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krisluke
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02-Mar-2012 16:31

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UPDATE 1-Iranian supertanker to discharge crude at Shell Singapore refinery -trade

(Corrects to say a cargo instead of a tonne in paragraph six)

SINGAPORE, Mar 2 (Reuters) - An Iranian supertanker anchored near Singapore for the past week has moored at Royal Dutch Shell's refinery to discharge about 1.5 million barrels of crude, according to Reuters data and three trading sources on Friday.

The National Iranian Tanker Co. (NITC) vessel Delvar arrived on Thursday evening at Bukom island, where Shell's 500,000 barrel-per-day refinery is located, Reuters Freight Fundamentals Database showed.

" Yes, Shell bought it. There is no other reason for it to be anchored at Bukom," said a Singapore-based ship broker.

In an e-mail reply to a Reuters query, Shell said, " We do not comment on our trading activities. Shell complies with all applicable sanctions."

The 270,000-tonne Delvar arrived on Feb. 23 off Indonesia's Karimun Island, which is a key offshore storage point near Asia's biggest oil trading hub Singapore and is often used for ship-to-ship transfers (STS), but NITC vessels have not been known to call there.

The vessel then moved into Singapore waters on Feb. 26 after discharging a cargo of condensate into a smaller, China-bound tanker.

The smaller 60,000-tonne vessel, Xuan Wu Hu, was bound for an oil complex in Huizhou, where China National Offshore Oil Corp (CNOOC) and oil major Royal Dutch Shell jointly operate a petrochemical complex.

Iran, the world's fifth largest oil producer, has been struggling to sell its crude in the face of tightening U.S. sanctions and an EU embargo that begins on July 1.

Anglo-Dutch major Shell is one of the biggest consumers of Iranian crude worldwide, industry sources said, taking around 100,000 bpd into Europe and about the same quantity into Japan under a deal with Japanese company Showa Shell that expires in March.

Speaking on Feb. 2, when the company reported earnings, Shell Chief Executive Peter Voser declined to elaborate on how much Iranian crude the company was still buying.

" Shell will comply with the sanctions and we will therefore get our crude from somewhere else," Voser said.

Singapore imported around 20,000 barrels per day (bpd) of Iranian crude over the past year, according to industry estimates. Official data on Iranian imports to Singapore is not available.

Shell's Bukom refinery, the oil major's largest, makes up the biggest share of this volume, industry sources said. (Reporting by Francis Kan, Randy Fabi and Yaw Yan Chong Editing by Clarence Fernandez)

krisluke ( Date: 02-Mar-2012 15:21) Posted:

Iranian supertanker to discharge crude at Shell Singapore refinery -trade

(Adds details, quotes)

SINGAPORE, Mar 2 (Reuters) - An Iranian supertanker anchored near Singapore for the past week has moored at Royal Dutch Shell's refinery to discharge about 1.5 million barrels of crude, according to Reuters data and three trading sources on Friday.

The National Iranian Tanker Co. (NITC) vessel Delvar arrived on Thursday evening at Bukom island, where Shell's 500,000 barrel-per-day refinery is located, Reuters Freight Fundamentals Database showed.

" Yes, Shell bought it. There is no other reason for it to be anchored at Bukom," said a Singapore-based ship broker.

In an e-mail reply to a Reuters query, Shell said, " We do not comment on our trading activities. Shell complies with all applicable sanctions."

The 270,000-tonne Delvar arrived on Feb. 23 off Indonesia's Karimun Island, which is a key offshore storage point near Asia's biggest oil trading hub Singapore and is often used for ship-to-ship transfers (STS), but NITC vessels have not been known to call there.

The vessel then moved into Singapore waters on Feb. 26 after discharging a tonne of condensate into a smaller, China-bound tanker.

The smaller 60,000-tonne vessel, Xuan Wu Hu, was bound for an oil complex in Huizhou, where China National Offshore Oil Corp (CNOOC) and oil major Royal Dutch Shell jointly operate a petrochemical complex.

Iran, the world's fifth largest oil producer, has been struggling to sell its crude in the face of tightening U.S. sanctions and an EU embargo that begins on July 1.

Anglo-Dutch major Shell is one of the biggest consumers of Iranian crude worldwide, industry sources said, taking around 100,000 bpd into Europe and about the same quantity into Japan under a deal with Japanese company Showa Shell that expires in March.

Speaking on Feb. 2, when the company reported earnings, Shell Chief Executive Peter Voser declined to elaborate on how much Iranian crude the company was still buying.

" Shell will comply with the sanctions and we will therefore get our crude from somewhere else," Voser said.

Singapore imported around 20,000 barrels per day (bpd) of Iranian crude over the past year, according to industry estimates. Official data on Iranian imports to Singapore is not available.

Shell's Bukom refinery, the oil major's largest, makes up the biggest share of this volume, industry sources said. (Reporting by Francis Kan, Randy Fabi and Yaw Yan Chong Editing by Clarence Fernandez)

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krisluke
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02-Mar-2012 16:27

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Fed must keep applying stimulus vigorously: Williams

* Fed needs to keep applying stimulus

* Encouraging signs but unemployment still high

* More stimulus may be needed if recovery falters

* Inflation seen as subdued as economy underperforms

* Time to exit easy policy still long way off (Adds details, quotes)

By Suzanne Roig

HONOLULU, Hawaii, March 1 (Reuters) - Recent signs of improvement in the U.S. economy are encouraging but the rebound has been anemic and the Federal Reserve must " keep applying monetary policy stimulus vigorously," San Francisco Federal Reserve President John Williams said on Thursday.

" We are far short of maximum unemployment. And I expect inflation to fall this year below the 2 percent level that we view as consistent with our mandate," Williams said in a speech to a financial analysts' dinner in Honolulu.

Despite a recent drop in the unemployment rate to 8.3 percent, Williams said he expected it to remain above 8 percent into next year and to be " well over" 7 percent for several years to come.

Strained household finances, a weak housing market and tight credit conditions are likely to hold down spending growth for some time, he added.

