Mar 3, 2014

Asian Markets at Close Report March 3, 2014: Asia shares fall on Ukraine jitters; China bucks trend - CNBC.

Published: Monday, 3 Mar 2014
Asian stock markets put on a dismal performance Monday, as brewing instability over Ukraine and weak official purchasing managers' index (PMI) figures from China sparked risk aversion among investors. Chinese shares, however, were the sole exception, trading in positive territory.
Ukraine mobilized for war on Sunday, calling up its reserves after Russian President Vladimir Putin threatened to invade in the biggest confrontation between Moscow and the West since the Cold War, Reuters reported on Sunday.
However, analysts see Ukraine's dampening impact on financial markets as short-lived. Jonathan Cavenagh, Senior FX Strategist at Westpac, told CNBC's Cash Flow, "I don't think the markets are going to take risk sentiment too far, at least until we have greater clarity in in Eastern Europe."
"Clearly, we've seen a risk-off tone in markets earlier on today but I think the market has seen enough reaction for now and the bigger issue for markets will be how the U.S. data unfolds, particularly the ISM survey tonight and payrolls report later this week. Those are bigger market movement events," he said.
Traders also digested China's latest PMI data. The official PMI, released Saturday, showed activity in the factory sector slowed to an 8-month low in February, reinforcing signs of a modest slowdown in the economy as demand weakens. The official PMI edged down to 50.2 in February from January's 50.5, just ahead of market expectations of 50.1.
NamePriceChange%Change
NIKKEINikkei 225 Index14652.23
-188.84-1.27%
HSIHang Seng Index22500.67
-336.29-1.47%
ASX 200S&P/ASX 2005384.33
-20.49-0.38%
SHANGHAIShanghai Composite Index2075.24
18.930.92%
KOSPIKOSPI Index1964.69
-15.30-0.77%
CNBC 100CNBC 100 ASIA IDX7022.25
-70.63-1.00%
The final reading from HSBC released on Monday showed China's factory activity fell to a seven-month low of 48.5 in February from 49.5 in January, marking the third straight monthly decline. However, the reading was above the flash reading for February of 48.3.
U.S. stocks were mixed on Friday. The Dow Jones Industrial Average and S&P 500 index rose 0.3 percent each, with the latter managing a record close. TheNasdaq shed 0.3 percent, after rising to a 14-year high of 4,342 intraday, on rumors about possible Russian action in the Ukraine.
Shanghai gains 1%
Mainland shares rose for a fourth consecutive session, outshining regional bourses despite successive weak factory data and ahead of the government's annual meeting due to start on Wednesday.
An easing of cash rates and a stabilization of the yuan ahead of the National People's Congress may have soothed investors' concerns and propelled gains. The deputy governor of China's central bank said investors should not read too much into the yuan's recent volatility.
Defense stocks led the rally, after a knife attack at a railway station in Southwestern China left 33 dead on Saturday. Beijing Aerospace Changfengsurged 8 percent while Hafei Aviation climbed nearly 4 percent.
Will property be China's next bout of anxiety?
Tim Condon, Head of Research, Asia at ING Financial Markets, explains why he thinks China's property sector may be the next source of anxiety for investors.
Japan Aviation Electronics led losses with a slump of 5 percent. E-commerce firm Rakuten and index heavyweight Softbanktumbled 3 percent respectively. 
Exporter stocks like Sonyand Suzuki Motor lost over 1 percent each, hurt by a stronger yen.
Fast Retailing was one of the few to trade in the green on Monday. Shares of the retailer rebounded from a 0.4 percent loss to gain 1.3 percent, on news that it was in talks to buy U.S. apparel chain J. Crew.
Sydney falls 0.4%
After posting its biggest one-day decline in a month to touch a two-week low of 5,350 earlier in the session, Australia's benchmark S&P ASX 200 index managed to trim some losses in late trading.
An uptick of 5.1 percent in job advertisements, the biggest increase in more than four years signalling that a pick-up in hiring may be in sight, could have lifted sentiment.

