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By Jonathan Morgan - Thu, 24 Apr 2014 11:02:24 GMT

April 24 (Bloomberg) -- U.S. stock-index futures advanced and technology shares rallied in pre-market trading as better- than-estimated earnings from Apple Inc. and Facebook Inc. boosted optimism e ..... Read More »

U.S. Stock-Index Futures Rally on Apple, Facebook Earnings Boost

By Jonathan Morgan - Thu, 24 Apr 2014 11:02:24 GMT

April 24 (Bloomberg) -- U.S. stock-index futures advanced and technology shares rallied in pre-market trading as better- than-estimated earnings from Apple Inc. and Facebook Inc. boosted optimism equity gains will continue.

Apple jumped 7.6 percent in early New York trading as the world’s most valuable company posted a 7 percent increase in its second-quarter profit and sold more iPhones than analysts had predicted. Facebook gained 5.2 percent after the owner of the largest social-networking website said first-quarter net income almost tripled because of a surge in mobile-advertising revenue. General Electric Co. rose as it was said to be in talks to buy Alstom SA, the French builder of trains and power plants.

Futures on the Nasdaq 100 Index expiring in June climbed 1.5 percent to 3,607.25 at 6:38 a.m. in New York. Standard & Poor’s 500 Index futures added 0.4 percent to 1,881.2. Dow Jones Industrial Average contracts increased 47 points, or 0.3 percent, to 16,507 today.

“Extremely strong updates from both Facebook and Apple are rippling through what is proving to be a generally pleasing quarterly reporting season,” Richard Hunter, head of equities at Hargreaves Lansdown Plc in London, wrote in an e-mail. “The majority of companies which have updated so far have beaten expectations. As sentiment improves, equities appear to remain the asset class of choice among investors for the time being.”

The S&P 500 fell 0.2 percent yesterday, snapping a six-day rally, as companies including Amgen Inc. reported worse-than- estimated results and sales of new houses unexpectedly dropped.


Earnings Scorecard


Of the 159 companies on the S&P 500 that have released earnings this season, 75 percent have exceeded analysts’ profit estimates, while 53 percent have beaten sales projections, according to data compiled by Bloomberg.

Analysts predict companies on the benchmark gauge will collectively report a 0.7 percent increase in first-quarter profit and a 2.6 percent increase in revenue.

A Commerce Department report at 8:30 a.m. in Washington will show U.S. durable-goods orders advanced 2 percent in March, according to the median forecast of economists in a Bloomberg survey. They increased 2.2 percent in February.

Apple gained 7.6 percent to $564.78. Net income grew 7.1 percent to $10.2 billion and sales rose 4.7 percent to $45.6 billion in the quarter through March 29. IPhone sales increased to 43.7 million, topping analysts’ estimates of 37.7 million. Apple announced an increase in its stock-repurchase authorization to $90 billion from $60 billion, a seven-for-one stock split and a higher dividend.


Facebook Profit


Facebook advanced 5.2 percent to $64.53. First-quarter revenue rose 72 percent to $2.5 billion, beating the average analyst estimate of $2.36 billion. Net income increased to $642 million, or 25 cents a share, from $219 million, or 9 cents, a year earlier. Profit excluding some items of 34 cents a share topped the average projection of 24 cents. Mobile phones accounted for 59 percent of advertising revenue, up from almost nothing in May 2012.

GE climbed 0.7 percent to 26.60. People with knowledge of the matter said the company is in talks to buy Alstom in what would be its biggest-ever acquisition. The U.S. maker of jet engines and locomotives may pay more than $13 billion for Alstom, one of the people said.

Qualcomm Inc. dropped 4.4 percent to $77.15. The largest mobile-chip maker forecast third-quarter profit and revenue that fell short of some analysts’ estimates, citing weaker phone sales in China as the rollout of a fast new data network takes longer than Qualcomm expected. The company also said it received a Wells notice from the U.S. Securities and Exchange Commission last month that the agency recommended enforcement action related to bribery allegations in China.



To contact the reporter on this story: Jonathan Morgan in Frankfurt at jmorgan157@bloomberg.net To contact the editors responsible for this story: Cecile Vannucci at cvannucci1@bloomberg.net Srinivasan Sivabalan, Will Hadfield

By Nick Gentle and Stephen Kirkland - Thu, 24 Apr 2014 10:34:41 GMT

April 24 (Bloomberg) -- European stocks rose with U.S. equity-index futures on results from Apple Inc. and Facebook Inc. that beat analysts’ estimates and speculation of more takeovers. Most commod ..... Read More »

European Stocks Rise With S&P 500 Futures on Apple; Copper Gains

By Nick Gentle and Stephen Kirkland - Thu, 24 Apr 2014 10:34:41 GMT

April 24 (Bloomberg) -- European stocks rose with U.S. equity-index futures on results from Apple Inc. and Facebook Inc. that beat analysts’ estimates and speculation of more takeovers. Most commodities rose, while Russian shares fell for a fourth day.