" Let me emphasize, though, that overall things are turning for the better. You can sense greater optimism in the business community, although it is cautious optimism," said Williams, a voting member this year on the Fed's policy-setting panel.

Still, Williams said further stimulus may be needed if the economy stumbles again.

" We may need to do more if the recovery falters or if inflation stays well below 2 percent. If the economy needs more stimulus, restarting our program of purchasing mortgage-backed securities would probably be the best course of action."

The U.S. central bank has kept interest rates near zero for more than three years, and it has pushed down borrowing costs further by buying $2.3 trillion in long-term securities.

U.S. manufacturing cooled in February and consumer spending was flat for a third straight month in January, data showed on Thursday, suggesting the economy lost more steam early this year than expected. Yet other data was more upbeat, with new claims for jobless benefits hovering near four-year lows and retailers and automakers enjoying brisk sales.

Williams has supported recent moves by Fed to bolster what he has described as a " lackluster" recovery.

He joined the majority of his fellow policymakers in January's decision signalling interest rates will stay near zero through late 2014, a year and a half longer than the Fed had previously projected.

WHEN TO UNWIND?

Williams acknowledged on Thursday that there was a range of views among Fed policymakers as to when it should start to raise interest rates and a range of opinions on how quickly ultra-loose policy should be unwound.

" The time for exit is still well off into the future," he said in response to questions from audience members trying to pin down a more precise timeline for eventual policy tightening.

" My view is we'll not raise rates until early 2014 and not normalize the balance sheet until after that. It's always hard to normalize. I have confidence we know how to raise rates ... and hopefully do it in a way that will avoid another recession.

" Eventually, when we get to a normal economy typically people think that interest rates will be around 4.5 percent," he said, adding there would be no rapid moves to such a " long-run number" .

He said policymakers would need to begin removing stimulus in advance of when the economy returns to maximum employment. That is believed to equate to a " natural" unemployment rate of around 5.2 to 6 percent.

" Of course, our statements are not an absolute commitment to keep rates near zero no matter what. It's simply our best judgment about the future course of policy. If the economic outlook changes, then the guidance should, too."

The San Francisco Fed chief is known as a monetary policy " dove" who is more concerned with the threat of high joblessness than high inflation.

" With the economy still underperforming and wage growth modest, inflation should remain relatively subdued," Williams said in the speech, adding he expected inflation to be about 1.75 percent this year and 1.5 percent next year, down from about 2.75 percent in 2011.

While the recent rise in oil prices was affecting consumer spending and confidence and curbing growth to some degree, other commodities have not seen a similar surge, he noted.

" The current level of oil prices isn't going to stall the recovery. It's built into the forecast" for modest growth, he said.

The economy should grow about 2.25 percent this year and 2.75 percent in 2013, he said, adding the main threat to his forecast was the debt crisis in Europe.

" That's not rip-roaring by any means. It's quite a modest recovery. But it's an improvement." (Writing by Kim Coghill Editing by Ramya Venugopal)

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krisluke
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02-Mar-2012 16:22

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Hong Kong shares end up 0.8 pct, China developers rebound

Hong Kong night skyline

HONG KONG, March 2 (Reuters) - Hong Kong shares rose on Friday, bolstered by Chinese banks and developers after China's banking regulator said the country's " Big Four" state-backed banks will lend more to qualified developers to boost entry level housing supply.

The Hang Seng Index closed up 0.81 percent on the day and 0.73 percent on the week at 21,562.26. The China Enterprises Index of top mainland listings ended up 1.17 percent on the day and 0.42 percent on the week at 11,738.71.

The Shanghai Composite Index finished up 1.43 percent at 2,460.69, its highest close since Nov. 17. It rose 0.9 percent this week, its seventh straight weekly gain.

HIGHLIGHTS:

* China's big four state-backed banks will lend more to qualified property developers to boost entry level housing supply, a statement in the central bank's newspaper said on Friday, a signal that they are ready to ratchet up real estate lending. This came a day after both sectors saw share prices dive on fears of capital-raising, underscoring the extent to which Chinese stocks are supported by policy, especially with the annual meetings of China's leaders due to start next week. China Overseas Land & Investment Ltd jumped 3.3 percent on the day, but finished down 4.2 percent this week, its worst weekly showing in 2012 to date.

* Citic Pacific Ltd, a Chinese steel-to-property conglomerate, lost 2.5 percent in more than double its 30-day average volume after posting late on Thursday net profit for 2011 that underwhelmed expectations, with its growth outlook for 2012 poor.

WEEK AHEAD:

* Beijing is scheduled to post a slew of data over the next week, including inflation, retail sales and industrial output on March 9 and trade on March 10. Money supply and loan growth are due between March 10 and 15.

* Investors are eyeing the annual Chinese People's Political Consultative Conference starting Saturday and the National People's Congress (NPC) opening Monday for any policy support that could boost demand.

* Corporate earnings due next week include Want Want China Holdings Ltd on March 6, Power Assets Holdings Ltd on March 7 and Agile Property Holdings Ltd and Cheung Kong Infrastructure Holdings Ltd on March 8. (Reporting by Clement Tan Editing by Chris Lewis)

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02-Mar-2012 16:21

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Stronger banks push European shares to 1-week high

European flag floating in front of the European Commission building in Brussels

LONDON, March 2 (Reuters) - European shares rose to hit their highest level in more than a week on Friday, with the European Central Bank's ultra-cheap funding this week helping the euro zone debt market and further reducing risk within the battered banking sector.

Financials were the top gainers, with the STOXX Europe 600 Banking index rising 0.5 percent and Commerzbank gaining 1.7 percent. The banking index, which was the worst performer in 2011 with a 32 percent decline, has gained 19 percent this year.

" The ECB's action does appear to have made a significant difference and people are more relaxed now. The fact that Italian bond yields have been on a decline in recent days is certainly a helpful factor," Keith Bowman, equity analyst at Hargreaves Lansdown, said.

