Europe Shares Close Lower As Shutdown Fears Weigh

The figure floated by sources close to the Chilean state company is above the $105 per tonne put forth by Aurubis AG , Europe’s biggest copper smelter. This year spot premiums are well above 2013’s, giving producers more leverage to seek higher prices again next year. Still, some industry experts warn the world economy remains fragile, and that big premium increases might be too ambitious. “I don’t see any fundamental reason for the premium to be higher,” said Anton Berlin, head of strategic marketing at Norilsk Nickel, the world’s No. 1 nickel producer and 12th largest copper producer. “Looking at the market fundamentals, I see no change next year from this year,” he said in an interview with Reuters. London copper stagnated on Monday on low volumes as investors paused to monitor LME Week, while China was absent from the market for the last day of a week-long break. Benchmark copper edged down 0.2 percent on the London Metal Exchange (LME) to $7,245 a tonne at the close of ring trading, after gains of 1 percent in the previous session. STEEPER CHINA PREMIUM HIKE EYED The $112 figure suggests Codelco will clinch an even higher increase with its Chinese clients, one Chile-based trader said. The trader estimated that premiums for the Asian giant – a stronger market than crisis-hit Europe – will reach over $130 and probably up to $140. This year’s premiums stood at $98. Japanese smelters shocked the market with a proposed 45 percent increase in charges to Chinese end users, Reuters reported in September.

Governor: Europe Won’t Block 2 Missouri Executions

continued, and as investors worried that the impasse could lead to the country defaulting on its debt. IBEX 35 — The pan-European FTSEurofirst 300 provisionally closed down 0.3 percent at 1,40.08 points, off earlier lows that saw it slip to its lowest in around a month. There are growing fears that the budget deadlock in the U.S. could run on, potentially hampering attempts to solve a greater challenge, that of raising the debt ceiling limit . That must be agreed upon before October 17, if the country is to avoid defaulting on its debts . On Sunday, Treasury Secretary Jack Lew said that Congress was “playing with fire,” and warned the U.S. could default in just over a week. Republican Speaker of the House John Boehner vowed not to allow a vote on raising the debt ceiling to take place without a “serious conversation” about what was driving the debt. Speaking to ABC over the weekend, Boehner also warned the U.S. was on the path to a credit default. Democrats reposted that it was reckless of Boehner to raise the possibility of a default. “Comments yesterday by House Speaker John Boehner that he would not facilitate bills to reopen the government or lift the debt ceiling in the absence of an agreement to wide-reaching talks on fiscal policy suggest that we should not anticipate an early resolution,” Chris Scicluna, an economist at Daiwa Capital, said in a research note. The FTSE 100 closed unofficially down 0.3 percent; the German DAX closed down around 0.4 percent. Meanwhile, U.S. stocks were off lows in late morning trade, after the Dow touched a one-month low.

Why Europe’s PIIGS are flying

Jay Nixon said Monday. German company Fresenius Kabi produces almost the entire supply of propofol, but the European Union is considering possible export limits as part of its anti-capital punishment policies. Missouri has enough to carry out it next two executions and one more, the first scheduled for later this month, but Nixon declined to say what the state would do if it is unable to get more propofol. The drug made headlines in 2009 when pop star Michael Jackson died of an overdose. The Missouri executions would be the first to use propofol. Nixon said state and federal court systems, not European politicians, will decide death penalty policy in Missouri. “A number of courts have already had an opportunity to review this matter,” Nixon also said, referring to broader legal challenges to the death penalty. “We’re going to continue to monitor it very closely. At this point, there’s no stay in effect.” On Friday, the American Civil Liberties Union filed a lawsuit against the Missouri Department of Corrections, alleging that the agency failed to comply with open records requests related to its planned use of propofol in executions. The Missouri Society of Anesthesiologists has also urged the state to reconsider using propofol, warning that Missouri “is on the verge of triggering a national drug shortage that will have a severe impact on the general welfare of the citizens of our state and our country.” The U.S. Food and Drug Administration has also expressed concern about any move that would limit access to the drug. A lawsuit filed against the state by 21 death-row inmates after the new protocol was announced remains pending. Missouri turned to propofol for executions only after the drugs it and other states previously used for lethal injection could no longer be obtained by prisons and corrections departments because drug makers did not approve of such uses.

Here are a few investment thoughts about potentially taking advantage of the situation. Global X FTSE Greece 20 ETF /quotes/zigman/7628632/quotes/nls/grek GREK +5.06% :up 30.5% since Sept. 1. If you ever want to empty a room at an investment conference, tell your audience that you recommend investing in Greece. After all, it’s hard to find an economy with a worse reputation. The Greek economy has contracted for six straight years. Greece’s unemployment stands at over 27%, and youth jobless rates have hit 65%. The European press is chock full of stories of Greek professionals living hand to mouth. Greece is the closest thing you see to the Great Depression of the 1930s in today’s global economy. Yet, it’s always darkest before the dawn. Greece is now on track to produce a “primary surplus” a budget surplus this year before interest payments.