Trader's Highlight

DJI-July 29 (Reuters) - U.S. stocks rebounded on Tuesday, rising more than 2 percent on another sharp slide in oil prices and after Merrill Lynch's latest write-down and share sale hinted at a possible turning point in the credit crisis.The Dow Jones industrial average <.DJI> rose 266.48 points, or 2.39 percent, at 11,397.56. The Standard & Poor's 500 Index <.SPX> gained 28.82 points, or 2.33 percent, at 1,263.19. The Nasdaq Composite Index <.IXIC> rose 55.40 points, or 2.45 percent, at 2,319.62.

NYMEX-NEW YORK, July 29 (Reuters) - U.S. crude oil futures ended more than $2 per barrel lower on Tuesday as OPEC signaled no output cuts, in spite of tumbling prices, while U.S. housing data deepened demand worries in a weak economy.September crude settled down $2.54, or 2.04 percent, at $122.19 a barrel, trading between $120.42, the lowest price since $119.33 on May 6, and $125.85.

CBOT-SOYBEANS - Down 16 cents per bushel to up 1-1/2, with August down 16 at $13.84-1/4 per bushel.Ends down on improving crop conditions and current good soy growing weather in the United States. Falling crude oil also weighs, especially on soyoil. But market ended above the day's lows with support from gains in corn and some outlooks for hotter weather late this week and next week in the U.S.

Oil World sees July surge in Argentine soybean exports.

SOYOIL - Down 1.32 to 1.49 cents per lb, with August down 1.47 at 57.83 cents per lb.
Following soy in volatile weather market with falling crude oil prices.

FCPO-KUALA LUMPUR, July 29 (Reuters) - Malaysian crude palm oil futures dropped as much as 4.7 percent to seven-and-a-half month lows on Tuesday, slipping below a key resistance level of 3,000 ringgit on signs of rising stocks of the vegetable oil.The benchmark October contract on the Bursa Malaysia Derivatives Exchange fell as much as 140 to 2,861 ringgit ($877) a tonne, the lowest level since December 12, 2007. The contract then clawed back some losses to settle down 32 ringgit at 2,969 ringgit.

REGIONAL EQUITIES-July 29 (Reuters) - Most Southeast Asian stock markets fell on Tuesday as more writedowns by U.S. investment bank Merrill Lynch fueled selling of regional financial shares.

The U.S. bank said it would take a fresh $5.7 billion writedown to offload toxic debt, adding to worries that the year-long global credit crisis is far from over and will further
undermine the global economy.

Singapore <.FTSTI> fell 0.8 percent and Thailand <.SET> 1.3 percent to their lowest in a week. Malaysia <.KLSE> edged 0.3 percent down while the Philippine index <.PSI> dipped 0.6 percent.