Standard & Poor’s 500 Index futures added 0.4 percent at 6:10 a.m. in New York, and Nasdaq 100 Index contracts jumped 1.4 percent. The Stoxx Europe 600 Index advanced 0.8 percent. Copper climbed 0.7 percent, oil rose 0.3 percent and U.S. natural gas advanced 0.7 percent. Spain’s borrowing costs declined to a record at an auction. Russia’s Micex Index slid 1.1 percent.

Apple reported iPhone sales that beat projections yesterday and Facebook said revenue jumped 72 percent. General Electric Co. is in talks to buy Alstom SA, people with knowledge of the matter said, boosting speculation of mergers and acquisitions. President Barack Obama said the U.S. and its allies have additional sanctions against Russia ready to go as Ukraine sent security forces against pro-Russian separatists.

“Markets are positive and they have good reasons to be so,” said Pierre Mouton, who helps oversee $6 billion at Notz, Stucki & Cie. in Geneva. “Earnings are pretty good and M&A activity seems to have picked up sharply. We’re seeing opportunistic deals, triggered by ultra-low interest rates, healthy balance sheets and the need to optimize a company’s product mix or geographic presence.”

General Motors Co., Caterpillar Inc. and Microsoft Corp. release results today. Durable-goods orders probably rose in March while jobless claims increased last week, economists said before reports today.


Boosting Buyback


Apple jumped 7.3 percent in early New York trading. The world’s biggest company by market value said it will increase its share repurchase authorization by $30 billion, boost its dividend and split its stock seven for one.

Facebook climbed 5 percent. The largest social-networking site reported net income almost tripled to $642 million in the first quarter.

Almost 75 percent of the companies in the S&P 500 that have posted profit results this earnings season have beaten analysts’ estimates, data compiled by Bloomberg show. More than 53 percent of them have topped sales projections.

A Commerce Department report at 8:30 a.m. in Washington will show U.S. durable-goods orders advanced 2 percent in March, according to the median forecast of economists in a Bloomberg survey. They increased 2.2 percent in February. Initial jobless claims probably increased, a Labor Department report may show.


Deal Speculation


Four shares rose for every one that declined in the Stoxx 600, with trading volumes 25 percent lower than the 30-day average, according to data compiled by Bloomberg.

Alstom jumped 14 percent. An agreement may be announced as early as next week, said the people, who asked not to be identified because the talks are private. Bouygues SA, the conglomerate that owns about 29 percent of the French train maker, advanced 5.1 percent.

Telekom Austria AG climbed 6.7 percent after America Movil SAB won an agreement to share control of the European company, triggering a bid of as much as 1.42 billion euros ($1.96 billion) for its outstanding shares.

Scania AB gained 9.9 percent. Volkswagen AG’s 6.7 billion- euro bid for the rest of the heavy-truck maker received a boost after the fourth-largest owner backed the deal.

Technip SA increased 6 percent after Europe’s largest oil- services provider reported profit that beat predictions.


Weaker Demand


Michelin & Cie. slid 3.6 percent after Europe’s largest tiremaker reported a decline in first-quarter revenue amid a strong euro and weaker demand in Eastern Europe because of tensions between Russia and Ukraine. Unilever fell 1.5 percent after the maker of Magnum ice cream and TRESemme shampoo said markets slowed in emerging nations, while stabilizing in Europe.

Russian stocks are headed for a third weekly decline. Ukraine’s benchmark equity gauge dropped 1.7 percent today.

Russia has yet to act in the spirit or the letter of an agreement reached in Geneva last week to defuse the confrontation, and if there’s no progress in the coming days, “we will follow through,” Obama said.

Ukraine bonds gained, with the yield on the April 2023 Eurobond falling 10 basis points to 9.92 percent, declining from a month high. International Monetary Fund staff endorsed a $17 billion emergency loan, government officials who have seen the recommendations said on condition of anonymity yesterday.


Forint Declines


Hungary’s forint depreciated 0.5 percent against the euro and the yield on three-year notes fell nine basis points to 4.42 percent, the lowest since Feb. 4.

The central bank said it will convert its two-week bill into a deposit facility, which foreign investors won’t be able to use. The change, which will take effect from Aug. 1, is aimed at encouraging purchases of government debt while cutting Hungary’s reliance on external funding, it said.

The S&P GSCI gauge of 24 commodities climbed 0.1 percent, the first increase this week. Copper rose as much as 0.9 percent to $6,730 a metric ton, the highest since April 2, and West Texas Intermediate oil advanced 0.2 percent to $101.68 a barrel. U.S. natural gas increased as much as 1.5 percent to the highest price since Feb. 26.

Spain sold 2.65 billion euros of 10-year bonds at an average yield of 3.059 percent, down from 3.291 percent at a previous sale on April 3. The nation also sold bonds due in 2017 and 2019.


Riksbank Rates


Sweden’s krona rose against all of its 16 major counterparts after minutes from the central bank’s April 9 meeting showed Riksbank Governor Stefan Ingves “saw no strong reasons for cutting the repo rate.” It added 0.2 percent to 9.0728 per euro and gained 0.3 percent to 6.5560 per dollar.