" People have been looking to add more cyclicals in their portfolios. I am cautiously positive on banks."

At 0804 GMT, the FTSEurofirst 300 index of top European shares was up 0.2 percent at 1,088.94 points - the highest since Feb. 21. (Reporting by Atul Prakash)

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02-Mar-2012 15:48

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Recently released market study: Airlines in Singapore

Print article

2012-03-02 08:30:18 - Fast Market Research recommends " Airlines in Singapore" from MarketLine, now available

Introduction

Airlines in Singapore industry profile provides top-line qualitative and quantitative summary information including: market size (value and volume 2006-10, and forecast to 2015). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market. Essential resource for top-line data and analysis covering the Singapore airlines market. Includes market size and segmentation data, textual and graphical analysis of market growth trends, leading companies and macroeconomic information.

Highlights

* The airlines industry comprises passenger air transportation, including both scheduled and chartered, but excludes air freight transport. Industry volumes are defined as the total number of revenue passengers enplaned (departures) at all airports within the country or region, excluding transit passengers who

arrive and depart on the same flight code. For the US and Canada, transborder passengers departing from either country are considered as part of the international segment. Industry value is defined as the total revenue obtained by airlines from transporting these passengers. This avoids the double-counting of passengers. All currency conversions in this profile were carried out using constant 2010 average annual exchange rates.
* The Singaporean airlines industry had total revenue of $7.3 billion in 2010, representing a compound annual growth rate (CAGR) of 5.7% between 2006 and 2010.
* Industry volumes increased with a CAGR of 5.2% between 2006-2010, to reach a total of 20.4 million passengers in 2010.
* The performance of the industry is forecast to accelerate, with an anticipated CAGR of 6.3% for the five-year period 2010 - 2015, which is expected to drive the industry to a value of $10 billion by the end of 2015.

Full Report Details at
- www.fastmr.com/prod/334063_airlines_in_singapore.aspx

Features

Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the airlines market in Singapore

Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the airlines market in Singapore

Leading company profiles reveal details of key airlines market players' global operations and financial performance

Add weight to presentations and pitches by understanding the future growth prospects of the Singapore airlines market with five year forecasts by both value and volume

Macroeconomic indicators provide insight into general trends within the Singapore economy

Key Questions Answered

What was the size of the Singapore airlines market by value in 2010?

What will be the size of the Singapore airlines market in 2015?

What factors are affecting the strength of competition in the Singapore airlines market?

How has the market performed over the last five years?

What are the main segments that make up Singapore's airlines market?

Partial Table of Contents:

TABLE OF CONTENTS
EXECUTIVE SUMMARY
MARKET OVERVIEW
Market definition
Research highlights
Market analysis
MARKET VALUE
MARKET VOLUME
MARKET SEGMENTATION I
MARKET SEGMENTATION II
FIVE FORCES ANALYSIS
Summary
Buyer power
Supplier power
New entrants
Substitutes
Rivalry
LEADING COMPANIES
Jetstar Asia Airways Pte Limited
Singapore Airlines Limited
Virgin Australia Airlines Pty Ltd
MARKET FORECASTS
Market value forecast
Market volume forecast
MACROECONOMIC INDICATORS
APPENDIX
Methodology
Industry associations
Related Datamonitor research
Disclaimer
ABOUT DATAMONITOR
Premium Reports
Summary Reports
Datamonitor consulting

LIST OF TABLES
Table 1: Singapore airlines industry value: $ million, 2006-10
Table 2: Singapore airlines industry volume: million passengers, 2006-10
Table 3: Singapore airlines industry segmentation I:% share, by volume, 2010
Table 4: Singapore airlines industry segmentation II: % share, by value, 2010
Table 5: Jetstar Asia Airways Pte Limited: key facts
Table 6: Singapore Airlines Limited: key facts
Table 7: Singapore Airlines Limited: key financials ($)
Table 8: Singapore Airlines Limited: key financials (Si$)
Table 9: Singapore Airlines Limited: key financial ratios
Table 10: Virgin Australia Airlines Pty Ltd: key facts
Table 11: Virgin Australia Airlines Pty Ltd: key financials ($)
Table 12: Virgin Australia Airlines Pty Ltd: key financials (A$)
Table 13: Virgin Australia Airlines Pty Ltd: key financial ratios
Table 14: Singapore airlines industry value forecast: $ million, 2010-15
Table 15: Singapore airlines industry volume forecast: million passengers, 2010-15
Table 16: Singapore size of population (million), 2006-10
Table 17: Singapore GDP (constant 2000 prices, $ billion), 2006-10
Table 18: Singapore GDP (current prices, $ billion), 2006-10
Table 19: Singapore inflation, 2006-10
Table 20: Singapore consumer price index (absolute), 2006-10
Table 21: Singapore exchange rate, 2006-10

LIST OF FIGURES
Figure 1: Singapore airlines industry value: $ million, 2006-10
Figure 2: Singapore airlines industry volume: million passengers, 2006-10
Figure 3: Singapore airlines industry segmentation I:% share, by volume, 2010

Full Table of Contents is available at:
-- www.fastmr.com/catalog/product.aspx?productid=334063& dt=t

About MarketLine

MarketLine is a global publisher of company, industry and country information. Their clients operate across a wide variety of industries and job functions and range from multinational corporations right down to small businesses in both developed and developing economies. MarketLine users enjoy access to content that is trustworthy, up to date and reasonably priced and routinely turn to them as their first-stop resource for instantly accessible, reliable business information. View more research from MarketLine at www.fastmr.com/catalog/publishers.aspx?pubid=1034

About Fast Market Research

Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.

For more information about these or related research reports, please visit our website at www.fastmr.com or call us at 1.800.844.8156.

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krisluke
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02-Mar-2012 15:45

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Higher Oil Prices May Hit Asia Currencies: Nomura

Published March 02, 2012

MarketWatch Pulse

HONG KONG – Further gains in crude-oil prices would be negative for most Asian currencies, as the resulting drag on the global economy would hurt export-dependent nations while driving up their import costs, according to Nomura research released Friday.