Blue-chip miners BHP Billiton lost 2.6 percent as it traded ex-dividend and rivalsRio Tinto and Whitehaven Coal dropped more than 1.5 percent respectively.                                Blue-chip miners BHP Billiton lost 2.6 percent as it traded ex-dividend and rivalsRio Tinto and Whitehaven Coal dropped more than 1.5 percent respectively.
Banking stocks traded in the red all day with Macquarie Group taking the chunk of losses with a 1.7 percent decline.
Transpacific Industriescapped the bourse's losses with a 0.5 percent gain after announcing it will sell its New Zealand waste management business to Beijing Capital Group.
Gold stocks benefited from investors who bought into the safe-haven precious metal. Newcrest Mining surged 6 percent.
Meanwhile, the Australian dollar slipped to a one-month low as investors bid up safe haven currencies like the yen and Swiss Franc on geopolitical tensions. TheAussie traded at 0.8888 against the greenback.
Seoul drops 0.8%
A downbeat mood shrouded South Korean shares which posted their worst daily fall in nearly a month on Monday.
Its currency similarly undertook a beating on Ukraine tensions and soft economic readings from China. The won touched a one-week low to trade at 1070 against the greenback.
Blue-chip stocks weighed on the bourse; Samsung Electronics and Posco each saw a hefty loss of nearly 2 percent.

Are markets not worrying enough?
While Asian markets saw a selloff on Monday, V. Anantha Nageswaran, CEO at Vansight, says the extent of declines indicate that markets are 'not worried enough' about Ukraine and weak China economic data.price stability in Asia's fourth-largest economy.

Hogging headlines for the day was a Reuters report that North Korea fired two additional short-range missiles into the sea early Monday. This allowed defense stocks to outperform the lackluster bourse. Speco rose 0.7 percent while Victekadded 0.2 percent.
Kia Motors also outperformed with a gain of over 1 percent, on news that its February sales went up by an annual 18 percent.
Meanwhile, South Korea's president nominated a former senior deputy chief of the central bank to be its next governor, with the mission of Whilmarkets China economic data.price stability in Asia's fourth-largest economy.ensuring price stability in Asia's fourth-largest economy. 

Mining Sector Daily News march 3, 2014: EPA moves closer to stopping Pebble Mine project.



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Top Stories | Monday , 03 Mar 2014

EPA moves closer to stopping Pebble Mine project

“…It can never be too soon or too late for EPA to interfere with projects and destroy the economic and job opportunities they bring for Americans,” says NMA’s Hal Quinn. Monday , 03 Mar 2014

Australian gold output hits 10-year high

Producers are responding to lower gold prices by treating less low grade material and this results in higher output and reduced costs, says Surbiton Associates Sandra Close.Monday , 03 Mar 2014

Sentencing set in May in $25m FLA bullion scam

A North Carolina man faces up to 40 years in prison in connection with a Florida-based precious metals investment scheme. Monday , 03 Mar 2014

PDAC 2014: Murenbeeld grows more bullish gold

Martin Murenbeeld of Dundee Capital comments on the price of gold and his forecast for it at the PDAC convention, noting the potential impact of the Crimean crisis. Monday , 03 Mar 2014

Looking for the Curse on the cusp of PDAC

We take a closer look at junior volumes for evidence of the so called PDAC curse. Friday , 28 Feb 2014

Platinum miners, AMCU sit down once more

According to one source, Lonmin CEO, Ben Magara, sat down along with the various negotiating teams and AMCU in the hopes of helping come to a resolution. Friday , 28 Feb 2014

PDAC 2014: Why Goldfinger should increasingly be considered non-fiction – Williams

Grant Williams argues that the shift of the yellow metal from west to east will make it increasingly difficult for western nations to regain their gold holding. Monday , 03 Mar 2014

PDAC 2014: 5 reasons to invest in juniors that aren’t related to metal prices – Kaiser

John Kaiser discusses a number of reasons junior companies might grow in value terms irrespective of whether or not the metal they mine rises in price. Monday , 03 Mar 2014

Peru’s local people still have doubts about Conga gold project

Peru’s vice president, Marisol Espinoza, says local communities still have reservations about the stalled Conga copper-gold project. Monday , 03 Mar 2014

Indonesia mines ministry may recommend easing of Freeport tax

According to a government official, the ministry could recommend as early as this week that Freeport receive a reprieve from a tax that has halted its copper imports more than 2 months. Monday , 03 Mar 2014

