Libyan rebels push west as Gaddafi receives crimes warning

AL-UQAYLA, Libya | Thu Mar 3, 2011 7:36pm EST

AL-UQAYLA, Libya (Reuters) - Libyan rebels pushed west on Thursday, extending their grip on a key coast road as Muammar Gaddafi received a warning he would be held to account at The Hague for suspected crimes by his security forces.

Venezuela said the Libyan leader had agreed to its proposal for an international commission to negotiate an end to the turmoil in the world's 12th largest oil exporting nation.

But Gaddafi's son Saif al Islam said there was no need for any foreign mediation in the crisis, a leader of the uprising rejected talks with the veteran leader, and the Arab League said cautiously the plan was "under consideration."

In Paris, French Foreign Minister Alain Juppe said France and Britain would support the idea of setting up a no-fly zone over Libya if Gaddafi's forces continued to attack civilians.
President Barack Obama said the United States and the international community must be ready to act rapidly to stop violence against civilians or a humanitarian crisis in Libya.

The uprising, the bloodiest yet against a long-serving ruler in the Middle East or North Africa, has torn through the OPEC-member country and knocked out nearly 50 percent of its 1.6 million barrels per day output, the bedrock of its economy.

In eastern Libya, witnesses said a warplane bombed Brega the oil terminal town 800 km (500 miles) east of Tripoli, for the second day, part of a struggle for control of a strategically vital coast road and oil industry facilities.
Warplanes also launched two raids against the nearby rebel-held town of Ajbadiya, witnesses said.

"CIVILIAN AREAS NOT BOMBED"

But Juma Amer, Secretary for African Affairs at the Libyan Foreign Ministry, told journalists: "Media reports that civilian areas were bombed are false. Police had been and are urged to use maximum self restraint."
Saif said Brega was bombed to scare off militia fighters and to gain control of oil installations.

"First of all the bombs (were) just to frighten them to go away," he told Britain's Sky News.
On the ground, rebels leading the unprecedented popular revolt pushed their front line west of Brega.
They said they had driven back troops loyal to Gaddafi to Ras Lanuf, site of another major oil terminal and 600 km (375 miles) east of Tripoli.
They also said they had captured a group of mercenaries.

In an angry scene at al-Uqayla, east of Ras Lanuf, a rebel shouted at a captured young African and alleged mercenary: "You were carrying guns, yes or no? You were with Gaddafi's brigades yes or no?"
The silent youth was shoved onto his knees into the dirt. A man held a pistol close to the boy's face before a reporter protested and told the man the rebels were not judges.

In The Hague, International Criminal Court prosecutor Luis Moreno-Ocampo said Gaddafi and members of his inner circle, could be investigated for alleged crimes committed since the uprising broke out in mid-February.

"We have identified some individuals in the de facto or former authority who have authority over the security forces who allegedly committed the crimes," Moreno-Ocampo said.
"They are Muammar Gaddafi, his inner circle including some of his sons, who had this de facto authority. There are also some people with formal authority who should pay attention to crimes committed by their people."

Libyan government spokesman Musa Ibrahim told BBC radio the news from The Hague was "close to a joke."
"No fact-finding mission has been sent to Libya. No diplomats, no ministers, no NGOs or organisations of any type were sent to Libya to check the facts ... No one can be sent to prison based on media reports," he said.

Ibrahim Mohammad Ali, a spokesman for the public security department, said Libya had told the United Nations it would allow visits by independent human rights observers.
Libya is not a signatory of the ICC treaty, "but we are willing to deal with the ICC and take action against anyone who has acted outside the law," he told a Tripoli news conference.

A spokesman for Venezuelan President Hugo Chavez, a Gaddafi ally, said the Libyan government had accepted a Venezuelan plan to seek a negotiated solution to the conflict in Libya.
Arab League Secretary-General Amr Moussa said the plan was under consideration and he was waiting for details from Caracas.

SKEPTICISM OVER CHAVEZ PLAN

Oil prices fell briefly on news of the plan, but traders said the fall was due to profit-taking and they were skeptical about any Venezuelan mediation. Brent crude fell more than $3 but by 2000 GMT had recovered to $114.82.

Chavez's plan would involve a commission from Latin America, Europe and the Middle East trying to reach a negotiated outcome between the Libyan leader and rebel forces.
An aide to Mustafa Abdel Jalil, head of the rebels' National Libyan Council, told Reuters the rebels were open to talks only on Gaddafi's resignation or exile to avoid more bloodshed.
"There is nothing else to negotiate," he said.
He also called for foreign air strikes to set up a "no-fly zone" to help the rebels topple Gaddafi.
Save The Children and Medecins Sans Frontieres said they were struggling to get medicine and care to Libya's needy, with gunmen blocking roads and civilians too scared to seek help.
The government has tried to persuade people in Tripoli that life continues as normal. But there were queues at banks, and residents said food prices had gone up and the street value of the Libyan dinar had fallen dramatically against the dollar.

The official news agency said the Libyan parliament had cut car fuel prices by 25 percent to 0.15 dinars ($0.12) a liter.
A fish market near Tripoli's Green Square was mostly empty. "The situation is affecting us," said Ismail, a fisherman. "All the Egyptian workers who run the boats have left."

Just outside rebel-held Zawiyah, west of Tripoli, officials took foreign journalists to a local refinery to show it was controlled by the state. Officials said it was running normally.
But in the center of Zawiyah, rebels were fully in control and said they had enough forces to repel any government attack.

In the opposition stronghold of Benghazi, men of all ages gathered next to the courthouse engaged in fierce debates, enjoying their new-found freedom of speech.
"We must go to Tripoli and get rid of Gaddafi," shouted one, to murmurs of approval from those around him.
"But we have only our shirts to protect us from the cannon," said Ahmed el Sherif, 60, standing on the edge of the group.

The upheaval is causing a humanitarian crisis, especially on the Tunisian border where tens of thousands of foreign workers have fled to safety. But an organized international airlift started to relieve the human flood from Libya as word spread to refugees that planes were taking them home.

Headline News 03.03.11

US & GLOBAL 
• Bursa saham Wall Street berhasil membukukan kenaikan tipis ditengah berlanjutnya kenaikan harga minyak dunia. Penguatan saham‐saham AS tersebut
ditopang membaiknya rilis data ekonomi yang diperkirakan akan dapat mengatasi lonjakan harga minyak dunia saat ini. Sektor‐sektor yang sensitif terhadap
energi berhasil menguat, termasuk diantaranya sektor industrial <GSPI.> yang menguat 0,4% dan material <. GSPS> yang naik 0,2 persen, sedangkan sektor
infotechnology <. GSPT> naik 0,7 persen.
 
• Sementara itu rilis data ekonomi AS cukup positif, dimana Fed Beige Book menunjukkan aktivitas ekonomi akan menguat pada 2011 dan survei
menunjukkan perekrutan tenaga kerja swasta meningkat lebih dari yang diperkirakan, berdasarkan laporan dari ADP Employment Reports yang
menunjukkan kenaikan sebesar 217K. Indeks Dow Jones <. DJI> naik 8,78 poin atau 0,07% ke 12,066.80, S&P500 <. SPX> naik 2,11 poin atau 0,16% ke
1,308.44 dan Nasdaq <. IXIC> menguat 10,66 poin atau 0,39% ke 2,748.07.
 
• Harga emas ditutup stagnan setelah berhasil mencatat rekor kenaikan ke harga tertinggi di 1.440.10 USD per troy ounce menyusul naiknya minat investor
pada aset safe haven didorong oleh beberapa faktor, diantaranya kerusuhan politik di Libya, lonjakan harga minyak dan testimoni Bernanke yang membuat
investor memperkirakan kebijakan moneter AS akan tetap longgar. Harga spot emas <XAU=> naik 10 sen ke 1,433.81 USD per troy ounce.
 
• Harga minyak dunia meroket ke level tertinggi sejak Agustus 2008 akibat berita bahwa terjadi serangan udara di dekat infrastruktur minyak Libya yang
menimbulkan kekhawatiran bahwa sektor produksi minyak akan menjadi target dari upaya Khadafi mempertahankan kekuasaannya. Investor di pasar
minyak dunia tetap berfokus pada kekacauan di Timur Tengah, menyusul adanya sinyal ancaman terhadap pasokan minyak global setelah pemberontak di
Libya memotong jalur ekspor Libya. Harga minyak mentah Brent <LCOc1> naik 93 sen ke 116,35 USD per barel, penutupan tertinggi sejak 21 Agustus 2008.
Sementara itu harga minyak Crude AS <CLc1> ditutup naik 2.6 USd ke 102,23 USD per barel, penutupan tertinggi sejak September 2008. Naiknya harga
Crude AS juga mendapat sokongan dari data EIA yang menunjukkan adanya penurunan pada persediaan minyak AS.
 