Assuming a worst-case scenario in which prices head to $150 a barrel for Nymex crude before easing, Nomura said the most vulnerable currencies were those of India, the Philippines, South Korea and, to a lesser extent, Thailand, since they have limited ability to keep their currencies stable through policy action. Taiwan and Singapore, also heavy oil importers, were less at risk as their central banks could engineer currency strength to help cushion against inflation, Nomura said.

China was also seen as less risky, as authorities remain under pressure to allow more appreciation in the yuan currency, Nomura said, forecasting a 2% annual rate of appreciation in the Chinese unit's value against the U.S. dollar.

Copyright © 2012 MarketWatch, Inc.

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02-Mar-2012 15:42

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FTSE, DAX, CAC Seen Higher

Published: Friday, 2 Mar 2012 | 1:36 AM ET

European shares are seen opening higher as the full effect of the European Central Bank’s Long Term Refinancing Operation (LTRO) eases market concerns.

The FTSE 100 [.FTSE 5931.25 59.74 (+1.02%) ] is seen opening higher by 8 points, the DAX [.GDAXI 6941.77 --- UNCH (0) ] higher by 22 points and the CAC 40 [.FCHI 3499.73 --- UNCH (0) ] higher by 14 points.

ECB President Mario Draghi said the bank was “reasonably satisfied” with its offer of half a trillion euros of cheap funds to lenders, and that Europe is on a fragile path to recovery.

At a European Union summit on Thursday – the first for some time not dominated by Greece – reports suggest that disagreement arose between leaders over the balance between austerity and reviving lost growth in the euro zone.

Oil prices had spiked earlier Friday after unconfirmed reports of a Saudi oil pipeline explosion, but the reports were dismissed after a Saudi official told CNBC they were untrue.

In earnings news, France’s Areva reports fourth-quarter results at 8:45 a.m. Central European Time (2:45 a.m. New York time).

Iran will see a nationwide parliamentary vote on Friday, that country’s first elections since a disputed 2009 presidential ballot that sparked protests across the country.

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02-Mar-2012 15:40

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Brazil fears damage from cheap money

Brazilian President Dilma Rousseff has slammed rich nations for unleashing a " tsunami" of cheap money.

1 of 1

Brazil trying to hold back real's rise

Brazilian President Dilma Rousseff has slammed rich nations for unleashing a " tsunami" of cheap money that threatened to " cannibalise" poorer countries such as her own, forcing them to act to protect struggling local industries.

Rousseff's words amounted to some of the highest-profile criticism to date of efforts by the European Central Bank, the Bank of Japan and others to boost their economies through low interest rates and cheap loans.

Without naming specific countries, Rousseff said these measures had damaged emerging market nations such as Brazil by unleashing a wave of capital inflows. That has made their currencies overvalued and their exports more expensive.

Her speech, to construction executives, came hours after Brazil announced the extension of a tax on foreign loans.

The move was designed to weaken the Brazilian currency, the real, but it strengthened instead, highlighting the difficulties Rousseff faces as global investors, flush with cash from the cheap lending, race to invest in Brazil's high-yielding assets.

Brazil has been battling the effects of a strong currency for years but had enjoyed somewhat of a reprieve in recent months as the financial crisis in Europe made global investors more averse to risky assets. With Europe's problems now abating, the real has rebounded more than 8% this year.

" We have a currency war that is based on an expansionary monetary policy that creates unequal conditions for competition," said Rousseff, who is a career economist.

" We will continue to develop (our) country by defending its industry and ensuring that the strategy used by the developed countries to exit the crisis does not cannibalise emerging markets," she said.

" Currency war" is where countries seek to achieve a lower exchange rate to protect exports.

Rousseff's speech, which echoed words earlier by her finance minister Guido Mantega, appeared to be a co-ordinated effort to express dismay as central banks in the developed world keep interest rates at record lows and pour cheap cash into markets.

Some of Brazil's problems are homegrown. The country has been a sponge for global liquidity in large part because it has some of the world's highest interest rates.

Brazil warned it would take further measures to stop the real strengthening. A presidential decree published on Thursday extended a 6% tax known as the IOF on overseas loans with maturities of up to three years. The tax was previously charged when companies in Brazil took foreign loans maturing up to two years.

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02-Mar-2012 15:35

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JGBs slip as stocks gain after ECB liquidity boost

* 10-yr futures end below 25-day moving average

* Volatile moves possible ahead of fiscal year-end- strategist

* Data reinforce expectations BOJ to keep easy stance

By Lisa Twaronite

TOKYO, March 2 (Reuters) - Japanese government bonds fell on Friday, as fading worries over the euro zone debt crisis and rising equities sapped the appeal of safe-haven assets.

Solid demand at Thursday's 10-year JGB auction underpinned market sentiment, with traders citing purchases by banks ahead of Japan's fiscal year-end this month. But the Nikkei share average continued to rise, bringing its gains to 1.3 percent for the week and drawing attention away from bonds.

" You just can't explain rates where they are now, given what equities are doing," said Shogo Fujita, chief Japan bond strategist at Bank of America Merrill Lynch.

" But there is still tremendous support from the banking sector. The people I talk to are bearish, but most expect rates to remain where they are through the end of the month," he added.

The European Central Bank's half a trillion euros in cheap, 3-year loans fueled investors' risk appetite and pushed down yields on the debt of highly-indebted euro zone countries, such as Italy, on Thursday.

Bond prices were also supported by the Bank of Japan's surprise easing last month, in which it said it would spend an extra 10 trillion yen on JGB purchases as part of its asset-buying programme in which it buys bonds with up to two years left to maturity.

Some strategists say that signs of improving credit conditions in Europe could continue to lessen the appeal of bonds, and even lead to more volatile moves ahead of the fiscal year-end.

" You cannot ignore positive signs in Europe. I'm not comfortable buying duration now, it's best to prepare for tail risk," said Le Ngoc Nhan, a JGB strategist at Morgan Stanley, referring to the chance of a sudden volatile move in yields.

