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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-Oil, gold surge as violence in Gaza continues Reuters - 45 minutes ago * Oil prices rally on Gaza conflict; gold hits 11-wk high * Asian shares gain as resource-related firms advance * S.Korean won hits 2-mth high, risk appetite slowly returns * JGB 20, 30-year yields lowest since 2003 By Rafael Nam HONG KONG, Dec 29 - Oil and gold prices surged on Monday following a flare up violence in the Middle East, while an ensuing rally in resources-related stocks helped Asian shares gain as what will certainly remain their worst year on record heads to a close. The South Korean won struck a two-month peak as a slow recovery in tolerance for risk boosted some Asian currencies, though the sterling hit a record low against the euro and inched closer to parity due to the different outlook for interest rates. European shares were set for a slightly firmer start, boosted by energy and mining shares on the back of higher commodity prices. [.EU] Still, expectations for a tough 2009 are being partially reflected by the rally in safe-haven public debt as central banks slash interest rates. Yields for longer-dated Japanese government bonds fell on Monday to their lowest since 2003. Many portfolio managers remain cautious as they wait for more clarity on just how severe the blow to companies is going to be, and whether the prospect of massive government spending combined with deep rate cuts will revive growth in 2009. "Rather than seeing a rebound on value, we want to see companies that can deliver growth in an environment that we have got," said Steven Robinson, a fund manager with Alleron Investment Management in Sydney. Investors may have to contend with yet one more risk factor, this time in the Middle East, in a year that has featured the worst financial crisis in decades, global recession, and the failure of big global lenders such as Lehman Brothers. Israeli warplanes pounded the Hamas-ruled Gaza Strip for a third consecutive day on Monday as the Jewish state prepared to launch a possible invasion amid the intensifying clashes between the two sides. [ID:nLT345484] Oil prices rose as much as $2 to nearly $40 a barrel during Asian trade on Monday as investors worried about crude supplies, though crude pared gains later to be up 97 cents at $38.68. Oil markets are ending a manic year in which crude surged to a record at close to $150 a barrel in July before crashing down amid fears about a sharp slowdown in the global economy. Gold prices extended last week's rally to gain more than 2 percent to an intraday high of $889.55 an ounce, its highest since early October. Prices for bullion later fell to $883.05. SHARES ADVANCE Asian shares advanced led in part by resource-related stocks such as Chinese offshore oil producer CNOOC <0883.HK> and Japanese oil and gas developer Inpex Holdings <1605.T>. The MSCI index of Asia-Pacific stocks outside Japan <.MIAPJ0000PUS> rose 1.2 percent, recovering from earlier losses as much as 0.4 percent. The index is headed for a loss of more than 50 percent for the year, making it by far the biggest yearly slide in its 20 year history. In Japan, the Nikkei average <.N225> ended up 0.1 percent, helped as well by news that three non-life insurers including Mitsui Sumitomo Insurance Group Holdings <8725.T> were in talks to merge. [ID:nT306947] Elsewhere, shares in Australia <.AXJO> and Singapore <.FTSTI> were the the top performers with gains of more than 1 percent. Hong Kong <.HSI> shares were up 0.7 percent, while South Korea <.KS11> ended flat. But the main index in India <.BSESN> lost 0.9 percent, while Shanghai <.SSEC> and Taiwan <.TWII> posted modest losses. Some of the willingness to add risk was also reflected in Asia's emerging currencies. The South Korean won <KRW=> surged 2.9 percent to 1,261.9/8.1 against the dollar with traders citing government selling of the U.S. currency. Among major currencies, sterling fell as low as 96.65 pence <EURGBP=D4> to mark a record low against the euro, but later trimmed some losses to stand at 96.39 pence, down 0.2 percent from late U.S. trading on Friday. A bleak outlook for the U.K. economy and expectations that euro zone interest rates will remain above British rates in coming months have recently hit the sterling. The dollar fell broadly, especially against the Swiss franc, which rose on safe-haven buying amid the violence in Gaza. The dollar declined 0.8 percent against the Swiss franc to 1.0590 francs <CHF=> and dipped 0.3 percent against the Japanese currency to 90.52 yen <JPY=>. Government bonds have also remained well bid in a sign that investors are approaching 2009 with a good degree of caution. Both the 20-year and the 30-year Japanese government bond yields fell to their lowest since 2003, as the yield curve flattens on the deteriorating prospects for the world's second-largest economy and near-zero interest rates. On Monday, the 30-year yield dropped 4 basis points to 1.755 percent <JP30YTN=JBTC>, the lowest since August 2003. The 20-year yield slipped 4 basis points to 1.715 percent <JP20YTN=JBTC>, the lowest since October 2003. (Additional reporting by Yoo Choonsik in SEOUL and Denny Thomas in SYDNEY; Editing by Lincoln Feast) Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Asia Pacific NKorea's Kim in firm control of country: SKorea officialAFP - 8 minutes ago Poll: Public support for Japan PM plungesAP - 23 minutes ago Japanese whalers disrupted by high seas pursuit: activistsAFP - 38 minutes ago RPT-GLOBAL MARKETS-Oil, gold surge as violence in Gaza continuesReuters - 45 minutes ago Computer glitch disrupts Japan's bullet trainsAFP - 59 minutes ago Most Popular – Asia Pacific Viewed Actress Jennifer Aniston appears naked in GQ magazine Woolworths to close quarter of stores At least 210 dead as Israel hammers Hamas-run Gaza Chances of gas cut '50-50', Russia warns Ukraine Stars of Hollywood, high-tech open wallets for Obama party View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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