• Euro naik ke level tertinggi dalam 4‐bulan terakhir seiring meningkatnya ekspektasi kenaikan suku bunga ECB yang luas diperkirakan akan mendahului The
Fed. Swiss franc melambung ke rekor tertinggi terhadap dollar AS seiring meningkatnya ketegangan di Libya yang menaikkan ketakutan akan menyebarnya
kerusuhan tersebut ke negara‐negara eskportir minyak lainnya, terutama Arab Saudi. Sebuah kondisi yang memaksa investor mengarahkan asetnya pada
Swsiss franc sebagai aset yang berstatus safe haven. Euro <EUR=> naik 0.7% ke 1.3869, setelah sempat menguat hingga 1.3890 yang merupakan level
tertinggi sejak 9 November.
 
• Sementara itu indeks dollar, yang menjadi acuan kinerja dollar AS terhadap the basket of currencies, <DXY.> turun ke level 76,529, yang merupakan titik
terendah sejak awal November 2010. Mata uang AS tersebut tidak berhasil memperoleh keuntungan dari mengerucutnya risk aversion dikalangan investor
akhir‐akhir ini, kondisi mana memunculkan pertanyaan dikalangan investor apakah dollar AS mulai kehilangan status safe haven‐nya. Dollar justru tertekan
seiring pandangan bahwa lonjakan harga minyak akhir‐akhir ini akan mendorong bank sentral lain seperti ECB dan BoE untuk menaikkan suku bunga guna
memerangi tekanan inflasi. Investor juga khawatir bahwa meningkatnya biaya energi dapat menghambat belanja konsumen, yang menyumbang sekitar dua
pertiga dari ekonomi AS. Dollar AS ditutup stagnan di 81.88 yen <JPY=>, setelah sempat mencapai level 81,57. Sedangkan terhadap Swiss franc, dollar AS
turun 0.5% ke 0.9237 setelah sempat membukukan rekor harga terendah sepanjang masa di 0.9202 franc <CHF=>.

Oil settles at 2-1/2 year high on Libya violence

NEW YORK | Wed Mar 2, 2011 7:33pm EST

NEW YORK (Reuters) - Oil rose to settle at its highest level since August 2008 on Wednesday after an airstrike near Libya's oil infrastructure raised more fears the OPEC nation's oil sector could become a target in embattled leader Muammar Gaddafi's efforts to hold power.

News of the strike in Brega, about kilometers (1.2 miles) from a Libyan oil terminal, added to two weeks of fears the unrest could spill over into other large oil producers in the region.

Oil markets remained focused on the turmoil in the Middle East, which could signal another threat to global oil supplies after the Libyan revolt cut exports.
"It looks like an attack fairly close to what is one of Libya's largest storage and export terminals," said Andy Lebow, trader at MF Global in New York.

"It's hard to say if the Libyan government is trying to target oil infrastructure in the east or whether they're just targeting rebel-held areas, but the market's reacting to this threat either way."
Brent crude settled 93 cents higher at $116.35 a barrel, the highest settlement since August 21, 2008, off the session high of $117.81. The Libyan crisis spurred Brent to a 2-1/2 year high near $120 a barrel on February 24.

U.S. crude futures settled at $102.23 a barrel, up $2.60, ending above $100 for the first time since September 2008. U.S. oil also found some support from U.S. Energy Information Administration data showing a drawdown in U.S. oil inventories.
Crude had pared gains in the morning after EIA data showed inventories at the Cushing, Oklahoma, delivery point for the New York Mercantile Exchange's oil futures contract hit a record high.

SPREAD NARROWS

Brent's premium against U.S. crude narrowed to above $14, after touching a record $17.12 on Tuesday. High inventories at the Cushing, Oklahoma delivery point for U.S. crude has kept a lid on U.S. oil price gains this year, sending the spread to a series of all-time highs.

"It seems like the spread gets out there to $16 and then you see some sellers trying to take some profit and the EIA news was a little bit bullish for U.S. crude as well," said Mike Zarembski, senior commodities analyst for optionsXpress in Chicago.

Oil prices hit their highest levels since August 2008 last week on Libya's outages and worries regional production could be hit should similar uprisings develop in other producers in the Middle East and North Africa.
This week, the rebound in oil prices in the wake of violence in Libya has sent other commodity prices rising. Gold reached a record high as buyers looked for safe havens amid political instability.

LIBYAN DISRUPTIONS

In Libya, disruptions at some ports continued, but trade sources said four tankers with at least 2.4 million barrels of crude oil have sailed in the past 24 hours despite mounting violence.
 So far, normal output of 1.6 million barrels per day had been cut to 700,000-750,000 bpd as most of the industry's foreign workers had taken flight after the crisis began, according to Shokri Ghanem, head of Libya's National Oil Company.

But prolonged conflict could push crude oil prices above $130 a barrel, Ghanem told Reuters.
Governments in Yemen, Oman, Iran and Iraq have clashed with protesters seeking reforms as popular unrest has spread in the region holding more than 60 percent of the world's oil reserve.

Headline News 02.03.11

US & GLOBAL 
• Kekhawatiran bahwa kenaikan harga minyak akan menghambat pemulihan ekonomi mendasari aksi jual investor yang melakukan mekanisme lindung nilai
terhadap prospek penurunan lebih lanjut. Harga minyak mentah Brent naik di atas 115 USD per barel akibat gangguan pasokan minyak dan menyebarnya
kekerasan politik di Timur Tengah dan Afrika Utara. Ketua The Fed Ben Bernanke mengatakan lonjakan harga minyak akhir‐akhir ini tidak akan menghambat
laju pertumbuhan ekonomi, namun demikian komentar tersebut tidak berhasil meyakinkan pelaku pasar yang sudah kadung khawatir bahwa kekacauan di
Timur Tengah akan menimpa Arab Saudi, eksportir minyak terbesar dunia. Indeks Dow Jones <.DJI> turun 169,38 poin atau 1,39% ke 12,056.96, S&P500
turun 21.04 poin, atau 1,59% ke 1,306.18 dan Nasdaq <. IXIC> turun 44,86 poin atau 1,61% ke 2,737.41.
 
• Harga minyak mentah Brent naik diatas 115 US per barel akibat gangguan pasokan dan potensi menyebarnya kerusuhan di Timur Tengah dan Afrika Utara.
Sementara harga minyak mentah Crude AS naik lebih dari 2% diatas 99 USD per barel menyusul adanya laporan dari Reuters bahwa aktivis hak asasi
manusia memperkirakan pihak berwenang Saudi telah menahan seorang ulama Syiah yang potensial memicu konflik sektarian di negara eksportir minyak
terkemuka dunia tersebut. Harga minyak Brent untuk pengiriman April <LCOc1> naik 3,59 USD menjadi 115,39 USD per barel dan Crude AS <CLc1> naik 2,66
USD ke 99,63 USD per barel, penutupan tertinggi sejak 30 September 2008.
 
• Sementara itu harga emas menguat lebih dari 1% mencapai level tertinggi sepanjang sejarah 1.434,65 USD per troy ounce akibat berlanjutnya kekacauan
politik di Libya yang dikhawatirkan menyebar ke negara lain di Timur Tengah yang kemudian mendorong minat investor pada aset safe haven. Kenaikan
emas juga dipengaruhi lonjakan harga minyak dunia seiring posisi emas sebagai instrumen inflation hedge. Harga spot emas <XAU=> naik 1.5% ke 1433.50
setelah sempat membukukan kenaikan harian ke level tertinggi sepanjang sejarah 1.434,65 USD per troy ounce.
 
• Dollar AS berhasil bangkit dari keterpurukannya dalam beberapa sesi ke level terendah dalam kurun 3‐1/2‐bulan month terakhir terhadap mata uang utama
lainnya seiring tertahannya rally euro untuk menembus level teknikal yang cukup penting. Analis memperkirakan euro tetap potensial untuk melanjutkan
penguatannya menjelang sidang ECB Kamis 03 Maret mendatang, dimana diperkirakan ECB akan menunjukkan sinyal kesediaan untuk menaikkan suku
bunga. Indeks dolar <.DXY>, yang merupakan panduan kinerja dollar AS terhadap sejumlah mata uang utama dunia, naik 0.2% dari penutupan sebelumnya
ke 77.053. Hingga akhir sesi New York, euro turun 0,2% ke 1,3773 <EUR=>. Ketidakpastian kondisi di Timur Tengah dan Afrika Utara masih berpotensi
menaikkan minat beli investor pada mata uang safe haven terutama Swiss franc dan yen.
 