London gold fix study indicates decade of bank manipulation

The London gold fix may have been manipulated for a decade by the banks setting it, say researchers. Friday , 28 Feb 2014

For copper miners, major problems are above ground - Kemp

John Kemp says the real barriers to expansion of copper production, as with crude oil, lie above rather than below ground. Friday , 28 Feb 2014

Rising gold imports in January scupper hopes India will lift import restrictions

The increase in imports has been attributed to a rise in domestic demand from the start of the year, as well as more export orders and imports by non-resident Indians. Friday , 28 Feb 2014

El Teniente workers approve early Codelco contract

Workers at the El Teniente mine approved an early contract agreement on Friday, likely defusing the risk of strikes. Monday , 03 Mar 2014

Mandela platinum coin at earliest stage in gaining approval

Plans to mint a Nelson Mandela coin are at the earliest stage and will need to struggle through state bureaucracy, says Impala Platinum. Friday , 28 Feb 2014

Norway's fund sells some coal, gold miner shares

The $840 billion sovereign wealth fund has sold shares in some coal and gold miners because their business models are not considered sustainable. Friday , 28 Feb 2014

Tanzania gold earnings fall 18% in 2013 - central bank

The Central Bank of Tanzania says earnings from exports for 2013 were undermined by lower output and declining global gold prices. Friday , 28 Feb 2014

Weekend's top story: Top gold ETF adds 10 tonnes in Feb. Is the gold tide turning?

The world’s largest gold ETF has seen 10 tonnes of inflows in February as compared with last year’s huge outflows and the market impact, should the trend continue, could be strong indeed. Friday , 28 Feb 2014

Podcasts / Radio

Indian gold curbs could cool, but will continue - Shah

Nirmal Bang's Kunal Shah explains why gold is likely to do better in the first half than the second half of the year and looks at why Indian demand will continue.

Diamonds, diversifieds and a gold outlook

Charles Stanley's Kieron Hodgson discusses the recent spate of diversified numbers, the diamond sector and gives his views on gold.

2013, the year of the gold consumer - WGC's Grubb

The World Gold Council has released its Gold Demand Trends report for the full year 2013, and MD for Investments, Marcus Grubb, discusses the major trends.

Gold Fields annual results - Nick Holland

Nick Holland, CEO of Gold Fields discusses the delays at South Deep, impairments and the outlook for 2014.

The Telegraph Citybriefing March 3, 2014.


 
The Telegraph
 
 
Citybriefing 
JAMES TITCOMBBUSINESS REPORTERFollow James on TwitterJAMES TITCOMB
TOP OF THE AGENDA
The weekend's turmoil in Ukraine is spilling over into fears over the world economy this morning, with the cost of vital commodities climbing amid supply worries. Oil, gas and wheat prices are up as tensions between Vladimir Putin and the West escalate, leading to the prospect of sanctions on Russia.

The situation has spooked stock markets, which are braced for falls after their recent bull run. Japan's Nikkei has closed down 1.3pc this morning and the FTSE 100 is expected to open as much as 1pc off. Emerging markets, already reeling from capital flights, could see further sell-offs this morning, according to experts. This morning, the Russian rouble has hit an all time low and the country's central bank has raised interest rates from 5.5pc to 7pc.

Back in the City, it's a relatively quiet day on the corporate calendar.Thorntons says a strong Christmas helped it to a 47pc rise in pre-tax profits in its first half. Sales grew 4.5pc, largely due to the chocolate retailer's new strategy of selling more of its treats to supermarkets and wholesalers. The company's chief executive Jonathan Hart says Thorntons will now up its manufacturing capacity to deal with rising sales.

Recruitment firm Robert Walters' annual profits are up 30pc to £10.1m, due to strengthening job conditions in the UK and emerging markets. The Lloyd's of London insurer Amlin has posted annual profits of £325.7m, a 23pc rise, thanks to a "relatively benign" year for major catastrophes. And engineering group Keller has seen profits increase by 70pc to £74m following a recovery in the US construction market.

It's the end of a long career at Cairn Energy for Sir Bill Gammell, who is stepping down as chairman of the Scottish oil and gas explorer. Sir Bill, a former international rugby player,  founded the company more than 30 years ago and has been with it as chief executive and then chairman. He will be replaced by non-executive director Ian Tyler.