The International Monetary Fund has asked Japanese financial institutions to estimate the losses they would incur on their JGB holdings if long-term interest rates were to rise to around 2.5 percent, business daily Nikkei reported on Friday.

The yield on the latest 10-year JGBs rose one and a half basis points to 0.990 percent, pulling away from a 14-month low of 0.935 percent hit last month.

Ten-year JGB futures fell 0.17 point to 142.54, closing below both their 10-day moving average at 142.60 and their 25-day moving average at 142.58.

Longer durations also dropped, with the yield on the 20-year note rising one and a half basis points to 1.755 percent , and the 30-year yield also rising one point to 1.940 percent.

UTILITY ISSUANCE COULD DETRACT FROM JGBS

Also weighing on bond market sentiment, Tohoku Electric Power Co Inc on Friday launched 60 billion yen in bonds, the first bond issue by a Japanese electric power company with nuclear power plants since the Fukushima crisis nearly a year ago.

The power company issued 50 billion yen of five-year bonds and 10 billion yen of 10-year bonds, with both tranches offered at a yield of 0.55 percentage point above the benchmark JGB yield.

If other utilities follow suit, such issuance could draw some demand away 5- to 10-year JGBs, though that impact is likely to be relatively small given their issue volume will be tiny compared to JGBs, the market particpants have said.

Data released earlier on Friday had no market impact, but suggested that the BOJ will need to maintain its easy policy this year, to meet its aim of pulling the economy out of deflation.

Japan's core consumer prices fell year-on-year for a fourth consecutive month in January, household spending fell more than expected and the unemployment rate rose to 4.6 percent in January from a revised 4.5 percent in December and against economists' median forecast of 4.5 percent.

The BOJ set an inflation goal of 1 percent last month, when it surprised with the additional stimulus.

BOJ Governor Masaaki Shirakawa told a parliamentary committee on Friday that he expects consumer prices to gradually rise in the coming years as the economy recovers with support from a pickup in global demand.

" We will continue with monetary easing until consumer inflation of 1 percent is in sight," Shirakawa said. (Editing by Ramya Venugopal)

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02-Mar-2012 15:33

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UK " bad bank" repays 2.1 bln stg to taxpayer

LONDON, March 2 (Reuters) - Britain's sixth biggest mortgage provider, the " bad bank" running down the loans of collapsed UK lender Northern Rock, said it repaid 2.1 billion pounds ($3.4 billion) to the government last year after its annual profits more than doubled.

UK Asset Resolution (UKAR), which is running down the bad loans that were held by Northern Rock and other failed lender Bradford & Bingley, said on Friday its underlying 2011 profit was 1.09 billion pounds, up from 444 million in 2010, after a fall in losses on bad debts.

Britain should make a profit of 9-11 billion pounds on its bailout of Northern Rock, but may have to wait another 15 years to get all the cash, the body that oversees Britain's bank stakes said earlier this week.

($1 = 0.6266 British pounds) (Reporting by Steve Slater Editing by Mark Potter)

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02-Mar-2012 15:32

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European stock index futures point to higher open

Business section of a newspaper with Euros

PARIS, March 2 (Reuters) - European stock index futures pointed to higher open on Friday, with stocks set to add to the previous day's rally and track gains on Wall Street, as risk appetite continues to improve following the ECB's latest liquidity injection.

At 0703 GMT, futures for Euro STOXX 50, Germany's DAX and France's CAC were up 0.3-0.4 percent. (Reporting by Blaise Robinson)

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02-Mar-2012 15:25

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S.Korea KOSPI extends gains to set fresh 7-mth closing high

* KOSPI notches up three-day rally

* STX firms advance on eased liquidity worries

* Automakers extend rally on robust monthly sales

By Joonhee Yu

SEOUL, March 2 (Reuters) - Seoul shares edged up on Friday to set a three-day rally, closing at a fresh seven-month closing high backed by bullish sentiment from the European Central Bank's second round of liquidity injections and positive U.S. jobs data.

" The market is going through another period of respite, on a slow yet steady trend of stable gains similar to the recent pattern seen among global peers," said Lee Young-gon, an analyst at Hana-Daetoo Securities.

Automakers extended gains after reversing a four-day skid on Tuesday, buoyed by record February U.S auto sales with Hyundai Motor and Kia Motors emerging as star performers.

Hyundai Motor rose 1.85 percent after it reported all-time high U.S. February sales while Kia Motors gained 1.41 percent.

" Auto shares had lagged behind other sectors since the new year and bargain hunters found a ripe opportunity to buy in after strong sales were confirmed," said Shin Chung-kwan, an analyst at KB Investment & Securities.

The Korea Composite Stock Price Index (KOSPI) rose 0.22 percent to wrap up at 2,034.63 points.

Strong offshore buying propped up the market, as foreign investors gobbled up a net 375.5 billion won ($335.6 million) worth of shares.

While new jobless benefit claims fell to a four-year low and helped Wall Street regain 2008 highs, the market showed a muted reaction to data showing an unexpected fall in factory output and flat consumer spending.

STX Pan Ocean jumped 8.96 percent after analysts pointed at higher shipping rate forecasts and eased concerns of a liquidity crunch that have surrounded the STX Group since it put Singapore-listed STX OSV Holdings up for sale in January as part of fundraising efforts.

" STX Pan Ocean overcame a key hurdle in alleviating its liquidity crunch, attracting strong bids for its non-convertible bonds," said Cho Byung-hee, an analyst at Kiwoom Securities.

STX Group affiliated shares rallied across the board, with STX Offshore & Shipbuilding soaring 4.14 percent while STX Engine gained 2.85 percent.

The main benchmark index has gained more than 11 percent this year following the European Central Bank's mega liquidity operation and resilient U.S. economic data, but analysts say fundamentals now hold the key for a further push.

