Business Blog Posts

Japan's benchmark Nikkei average .N225 was down 0.42 percent, while the broader Topix .TOPX was off 0.47 percent.

MSCI's index of Asia Pacific shares outside Japan .MIAPJ0000PUS was down 0.09 percent, extending a two-week decline, but some markets, including Singapore, were closed for a holiday.

The euro inched higher, pulling away from a 7-week low hit the previous day. It remains vulnerable due to concerns about the debt of peripheral euro zone countries, although it gained some reprieve on Monday after euro zone finance ministers approved an emergency loan program for Portugal.

The dollar edged up 0.1 percent against the yen to 80.90 yen, having regained some ground after having dropped to 79.57 yen in early May, the dollar's lowest level against the yen since mid-March.

U.S. crude futures extended declines on Tuesday amid the global economic concerns and as U.S. industry data was expected to show a fourth-straight rise in the top consumer's crude oil inventories.

Crude was dragged lower as U.S. wholesale gasoline prices fell below $3 a gallon for the first time since March. NYMEX crude for June delivery was down 38 cents at $96.99 a barrel. London Brent crude for June delivery expired on Monday, settling down $1.10 at $112.73.

Gold held steady and silver rebounded from a 5 percent drop the previous session, as some Asian physical buying offset the influence of a slightly stronger dollar.

Spot gold edged up 0.1 percent to $1,490.75 an ounce. U.S. gold futures were little changed at $1,491.

Signs of a slowdown in the U.S. economic recovery pulled U.S. stocks and oil prices lower on Monday.

The Dow Jones industrial average .DJI lost 0.38 percent on Monday. The Standard & Poor's 500 Index .SPX fell 0.62 percent and the Nasdaq Composite Index .IXIC dropped 1.63 percent.

(Writing by Nick Macfie, editing by Jonathan Thatcher)

U.S. oil futures slipped to as low as $98.13 a barrel as the euro fell to a seven-week low against the dollar on renewed worries over Greece's sovereign debt woes.

European stocks were down in early trade on Monday, with the euro zone's blue chip Euro STOXX 50 .STOXX50E index falling 1 percent to a one-month low on renewed jitters about the region's debt crisis.

European banking stocks took a beating, with Deutsche Bank (DBKGn.DE) down 2.4 percent and Societe Generale (SOGN.PA) down 2.1 percent, while the sector's index .SX7P hit a 5 1/2 month low.

The euro hovered near a seven-week low against the dollar as investors sought clarity over how fresh talks on further aid for debt-stricken euro zone countries might pan out. The euro skidded to lowest levels since late March at $1.4048 in Asian trade as news that IMF chief Dominique Strauss-Kahn had been accused of attempted rape added to the uncertainty.

Meeting on Monday, euro zone finance ministers are likely to back a bailout package for Portugal, with new conditions set by Finland, in talks overshadowed by charges against Strauss-Kahn, while the meeting was also expected to pressure Greece to announce more austerity steps to secure further emergency funding. [nLDE74E0N7]

Japan's Nikkei stock average hit a 1-month low to end just under a key technical level on Monday, hurt by volatile commodities as well as concerns about global growth.

On the macro front, the New York Federal Reserve releases its Empire State Manufacturing Survey for May, while the National Association of Home Builders/Wells Fargo issues May housing market index.

On the earnings front, investors expected results from J.C. Penney Co (JCP.N) and Lowe's (LOW.N).

U.S. stocks ended a second week of losses on a down note Friday, reflecting growing worries that stocks are ripe for a pullback.

The Dow Jones industrial average .DJI ended down 100.17 points, or 0.79 percent, at 12,595.75. The Standard & Poor's 500 Index .SPX finished down 10.88 points, or 0.81 percent, at 1,337.77. The Nasdaq Composite Index .IXIC fell 34.57 points, or 1.21 percent, at 2,828.47.

(Reporting by Blaise Robinson; Editing by Hans Peters)

Glencore's IPO has entered the home stretch after a two-week road show, during which time commodity prices nosedived, raising some doubts about the success of the offer. But Glencore closed the books one day ahead of schedule, suggesting that the offer continued to generate interest.

Glencore narrowed the IPO price range to 520-550 pence per share from its previous guidance of 480-580 pence each, a source with direct knowledge of the matter told Reuters on Monday.

The source said the book is multiple times covered, adding that the company and banks are confident the deal can be done at the revised price range.

Underwriters usually send out a new pricing guidance to reflect the range in which the offer has attracted maximum demand.

The recent downturn in commodities markets had raised some doubts about whether the IPO will continue to attract the same demand. The new guidance indicates the company is not willing to sell shares at the bottom of the band as some investors had hoped.

The new range lifts the mid-point of the offer to 535 pence from 530 pence.

Some European fund managers were betting that the rout in commodities markets would give institutional investors the pricing power on the IPO.

Glencore is set to close the IPO books on Tuesday, one day ahead of schedule, with final pricing due on May 19.

Order books for shares in Glencore, the world's largest diversified commodities trader, were fully covered within hours of the start of the sale process, but part of that success is a result of the relatively small stake in the company being placed with funds and because of Glencore's size, which makes it a must-buy for many.

Glencore has sold about a third of the offer to cornerstone investors, who have agreed to a six-month lock-up in return for a guaranteed allotment.