• Ketua The Fed ‐ Ben Bernanke tidak memberikan banyak petunjuk apakah The Fed mulai mempertimbangkan pengetatan kebijakan moneter. Dalam
testimoni di hadapan Kongres AS, Bernanke mengatakan bahwa risiko penurunan pertumbuhan ekonomi AS telah berkurang dan untuk pertama kalinya
menegaskan bahwa risiko deflasi sekarang mulai "diabaikan." Namun Bernanke juga menyatakan pertumbuhan lapangan kerja masih rendah dan belum
memberikan petunjuk apakah The Fed sedang mempertimbangkan untuk mengakhiri program pembelian obligasi senilai 600 miliar USD sebagai langkah
stimulasi pertumbuhan ekonomi. Komentar Bernanke tersebut menekan kinerja euro terhadap dolar. Terhadap yen, dollar AS naik 0,2% ke 81,94 yen
<JPY=>, ditopang maraknya aksi beli dari eksportir Jepang. Terhadap Swiss franc, dollar AS naik 0,1% ke 0,9297 <CHF=>. Sterling <GBP=> sempat mencatat
penguatan tertinggi dalam kurun 13‐bulan terakhir ke level 1.6328 ditopang membaiknya rilis data ekonomi Inggris yang memicu berlanjutnya ekspektasi
kenaikan suku bunga BoE. Namun hingga akhir sesi New York, sterling ditutup stagnan di 1.6260.

Oil price fuels Wall Street selling

NEW YORK | Tue Mar 1, 2011 6:46pm EST

NEW YORK (Reuters) - Concerns that rising oil prices could hurt economic recovery prompted investors on Tuesday to sell stocks and hedge against further declines.

The CBOE Volatility Index VIX .VIX, Wall Street's so-called fear gauge, jumped 14.5 percent to 21.01 on growing uncertainty about oil. The index measures the cost of using options as insurance against a decline in the S&P 500 .SPX index.

"We've been seeing how quickly the VIX can spike up, and there is no reason to believe that it won't double from where it is now," said Harry Rady, CEO of Rady Asset Management in San Diego, California.
Brent crude rose above $116 a barrel as supply disruptions persist and political violence spreads in the Middle East and North Africa. Higher oil translates into increased energy and gasoline costs for consumers.

U.S. crude and gasoline futures extended gains in extended-hours trading after data showed domestic crude inventories unexpectedly fell. U.S. stock index futures fell slightly, with S&P futures off 3.3 points.
Federal Reserve Chairman Ben Bernanke said the recent surge in oil was unlikely to derail the economy, but his comments did little to reassure investors worried that turmoil in the Middle East could hit Saudi Arabia, the world's largest oil exporter. The Dow Jones Transports index .DJT fell 2.5 percent.

Stocks have taken their cue from oil since the start of turmoil in the Middle East and North Africa in January. The S&P had its weakest performance since November last week but still tallied three months of gains.
The Dow Jones industrial average .DJI fell 169.38 points, or 1.39 percent, at 12,056.96. The Standard & Poor's 500 Index dropped 21.04 points, or 1.59 percent, to 1,306.18. The Nasdaq Composite Index .IXIC lost 44.86 points, or 1.61 percent, to 2,737.41.

About 8.67 billion shares traded on the New York Stock Exchange, NYSE Amex and Nasdaq, higher than last year's daily average of 8.47 billion. Volume has recently been solid on days when the market falls, but often comes under 7 billion on up days.

Investors took a cautious stance as cyclical sectors experienced the biggest losses, while defensive sectors such as utilities, healthcare and consumer staples limited losses.
Wal-Mart Stores Inc (WMT.N) and Coca-Cola Co (KO.N) helped the Dow to limit losses. Wal-Mart rose 0.2 percent to $52.06, while Coca-Cola was up 1.5 percent to $64.91.

Gasoline and heating oil futures each gained about 3.5 percent to $3. The S&P's materials .GSPM index dropped 2.3 percent while the industrials .GSPI dropped 2.2 percent. According to AAA, the national average price of regular unleaded gasoline is currently at $3.35 per gallon.
"The real story is gasoline," said Nick Kalivas an analyst, at MF Global in Chicago. "The market is getting worried that you could see $4 gasoline in the U.S."

Financial stocks came under pressure after JPMorgan Chase & Co (JPM.N) said it could face "material" fines and "significant" legal costs from a wide-ranging probe into the industry's foreclosure practices.
JP Morgan fell 2.3 percent to $45.60 while the KBW bank index .BKX fell 2.3 percent.
Declining stocks outpaced advancing stocks on the NYSE by a ratio of about 3 to 1, while on the Nasdaq, decliners beat advancers by a ratio of 10 to 3.

Gold clings to $1,410; ETF holdings to 9-month low

SINGAPORE | Mon Feb 28, 2011 11:00pm EST

SINGAPORE (Reuters) - Spot gold steadied around $1,410 on Tuesday as escalating unrest in Libya and the Middle East supported safe-haven demand, though holdings in the biggest gold-backed exchange-traded fund fell to the lowest level in more than nine months.

Forces loyal to Libyan leader Muammar Gaddafi were massed near the Tunisian border on Tuesday, as the United States said it was moving warships and aircrafts closer to Libya, heightening tension in the volatile region.
Spot gold was nearly flat at $1,411 an ounce by 0339 GMT. It had been moving in a narrow range of less than $4.

The most active U.S. gold futures contract edged up 0.1 percent at $1,411.90.
"There has been some scrap selling and liquidation above $1,405," said Peter Fung, head of dealing department at Wing Fung Precious Metals in Hong Kong.

"We'll probably see a price range between $1,405 and $1,415."
But even as the political turmoil in the Middle East and North Africa continued to support safe-haven demand, improved economic prospects could weigh on gold prices, traders said.

Gold prices could drop 20 percent later this year and in 2012 as the global economy picks up, as speculators exit the market, said the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES).

Holdings in the SPDR Gold Trust dipped to the lowest since mid-May last year in a sign that investors may be switching to stocks and other assets, a dealer said.
"The money from gold ETF may have gone to the stock market, which has outperformed gold recently," said a Hong Kong-based dealer.
Spot gold inched down half a percent so far this year, compared to a 5.6 percent climb in the Dow Jones industrial average .DJI.

On the macroeconomic front, Chinese manufacturing growth slowed in February to a six-month low, according to an official survey, as the government's sustained campaign to tame inflation weighed on industrial activity.

Australia's central bank decided to keep its main cash rates steady at 4.75 percent as widely expected, said it expects the global economy continue to expand.
Brent crude held steady near $112 a barrel on Tuesday as investors remained cautious about Middle East supplies even as Saudi Arabia ramped up production to cover a drop in Libyan exports.
A sustained period of higher oil prices would significantly affect developing economies but is unlikely to derail their strong recovery since the global financial crisis, a senior World bank economist said.
 Separately, the IMF warned extended higher oil prices would hit world growth.
Spot silver edged up 0.1 percent at $33.84 an ounce, having touched an intra-day high at $33.94. It hit a 31-year high at $34.30 last week.

Gold edges above $1,410/oz on Mideast tensions

LONDON | Mon Feb 28, 2011 10:19am EST

LONDON (Reuters) - Gold rose above $1,410 an ounce on Monday as turmoil across the Middle East boosted safe-haven buying, though the metal struggled to sustain gains as investors were spooked by its proximity to record highs.

Spot gold was bid at $1,410.50 an ounce at 1502 GMT (10:02 a.m. EST), against $1,409.15 late in New York on Friday. U.S. gold futures for April delivery rose by $1.60 an ounce to $1,410.90.
 Unrest across the Middle East and North Africa, which unseated leaders in Tunisia and Egypt before spreading across Libya, Bahrain, Yemen and Oman has fueled a 6 percent rise in gold prices this month.
Prices are currently on track for their biggest one-month rise since last August, but analysts say more may be needed to take gold above its record high at $1,430.95 an ounce.

"It requires some spreading of the political turmoil and an intensification in those other countries to see gold make much bigger gains," said Mitsubishi analyst Matthew Turner.
"From a market viewpoint, gold is near its highs again. It was probably quite easy to get up to $1,400, but it will be more difficult to rise from here."

Yemen's opposition coalition said on Monday it would not join a unity government expected to be offered by President Ali Abdullah Saleh, saying it was standing with popular demands for an end to his three-decade rule.
In Oman, protesters demanding jobs and political reforms blocked roads to a main port in the north of the Gulf Arab sultanate as looters trashed a nearby supermarket, and demonstrations spread to the capital.
In Libya meanwhile, rebels downed a military aircraft as they fought a government bid to take back the country's third city, Misrata, a witness said, while foreign ministers discussed how to help them oust Muammar Gaddafi.