" Following its second, and possibly last round of loan injections, the ECB has all of its cards down on the table. The liquidity is in place, now the market needs fundamental momentum triggers in order to invest those funds," KB Investment & Securities said in a report.

476.6 million shares exchanged hands on the main bourse in a relatively quiet session, with winning shares outnumbering decliners 497 to 316.

The KOSPI 200 index inched up 0.12 percent while the junior, tech-heavy KOSDAQ was up 0.31 percent.

Move on day +0.22 percent

12-month high 2,231.47 27 April 2011

12-month low 1,644.11 26 Sept 2011

Change on yr +11.4 percent

All-time high 2,231.47 27 April 2011

All-time low 93.10 6 January 1981 ($1 = 1118.725 Korean Won) (Editing by Jonathan Hopfner)

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Nikkei hits 7-month closing high, fails to top 9,800

Tokyo Stock Exchange building

* Nikkei climbs, balks at 9,800 for third day

* Profit-taking hurts recent gainers such as autos

* Market players warn of correction, overheating

* Elpida tumbles 28 pct in heavy trade

* Daiichi Sankyo up on GSK tie-up

By Mari Saito

TOKYO, March 2 (Reuters) - Japan's Nikkei average hit a fresh seven-month closing high on Friday after a European Central Bank liquidity operation this week underpinned market sentiment, but it failed to hold above 9,800 for a third day as market players warned of a correction.

While investors continued to pick up real estate companies and financials, they took profits in recent gainers like automakers.

The benchmark Nikkei climbed 0.7 percent to 9,777.03, bringing its weekly gain to 1.3 percent. The index, however, failed to top technical resistance near 9,838, a 61.8 percent retracement of its fall from February to November last year.

The Nikkei briefly rose above that level for the past two days but failed to sustain gains as many Japanese investors were eager to lock in profits after February's rally ahead of their book-closing at the end of this month.

The broader Topix gained 0.8 percent to 837.82, but similarly met resistance at 840, a 50 percent retracement of the decline in the same period.

" Investors started dipping back into defensives around the middle of this week and people are taking profits in companies like automakers that were bought heavily earlier this week," said Yumi Nishimura, senior technical analyst at Daiwa Securities.

Toyota was down 0.6 percent and Nissan Motor Co fell 1.1 percent after automakers were bought heavily this week on the softer yen, triggered by last month's surprise easing move by the Bank of Japan.

Japan's transportation equipment subindex was the worst sectoral performer and fell 0.3 percent.

Japan's No. 1 brokerage Nomura Holdings jumped 2.4 percent and topped the Topix core 30 list, while real setae firms Sumitomo Real Estate gained 1.2 percent and Nomura Real Estate advanced 1.5 percent.

Among heavily traded shares was Elpida Memory Inc which topped the main board as the biggest percentage loser and shed 28.6 percent.

The stock had lost more than 98 percent this week after it filed for bankruptcy protection on Monday with 448 billion yen ($5.6 billion) in debt, a record for a Japanese manufacturer.

The stock traded at 3.3 times the usual average 30-day volume.

Overall trading volume was thin, with 2.25 billion shares changing hands on the main board, down from 2.63 billion shares on Thursday.

OVERHEATING

The Nikkei has gained more than 15.6 percent so far this year, boosted by a run of U.S. economic data suggesting a robust recovery in the world's largest economy and accommodative policies by global central banks that have pushed investors back into risk assets.

" The rally has been so fast that market players are becoming wary of overheating. At the individual company level, it is becoming difficult to buy at the current price as well," said Ryota Sakagami, chief strategist at SMBC Nikko Securities.

The price-book value ratio of the bottom 20 percent of the market is edging near 0.5 -- a level compatible with the historical average -- from around 0.3 before the market's rally, he said.

The benchmark was also deep in " overbought" territory, with its 14-day relative strength index at 82.2.

Many market players said the market would need further improvements in profit outlook in the next earning season from late April to rise above current levels towards the psychologically important 10,000 mark.

" With the U.S. jobs numbers and the major SQ (March settlement for both options and futures) next week I do think the benchmark is stuck in current ranges for now unless there is a major changes in the dollar/yen rate," said Daiwa's Nishimura.

Some market participants are also selling futures to hedge against a possible pullback in the market after the Nikkei's big February gain.

Trading volume of futures in the past three sessions was nearly double the long-term average, helping to lift intraday volatility of the market.

" The market is being driven by trading in the futures and at this point there is no clear trend," said Hideyuki Ishiguro, assistant manager of investment strategy at Okasan Securities.

But stocks could rise further in the medium-term, he added, as foreign investors have bought back a little more than half the amount of Japanese stocks that they had sold last year.

They have bought about 1.8 trillion yen of Japanese shares this year, which is about 60 percent of their relentless selling late last year.

" If they are going to fully buy back the amount they had sold, which I think is possible, then we could see a further rally in the market," said Ishiguro.

Elsewhere in Tokyo, Japan's No. 3 drugmaker Daiichi Sankyo Co Ltd gained 2.9 percent after it said it will tie up with Britain's GlaxoSmithKline PLC to bring new vaccines to the Japanese market, known for its slow acceptance of vaccines.

Rival drugmakers Takeda Pharmaceutical Co Ltd advanced 0.8 percent and Astellas Pharma Inc climbed 1.2 percent. (Additional reporting by Hideyuki Sano Editing by Ramya Venugopal)

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China shares end up at 3-1/2-month high

SHANGHAI, March 2 (Reuters) - China shares ended up 1.4 percent on Friday, supported by banks and developers after China's bank regulator said state-backed banks will lend more to qualified developers and speed up loan approvals to boost private sector housing.

The Shanghai Composite Index closed at 2,460.7 points, a 3-1/2-month high, after falling 0.1 percent on Thursday. It rose 0.9 percent on the week, chalking up a seventh straight week of gains.