The euro rose 0.2 percent to $1.3838 and was little changed at 141.79 yen. Japan’s currency was at 102.45 per dollar.

Numericable Group SA’s new notes rose in their first day of trading after the Paris-based company’s record $23 billion high- yield bond and loan offering to fund the acquisition of Vivendi SA’s French phone unit. Its 1.25 billion euros of 5.625 percent senior secured notes maturing in 2024 rose 2.7 cents to 102.7 cents on the euro.




--With assistance from Candice Zachariahs and Adam Haigh in Sydney, Joseph Ciolli in New York, Emma O’Brien in Wellington, Cecile Vannucci, Claudia Carpenter, Paul Dobson and Namitha Jagadeesh in London and Jonathan Burgos in Singapore.


To contact the reporters on this story: Nick Gentle in Hong Kong at ngentle2@bloomberg.net; Stephen Kirkland in London at skirkland@bloomberg.net To contact the editors responsible for this story: Stuart Wallace at swallace6@bloomberg.net Stephen Kirkland, Claudia Carpenter

By Anthony DiPaola and Ben Sharples - Thu, 24 Apr 2014 10:28:06 GMT

(For Bloomberg fair value curves, see CFVL <GO>)


April 24 (Bloomberg) -- West Texas Intermediate traded near the lowest in more than two weeks a ..... Read More »

WTI Trades Near Two-Week Low as Stockpiles Climb; Brent Steady

By Anthony DiPaola and Ben Sharples - Thu, 24 Apr 2014 10:28:06 GMT

(For Bloomberg fair value curves, see CFVL <GO>)


April 24 (Bloomberg) -- West Texas Intermediate traded near the lowest in more than two weeks as crude inventories increased to the highest level in 83 years in the U.S., the world’s biggest oil consumer. Brent was steady in London.

Futures were little changed in New York after two days of losses. Crude stockpiles expanded by 3.52 million barrels to 397.7 million last week, the Energy Information Administration reported yesterday. Russian Foreign Minister Sergei Lavrov said his country would defend its citizens in Ukraine as a truce faltered, while the U.S. prepared to send hundreds of troops for military exercises in four nations bordering Russia.

“There’s not great appetite for selling right now, given what else is happening,” Ole Hansen, the head of commodity strategy at Saxo Bank A/S in Copenhagen, said by phone today. “There’s Ukraine on one side providing support to prices and high U.S. inventory on the other that’s capping the upside.”

WTI for June delivery was at $101.62 a barrel in electronic trading on the New York Mercantile Exchange, up 18 cents, at 9:58 a.m. London time. The contract fell 31 cents yesterday to $101.44, the lowest close since April 7. The volume of all futures traded was about 40 percent below the 100-day average. Prices have gained 3.2 percent this year.

Brent for June settlement was 9 cents higher at $109.20 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $7.66 to WTI. The spread widened for a third day yesterday to close at $7.67.


Cushing Supplies


U.S. crude inventories have risen to the most since May 1931, according to monthly government data going back to 1920. Reports before 1976 were based on Bureau of Mines figures, according to the EIA, the Energy Department’s statistical arm. Alaskan crude in transit was included from 1981.

Stockpiles at Cushing, Oklahoma, the delivery point for the WTI contract, dropped by 788,000 barrels to 26 million, the EIA said. That’s the lowest level since October 2009. Supplies at the storage hub, the largest in the U.S., have decreased since January when the southern leg of the Keystone XL pipeline began moving oil to the Gulf of Mexico.

Crude inventories along the Gulf of Mexico coast, known as PADD 3, climbed by 2.44 million barrels to 209.6 million, the highest in EIA data going back to 1990.

In Ukraine, the government resumed an offensive against separatists in eastern cities, prompting Russia to call the move a crime. Operations to clear militants from Kramatorsk, Slovyansk and other cities were under way yesterday, First Deputy Prime Minister Vitali Yarema said.

“Ukraine will continue to be a factor in market thinking on oil,” said Ric Spooner, a chief strategist at CMC Markets in Sydney, who predicts investors may buy West Texas contracts if prices decline to $100.80 a barrel.

Russia is the world’s biggest energy exporter. Escalating tension with Ukraine risks derailing an accord to disarm rebels signed last week in Geneva by both governments, the U.S. and the European Union.


--With assistance from Heesu Lee in Seoul.


To contact the reporters on this story: Anthony DiPaola in Dubai at adipaola@bloomberg.net; Ben Sharples in Melbourne at bsharples@bloomberg.net To contact the editors responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net Bruce Stanley, Sharon Lindores

By Adam Haigh - Thu, 24 Apr 2014 09:11:22 GMT

April 24 (Bloomberg) -- Chinese shares trading in Hong Kong rose for the first time in three days after dropping to a one- month low yesterday. Mobile carriers rose while Power Assets Holdings Ltd. ..... Read More »

Hong Kong H-Shares Advance First Time in Three Days on Telecoms

By Adam Haigh - Thu, 24 Apr 2014 09:11:22 GMT

April 24 (Bloomberg) -- Chinese shares trading in Hong Kong rose for the first time in three days after dropping to a one- month low yesterday. Mobile carriers rose while Power Assets Holdings Ltd. led declines.