DOLLAR UNDER PRESSURE

A decline in the dollar, which makes commodities priced in the U.S. unit cheaper for holders of other currencies, also helped support gold.
 The dollar hit a 3-1/2-month low versus a currency basket .DXY on speculation the Federal Reserve would lag other central banks in raising interest rates to counter inflation risks stoked by rallying oil prices.
Oil prices edged a touch lower on Monday but remained elevated after hitting 2-1/2 year highs last week on the back of tensions across the Middle East and North Africa.

"Higher oil prices are a double-edged sword as far as gold is concerned," said UBS in a note. "On the plus side, should elevated oil prices persist, concerns about a corresponding negative impact on global economic growth could spurn renewed interest in safe havens.

"(But) rising oil prices also contribute to higher inflation prints. This creates a difficult task for policymakers, particularly the ECB and BoE, who are debating a return to monetary policy normalization. The return of interest rate hikes will act as an anchor for gold at lower price levels."

Among other precious metals, silver was bid at $33.66 an ounce against $33.31. Prices have rallied 19 percent this month, their biggest one-month rise since May 2009.
Among other precious metals, platinum was at $1,801.49 an ounce against $1,803.50, while palladium was at $793.47 against $785.40.

Headline News 25.02.11

US & GLOBAL 
• Bursa saham Wall Street ditutup beragam dalam sesi perdagangan yang cukup volatile, memperlihatkan masih tingginya gairah pelaku pasar mendukung berlanjutnya penguatan saham‐saham
di bursa. Indeks S&P500 bangkit dari posisi terendahnya pada awal perdagangan dipicu oleh keprihatinan mendalam bahwa minyak yang lebih tinggi dapat menghambat laju kegiatan ekonomi.
Saham‐saham di bursa sempat mencapai level terendahnya terdesak kenaikan tajam harga minyak dunia yang mendekati 120 USD per barel akibat kekacauan di Libya. Indeks Dow Jones <.DJI>
turun 37,28 poin atau 0,31% ke 12,068.50, S&P500 <. SPX> turun 1,30 poin atau 0,10% ke 1,306.10 dan Nasdaq <. IXIC> naik 14,91 poin atau 0,55% ke 2,737.90.
 
• Swiss franc melambung ke rekor tertinggi terhadap dollar AS, yen juga menguat secara luas terhadap mata uang utama dunia lainnya seiring masih tingginya kekhawatiran akan kondisi Libya
yang dikhawatirkan merebak ke negara lain di kawasan produsen minyak tersebut. Kondisi mana meningkatkan minat investor terhadap aset safe haven terutama Swiss franc dan yen. Dollar
AS melemah, tertekan kenaikan harga minyak dunia yang memicu kekhawatiran tentang dampaknya terhadap consumer spending AS. Selain itu, ekspektasi bahwa The Fed masih akan
menahan kenaikan suku bunga lebih lama dari bank sentral utama dunia lainnya juga turun menekan dollar AS. Swiss franc diperkirakan masih akan menanngguk keuntungan dari eskalasi
geopolitik di Timur Tengah dan Afrika Utara. Sementara itu penguatan yen diperkirakan akan terbatas, antara lain dikarenakan ekonomi Jepang yang rentan terhadap harga minyak yang tinggi
dan risiko intervensi mata uang oleh pejabat Jepang untuk melindungi ekspor. Dollar AS merosot 0.8% ke 0.9256 setelah sempat anjlok hingga 0.9234 <CHF=>. Euro turun ke 0.4% ke 1,2773
franc <EURCHF=>, setelah sempat anjlok hingga 1.2706 yang merupakan level terendah sejak 13 Januari.
 
• Harga minyak mentah Brent <LCOc1> melompat ke level tertinggi sejak Agustus 2008 terdorong kekhawatiran merebaknya kerusuhan geopolitik Timur Tengah dan Afrika Utara yang telah
memangkas produksi minyak Libya setidaknya 25% dari total produksi regulernya. Secara historis, kenaikan harga minyak cenderung menyebabkan pelemahan dollar AS seiring kenaikan harga
energi yang menyebabkan konsumen mengurangi belanja (spending di AS menyumbang sekitar 2/3 dari ekonomi). Sementara itu komentar hawkish terbaru dari pejabat ECB telah
meningkatkan harapan kenaikan suku bunga zona euro, setelah pejabat ECB ‐ Axel Weber mengatakan bahwa satu‐satunya arah bagi suku bunga zona euro adalah dengan kenaikan. Euro
mencapai level tertinggi dalam kurun 3‐pekan terakhir di 1,3822 dan ditutup menguat 0.3% ke 1.3789 <EUR=>. Terhadap the basket of currencies, dollar AS merosot <DXY.> mencapai titik
terendah dalam tiga minggu di 76,991. Dollar AS juga melemah 0,9% ke 81,79 yen <JPY=>, setelah sempat anjlok hingga 81,62, yang merupakan level terendah sejak 4 Februari.
 
• Harga emas ditutup dibawah level 1.400 USD per troy ounce menyusul turunnya minat investor pada aset safe haven terpengaruh meredanya rally harga minayk setelah Arab Saudi dikabarkan
dalam pembicaraan untuk meningkatkan produksi minyak dan adanya rumor bahwa pemimpin Libya Muammar Gaddafi telah tertembak. Harga spot emas <XAU=> turun 0,5% ke 1,404.40 USD
per troy ounce. Emas tercatat mengalami penguatan 7% sejak akhir Januari terdongkrak kerusuhan di Mesir dan Tunisia yang menaikkan minat pada aset safe haven.
 
• Harga minyak Brent sempat mencapai level tertinggi dalam kurun 2‐1/2 tahun terakhir mendekati level 120 USD per barel, meski akhirnya sedikit melemah akibat rumor bahwa Muammar
Gaddafi telah tertembak dan adanya jaminan bahwa Arab Saudi dapat mengatasi gangguan pasokan Libya. Harga minyak Brent <LCOc1> mencapai $ 119,79 USD per barel ‐ level tertinggi sejak
Agustus 2008 ‐ namun sempat turun ke 110,51 USD per barel, menjadikan perdagangan hari Kamis 24 Februari sebagai sesi perdagangan dengan kisaran terlebar sejak September 2008. Brent
ditutup menguat 11 sen ke 111,36 USD per barel. Harga minyak mentah AS <CLc1> turun 82 sen ke 97,28 USD per barel, setelah menyentuh level tertinggi sejak September 2008 di 103,41 USD
per barel.

Wall St recovers off lows on oil drop, Boeing up late

NEW YORK | Thu Feb 24, 2011 5:46pm EST

NEW YORK (Reuters) - Bruised but not bowed, bulls staged a rebound on Thursday and helped stocks stabilize in a volatile session suggesting investors aren't ready to give up on the market's rally.

The S&P 500 recovered off early lows triggered by deepening concerns that higher oil could stifle economic activity. Stocks hit their worst levels when Brent crude neared $120 a barrel on Libya's turmoil.
The S&P inversely tracked oil prices and a late-day drop in crude resulted in a corresponding recovery in equities. The
index is down 2.7 percent for the week so far, but investors believe the market could regain its footing at this level.

The rebound "suggests that there is still some buying support," said David Joy, chief market strategist at the Boston-based Columbia Management, which oversees $347 billion. "Libya was a good reason to trigger a pullback, but I don't think anyone has changed their mind on the recovery because of this."
Trading volume has risen in the past few sessions, following a period of anemic action that saw stocks hit 30-month highs. The S&P is up 24 percent since the start of September. About 8.90 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, above last year's daily average of 8.47 billion.
Kenneth Fisher, a billionaire investor who oversees $41 billion at the Woodside, California-based Fisher Investments Inc, agreed that there was a base of support for equities.

"People keep underestimating how strong the economy is right now," he said. "The potential short-term hiccups are the kind of disruption that the economy can easily absorb."
Oil has risen about 12 percent over the past three sessions. The sharp rise has fueled worries about the impact of energy costs on economic activity.

Oil futures were at their highest since late August 2008 as the escalating problems in Libya disrupted supply. Brent rose near $120 in intraday trading though it later pulled back to $111.12 in a sell-off sparked by rumors that Libyan leader Muammar Gaddafi had been shot.

"If oil or Brent go up to $120 per barrel and stay there, that would be cause for revisiting our expectations for how robust the recovery will be," Joy said. "That seems to be the level where you have to start thinking about how to change your position."

The Dow Jones industrial average .DJI fell 37.28 points, or 0.31 percent, to end at 12,068.50. The Standard & Poor's 500 Index .SPX slipped 1.30 points, or 0.10 percent, to finish at 1,306.10. But the Nasdaq Composite Index .IXIC rose 14.91 points, or 0.55 percent, to close at 2,737.90.