($1 = 6.2990 Chinese yuan) (Reporting by Chen Yixin and Jacqueline Wong)

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Iranian supertanker to discharge crude at Shell Singapore refinery -trade

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Brent falls below $126 as Saudi supply fears ease

* Prices off 11-month high as Saudi supply fears ease

* IMF says probability of sharp economic slowdown has eased

* Enough spare capacity to make up for Iranian exports loss -U.S. energy sec

* Coming up: Euro Zone Producer prices/Jan 1000 GMT (Updates prices)

By Francis Kan

SINGAPORE, March 2 (Reuters) - Brent crude futures fell below $126 on Friday, coming off an 11-month high, as fears of a supply disruption from Saudi Arabia eased and traders focused on lower demand for oil over the next few weeks as the Northern Hemisphere winter draws to a close.

Oil prices had surged nearly 5 percent on Thursday after an Iranian report of a pipeline fire at top exporter Saudi Arabia sparked a buying frenzy. Prices later pared gains after CNBC cited a Saudi oil official as saying the report was untrue.

Front-month Brent slipped 64 cents to $125.56 a barrel by 0457 GMT, after settling up $3.54 at $126.20 in the previous session, its highest since April 8, 2011.

Brent topped $128 a barrel in late post-settlement trade on Thursday, reaching levels not seen since July 2008, when the growing economic crisis drove oil to record peaks of more than $147 a barrel.

U.S. oil edged down 38 cents to $108.46 a barrel after settling $1.77 higher at $108.84.

Markets have been on edge this year due to threats of supply disruptions caused by the West's standoff with Iran over its nuclear program and actual production losses from South Sudan, Yemen, Syria and the North Sea.

But barring an escalation in the standoff with Iran, analysts said warmer weather in Europe and Asia following the end of winter would weigh on prices in the next few weeks.

" Oil prices have overshot in the short-term, and with warmer temperatures as we move from winter to spring, oil demand could start to fall, starting in March," said Gordon Kwan, head of energy research at Mirae Asset Management in Hong Kong. " Brent could fall back below $120 if Iran doesn't flare up."

IRAN STRUGGLING TO SELL CRUDE

Iran, the world's fifth largest oil producer, has been struggling to sell its crude in the face of tightening U.S. sanctions and a European Union embargo that kicks in on July 1. This has threatened to tighten global crude supplies.

However, U.S. Energy Secretary Steven Chu said global oil producers have enough spare production capacity to make up for a drop in Iranian exports.

Oil prices have also been underpinned this week by positive manufacturing data out of China, easing fears of a sharp drop in demand from the world's second biggest oil consumer, and a flood of cheap funds from the European Central bank.

" China's PMI has increased for three consecutive months, suggesting a sustainable recovery in manufacturing activities is now occurring," analysts at ANZ Bank said in a research note.

The probability of a sharp global slowdown has eased due to recent policy measures adopted in the euro zone to tackle its debt crisis, the International Monetary Fund said on Thursday, but it warned risks to world growth remain " squarely to the downside" .

In the short term, Brent will retest a resistance at $126.53 per barrel, while U.S. crude will test a resistance at $110.95 per barrel, according to Reuters market analyst Wang Tao. (Editing by Miral Fahmy)

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UPDATE 1-Macau Feb gambling revenue rises 22.3 pct

Thu Mar 1, 2012 3:56am EST

* Feb revenue firmer than forecasts at $3.04 billion

* Analysts mixed on outlook for this year

* VIP volumes still a concern, macro issues to weigh

* New Sands China casino to open end April

By Farah Master

HONG KONG, March 1 (Reuters) - Gambling revenue in Macau, the world's largest gambling destination, jumped 22.3 percent year on year in February, slightly ahead of forecasts and buoyed by a strong flow of gamblers from mainland China.

Government figures on Thursday showed that revenue for February totalled 24.3 billion patacas ($3.04 billion), slightly higher than analysts expectations for 24 billion patacas. One of the world's fastest growing economies, Macau has been relatively insulated from global economic woes and has yet to see a significant slowdown in growth.

While gaming revenue in the former Portuguese colony reached $33.5 billion last year, many investors and analysts are pricing in a slowdown in growth from 42 percent in 2011 to 11-20 percent in 2012.

February's number may put a more a positive spin on some forecasts.

" The momentum is still there. If you look at February, there are only 29 days and no public holidays. The postings are surprisingly good," said Teng Yee Tan, analyst at CIMB Securities in Hong Kong.

Analysts had started to tune down their expectations in August last year, Tan said, adding that February's figure may prompt some to revise up their yearly forecast.

Macro risks in China, including slowing economic growth and curtailed private lending due to rising bad debts, remain a key concern for Macau's lucrative VIP segment, which depends largely on the availability of private credit.

" If you look deeper into the figures, they are not as perhaps buoyant as the headline figures appear," said RBS analyst Philip Tulk in Hong Kong. He said it was important to see whether the growth in rolling volumes from the credit heavy VIP sector remained as strong.

Multi-billion dollar gaming companies including Las Vegas Sands Corp, Sands China Ltd and Melco Crown Entertainment Ltd, posted solid earnings in 2011, benefitting from a shift of gamblers towards Macau's developing Cotai strip where they have properties.

DEEPER PENETRATION

Macau's government is encouraging the development of more leisure and family focused properties on Cotai, a reclaimed strip of land ten minutes drive from the enclave's crammed peninsula where most of its casinos are based.

Growth in mass market visitors is expected to overtake the more volatile VIP segment for the first time this year with analysts expecting resilient spending from China's emerging middle class.

The majority of visitors to Macau still come from neighbouring Guangdong province, but analysts say improvements in transport and infrastructure in the coming year will help to penetrate deeper into China's interior.

Sands China, controlled by gaming magnate Sheldon Adelson, is set to open a new $4 billion casino next to its existing Venetian property at the end of April, drawing the centre of gravity further towards the Cotai strip.

The $30 billion firm ended a 10-year contract with Canada's Cirque du Soleil in February after three years of lacklustre ticket sales, highlighting the challenges for operators in luring gamblers away from baccarat tables.