China Telecom Corp. gained 4 percent, the most on the Hang Seng China Enterprises Index, amid speculation the company will release 4G handsets in May. Gome Electrical Appliances Holding Ltd. jumped to a two-year high after saying it expects quarterly profit to more than triple. Power Assets dropped 3.1 percent, with the utility posting the steepest decline on the benchmark Hang Seng Index.

The Hang Seng China Enterprises Index, also known as the H- share index, rose 0.4 percent to 9,940.63 at the close in Hong Kong after falling as much as 0.2 percent. The benchmark Hang Seng Index advanced 0.2 percent to 22,562.80, with trading volume on the gauge 28 percent below the 30-day average.

“The Chinese economy is going to see slower growth but not a hard landing,” said Raymond Chan, Hong Kong-based Asia- Pacific chief investment officer at Allianz Global Investors, which has $477 billion in assets under management. “The downside for the market should be quite limited. The market has already discounted quite a lot of bad news.”

Shares dropped yesterday after the preliminary reading for HSBC Holdings Plc and Markit Economics’ Purchasing Managers’ Index for April met analysts’ estimates with a reading of 48.3 from 48 in March, signaling a fourth month of contraction.


Economic Slowdown


The benchmark Hang Seng Index fell 3.2 percent this year while the H-share gauge lost 8.1 percent as mounting signs of a slowdown fueled speculation China won’t meet its official target for economic expansion. The Hang Seng Index traded at 10.4 times estimated earnings compared with 16 for the Standard & Poor’s 500 Index yesterday.

The National Bureau of Statistics and China Federation of Logistics & Purchasing will next week publish their survey of purchasing managers at about 3,000 manufacturing companies. The official gauge’s March reading was 50.3 after falling to an eight-month low of 50.2 in February.

The HSI Volatility Index, which measures the cost of options on the Hong Kong gauge, slid 5 percent to 14.14, its lowest level since Jan. 22.

China Telecom jumped 4 percent to HK$3.60. The carrier will release eight 4G smartphones on May 1, Marbridge Consulting said, without saying where it got the information. China Unicom (Hong Kong) Ltd., the nation’s No. 2 carrier, advanced 3.8 percent to HK$10.38.

Gome gained 4.9 percent to HK$1.50. The appliance maker said it expects first-quarter net income to surge more than 240 percent from a year earlier.


China Reforms


China will offer 80 projects in industries dominated by state-owned entities for private investment as the nation seeks to let markets play a bigger role in the economy, according to a statement posted on the central government’s website yesterday.

Futures on the S&P 500 gained 0.4 percent today. The U.S. equities benchmark yesterday halted its longest winning streak since September after disappointing earnings reports from AT&T Inc. and Amgen Inc. and an unexpected drop in home sales.

Power Assets slid 3.1 percent to HK$67.75. The electricity generator may see lower 2014 recurring earnings, Deutsche Bank AG said in a note.

China Mobile Ltd. fell an eighth day, its longest losing streak since June. Net income at the world’s largest phone company by users fell 9.4 percent to about 25.2 billion yuan ($4 billion) in the first quarter, according to earnings posted April 22. The results missed the 27 billion-yuan median estimate of five analysts compiled by Bloomberg News. The stock today lost 0.4 percent to HK$69.75.




--With assistance from Kana Nishizawa in Hong Kong.


To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.net To contact the editors responsible for this story: Tom Redmond at tredmond3@bloomberg.net Jim Powell

By Glenys Sim and Nicholas Larkin - Thu, 24 Apr 2014 11:00:09 GMT

April 24 (Bloomberg) -- Gold traded near a 10-week low in London as investors weighed tension over Ukraine and U.S. data that may give clues to the outlook for reduced stimulus.

..... Read More »

Gold Trades Near 10-Week Low as U.S. Data Weighed With Ukraine

By Glenys Sim and Nicholas Larkin - Thu, 24 Apr 2014 11:00:09 GMT

April 24 (Bloomberg) -- Gold traded near a 10-week low in London as investors weighed tension over Ukraine and U.S. data that may give clues to the outlook for reduced stimulus.

U.S. figures due today may show orders for durable goods grew at a slower pace in March after data showed yesterday new- home sales sank to an eight-month low. Gold slid 28 percent in 2013 on speculation the Federal Reserve would reduce stimulus as the world’s largest economy recovers.

The metal has risen 6.9 percent this year and reached a six-month high in March in part as unrest in Ukraine spurred demand for a haven. President Barack Obama said the U.S. and its allies have additional sanctions against Russia ready to go as the crisis in Ukraine escalated with Ukrainian security forces moving against pro-Russian separatists.

“Gold received some support from the escalation of the crisis in Ukraine, as well as U.S. home sales data,” said Lv Jie, a Hangzhou-based analyst at Cinda Futures Co., a unit of one of four funds in China created to buy bad debt from banks. “We still think the U.S. is on the road to economic recovery, which will pressure gold lower in the longer term.”

