Trader's Highlight

DJI-NEW YORK, May 31 (Reuters) - Wall Street faces a historic shake-up next week as General Motors, a pillar of American industry, heads into bankruptcy, but the market could advance further if economic data signals the worst of the recession has passed.

All eyes will be on Federal Reserve Chairman Ben Bernanke when he addresses lawmakers in Congress on Wednesday as investors will be looking for signals of the Fed's thinking on the recent surge in the supply of U.S. government debt.

Next Friday's data is expected to show unemployment rose to 9.2 percent from 8.9 percent the month before, according to Reuters data. Analysts say unemployment is expected to increase even as the economy starts to turn around as companies remain reluctant to hire.

NYMEX-NEW YORK, May 29 (Reuters) - U.S. crude oil futures ended higher for the sixth straight session on Friday, lifted by economic data from the U.S., Japan and India that reinforced perception the global recession was abating, and as the dollar
weakened to a five-month low.

On the New York Mercantile Exchange, July crude settled up $1.23, or 1.89 percent, at $66.31 a barrel, the highest settlement since Nov. 4's $70.53. It traded from $64.68 to $66.47, the highest intraday price since $70.46 on Nov. 5. From a week ago, prices are up $4.64, or 7.52 percent.

CBOT-SOYBEANS - July up 5 cents at $11.84. Fund buying, tight soybean stocks, active exports, lower dollar and higher crude oil combined to lift soybean futures.

CBOT-SOYOIL - July up 1.24 cents at 39.05. Following soybeans with extra lift from higher crude oil.

FCPO-SINGAPORE, May 29 (Reuters) - Malaysian palm oil futures climbed nearly 2 percent on Friday, lifted by strengthening crude oil prices although expectations of a rebound in production this month capped gains.

The benchmark August contract on Bursa Malaysia's Derivatives Exchange closed up 47 ringgit, or 1.9 percent, to 2,552 ringgit ($731) per tonne. Overall volume climbed to 16,098 lots of 25 tonnes each from the usual 10,000 lots.

REGIONAL EQUITIES-BANGKOK, May 29 (Reuters) - Surging oil prices pushed most
Southeast Asian stock markets higher on Friday, with energy and commodities firms such as Malaysia's Sime Darby and Singapore's Wilmar International leading the way.

Singapore's Straits Times index <.FTSTI> rose 1.57 percent to its highest close since October 2008. Malaysian shares <.KLSE> climbed 0.28 percent, snapping a three-day losing streak, while Thai stocks <.SETI> rose 0.9 percent to a near eight-month high.