RISK GETS SOME RESPECT

The S&P broke through a trendline dating back to August that connected lows in late August with lows reached in late November. Selling accelerated after this line was broken, and the Dow momentarily dropped below 12,000 for the first time since February 3, though both rebounded.

Options activity suggested that some investors were still cautiously bullish in the long term. Investors have been selling high-flying stocks, but then using long-term call options (which profit if the stock rises).

"There is now a newfound respect for risk, thanks to $100 oil, which has strategists repositioning, potentially raising some cash and using longer expiration options on stocks or indexes to participate on the upside," said Joe Cusick, senior market analyst at online brokerage optionsXpress.

Dow component Boeing Co (BA.N) rose 3.4 percent to $73.20 after the bell after the Pentagon said it had won a contract to build new refueling planes for the U.S. Air Force.
Salesforce.com Inc (CRM.N) rose 7.8 percent to $144.79 in extended trading after the company reported a stronger-than-expected profit.

Priceline.com Inc (PCLN.O) jumped 8.5 percent to $462.34 and kept the Nasdaq in positive territory after a number of brokerages raised their price targets on the stock. The online travel agency reported a larger-than-expected profit late Wednesday.

General Motors Co's (GM.N) earnings topped estimates, but the stock slid 4.5 percent to $33.02 on concerns about the pressure from rising oil.
In economic news, new U.S. claims for jobless aid fell last week, hinting at an improvement in the labor market, but declines in new home sales and orders for a range of factory goods in January showed the economy still faced headwinds.
About eight stocks rose for every seven that fell on the New York Stock Exchange while on the Nasdaq, almost eight rose for every five that fell.

Headline News 24.02.11

US & GLOBAL 
• Bursa saham AS berlanjut melemah dalam dua sesi berturut‐turut terdesak kekerasan di Libya yang melambungkan harga minyak dunia mendekati level 100 USD per
barel dan menekan saham‐saham teknologi, menambahkan prospek koreksi bursa setelah penguatan tajamnya akhir‐akhir ini. Indeks Dow Jones <.DJI> turun 107,01
poin atau 0,88% ke 12,105.78, S&P500 <.SPX> melemah 8,04 poin atau 0,61% ke 1,307.40 dan Nasdaq <. IXIC> anjlok 33,43 poin atau 1,21% ke 2,722.99.
 
• Swiss franc melejit ke level tertinggi terhadap dollar AS menyusul mengerucutnya eskalasi kerusuhan di Libya yang menaikkan minat investor pada aset berstatus safehaven.
Sementara itu dollar AS turun secara luas terhadap mata uang utama dunia lainnya, seiring goyahnya status safe‐haven currency yang selama ini disandangnya.
Euro, yang seringkali diperlakukan sebagai acuan dari mata uang beresiko, berhasil menguat akibat aksi jual dollar investor yang mengalihkannya pada mata uang
utama lain. Ekspektasi kenaikan suku bunga ECB yang lebih cepat daripada The Fed juga turut meningkatkan kinerja mata uang tunggal Uni‐Eropa tersebut.
 
• Terhadap the basket of currencies, dollar AS tercatat melemah 0.5% ke 77.383 <DXY.>, setelah anjlok kelevel terendah dalam kurun 3‐pekan terakhir di 77,255. Euro
tercatat menguat 0.7% ke 1.3748 terhadap dollar AS 1,3787 <EUR=>, terdongkrak komentar hawkish terbaru dari pejabat ECB mengenai tekanan inflasi yang
meningkatkan harapan akan kenaikan suku bunga ECB.
 
• Turut membebani sentimen terhadap dollar AS adalah tumbuhnya kekhawatiran tentang membengkaknya defisit anggaran negara adikuasa tersebut. Pemerintah
federal diperkirakan akan kehabisan dana untuk alokasi operasi non‐esensial jika saja Demokrat dan Republik gagal menyepakati rancangan anggaran pada akhir
minggu depan. Hal tersebut berpotensi mengganggu ketenangan pasar keuangan dan beresiko menimbulkan PHK massal pegawai pemerintah. Terhadap Swiss franc,
dollar AS turun 0,5% ke 0,9335 <CHF=>, setelah sebelumnya menyentuh level 0,9307, yang merupakan level terendah tahun ini dan mendekati level terendah
sepanjang masa di 0,9301. Beringsutnya minat investor terhadap aset beresiko juga turut mengangkat kinerja yen, meskipun kenaikan harga minyak tinggi meredam
berlanjutnya rally karena ekonomi Jepang bergantung pada impor minyak. Dollar AS terakhir diperdagangkan turun 0,3% ke 82,47 yen <JPY=>.
 
• Harga emas naik ke level tertinggi dalam 7‐pekan terakhir, mendekati rekor harga tertingginya menyusul eskalasi kerusuhan di Libya dan melambungnya harga minyak
yang memicu kekhawatiran inflasi dan prospek perlambatan pertumbuhan ekonomi. Harga spot emas <XAU=> naik 0,7% ke 1,408.80 USD per troy ounce, setelah
sebelumnya melonjak hingga 1,416.30 USD per troy ounce.
 
• Harga minyak mentah AS melonjak ke level tertinggi 28‐bulan menuju 100 USD per barel, investor khawatir akan merebaknya kerusuhan Libya tersebut ke negara
eskportir minyak lain termasuk Arab Saudi. Harga minyak mentah AS untuk pengiriman April <CLc1> naik 2,8% ke 98,10 USD per barel setelah naik hingga 100 USD per
barel. Sementara itu harga minyak Brent London <LCOJ1>, naik 5,3% ke 111,25 USD per barel, merupakan penutupan tertinggi sejak 2008.

Brent oil hits $113 on Libya unrest

SYDNEY | Wed Feb 23, 2011 10:46pm EST

SYDNEY (Reuters) - Unrest in Libya and the threat of contagion to other oil producing countries in the region drove Brent crude to $113 a barrel Thursday, but the selloff in Asian stocks eased as investors started to nibble at beaten-down shares.

Copper also bounced off one-month lows, although the dollar stayed on the back foot as some investors worry that the U.S. economy would be vulnerable to high oil prices, given its reliance on consumer spending to drive growth.

London Brent crude rose as high as $113 a barrel for the first time since September 2008, having gained nearly 10 percent in the past four sessions. U.S. crude last traded at around $99.38 a barrel, a whisker away from Wednesday's high of $100.

Worries that higher energy prices will crimp corporate profits had sparked a steep selloff in Asian stocks in the past two sessions, but that looked to be losing its punch.

Japan's Nikkei 225 index .N225, while still 0.4 percent lower on the day, was off its lows and stocks elsewhere in Asia .MIAPJ0000PUS erased early losses to be up 0.4 percent.

"As Japanese stocks have tumbled for the past two sessions (losing 2.6 percent), today's losses may not be sharp," said Masumi Yamamoto, a market analyst at Daiwa Securities Capital Markets.

Hong Kong's Hang Seng .HSI put on 0.2 percent and China's Shanghai Composite Index .SSEC edged up 0.2 percent. Gains in U.S. stock futures suggest a steadier start on Wall Street after two sessions of declines.
Gold, a traditional safe haven in times of trouble, traded at around $1,412 an ounce, not far from a record high around $1,430 set in December.

Copper gained 1.1 percent to $9,526 a metric ton, climbing off a one-month low of $9,365.
The dollar index .DXY, which tracks its performance against a basket of major currencies, shed 0.3 percent to 77.173.

Against the Swiss franc, the dollar fell to a record low at around 0.9277 franc, surpassing the previous trough of 0.9301 set at the end of the year.

The euro held firm at $1.3776, coming within easy reach of its February 2 peak of $1.3862, helped also by recent hawkish comments on inflation by European Central Bank officials, which raised expectations the ECB will hike interest rates before the Federal Reserve.

"There may be a realization that if oil prices rise sharply, that would hit all the developed countries and in that sense it effects every major currency the same," said Tsutomu Soma, manager of foreign bonds at Okasan Securities.

"And if the impact from the Middle East crisis is roughly equal on each currency, you could argue that currencies with a yield advantage will benefit at the end of the day," Soma said.
The New Zealand dollar continued to struggle at two-month lows below $0.7500, with markets now pricing in an 88 percent chance that the next rate move will be a 25 basis point cut.
The move followed the deadly earthquake that hit the country's second biggest city of Christchurch Tuesday.