Bullion for immediate delivery was little changed at $1,283.32 an ounce by 9:29 a.m. in London, according to Bloomberg generic pricing. It reached $1,277.69 on April 22, the lowest since Feb. 11. Gold for June delivery fell 0.2 percent to $1,282.50 on the Comex in New York. Futures trading volume was 24 percent below the average for the past 100 days for this time of day, data compiled by Bloomberg showed.


Ukraine Tension


Russia has yet to act in the spirit or to the letter of an agreement reached in Geneva last week to defuse the confrontation, and if there’s no progress in the coming days, “we will follow through,” Obama said, referring to possible further sanctions. Russia issued a warning that it would protect its citizens in Ukrainian territory, raising the prospect of a military move by the government in Moscow.

Silver for immediate delivery fell 0.8 percent to $19.2996 an ounce in London. Platinum lost 0.5 percent to $1,398.62 an ounce. It fell to $1,394.88 two days ago, the lowest since March 27.

The world’s three largest platinum miners will meet with union officials today to discuss their latest offer aimed at ending a three-month strike that has crippled production in South Africa. Anglo Platinum and Impala last week offered to raise pay including bonuses and living allowances.

Palladium was little changed at $784.75 an ounce. It climbed to $816.25 on April 14, the highest since August 2011, on speculation supplies may be restricted from Russia, the biggest producer. Holdings in palladium-backed exchange-traded products rose 1.6 metric tons, the most in a week, to a record 78.7 tons yesterday, data compiled by Bloomberg show.

“Supply is limited due to the strike in South Africa, and could be further reduced if tougher sanctions were to be imposed on Russia,” Commerzbank AG wrote today in a report.


To contact the reporters on this story: Glenys Sim in Singapore at gsim4@bloomberg.net; Nicholas Larkin in London at nlarkin1@bloomberg.net To contact the editors responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net John Deane

By Alfred Cang, Chanyaporn Chanjaroen and Alex Davis - Thu, 24 Apr 2014 10:39:10 GMT

April 24 (Bloomberg) -- The London Metal Exchange will start accepting collateral denominated in Chinese yuan after setting up a clearing house in September as Asia increases its hold over the bour ..... Read More »

LME to Start Clearing Collateral in Yuan as Asia’s Power Rises

By Alfred Cang, Chanyaporn Chanjaroen and Alex Davis - Thu, 24 Apr 2014 10:39:10 GMT

April 24 (Bloomberg) -- The London Metal Exchange will start accepting collateral denominated in Chinese yuan after setting up a clearing house in September as Asia increases its hold over the bourse.

The clearing house will become the “heartbeat” of the LME, the world’s biggest market place for industrial metals, said Chief Executive Officer Garry Jones.

Asia’s share of electronic trading at the 137-year-old institution now accounts for 10 percent to 25 percent of the total on any given day, Jones said at the LME Week Asia conference in Hong Kong today. The region accounted for 18 percent of electronic trading in benchmark three-month futures at the end of 2013, according to exchange data.

The bourse, which was acquired by Hong Kong Exchanges & Clearing Ltd. less than two years ago, still has no plans to introduce contracts in yuan, Jones said. He and HKEx Chief Executive Officer Charles Li are seeking to tap rising demand from China, which uses at least 45 percent of the world’s copper and aluminum, Barclays Plc estimates.

China’s consumption of metals may increase by 7 percent to 9 percent this year if the government achieves its 7.5 percent target for economic growth, Jin Xiaoguang, vice president at China Minmetals Non-Ferrous Metals Holding Co., said at the conference. The median of economists’ forecasts compiled by Bloomberg is for gross domestic production to expand by 7.3 percent.

As many as 1,500 executives are expected to gather at the LME’s gala dinner in Hong Kong tonight.

That compares with 900 last year, when Li dressed as English footballer David Beckham to entertain a crowd that was marked by the absence of senior officials from the Shanghai Futures Exchange, China’s largest provider of metals derivatives contracts.


Mainland Guests


This year, Yang Maijun, the chairman of the SHFE, joins a panel discussion at the event along with Dalian Commodity Exchange’s Liu Xingqiang and senior executives from the Zhengzhou Commodity Exchange and China Futures Association.

Competition from longer trading hours from the SHFE is not a concern for the LME, said Jones.

“All pools of liquidity are good,” said the LME chief.

Commodities trading on the SHFE rose 35 percent to $9.7 trillion in 2013, exchange data show. The LME handled $14.6 trillion of trade, a gain of less than 1 percent from 2012, according to its website. Futures and options trading volume on the LME bourse rose 7.1 percent in 2013.

HKEx, which spent $2.2 billion buying the LME, said on April 22 it plans to introduce contracts for thermal coal and industrial metals this year for Asian users.

It will probably take less than five years for HKEx to provide “mutual access” between China and the rest of world in commodities, Li told journalists at the time.


