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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Search Search: RPT-GLOBAL MARKETS-Dollar hits 2-1/2-mth euro low; oil below $40 Reuters - Thursday, December 18 * US 30-yr yield at record low, Asian shares gain * OPEC cuts production but crude still near 4-year low * Eyes on Bank of Japan, rate cut seen imminent By Kevin Plumberg HONG KONG, Dec 18 - The U.S. dollar hit 2-1/2-month lows against the euro on Thursday, with investors deterred by the world's lowest interest rates, while oil prices remained near 4-year lows below $40 a barrel despite OPEC's record supply cut. European stock futures rose, pointing to a slightly higher open, though investors would likely be cautious ahead of the release of the latest German Ifo business climate index. Expectations that deep recessions from Britain to the United States could lock their economies in a deflationary spiral of falling prices and profits kept investors reaching for longer-dated U.S. government bonds, seeking both safety and some yield as a most difficult year winds down. Stocks in Tokyo edged up, led by bank shares as Japan's central bank kicked off a two-day meeting that many economists say could produce a rate cut to follow the U.S. Federal Reserve's historic cut in base rates to near zero on Tuesday. [ID:nSP87692] The dollar's uncertain prospects as the Fed engages in quantitative easing -- when central banks overwhelm the financial system with money to promote lending -- has spooked dealers who had bets on further strength in the dollar. As a result, they have rapidly liquidated their positions. "2009 will be a very negative year for the dollar," said Mitul Kotecha, head of global foreign exchange research with Calyon in Hong Kong. "The risk is that we could see the dollar weakening fairly sharply." The Fed also said it would keep rates low for an extended period and take unconventional measures to boost the U.S. economy, including buying Treasuries and government sponsored-agency debt to get market rates lower. The euro rose to as high as $1.4495 on trading platform EBS, the highest since late September, before easing back to $1.4410, down slightly on the day <EUR=>. Against the yen, the dollar climbed 0.6 percent to 87.75 yen <JPY=> after plumbing a 13-year low overnight of 87.13 yen. For a graphic on the dollar fall, click: https://customers.reuters.com/d/graphics/US$_PRF1208.gif The sustained drop below 90 yen, a psychologically important level for the market, has sparked concern Japanese officials could intervene to cap the yen's gains. Japan's Chief Cabinet Secretary Takeo Kawamura said on Wednesday the government hopes the Bank of Japan will take some measures to provide ample liquidity to markets. However, Finance Minister Shoichi Nakagawa said he would not comment on whether the ministry would enter the market. 40 AND BELOW The weakening dollar has not provided much support for oil prices, which traded around $40 a barrel after U.S. crude for January delivery fell as low as $39.19 earlier in the session, the lowest since July 2004. The Organization of the Petroleum Exporting Countries, eager to build a floor under crumbling prices, announced on Wednesday it would cut 2.2 million barrels daily of output starting Jan. 1, slightly more than expected. However, instead of boosting prices, the planned cut deepened a sense of gloom about global demand. "Countries other than the Saudis are going to have difficulty to comply with this cut. Those oil producing countries, if they want to survive, have to produce, even at $40 oil," said Tetsu Emori, fund manager at Astmax Co Ltd in Japan. "Prices have to head lower, now that we are through $40. As long as demand continues to weaken, prices will weaken too." U.S. Treasuries extended gains in Asia, particularly long-dated maturities, pushing down the 30-year bond yield <US30YT=RR> to a record low of 2.64 percent. The benchmark 10-year yield <US10YT=RR>, which moves in the opposite direction to the price, dropped further to 2.18 percent, the lowest in more than five decades. The yield has plunged a stunning 166 basis points in the last month, as investors crowd into the late maturities to squeeze out what yield they can. FOCUS ON BANK OF JAPAN Asian stocks rose modestly, helped by property and bank shares, on hopes policymakers will follow the Fed's lead and cut rates with abandon to spur growth. Japan's Nikkei average <.N225> rose 0.6 percent, as shares of big banks and brokerages rallied on growing expectations the Bank of Japan will lower rates on Friday. Japan's biggest bank Mitsubishi UFJ Financial Group <8306.T> rose 4.4 percent, while second-ranked Mizuho Financial Group <8411.T> jumped 8.1 percent. The MSCI index of stocks in Asia-Pacific outside Japan <.MIAPJ0000PUS> climbed 1.4 percent to a 1-month high, as some foreign investors scooped up cheap shares. Hong Kong's Hang Seng index <.HSI> was relatively steady, capped by a 3.85 percent decline in HSBC <0005.HK> stock on fears about dividend cuts and the potential need to raise capital to weather rough times ahead. Fund managers' views on China remained quite optimistic because of its capacity for more rate cuts and fiscal stimulus and the world's fourth largest economy was the preferred choice of Asian equity investors, according to a Merrill Lynch survey. However, the proportion of fund managers' portfolios dedicated to emerging markets is at the lowest since 2001. "It would now be a major surprise for global fund managers if emerging markets were to outperform U.S. equities in 2009," said Michael Hartnett, chief emerging markets equity strategist at Merrill, in a note. (Additional reporting by Xi Chen and Annika Breidthardt in SINGAPORE, Editing by Lincoln Feast) Email Story IM Story Printable View Blog This Recommend this article Average (1 vote) Sign in to recommend this article » Most Recommended Stories » Related Articles: Asia Pacific NKorea suggests South plotted Kim assassinationAP - 2 hours 15 minutes ago Kim Jong-Il alive and in control: US Pacific commanderAFP - 2 hours 20 minutes ago Hot favourite Lee secures badminton semis berth in styleAFP - Friday, December 19 30 year reforms transform China, but not politicsAP - Friday, December 19 9 researchers receive S$2m in funding to help commercialise new ideasChannel NewsAsia - Friday, December 19 Most Popular – Asia Pacific Viewed 'Dark energy' expands, contracts universe: researchers Actress Jennifer Aniston appears naked in GQ magazine Bush laughs off Iraq flying shoes drama US doctors hail near-total face transplant Dollar dives to 13-year low against yen after Fed cut View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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