Headline News 23.02.11

US & GLOBAL 
• Bursa saham Wall Street mengalami kinerja terburuk sejak Agustus 2010 menyusul aksi ambil untung pelaku pasar terdorong gejolak politik di negara
eksportir minyak Libya. Indeks S&P500 turun 2,05%, tercatat sebagai performa harian terburuk sejak 11 Agustus 2010 silam. Mayoritas analis telah
mengantisipasi koreksi di pasar setelah bursa saham mencatat kenaikan melebihi level tertinggi sejak 2‐1/2 tahun silam. Namun demikian, optimisme
mengenai pemulihan ekonomi AS kembali diperkuat oleh rilis laporan yang menunjukkan kepercayaan konsumen naik pada bulan Februari ke level tertinggi
dalam 3‐tahun terakhir. Indeks Dow Jones <.DJI> turun 178,46 poin atau 1,44% ke 12,212.79, indeks S&P500 <.SPX> turun 27,57 poin atau 2,05% ke
1,315.44 dan Nasdaq <. IXIC> turun 77,53 poin atau 2,74% ke 2,756.42.
 
• Swiss franc dan yen berhasil menguat terhadap mata uang utama dunia lainnya terdorong naiknya permintaan investor pada aset safe‐haven menyusul
kerusuhan di Libya. Kedua mata uang tersebut potensial masih akan menguat seiring kekhawatiran meningkatnya kerusuhan di Timur Tengah dan Afrika
akan memicu permintaan lebih lanjut pada dua mata uang tersebut. Swiss franc menguat sekitar 1% terhadap baik euro maupun dolar AS. Namun
demikian, euro yang cenderung melemah ketika risk aversion ditengah investor meningkat, hanya mengalami penurunan tipis terhadap dollar AS menyusul
adanya komentar dari pejabat ECB yang menaikkan ekspektasi untuk kenaikan suku bunga zona euro. Euro turun 1% ke 1,2813 franc <EURCHF=>, setelah
sempat anjlok hingga 1,2792 franc yang merupakan level terendah sejak akhir Januari.
 
• Dollar AS turun 0,9% ke 0,9384 Swiss franc <CHF=> setelah sebelumnya turun ke 0,9367 yang merupakan level terendah sejak 2 Februari silam. Sementara
itu euro tercatat melemah 0.2% ke 1,3655 <EUR=>, setelah sempat naik diatas 1,3704. New Zealand dollar <NZD=> anjlok ke 0,7451, yang merupakan posisi
terendah sejak akhir Desember 2010 silam, setelah gempa kuat mengguncang Christchurch, kota terbesar kedua di negara tersebut. Kekhawatiran akan
kerusakan ekonomi New Zealand mendorong spekulasi bahwa pemerintah negara tersebut akan memangkas suku bunga. Aussie dollar turun 1.1% ke
0.9983 <AUD=>, dan terhadap yen, dollar AS turun 0,4% ke 82,74 <JPY=> menyusul naiknya minat pada aset safe haven yang mendorong penurunan imbal
hasil obligasi AS. Turunnya imbal hasil obligasi AS menurunkan minat terhadap aset berdenominasi dollar AS. Sementara itu euro turun 0,6% ke 112,99 yen
<EURJPY=>. Nilai tukar yen terhadap mata uang utama dunia lainnya cenderung masih cukup kuat, meskipun sempat ada peringatan dari Moody's Investors
Service bahwa lembaga pemeringkat itu mungkin akan memangkas peringkat kredit Jepang seiring menggelembungnya hutang negara tersebut.
 
• Harga emas ditutup sedikit melemah dibawah level krusial 1.400 USD per troy ounce seiring aksi ambil untung para pelaku pasar menyusul kenaikan tajam
sejak 6‐sesi berturut‐turut. Harga spot emas <XAU=> turun 0,4% ke 1,399.85 USD per troy ounce, setelah sebelumnya sempat turun ke level terendahnya di
1,392.54 USD per troy ounce.
 
• Sementara itu harga minyak ditutup mendekati level tertinggi dalam kurun 2‐1/2 tahun setelah adanya ekspektasi bahwa OPEC dan IEA akan dapat
memenuhi kekurangan pasokan minyak seiring kekhawatiran tentang gejolak politik di Libya yang mendorong lonjakan harga sebelumnya. Harga minyak
mentah Brent untuk pengiriman April <LCOc1> naik 4 sen ke 105,78 USD per barel, penutupan tertinggi sejak September 2008. Sementara harga minyak
mentah AS untuk pengiriman Maret <CLc1>, naik menjadi 93,57 USD per barel, setelah menyentuh level tertinggi sejak Oktober 2008 di 94,49 USD.

Gold extends losses below $1,400; oil may help

(Reuters) - Gold fell further on Wednesday as speculators booked profits from gains driven by deadly unrest in Libya, but strong oil prices could offer support.

FUNDAMENTALS

* Spot gold fell $3.50 an ounce to $1,395.70 an ounce by 0052 GMT. It had risen to a 7-week high around $1,410 on Tuesday before slipping, partly due to declines in equities that prompted investors to sell gold to cover losses.

* A defiant Muammar Gaddafi said he was ready to die "a martyr" in Libya, vowing to crush a growing revolt which has seen eastern regions break free of his 41-year rule and brought deadly unrest to the capital.

* The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, said holdings dropped to 1,218.243 tonnes by February 22, their lowest in nine months, from 1,223.098 tonnes by February 20.

* U.S. gold futures for April fell $4.3 to $1,396.8 an ounce.

MARKET NEWS

* Japan's Nikkei average slipped further on Wednesday after tumbling nearly 2 percent the day before as investors pull out of riskier assets, with turmoil in Libya driving crude oil prices to 30-month highs and sparking worry of slower global growth. .T

* The Swiss franc and yen held onto gains early in Asia on Wednesday after the revolt in Libya drove crude oil prices to 30-month highs, sparking worries about slower global growth.

* U.S. crude futures eased slightly on Wednesday after hitting their highest in almost 2-1/2 years as the crisis in Libya reduced production there and exacerbated worries about supply.

Egypt swears in new ministers, Islamists dismiss

CAIRO | Tue Feb 22, 2011 1:41pm EST

CAIRO (Reuters) - Egypt's key portfolios of defense interior, foreign, finance and justice were unchanged in a cabinet reshuffle, state television confirmed on Tuesday when it broadcast the swearing in ceremony for the new ministers.

The list of new ministers included changing the veteran oil minister, as well as introducing politicians who had been opposed to the rule of Hosni Mubarak, who stepped down from office on February 11 after widespread protests.

Field Marshal Mohamed Hussein Tantawi, who leads the ruling military council and has been defense minister for about 20 years, took the new ministers' oaths of office.
But the Muslim Brotherhood, the country's biggest opposition group, said the new cabinet showed that Mubarak's "cronies" still controlled the country's politics.

"This new cabinet is an illusion," Brotherhood senior member Essam el-Erian said. "It pretends it includes real opposition but in reality this new government puts Egypt under the tutelage of the West," he added.
"The main defense, justice, interior and foreign ministries remain unchanged, signaling Egypt's politics remain in the hands of Mubarak and his cronies," Erian said.

Mubarak reshuffled his cabinet shortly after protests erupted on January 25 in a bid to assuage anger against his 30-year rule, but rage continued to build until his ouster on February 11.
The Brotherhood and youth protesters had demanded that all Mubarak's ministers must be changed in the new government sworn in ahead of parliamentary and presidential elections.

The latest reshuffle brought into the cabinet a few opposition figures including Yehia el-Gamal, deputy prime minister, the Wafd party's Mounir Abdel Nour as tourism minister and Tagammu party's Gowdat Abdel-Khaleq as minister of social solidarity and social justice.

Both Wafd and Tagammu had often been close to Mubarak's government.
The Center for Trade Unions and Workers Services (CTUWS) said the government's appointment of Ismail Ibrahim Fahmy as new labor minister showed it continued to "co-opt formal labor unions and the labor ministry," it said in a statement.

Fahmy was the treasurer of the general union for workers syndicates in Egypt. "We warn of the dire consequences of defying the will of the workers and their legitimate right to enjoy union rights," CTUWS said.
Egyptian online democracy activists called for a demonstration on Tuesday to demand the removal of the country's interim government, saying it contains too many old faces.
"The call for the million-man march on Friday would show people's anger and frustration," Erian said.

Headline News 22.02.11

US & GLOBAL 
• Harga minyak dunia melonjak ke level tertinggi dalam kurun 2‐1/2 tahun terakhir akibat reaksi pelaku pasar tentang berkembangnya
kerusuhan di Libya yang dikhawatirkan akan berprospek menaikkan tekanan inflasi dan menggoyang stabilitas negara lain di kawasan
Afrika Utara dan Timur Tengah.
 
• Pasar ekuitas global diperdagangkan melemah ditengah tutupnya bursa AS berkaitan dengan libur nasional. Pasar ekuitas global rata‐rata
turun 1% akibat kombinasi dari ketidakpastian atas masa depan harga minyak, meningkatnya tanda‐tanda kenaikan suku bunga serta
dibarengi tanda‐tanda earning korporasi yang suram. Poin‐poin tersebut secara bersama‐sama, menutupi rilis data ekonomi yang solid
dari Eropa.
 