To contact Bloomberg News staff for this story: Alfred Cang in Shanghai at acang@bloomberg.net; Chanyaporn Chanjaroen in Singapore at cchanjaroen@bloomberg.net; Alex Davis in Hong Kong at adavis150@bloomberg.net To contact the editors responsible for this story: Brett Miller at bmiller30@bloomberg.net Jarrett Banks

By Bloomberg News - Thu, 24 Apr 2014 09:04:06 GMT

April 24 (Bloomberg) -- Shanghai will allow exchanges for iron ore, metals and energy in its free-trade zone as China pushes for more influence in raw-material pricing and developing the yuan as an ..... Read More »

Shanghai to Allow Raw Material Exchanges in Free Trade Zone

By Bloomberg News - Thu, 24 Apr 2014 09:04:06 GMT

April 24 (Bloomberg) -- Shanghai will allow exchanges for iron ore, metals and energy in its free-trade zone as China pushes for more influence in raw-material pricing and developing the yuan as an international currency.

Baosteel Group Corp. and Shanghai Ganglian E-Commerce Holdings Co., owner of China’s largest steel researcher Mysteel.com, are among eight companies with approval to set up exchanges in the zone, Shanghai Ganglian board secretary Hu Xiaochun said in a phone interview. Baosteel is working with the Shanghai government and its partners to set up an iron ore exchange in the zone, spokesman Alex He said.

Policy makers in Asia’s biggest economy are trying to promote Shanghai as a financial hub, drawing more foreign investment. The 29 square-kilometer FTZ opened in September as a testing ground for reducing government controls over interest rates, yuan convertibility and other market instruments.

“China naturally wants to shape the commodities markets and to attract more trading to its doorstep,” said Fu Peng, strategist at Galaxy Futures Co. in Beijing. “FTZ also fits with Beijing’s push for internationalizing the yuan for trade settlement and investment.”

Zhou Jinxiang, spokesman for the free-trade zone, said he has no comment on individual companies’ activity when contacted by Bloomberg News today. Shanghai is already home to China’s largest metal futures bourse and the only official spot market for gold.


Warehouse Warrants


Shanghai Ganglian aims to allow easier exchange of warehouse warrants, reducing transaction costs, Hu said. The exchange will focus on steel, iron ore and other metals at first, and may expand to energy products in future, she said, without giving a timetable.

“The market is big enough to accommodate various trading platforms,” said Hu. “Shanghai prices will be weather vanes for global commodity investors if the market draws huge trading volumes.”

Shanghai Ganglian and Baosteel are awaiting detailed trading guidelines from the government, the officials said. The government will supervise trading settlements, Hu said.

Shanghai’s plan will compete with China Beijing International Mining Exchange, which operates a spot bourse in the world’s biggest buyer of the steelmaking raw material. Dalian Commodity Exchange has iron ore futures, while Shanghai Clearing House said this month it may introduce yuan-denominated iron ore swaps as early as next month.


To contact Bloomberg News staff for this story: Helen Yuan in Shanghai at hyuan@bloomberg.net; Feiwen Rong in Beijing at frong2@bloomberg.net To contact the editors responsible for this story: Jason Rogers at jrogers73@bloomberg.net; Brett Miller at bmiller30@bloomberg.net Peter Langan, Rebecca Keenan

By Bloomberg News - Thu, 24 Apr 2014 08:42:05 GMT

April 24 (Bloomberg) -- The following is a selection of the most important news affecting the oil market.


WTI Trades Near Two-Week Low as Stockpiles Climb; Brent Ste ..... Read More »

TOP Oil Market News: WTI Near 2-Week Low as Stockpiles Climb

By Bloomberg News - Thu, 24 Apr 2014 08:42:05 GMT

April 24 (Bloomberg) -- The following is a selection of the most important news affecting the oil market.


WTI Trades Near Two-Week Low as Stockpiles Climb; Brent Steady

West Texas Intermediate traded near a two-week low as crude inventories increased to the highest level in 83 years in the U.S., the world’s biggest oil consumer. Brent was steady in London.


TOP OIL MARKET STORIES


Commodity Backwardation to Help Offset Price Drop: Goldman Sachs

Hedging by commodity producers to manage risk will probably create backwardated forward curves, bank says in e-mailed report today.


Japan’s Oil Demand May Fall 2.1% a Year Until 2017: Goldman

Japan’s petroleum demand will fall 2.1%/yr until 2017, Goldman Sachs says in a report dated yesterday.


Goldman Backs Case for Holding Commodities as Rivals Exit (1)

Goldman Sachs Group Inc. said that the case for holding commodities in a portfolio remains strong, bolstering the rationale for investments in oil and metals even as other banks scale back their presence.


Obama Says U.S. Ready to Move on Additional Russia Sanctions (1)

President Barack Obama said the U.S. and its allies have additional sanctions against Russia ready to go as the crisis in Ukraine escalated with Ukrainian security forces moving against pro-Russian separatists.


S-Oil 1Q Net Income 25.6b Won; Analyst Est. 95.1b Won

Net income excluding minority interest compares with 147.5b won, according to regulatory filing.


Sinopec Bullish Bets at Three-Year High on Stake Sale: Options

Traders in China Petroleum & Chemical Corp. options are betting reforms to loosen restrictions on private investment in state enterprises will prove a boon for the shares of Asia’s largest refiner.