Melco Crown has been more successful at drawing visitors to its House of Dancing Water show. Yet Macau's non-gaming revenue still trails far behind that of Las Vegas, something the government is trying to change by promoting cultural activities.

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EURO GOVT-ECB cash supports Bunds to help Spanish auction

Thu Mar 1, 2012 4:16am EST

* Bunds stay near record highs

* Italian yields grind lower, reversal seen

* Spain to sell up to 4.5 bln euros of bonds

By Kirsten Donovan and Alessandra Prentice

LONDON, March 1 (Reuters) - German government bonds hovered near record highs on Thursday, while yields on Italian bonds nudged lower as the European Central Bank's massive liquidity injection the previous day supported most euro zone bond markets.

Spanish bonds underperformed their Italian equivalents however before a sale of up to 4.5 billion euros of shorter-dated paper and there was little respite for Portuguese paper with concerns that any Greek-style restructuring could subordinate current bondholders.

An additional half trillion euros of three-year European Central Bank funds was added to the financial system on Wednesday, briefly pushing Bund futures to an all-time high of 140.28 and shorter-dated Italian yields to multi-month lows.

" The market appears very happy with the outcome of the ECB financing operation," said Michael Leister, rate strategist at DZ Bank.

" Italy stands out...but at the same time the Bund went to an all-time high. This indicates that although the liquidity is helping peripherals by easing funding concerns, the more fundamental problems remain unsolved, so demand for safety is still strong. We expect this to continue."

March Bund futures were 1 tick lower at 139.88 with 10-year yields flat at 1.82 percent.

" Bunds are trading well against a backdrop of fairly risk-positive news so what happens when there's actually some bad news?" a trader said. " It just feels like there's a wall of cash out there and some people are getting forced into the market with some of the technical moves we've seen lately."

UBS technical analyst Richard Adcock said the outlook for Bunds remained positive while they traded above 139.29, although for a longer-term advance a close above the trendline joining the September 2011 and January highs at 140.74 would be needed.

The ECB cash will support Spain's bond sale.

If Spain sells the full amount it will have completed 40 percent of its funding needs for 2012 after racing ahead with issuance in the first two months of the year as domestic banks reinvested the ECB cash in their sovereign bonds.

But there is a risk that funding requirement may have to be revised up with Spain pushing for more leeway in meeting its 2012 budget deficit target.

TOO MUCH, TOO SOON?

RBS said the recent collapse in yields at the short end of the Italian curve may have gone too far, with two-year yields another 10 basis points lower at 2.12 percent.

" Despite the very near-term positive for short-end periphery, we think that two-year BTPs at current levels look astonishingly rich given that they are now trading a mere 13 basis points above their 2010 second-half average," the bank's strategists said.

At that time moves in BTPs were closely correlated with those of Bunds as all government bonds were seen as relatively safe.

" Two-year BTPs are as rich as they were in times when markets' perception of Italy was far more positive."

With the Italian yield curve steepening almost 40 bps this week, RBS suggests positioning for a re-flattening of the curve.

France will also sell up to 8 billion euros of longer-dated bonds.

Meanwhile, The International Swaps and Derivatives Association, the arbiter of rules governing the sale and use of credit default swaps meets on Thursday to determine whether Greece's debt swap should be considered a credit event as a deadline for bondholders to agree to the process looms.

" The big focus will now be on the (debt swap)...Now that the ECB has played its part the focus will switch back to politicians and their efforts to solve the crisis," DZ Bank's Leister said.

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U.S. stock futures point to steady Wall St open

Thu Mar 1, 2012 4:18am EST

* U.S. stock index futures pointed to a steady open on Wall Street on Thursday, with futures for the S& P 500 and the Dow Jones staying flat and the Nasdaq 100 futures rising 0.1 percent.

* The Labor Department will release at 1330 GMT first-time claims for jobless benefits for the week ended Feb. 25. Economists in a Reuters survey forecast 351,000 new filings, a repeat of the previous week's number.

* U.S. Federal Reserve chairman Ben Bernanke testifies on " The Semiannual Monetary Policy Report to the Congress" before the Senate Banking Committee.

* Bernanke on Wednesday offered a tempered view of the economy, pouring cold water on the notion recent upbeat signs heralded a stronger recovery. He told Congress that unless growth accelerated, the unacceptably high unemployment rate would not keep dropping.

* The Institute for Supply Management releases at 1500 GMT its February manufacturing index. Economists expected a reading of 54.5, versus 54.1 in January.

* Kroger, the biggest U.S. supermarket chain, reports quarterly results and Wall Street has priced in a profit of 49 cents per share, up from 46 cents a year ago.

* The Commerce Department releases at 1330 GMT January personal income and consumption data. Economists expected a 0.4 percent rise in both income and spending. In December, income rose 0.5 percent and spending was unchanged.

* The Commerce Department releases at 1500 GMT January construction spending figures. Economists forecast a rise of 1.0 percent, compared with 1.5 percent in December.

* China's factories grew more than expected in February as new export orders for big firms bounced back, a government survey found, while a private-sector report portrayed a different picture of smaller companies lagging the rebound.

* Bank of America is planning to introduce a monthly fee for customers holding checking accounts unless they agree to bank online, buy more products or maintain certain balances, the Wall Street Journal reported.

* General Motors and PSA Peugeot Citroen will form a global alliance targeting a cut in annual costs of at least $2 billion without plant closures or job cuts in Europe.

* James Murdoch resigned as executive chairman of News International on Wednesday, raising new doubts he can succeed his father Rupert as CEO of parent company News Corp in the wake of a phone hacking scandal at the unit he oversaw.

* European shares were steady as investors digested central bank cash injections and looked for a catalyst for fresh gains.

* The Dow Jones industrial average shed 53.05 points, or 0.4 percent, to close at 12,952.07 on Wednesday. The Standard & Poor's 500 Index slipped 6.50 points, or 0.5 percent, to 1,365.68. The Nasdaq Composite Index dropped 19.87 points, or 0.7 percent, to 2,966.89.

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