Thursday, September 3, 2009

Trader's Highlight

DJI-NEW YORK, Sept 2 (Reuters) - Global stocks slipped and the yen rose to a seven-week high against the dollar on Wednesday as investors grew apprehensive about the strength of economic recovery, raising the appeal of gold and other safe-havens.

Minutes from the U.S. Federal Reserve's recent policy meeting, released Wednesday, showed officials thought risks to the U.S. economy had eased but low interest rates would be needed for some time to bolster what would be at best a modest recovery.

The Dow Jones industrial average <.DJI> closed down 29.93 points, or 0.32 percent, at 9,280.67. The Standard & Poor's 500 Index <.SPX> fell 3.29 points, or 0.33 percent, at 994.75. The Nasdaq Composite Index <.IXIC> slipped 1.82 points, or 0.09 percent, at 1,967.07.

NYMEX-NEW YORK, Sept 2 (Reuters) - U.S. crude oil futures settled unchanged on Wednesday after a choppy session during which prices were mostly lower as government data showed a small drawdown in crude oil inventories last week.

On the New York Mercantile Exchange, October crude settled unchanged at $68.05, trading from $67.05 to $68.80.

CBOT-SOYBEANS - September down 4-3/4 cents at $10.09-1/4 a bushel. Weighed down by lack of Chinese buying of soy this week, good U.S. crop weather and a forecast by trade house FC Stone for a record U.S. soy crop.

CBOT-SOYOIL
- September down 0.41 cent at 34.12 cents per lb. Pressured by deliveries on nearby contract and weakness in soy market.

FCPO-KUALA LUMPUR, Sept 2 (Reuters) - Malaysian crude palm oil futures tumbled as much as 3.6 percent to hit a five-week low on Wednesday on prospects of higher soyoil supplies following good U.S. crop weather.

The benchmark November contract on the Bursa Malaysia Derivatives Exchange dropped 83 ringgit to a low of 2,220 ringgit ($627.1) per tonne, a level unseen since July. 31, before settling at 2,245 ringgit.

REGIONAL EQUITIES-BANGKOK, Sept 2 (Reuters) - Singapore shares fell 1 percent
on Wednesday while most other Southeast Asian stock markets slid to their lowest in almost two weeks after energy and resource shares came under selling pressure as oil continued to fall.

Singapore's index <.FTSTI> earlier fell 1.4 percent to its lowest since Aug. 21. Olam International dropped 7.3 percent after a convertible bond planned by the commodities firm triggered concern about share dilution.

Thailand <.SETI> ended flat, recouping an early 1 percent loss to the lowest since Aug. 21, and Malaysia's index <.KLSE> edged 0.3 percent lower. In Kuala Lumpur, Genting fell 2.9 percent and Sime Darby was down 0.7 percent.