Banks Cutting Commodity Trading Seen Ending Link to Equities (1)

Banks’ pullback from commodities trading is weakening the link between raw materials and equities and helping to re- establish supply and demand as the main factor in setting prices, United Nations researchers say.


Corn Rises for Second Day as Wet Weather May Delay U.S. Sowing

Corn futures rose for a second straight day on speculation that cold, wet weather will further delay planting in the U.S., the world’s largest grower. Wheat advanced, and soybeans fell.


Corn Rises for Second Day as Wet Weather May Delay U.S. Sowing

Corn futures rose for a second straight day on speculation that cold, wet weather will further delay planting in the U.S., the world’s largest grower. Wheat advanced, and soybeans fell.


U.S. DOE Weekly Petroleum Status Report for April 18 (Text)

Following is the text of the weekly Petroleum Status Report from the U.S. Department of Energy:


WTI Crude Trades Above $102 on Ukraine Tension; Brent Tops $109

West Texas Intermediate crude traded above $102 on concern the clash over Ukraine between the West and Russia may intensify. Brent neared $109.


REFINERIES Map global refinery outages


RUSSIA DAYBOOK: Putin, Yandex, Polyus, Mail.ru, TMK, RusHydro

President Vladimir Putin attends media forum in St. Petersburg. Yandex, Mail.ru, Polyus Gold, TMK, RusHydro, Russian Grids, Rosinter reporting earnings or sales.


California-Blend Gasoline Supplies Rose 3.2% Last Week: State

Carbob stockpiles rose for first time in 5 wks, increasing to 5.49m bbl, up from 5.32m wk earlier, state Energy Commission says on website.


Marathon Garyville Refinery Diesel Project Seen Finished in 2018

MPC filing permit applications for residual-oil refining expansion at Garyville plant in La. at end of mo, e-mailed statement issued by co. and state Governor Bobby Jindal shows.


Phillips 66 Borger Refinery Work Said to Be Extended by a Week

Refinery in Texas performing additional work that will take ~1 wk to complete, according to person familiar with the maintenance.


Shell Puget Sound Refinery Returns to Normal Operations

Refinery in Wash. finished maintenance turnaround, Destin Singleton, co. spokeswoman, says by e-mail.


Montebourg Asks Lyondell to Resume Talks on Refinery: Le Figaro

Montebourg in letter to LyondellBasell management proposes mediation effort to reach solution with potential buyer Sotragem, Figaro reports, citing CGT union.


Hellenic Petroleum Elefsina Refinery Operating After Maintenance

Oil refinery in Greece running now, according to co. official, who declines to say when facility restarted.


Pasadena Refinery Operating Normally After Unit Restart

Texas refinery brought fluid catalytic cracker back into operation after an anomaly on the compressor’s control system stopped the unit, according to an e- mailed statement from co.


Delta Says Trainer Output to Be 50% Distillate in 2014

Modifications to crude unit at Pennsylvania, refinery will allow the plant to increase production of distillates such as jet and diesel this year, Chief Financial Officer Paul Jacobson says during first quarter earnings conference call.


Phillips 66 Said to Operate Alliance at Normal Rates by May 2

Refinery in southeast La. will begin testing and restart of units today, said two people familiar with operations.


OTHER OIL MARKET NEWS


Oil Product Shipping Costs to Japan Are Unchanged

The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan was unchanged at 7.29 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.


Saudi Arabia to Japan Tanker Rates 39.97 Points

The cost of delivering Middle East crude to Asia, the world’s busiest route for supertankers, declined 1.5 percent to 39.97 Worldscale points, according to the Baltic Exchange in London.


TOP ENERGY STORIES


Russia Renews Threat to Respond in Ukraine as Truce Falters (3)

Russia vowed to defend its citizens in neighboring Ukraine after the government in Kiev said it’s resuming operations to oust militants from eastern cities.


U.S. Stocks Drop While Treasuries Climb; Apple Jumps on Profit

U.S. stocks fell, ending a six-day advance in the Standard & Poor’s 500 Index, and Treasuries rose as reports showed weakness in home sales and global manufacturing. Gold climbed from a 10-week low, while Apple Inc. surged in extended trading on better-than-estimated earnings.


Goldman Sachs Unbowed as Barclays Joins Commodities Exodus (1)

Goldman Sachs Group Inc., whose three top executives began their careers at the firm in the commodity-trading unit, is poised to gain market share as pressure from regulators drives competitors to scale back.


GE Said in Talks to Buy France’s Alstom for About $13 Billion

General Electric Co. is in talks to buy Alstom SA, the French builder of trains and power plants, people with knowledge of the matter said, in what would be GE’s biggest acquisition ever.


China Manufacturing Gauge Signals Economic Weakness Persists (3)

China’s economy has yet to respond to policy makers’ stimulus efforts, an April manufacturing gauge indicated today, helping send the yuan to a 16-month low.