• Sementara itu harga emas menguat ke level tertinggi dalam kurun 7‐minggu terakhir, naik di atas 1.400 USD per troy ounce, terdongkrak
oleh kekhawatiran inflasi dan antisipasi resiko para investor. Pecahnya protes di ibukota Tripoli Libya untuk pertama kali setelah
kerusuhan di kota Benghazi dan kabar mengenai beberapa unit tentara yang membelot ke oposisi menjadikan kondisi ini sebagai salah
satu pemberontakan paling berdarah yang menggoncangkan dunia Arab.
 
• Pasar keuangan cenderung sangat sensitif terhadap kekerasan di Libya karena negara tersebut mengekspor sekitar 1,1 juta barel minyak
mentah per hari. Harga minyak mentah Brent Crude London <LCOc1> naik 2,50 USD per barel ke level tertinggi sejak 2‐1/2 tahun terakhir.
Naiknya harga minyak berkontribusi besar pada meningkatnya tekanan inflasi, yang menjadi salah satu perhatian utama dari investor saat
ini setelah sebelumnya masih diliputi suasana "bullish" seiring harapan bahwa pemulihan ekonomi global saat ini telah berjalan secara
berkelanjutan.
 
• Indeks saham MSCI turun 0,3% dan FTSEurofirst 300 <. FTEU3> ditutup turun 1,3%.
 
• Euro melemah seiring meningkatnya ketegangan di Timur Tengah yang menurunkan minat pada aset beresiko. Namun sebelumnya euro
sempat mencapai level tertinggi dalam kurun 10‐hari terakhir terdorong komentar hawkish dari pejabat ECB yang menaikkan ekspektasi
kenaikan tingkat suku bunga tahun ini. Euro turun sekitar 0.1% terhadap dollar ke 1,3670 <EUR=> setelah sempat naik hingga 1,3727 pada
awal sesi, yang merupakan level tertinggi sejak 10 Februari. Sementara itu mata uang lain bergerak dalam kisaran tipis seiring libur
Amerika – President’s Day, dimana dollar AS naik 0.1% terhadap yen ke 83.14, dan poundsterling turun 0.1% terhadap dollar AS ke 1.6220.

Oil soars on Libya concerns

TOKYO | Mon Feb 21, 2011 8:55pm EST

TOKYO (Reuters) - Brent crude oil futures rose by more than $2 to as high as $108.18 per barrel from the previous close on continued fears that violence in Libya could lead to wider supply disruptions from the OPEC country.

Brent crude for April delivery stood at $107.52 per barrel at 0110 GMT. On Monday, it hit a 2- year high for any nearby month of $108.70.
On Monday, spreading unrest in Libya shut down 6 percent of oil output in Africa's No.3 producer and prompted a number of energy firms to pull out international staff, sending Brent oil prices above $105 a barrel.

Gold jumps 1 percent, over $1,400 on Mideast violence

LONDON | Mon Feb 21, 2011 2:36pm EST

LONDON (Reuters) - Gold prices jumped above $1,400 an ounce on Monday for the first time in nearly seven weeks as violence flared in north Africa and the Middle East, raising interest in the precious metal as a haven from risk.

Bullion has risen 3.5 percent over six days of gains, its longest winning streak since August, as protests that have unseated leaders in Egypt and Tunisia spread to neighboring states, threatening the grip of long-entrenched autocratic leaders elsewhere.

Spot gold rose as high as $1,408.20 an ounce and was bid at $1,405.23 an ounce at 1900 GMT, up 1.2 percent or $16.65 an ounce and within some $25 of an all-time high. Prices have risen from an almost four-month low of $1,300 in late January.

U.S. gold futures for April delivery rose $18.40 an ounce to $1,407.10, with trading volume about one-third the 30-day average due to the Presidents' Day U.S. holiday.

"The unrest and the fear in these countries is increasing," said Bayram Dincer, an analyst at LGT Capital Management in Switzerland. "These uncertainties on the geopolitical risk side are driving the gold market."
"See how easily gold broke $1,390, $1,395, which were strong resistance levels, and now the $1,400 psychological level," he said. "It seems nobody is looking for lower gold prices."

Other safe-haven assets also rose, with bund futures up and the Swiss franc gaining against the dollar and the euro. Brent oil prices meanwhile surged above $105 a barrel for the first time since 2008 as the turmoil hit oil supplies while European shares slipped.

Silver jumped 4.3 percent to $33.85, hitting its highest since the Hunt Brothers surge 31 years ago and widening the gold ratio -- the number of ounces needed to buy an ounce of gold dropping -- to around 42, a near 13-year low.

VIOLENCE HITS TRIPOLI

Dozens of people were reported killed in Tripoli as anti-government protests reached the Libyan capital for the first time.

The Libyan uprising is one of a series of revolts that have spread across the Arab world since December, threatening entrenched dynasties from Bahrain to Yemen.
The protests have pushed gold higher even as interest in investment products like exchange-traded funds stayed soft.

Holdings of the world's largest gold exchange-traded fund, New York's SPDR Gold Trust, fell to a nine-month low on Friday at 1,223.1 tones, data from the fund showed.
"If (buying) is not through the exchange-traded funds or a clear change in the net long on Comex, it is most likely to be through the physical market -- coin and small bar buying," said Daniel Major, an analyst at RBS Global Banking & Markets.
"I potentially wouldn't rule out larger purchases by high net worth individuals on the back of the unrest we're seeing."

OTHERS RISE TOO

Gold priced in euros hit its highest since January 18 at 1,029.92 euros an ounce, and sterling-priced gold its highest since January 14 at 868.06 pounds an ounce.
Platinum was at $1,846.45 an ounce against $1,833.50, while palladium peaked at $859.50 and was later at $853.88 against $848.25.
But silver led the way, jumping more than 10 percent in three days, its biggest such rally since early November.

"We expect the combination of continued strength in investment demand and a sustained industrial demand recovery will support silver... this year before easing amid improved economic conditions in 2012," said Morgan Stanley in a note.

Headline News 21.02.11

US & GLOBAL 
• Bursa saham Wall Street naik hingga level tertinggi dalam kurun 2‐1/2 tahun terakhir, ditunjang oleh earning korporasi yang memuaskan dan
meredakan kekhawatiran investor akan langkah pengetatan moneter lanjutan yang dilakukan Cina. Pemerintah Cina pada akhir pekan lalu
menaikkan rasio kecukupan modal perbankan sebesar 50 bps menjadi 19.5% untuk perbankan besar, sebuah langkah yang ditempuh untuk
menanggulangi tekanan inflasi. Indeks saham AS mencatat penguatan beruntun dalam 3‐pekan berturut‐turut, meskipun terdapat sinyal ancaman
koreksi seiring volume perdagangan yang melemah. Dow Jones <DJI.> naik 73,11 poin atau 0,59% ke 12,391.25, S&P500 <. SPX> naik 2,58 poin
atau 0,19% ke 1,343.01 dan Nasdaq <IXIC.> naik tipis 2,37 poin atau 0,08% ke 2,833.95. Dalam sepekan terakhir, Dow dan S&P500 naik 1%,
sementara Nasdaq menguat 0,9%.
 
• Untuk sepekan kedepan, euro diperkirakan akan menguat terhadap dollar AS ditunjang oleh ekspektasi kenaikan suku bunga ECB dan faktor teknis
jangka pendek euro yang cukup positif. Namun penguatan euro berpotensi terhambat oleh serangkaian peristiwa politik kawasan Uni‐Eropa yang
berpotensi menaikkan ketidakpastian. Kinerja euro mendapat sokongan dari pernyataan anggota ECB ‐ Lorenzo Bini Smaghi yang mengatakan
bank sentral akan siap untuk mengetatkan kebijakan moneternya menyusul kenaikan tekanan inflasi.
 
• Namun demikian, proyeksi kinerja positif euro dalam sepekan kedepan dibayangi oleh beberapa peristiwa politik yang berpotensi membebani
penguatan euro, diantaranya pemilu Irlandia dan juga pemilu regional Jerman serta kemungkinan pembahasan aturan baru tentang rasio
kecukupan modal institusi keuangan di Spanyol. Kondisi tersebut diprediksi akan menaikkan kehati‐hatian pelaku pasar terutama terhadap posisi
euro. Hingga akhir pekan lalu, euro tercatat menguat 0.6% terhadap dollar AS ke 1,3685 <EUR=> setelah mencapai level tertinggi dalam sepekan
terakhir di 1,3716. Sementara untuk sepekan terakhir, euro tercatat menguat 1,3% terhadap dollar.
 
