BEIJING, Nov 16 (Reuters) - China will unveil food price controls and crack down on speculation in agricultural commodities to contain inflationary pressure that its central bank governor highlighted as a risk on Tuesday.
With consumer prices rising at their fastest pace in more than two years, the National Development and Reform Commission, the country's top planning agency, is preparing a "one-two punch" of actions to rein in food costs, official media reported.
Such direct intervention would mark an escalation of the government's efforts to tame inflation and underline its worries over the rapid run-up in food prices.
Thursday, November 18, 2010
Trader's Highlight
DJI-NEW YORK, Nov 17 (Reuters) - The S&P 500 and Nasdaq indexes were modestly higher on Wednesday, led by gains among retailers after a bullish outlook from Target, but Europe's debt crisis kept investors cautious.
Discount chain Target Corp jumped nearly 4 percent to $55.62 after it forecast its best same-store sales in three years during the upcoming holiday season. The outlook sparked a 1 percent rise in the S&P retail index <.RLX>.
The Dow Jones industrial average <.DJI> was down 0.03 points, or 0.00 percent, at 11,023.47. The Standard & Poor's 500 Index <.SPX> was up 2.48 points, or 0.21 percent, at 1,180.82. The Nasdaq Composite Index <.IXIC> was up 13.91 points, or 0.5percent, at 2,483.75.
NYMEX-NEW YORK, Nov 17 (Reuters) - U.S. crude oil futures settled
on Wednesday at their lowest in four weeks on persistent concerns that China will take steps to cool inflation, curbing demand from the world's biggest economic growth engine.
Crude prices fell for a fourth straight session as worries about euro zone debt and Europe's economy added to doubts about oil demand. Prices came under early pressure from a stronger dollar, but the U.S. currency later weakened.
On the New York Mercantile Exchange, December crude fell $1.90, or 2.31 percent, to settle at $80.44 a barrel, the lowest close since Oct. 19's $79.49.
CBOT-CHICAGO, Nov 17 (Reuters) - Chicago Board of Trade grain
and soy complex close on Wednesday.
CBOT-SOYBEANS - January down 14-3/4 cents per bushel at
$12.05. Long-liquidation weighed as did falling soyoil in step with
a drop in crude oil.
CBOT-SOYOIL - December down 1.03 cents per lb at 48.94. Pressure from lower crude oil.
FCPO-KUALA LUMPUR, Nov 16 (Reuters) - Palm oil and soyoil markets tumbled on Tuesday after China unveiled plans to impose food price controls and tame inflation that has accelerated in the world's No. 2 importer of vegetable oils.
Traders say China's plan to also crack down on speculation in agriculturalcommodities could be a precursor to an interest rate hike to cool food driven inflation in the Asia country. [ID:nTOE6AF03I]
Malaysian palm oil fell as much as 3.3 percent to more than one-week lows of 3,260 ringgit ($1,040) per tonne -- a level unseen since Nov. 4.
U.S. soyoil gave up 2.5 percent, while China's most active Sept 2011 contract on the Dalian Commodity Exchange closed 2 percent lower in volatile trade.
REGIONAL EQUITIES-COLOMBO, Nov 17 (Reuters) - Southeast Asian stock markets closed weaker on Wednesday, continuing a losing trend on foreign outflows, worries over euro zone debt, fears of a rise in Chinese interest rates and talk over capital controls.
Foreign selling hit Thailand and the Philippines as foreign institutions cashed in profits, although local retail investors were on the buying side.
Indonesia is trading at a 15.5 forward price-to-earnings ratio, below all-Asia's 13.3and richer than Thailand's 12.1. The Philippines is trading at 13.3, while Singapore and Malaysia are trading at 14.0 and 14.1 respectively, Thomson Reuters StarMine data showed.
Discount chain Target Corp
The Dow Jones industrial average <.DJI> was down 0.03 points, or 0.00 percent, at 11,023.47. The Standard & Poor's 500 Index <.SPX> was up 2.48 points, or 0.21 percent, at 1,180.82. The Nasdaq Composite Index <.IXIC> was up 13.91 points, or 0.5percent, at 2,483.75.
NYMEX-NEW YORK, Nov 17 (Reuters) - U.S. crude oil futures settled
on Wednesday at their lowest in four weeks on persistent concerns that China will take steps to cool inflation, curbing demand from the world's biggest economic growth engine.
Crude prices fell for a fourth straight session as worries about euro zone debt and Europe's economy added to doubts about oil demand. Prices came under early pressure from a stronger dollar, but the U.S. currency later weakened.
On the New York Mercantile Exchange, December crude
CBOT-CHICAGO, Nov 17 (Reuters) - Chicago Board of Trade grain
and soy complex close on Wednesday.
CBOT-SOYBEANS - January
$12.05. Long-liquidation weighed as did falling soyoil in step with
a drop in crude oil.
CBOT-SOYOIL - December
FCPO-KUALA LUMPUR, Nov 16 (Reuters) - Palm oil and soyoil markets tumbled on Tuesday after China unveiled plans to impose food price controls and tame inflation that has accelerated in the world's No. 2 importer of vegetable oils.
Traders say China's plan to also crack down on speculation in agriculturalcommodities could be a precursor to an interest rate hike to cool food driven inflation in the Asia country. [ID:nTOE6AF03I]
Malaysian palm oil fell
U.S. soyoil
REGIONAL EQUITIES-COLOMBO, Nov 17 (Reuters) - Southeast Asian stock markets closed weaker on Wednesday, continuing a losing trend on foreign outflows, worries over euro zone debt, fears of a rise in Chinese interest rates and talk over capital controls.
Foreign selling hit Thailand and the Philippines as foreign institutions cashed in profits, although local retail investors were on the buying side.
Indonesia is trading at a 15.5 forward price-to-earnings ratio, below all-Asia's 13.3and richer than Thailand's 12.1. The Philippines is trading at 13.3, while Singapore and Malaysia are trading at 14.0 and 14.1 respectively, Thomson Reuters StarMine data showed.
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