Reuters Soros says worst of global crisis is "behind us"

WARSAW (Reuters) - The worst of the global economic crisis is over, multi-billionaire financier George Soros told Polish news channel TVN24 on Sunday urging the creation of international regulations to oversee global markets.

"Decidedly the worst (of the crisis) is already behind us," said Soros, a 78-year-old Hungarian-born American with Jewish roots.

He did not elaborate but went on to stress the uniqueness of the current economic turmoil.

"This is not like previous crises but marks the end of an era. The system to date had been based on the false assumption that markets can independently regain their equilibrium and that the system is self-correcting," he explained.

He also said the regulation in the economy should be aimed at controlling market bubbles.

"We need international regulations to retain international markets. This won't be easy...If we won't be able to do this... than globalization, as we now know it, will fall apart," he said.

To deal with the current crisis he said "the state must step in, give guarantees to financial institutions and increase government spending," adding that he supported anti-crisis measures undertaken by the U.S. administration.

Since that could create a risk of hyperinflation he said the state must diminish its role once the credit system is restored. more...

Reuters S and P, Nasdaq gain on Microsoft; stocks slip for week

NEW YORK (Reuters) - The S&P 500 and Nasdaq rose on Friday as positive broker comments on Microsoft boosted technology shares, but the major averages lost ground for the week for the first time in five weeks.

After a sharp three-month rally, indexes eased this week as investors increasingly questioned if stocks are due for a correction. Worries that the economic recovery could be tepid have dented optimism that has driven the S&P 500 up as much as 40 percent from March's 12-year low.

"We've had the survival bounce and the end of the month-after-month declines in economic data," said Bucky Hellwig, senior vice president at Morgan Asset Management, in Birmingham, Alabama.

The Dow Jones industrial average .DJI fell 15.87 points, or 0.19 percent, to 8,539.73. But the Standard & Poor's 500 Index .SPX added 2.86 points, or 0.31 percent, to 921.23. And the Nasdaq Composite Index .IXIC rose 19.75 points, or 1.09 percent, to 1,827.47.

DOW LOSES 3 PERCENT FOR THE WEEK more...

Bloomberg Crude Oil, Gasoline Tumble on Increasing Motor-Fuel Supplies

June 19 (Bloomberg) -- Crude oil fell more than $1 a barrel and gasoline tumbled the most in two months on speculation that supplies of the motor fuel will climb as refineries bolster output and imports gain.

Gasoline inventories rose 3.39 million barrels to 205 million last week, the biggest increase since January, the Energy Department said on June 17. Total daily demand for fuels is 6 percent lower than a year ago. Crude prices advanced earlier as violence escalated in Nigeria and on speculation that fuel consumption will increase as the global recession eases.

“The demand numbers are just too weak to ignore,” said Rick Mueller, a director of oil markets at Energy Security Analysis Inc. in Wakefield, Massachusetts. “The big gasoline build suggests that refiners are chasing a diminishing target.”

Crude oil for July delivery fell $1.82, or 2.6 percent, to $69.55 a barrel at 2:50 p.m. on the New York Mercantile Exchange, the lowest settlement since June 8. It was the biggest decline since June 3. Futures, which are up 56 percent this year, dropped 3.5 percent this week.

Gasoline for July delivery fell 10.51 cents, or 5.2 percent, to end the session at $1.9244 a gallon in New York, the lowest settlement since June 3 and the biggest decline since April 20. Futures fell 5.8 percent this week, the largest drop since February.

U.S. refineries produced 9.13 million barrels of gasoline a day in the week ended June 12, up 2 percent from the week before, according to the Energy Department. Refineries operated at 85.9 percent of capacity last week, up from 80.4 percent in the week ended April 10.

Gasoline imports jumped 25 percent to 1.09 million barrels a day last week, the highest since April, the department said. more...

GlobalCoal Newcastle Coal Index

Weekly NEWC Coal Index
22-May-09 64.82
29-May-09 67.09
05-Jun-09 74.31
12-Jun-09 76.75
19-Jun-09 70.81

Monthly NEWC Coal Index
Feb-2009 75.03
Mar-2009 61.37
Apr-2009 62.55
May-2009 64.24

Business Times Softer trend seen for CPO futures

Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives are expected to see a softer trend next week on expectation of lower export and rising production, dealers said.

According to them, the market will see continuous cautious trading amid lack of market-moving news.

"Local sentiment doesn't look good and traders are watching closely the export data as there is no major development in the market," one of the dealers said.

He said the latest export data, scheduled to be released by the main surveyors next week, will provide lead for a fresh market direction.

Cargo surveyors Societe Generale de Surveillance and Intertek Testing Services are expected to release their reports for the first 20 days of June on Monday.

Another dealer said the market will also seek direction from the movement of crude oil and soyoil prices to further support the CPO price.

Soyoil and palm oil prices always move in tandem as both are competing for a similar market and export destinations, he said.

On a week-to-week basis, the July 2009 contract fell RM163 to RM2,315 per tonne and August 2009 dropped RM179 to RM2,286 per tonne.

September 2009 declined RM165 to RM2,285 per tonne while October 2009 was flat at RM2,285 per tonne.

Total turnover for the week decreased to 75,914 lots from 83,304 lots last week and open interests declined to 73,554 contracts from 76,078 contracts previously.

For the physical market, June South went down to RM2,330 per tonne from RM2,485 per tonne last week. -- Bernama