• Dollar yang sementara ini berposisi sebagai mata uang safe haven bersama Swiss Franc, gagal memanfaatkan momentum ketegangan geopolitik
tinggi di Timur Tengah. Pelemahan dollar AS terhadap mata uang utama dunia lainnya dipengaruhi minimnya volatilitas perdagangan diantara
aset‐aset investasi berdenominasi dollar, yang kemudian mendorong minat investor pada instrumen investasi yang lebih beresiko. Kinerja dollar
sepekan kedepan diperkirakan masih akan kuat dipengaruhi oleh pergerakan euro.
 
• Harga emas naik diatas 1390 USD per troy ounce, membukukan kinerja mingguan terbaik sejak Desember, didukung oleh kombinasi dari
kekhawatiran atas krisis utang Eropa, meningkatnya inflasi global dan kerusuhan yang merebak di Timur Tengah. Harga spot emas <XAU=> naik
0,3% ke 1,386.75 USD per troy ounce, setelah sebelumnya mencapai level tertinggi dalam 5‐pekan terakhir di 1,391.75 USD. Emas tercatat
menguat hampir 3% dalam sepekan terakhir.
 
• Harga minyak dunia mengalami penurunan dalam sesi perdagangan yang volatile menjelang libur nasional President's Day di Amerika ‐ Senin 21
Februari, meskipun sempat menguat menyusul adanya berita bahwa otoritas Mesir mengizinkan Iran untuk mengirim kapal angkatan lautnya
melalui Terusan Suez, berita yang menaikkan tensi geopolitik di wilayah tersebut. Minyak mentah AS untuk pengiriman Maret <CLc1> turun 16 sen
ke 86,15 USD per barel, tercatat menguat 62 sen dalam sepekan terakhir. Sementara ICE Brent untuk pengiriman April <LCOc1> turun 7 sen ke
102,52 USD per barel, namun tercatat menguat 1,07% dalam sepekan terakhir setelah sempat mencapai level tertinggi sejak September 2008 di
104.52 USD per barel pekan lalu.

"Buy everything" sentiment continues

NEW YORK | Sun Feb 20, 2011 11:40am EST

NEW YORK (Reuters) - Investors will continue to ride the speediest rally in U.S. stocks since the Great Depression despite growing concerns that the market is overbought and due for a correction.

Wall Street posted its third consecutive week of gains with the S&P 500 now up 6.8 percent for the year and more than 20 percent in just six months.

"I've never seen a market like this," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont, a market watcher for 35 years.
"I'm showing, by every technical and quantitative standard I have, this market is at extreme levels. But no matter where we start out in the morning, buyers come in."

The trend of stocks starting off lower in the morning session but ending higher by the afternoon has been ongoing for weeks as investors view the small dips as reasons to buy.
But there is a perceptible level of anxiety in the market. Trading volume has been exceptionally low recently and the CBOE Volatility Index .VIX, Wall Street's so-called fear gauge, is up on the week despite the gains in stocks.
The index is usually inversely correlated to the S&P 500, and a rise in the VIX typically means a drop in the stock market.

The VIX, which ended at 16.43, up 4.7 percent on the week, is still historically low but substantially higher than in recent months. That suggests investors see more share gyrations ahead.
The driving force behind the rally is the money that poured into riskier assets like stocks in the last quarter of 2010 after the U.S. Federal Reserve pledged to keep interest rates low.

"With so much momentum in the market, we are likely to see some sideways consolidation next week but nothing more than that," said Ryan Detrick, technical analyst at Schaeffer's Investment Research in Cincinnati, Ohio.

LOW VOLUME=SIGNS OF FATIGUE

About 7.13 billion shares traded on the New York Stock Exchange, NYSE Amex and Nasdaq on Friday, below last year's estimated daily average of 8.47 billion.

Stocks have been struggling to match last year's trading levels, hovering in the 7 billion range this week. On Thursday, the volume was the second-lowest of the year at 6.7 billion shares, and Monday's session was the lowest of the year with a mere 6.6 billion shares.

"This is a sign that the market is tired, and unless we see an uptick in this volume," the level of investor anxiety will not retreat, Detrick said.
U.S. markets are closed on Monday for the Presidents Day holiday.
 In U.S. economic data, investors will get a sense of the state of economic growth from fourth-quarter 2010 gross domestic product data on Friday.
A batch of housing related data is due, including S&P Case-Shiller home prices on Tuesday, existing homes sales on Wednesday and new homes sales on Thursday.

Major retailers, including Wal-Mart Stores Inc (WMT.N) and Macy's Inc (M.N), are expected to report their results next week. Of the 413 S&P 500 companies that have reported earnings so far, 71 percent have exceed Wall Street estimates.

Headline News 18.02.11

US & GLOBAL 
• Bursa saham Wall Street melanjutkan penguatannya ke level tertinggi dalam kurun 2‐tahun terakhir, investor menggunakan momentum rilis data
ekonomi AS yang negatif sebagai kesempatan untuk membeli saham‐saham terkemuka. Pasar saham terus mengabaikan niat Iran untuk mengirim
kapal angkatan laut dua melalui Terusan Suez ke Mediterania yang disebut Israel sebagai sebuah "provokasi". Indeks Dow Jones <. DJI> naik 29,97
poin atau 0,24% ke 12,318.14, S&P500 <SPX.> naik 4,11 poin atau 0,31% ke 1,340.43 dan Nasdaq <. IXIC> menguat 6,02 poin atau 0,21% ke
2,831.58.
 
• Swiss franc sebagai mata uang berstatus safe‐haven kembali menguat pada sesi Kamis, terangkat oleh merebaknya ketegangan Timur Tengah,
sementara dollar AS turun didorong oleh penurunan imbal hasil obligasi AS dan juga tekanan dari faktor teknis. Franc, yang tradisional akan diburu
dalam periode ketegangan geopolitik, diproyeksikan akan berlanjut menguat terhadap mata uang utama dunia lainnya jika ketegangan di Timur
Tengah meningkat. Dollar AS, di sisi lain berpotensi terus melemah, karena investor mengkonsolidasikan kenaikan terhadap yen dan euro. Hingga
akhir sesi New York, euro <EURCHF=> turun 0,7% terhadap Swiss franc ke 1,2917 franc, sementara dollar turun 1,0% ke 0,9493 franc <CHF=>.
Pelaku pasar mata uang juga terus mengawasi imbal hasil obligasi AS, yang mengalami penurunan pada sesi Kamis 17 Februari seiring keprihatinan
investor akan kondisi Timur Tengah. Imbal hasil obligasi AS bertenor 2‐tahun tuurn dibawah 0,8%.
 
• Rilis sejumlah data ekonomi AS membebani sentimen pasar keuangan. The Fed seksi Philadelphia menyebutkan bahwa kegiatan usaha Mid‐
Atlantic meningkat tajam selama bulan Februari, sementara itu inflasi AS dan klaim mingguan untuk manfaat pengangguran naik lebih tinggi dari
yang diharapkan. Hingga akhir sesi New York, Euro naik 0,2% ke 1,3605 <EUR=>. Spanyol dan Perancis cukup sukses dalam penjualan obligasi
gabungan senilai 11.87 miliar euro. Keberhasilan lelang obligasi Spanyol tersebut membantu mengangkat euro dari level terendahnya terhadap
dollar AS, meskipun investor masih berfokus pada kerapuhan sektor perbankan Uni‐Eropa. Dollar AS melemah terhadap yen dalam 2‐sesi, turun
0.4% ke 83,33 <JPY=>.
 
• Harga emas tercatat menguat seacara beruntun dalam 4‐sesi terakhir seiring meningkatnya data CPI AS yang menaikkan perhatian investor pada
tekanan inflasi. Kondisi tersebut menambah dukungan pada minat beli investor terhadap emas setelah sebelumnya terdongrak kondisi geopolitik
di kawasan Timur Tengah. Harga spot emas <XAU=> naik 0.7% ke 1384.19 USD per troy ounce setelah sempat mencapai level tertinggi dalam 5‐
pekan terakhir di 1,384.65 USD per troy ounce.
 
• Sementara itu harga minyak mentah berjangka AS naik tajam pada sesi Kamis menyusul merebaknya unjuk rasa di beberapa negara Timur Tengah
penghasil minyak yang berpotensi mengganggu pasokan minyak. Minyak mentah Crude AS untuk pengiriman Maret <CLc1> 1,37 USD ke 86,36 USD
per barel, menguat 1,6% yang merupakan kenaikan terbesar dalam 2‐ minggu terakhir. Minyak mentah Brent untuk pengiriman April <LCOc1>
turun 1,19 USD ke 102,59 USD per troy ounce.