Wednesday Roundup

Here is some news of interest and charts for Wednesday

BHP Says Credit Crunch Won't Have `Material Impact' on Commodity Demand BHP Billiton Ltd., the world's biggest mining company, said its customers don't expect a global credit crunch to have a ``material impact'' on demand for raw materials.


Eight-week low for crude oil prices Crude oil prices dropped below $70 a barrel to an eight-week low Tuesday. Hurricane Dean weakened, and it appeared the storm would have no lasting effect on Mexican oil production. Gasoline and natural gas prices also extended their sharp losses, with traders betting demand is falling and supplies are safe. Light, sweet crude for September delivery lost $1.65.

Takeover Talk Sends Futures Higher Stock futures bounded higher Wednesday on continued speculation that the Federal Reserve will move to mitigate a growing credit crunch by cutting interest rates.

U.S. Notes Slide as Fed's Lacker Dims Expectations for Emergency Rate Cut U.S. 10-year notes declined for the first day in five as global stocks gained and Federal Reserve policy maker Jeffrey Lacker suggested the central bank is seeking to avoid an emergency cut in interest rates.

[XX Obviously, someone is wrong on the outlook for the emergency rate cut. If some have priced it in, this sets the market up for disappointment no matter what happens. A rate cut right now would kneecap an already weak dollar, which is why the Fed is avoiding it] China Says Imported U.S. Soybeans Have `Substantial' Quality Problems China, the world's biggest buyer of soybeans, said it found ``substantial'' quality-related problems with imports of the U.S. oilseed and urged the U.S. to investigate and improve its export procedures.

[XX what a load of crap. The Chinese need to find something to complain about after we wise up to the fact that they’ve been poisoning us for years. Do they think they’re fooling anyone?]

Gold Falls in Asia as Oil Decline Reduces Investment Demand; Silver Drops Gold prices declined in Asia as a drop in oil prices reduced the appeal of the precious metal as a hedge against inflation. Silver also fell.

China Copper Imports More Than Double in Seven Months on Increasing Demand China's refined copper imports, the biggest in the world, more than doubled in the first seven months of this year and stayed high in July, a traditionally low demand period.

[XX That doesn't sound like a global slowdown to me]

Check out my new gold and energy blog at MoneyAndMarkets.com