Thursday, October 22, 2009

Trader's Highlight

DJI-NEW YORK, Oct 21 (Reuters) - U.S. stocks fell on Wednesday, hurt by a late sell-off in financial shares after an influential bank analyst recommended selling Wells Fargo shares and a wider-than-expected loss from Boeing disappointed investors.

The Dow Jones industrial average <.DJI> dropped 92.12 points, or 0.92 percent, to end at 9,949.36. The Standard & Poor's 500 Index <.SPX> lost 9.66 points, or 0.89 percent, to 1,081.40. The Nasdaq Composite Index <.IXIC> shed 12.74 points, or 0.59 percent, to 2,150.73.

NYMEX-NEW YORK, Oct 21 (Reuters) - U.S. crude oil futures ended on Wednesday above $81 a barrel, the highest in a year, lifted by government data showing an unexpectedly large drawdown in gasoline stockpiles last week.

Crude inventories rose less than expected while distillate supplies fell, though less than forecast, weekly data from the U.S. Energy Information Administration showed, and both proved price supportive, traders said.

The dollar touched a one-month low against sterling while the euro broke above $1.50 for the first time in 14 months as expectations that U.S. interest rates will remain very low weighed on the greenback.

On the New York Mercantile Exchange, new front month December crude settled up $2.25, or 2.84 percent, at $81.37 a barrel, the highest close since Oct. 9, 2008's $86.59. It traded from $77.64 to $82, the highest since the $84.83 intraday high on Oct. 14, 2008.

CBOT-SOYBEANS - November up 265 cents at $10.087-1/2 a bushel. Rallies past $10 to highest since Sept. 3 as dollar collapses and crude oil rallies. Stronger U.S. cash markets also supportive as exporters scramble to meet sales commitments amid a slow harvest.

U.S. Census Bureau to issue monthly crush data on Thursday. Analysts expect Census to report a September crush near 113.6 million bushels.

CBOT-SOYOIL - December up 1.09 cents at 38.56 cents a lb. Falling dollar, rise in soybeans and crude oil spurs speculative buying.

FCPO-JAKARTA, Oct 21 (Reuters) - Malaysian crude palm oil futures dropped 0.6 percent on Wednesday, extending a retreat from a five-week peak hit on Monday, pressured by a slide in crude oil price, traders said.

The benchmark January contract on the Bursa Malaysia Derivative Exchange settled down 12 ringgit at 2,168 ringgit ($642.37) a tonne. Overall volume was 18,028 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, Oct 21 (Reuters) - Southeast Asian stocks took a hit
on Wednesday after declines on Wall Street, led by losses in blue-chips such as Singapore banking heavyweight DBS Group and Indonesia's Bumi Resources .

Singapore's benchmark stock index <.FTSTI> dropped 0.7 percent, Thailand <.SETI> eased 1.3 percent and Indonesia <.JKSE> dropped about one percent, extending Tuesday's falls, to a one-week closing low.

Malaysia <.KLSE> reversed course from a 16-month high hit in early trade to close down 0.45 percent, snapping a three-day rising steak, while the Philippines <.PSI> pulled back from a near two-week high earlier in the day, falling 0.86 percent.

Among losers in Malaysia, top lender Maybank Bhd dropped 1.15 percent, while gaming group Genting Bhd fell 0.52 percent.

Malaysia's number two lender, CIMB Bank , closed unchanged after rising as much as 1.74 percent, cheered by a positive profit outlook at its Thai unit. [ID:nBKK429856] But top lender Maybank Bhd lost 1.15 percent.