <.IXIC> declined 19.71 points, or 0.97 percent, to close at 2,009.06.
NYMEX-NEW YORK, Aug 31 (Reuters) - U.S. crude oil futures ended below $70 a barrel Monday afternoon as a sharp fall in Chinese equities spurred worries about demand and economic recovery in commodities and global stock markets.
On the New York Mercantile Exchange, October crude
CBOT-SOYBEANS - September
Fell 3 percent, taking a breather from last week's strong gains, spooked by prospects that Chinese state-owned companies may be allowed to terminate derivative contracts with some foreign banks that provide OTC commodity hedging services.
CBOT-SOYOIL - September
Pressed by huge first-day September deliveries and ample cash supplies. Falling crude oil adds to bearish tone.
REGIONAL EQUITIES-BANGKOK, Aug 31 (Reuters) - Stock indexes in Singapore and
Indonesia fell to around a one-week low on Monday, weighed down by losses in big-caps and financials such as Oversea-Chinese Banking Corp (OCBC), Telkom Indonesia and Bank Rakyat.
Singapore's index <.FTSTI> dropped 1.4 percent, ending just above the lowest level since Aug. 25 hit during the day, with OCBC
FCPO Weekly: Directionless
Market continue to hold in sideways and directionless. Thus, we maintain the upside resistance at 2521. While, downside support remains pegged at 2230-2225.
NYMEX Crude Weekly: Heavy Top
Overhead resistance at USD75 was tough to break through. Bulls look may take a breathe and likely to enter into correction mode in near term. Upside resistance is maintain at USD75. While, downside support is pegged at USD67.12-65.23 followed by 62.70.
SSE Weekly: Looks Bearish
Weekly technical landscape looks bearish following market violated the immediate support at 2761. This has provided more room to bias downside potential. As for now, we are looking at the downside support at 2580-2530 followed by 2400-2370. To the upside, resistance is maintain at 3020-3039 (gap left over on since 23/8/2009).
FKLI Weekly: Consolidation is likely to continue
Market is holding its upward momentum without further improvement. Consolidation phase is likely to continue in near term. Currently, we maintain the upside resistance at 1189.5 followed by 1200. Downside support is pegged at 1149 followed by 1126.
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