Global Data Watch today

[RaahiShah]

Brent crude fell below USD 99 a barrel on Tuesday as Norway's government intervened in a labor strike and ordered a last-minute settlement to prevent a full closure of its oil industry. Speculators increased bullish commodity bets by the most in two years as prices rebounded from a bear market, boosted by a crop-damaging drought in the U.S. and moves by China and Europe to spur economic growth.

Record coal stocks at power plants in China, the biggest consumer of the fuel, are threatening to reverse the rally in rates for commodity carriers and diminish returns for ship owners to the lowest in more than a decade. London copper steadied on Tuesday, trading within narrow ranges as traders closed positions ahead of key China trade data due later in the session and GDP figures expected later this week. Gold prices edged down on Tuesday, pressured by a higher dollar as investors nervous about global economic growth piled into the greenback for safety.

Global Data Watch today: China's trade balance, Australia's retail sales, UK BRC retail sales, Japan money supply, National Australia Bank's Business Confidence (June), Japan's Consumer Confidence Index (June), ECB Governing Council Member Christian Noyer speaks, France Industrial Output (MoM) (May), UK trade balance, UK industrial production and US Fed's Bullard speech.
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