George Osborne
's 2014 Budget is fast approaching, and the submissions have been pouring in during the last two weeks. This morning, Britain's biggest business group, the CBI, has urged the Chancellor to freeze green taxes and air passenger duty, warning they threaten to put British companies at a disadvantage.

At 09.30, the Bank of England will publish its latest lending data. The figures will go some way to indicating the strength of business lending in the UK, afterMark Carney, the Bank's governor, scrapped the mortgage lending aspect of the Funding for Lending Scheme, which provides cheap credit to banks who want to lend. Mortgage approvals are expected to have climbed to a 73-month high in January - Hometrack data out this morning says house prices are rising at their fastest rate in seven years.

Also at 09.30, we'll have the latest figures on manufacturing in the UK with the release of Markit's Purchasing Managers' Index for the sector. In the eurozone, manufacturing figures will be out at 09.00, as will the latest Italian GDP data. At 14.00, European Central Bank President Mario Draghi testifies to the European Parliament in Brussels.

It's the first day of National Apprenticeship Week. Research from ICM out today reveals that 44pc of businesses plan to take on apprenticeships in the next five years.  

And later today, Forbes will publish its annual World Billionaires List. Last year's rankings put Mexico's telecoms mogul Carlos Slim at the top, followed by Bill Gates.
QUOTE OF THE DAY
"It wasn't that long ago that a loaf of bread, a pint of beer and a pint of milk all cost the same. Now look at the difference"
 
Farmer James Badman speaks of his concerns over news Tesco is slashing the price of milk it sells
FIGURE OF THE DAY
£12mHow much investors in a vintage wine fund may have lost after liquidators discovered signs some claim show it was a classic "Ponzi scheme".
IN THIS MORNING'S TELEGRAPH
Dean Nelson reports that Rolls-Royce is facin a new corruption inquiry over allegations that it paid bribes to win lucrative contracts to supply Hawk trainer jet engines to an aircraft manufacturer owned by the Indian government.
 
Warren Buffett has admitted he made a "big mistake" in spending $2bn to buy EHF debt -an investment which lost him £537m - without asking the opinion of his long-serving collaborator Charlie Munger,  Harry Wilson reports.
 
Andrew Critchlow writes that the cost of the loaves on our tables could shootup should supplies from Europe's breadbasket Ukraine be effectively chocked off in the Crimea's strategic port of Sevasopol or the Black Sea port of Odessa.
BEST OF THE SUNDAY PAPERS
Sunday Telegraph
 
Sunday Times (£)
 
THE EQUITY MARKETS
The FTSE 100 fell 0.41pc last week, but February's performance was the best in seven months.
The Dow Jones rose 1.36pc last week on rising confidence about the US economy.
The Nikkei has closed down 1.27pc at 14,652.23 this morning
More on the markets here.
COMMODITIES
Gold gained $3.25 to $1,327 per ounce last week and Brent crude oil slipped 78 cents to $109.07 a barrel.  More here.
THE MONEY MARKETS
Sterling rose 0.72 cents against the dollar to trade at $1.6759 last week, and fell 0.07 cents against the euro to end the week at €1.2134. For the latest on the currency markets, log on here

WSJ | India Update March 3, 2014: Top India Stories From WSJ: Taqa Group to Buy Indian Power Plants for $1.6 billion.

THE WALL STREET JOURNALIndia Update

INDIA REAL TIME

Bank Built for Women Blooms in India

The Week Ahead: Court To Hear Tejpal’s Bail Plea, U.S. Diplomat Visits India

Top India Stories From WSJ: Taqa Group to Buy Indian Power Plants for $1.6 billion

The Right to Inherit Isn’t Working for Indian Women, Says U.N. Study

Mumbai’s Mill District Turns Hip Nightspot

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Mar 2, 2014

US: All Options on Table in Ukraine , 2014: VOA Video News March 3, 2014.





US: All Options on Table in Ukraine
VOAvideo

Published on Mar 2, 2014
The crisis in Ukraine is consuming Washington's attention, with the Obama administration issuing stark warnings to Russia over its seizure of Crimea, while Ukraine mobilizes military reservists and accuses Moscow of declaring war. VOA's Michael Bowman reports.

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