Poland Pushes Coal on Europe as Putin Wields Gas Weapon: Energy

Polish Prime Minister Donald Tusk says the country’s giant coal fields should become a cornerstone in Europe’s defense against a newly aggressive Russia.


German Power Premium Shrinking on Solar Surge: Chart of the Day

The price premium for electricity during office hours in Germany slumped to the lowest in four years and is poised to narrow further as cheap solar output takes a bigger share of the daytime market.


El Nino Risk Increases as Pacific Gets Warmer: Carbon & Climate

The odds are increasing that an El Nino weather system will form this year, portending drought for Australia and Asia and a warmer winter in the U.S. Northeast.


Williams Opal Gas Explosion Cuts Pipe Flows as Town Evacuated

Williams Cos. halted natural gas supplies to interstate pipelines from its Opal plant in Wyoming, a major processing point and pricing hub for the fuel in the western U.S., after an explosion that triggered a town-wide evacuation. Prices rose in New York.


Korea East-West Power Buys Indonesian Coal at About $70.50/Mt

South Korean utility buys 700k mt of steaming coal for delivery to Dangjin during July-Sept., says co. official, who asked not to be identified because of internal policy.


OTHER MARKETS


Nasdaq Futures Rise on Apple as Asia Slides; Kiwi, Nickel Climb

U.S. stock-index futures climbed while a gauge of Asian shares slid as investors assessed the outlook for corporate earnings after profit at Apple Inc. and Facebook Inc. beat estimates. New Zealand’s dollar gained after the nation’s central bank raised rates and nickel advanced.


Yen Gains Before Tokyo CPI Tomorrow; Kiwi Dollar Climbs on RBNZ

The yen strengthened versus the dollar on speculation data tomorrow will show Tokyo inflation quickened the most in more than two decades, dimming prospects the Bank of Japan will expand stimulus.


Yen Falling to ’08 Lows in Sight on Bond Correlation: Currencies

The yen is tracking the gap between U.S. and Japanese bond yields more closely than at any time in the past three years, providing fresh impetus for a decline in the currency as the Federal Reserve pares its stimulus measures.


Asian Stocks Drop as U.S Home Sales Unexpectedly Plunge in March

Asian stocks fell after an unexpected drop in U.S. home sales signaled a housing recover in the world’s largest economy is running out of steam, while investors weighed better-than- estimated earnings from Apple Inc. and Facebook Inc.


‘Flash Boys’ Resonates as Survey Finds High-Frequency Concerns

Call it the “Flash Boys” effect.


Coffee’s Prayers for Rain Met With Threat of Deluge: Commodities

Brazil’s drought made arabica coffee this year’s best- performing commodity. Now, farmers are facing a downpour that is once more threatening crops.


South Asian Monsoon Seen Below Normal as El Nino Approaches (1)

South Asia, home to a quarter of the world’s population, will probably get less monsoon rainfall than normal this year as odds increase for the emergence of the El Nino weather phenomenon that has previously caused droughts.


Obama Visit to Japan to Set Tone for Four-Nation Asia Tour (1)

President Barack Obama arrived in Japan to start a four- country tour of Asia aimed at advancing a Pacific-nations trade pact and reassuring allies the U.S. will back their security interests, including in territorial disputes with China.


China Army Targets Students for Officers to Match Modern Weapons

China’s military has used annual budget increases in excess of 10 percent to buy precision-guided weapons, fighter jets and an aircraft carrier. Now it’s seeking to upgrade its recruits to operate them.


SPORTS


Fired Moyes Says He Shares Manchester Utd. Fans’ Frustration

Former Manchester United coach David Moyes said he understands why he was replaced at the English Premier League soccer club and shares the fans’ frustration at the team’s poor performances.


Barcelona Can Sign Players as FIFA Lifts Ban Until Panel Rules

FIFA suspended its ban on FC Barcelona signing new players in the forthcoming offseason as soccer’s ruling body considers an appeal by the Spanish champion.


Manchester United Loses Only on Field as Sponsors Seen Staying

Manchester United’s worst season since at least 1992 was underscored yesterday by the departure of coach David Moyes. As a business, the club still has few peers in soccer.


ENERGY PRICES


*T

Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 101.65 +0.21 +0.2 Nymex June Brent Crude ($/Bbl) 109.30 +0.19 +0.2 Ice June Gasoil ($/Ton) 917.00 +1.00 +0.1 Ice June Gasoline (c/Gal) 309.94 +0.59 +0.2 Nymex May Natural gas ($/MMBtu) 4.79 +0.06 +1.3 Nymex May Dated Brent ($/Bbl) 109.09 +0.07 +0.1 OTC 21 Days Heating Oil 298.57 +0.48 +0.2 Nymex May


Other markets:

Last %Chg

----- ----- Dollar Index 79.82 -- Gold ($/Oz) 1,284.60 +0.3 MSCI World Index 1,678.29 -0.1


Prices as of 6 a.m. GMT *T


To contact Bloomberg News staff for this story: Pratish Narayanan in Singapore at pnarayanan9@bloomberg.net To contact the editors responsible for this story: Pratish Narayanan at pnarayanan9@bloomberg.net

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