ATHENS/BERLIN, April 27 (Reuters) - Rating agency Standard and Poor's slashed Greek debt to junk status on Tuesday and also downgraded Portugal, as investors worried political pressures could block a multi-billion euro bailout of Greece.
Markets in Europe and the United States tumbled in reaction to signs that the Greek debt crisis was spreading to other highly indebted states on the periphery of the euro zone.
Wednesday, April 28, 2010
Trader's Highlight
DJI-NEW YORK, April 27 (Reuters) - U.S. stocks tumbled on Tuesday as downgrades of Greece and Portugal fueled fear about euro-zone economic stability, and a grilling of Goldman Sachs on Capitol Hill heightened the possibility of financial reform.
Stocks posted their worst day in nearly three months and the CBOE Vix volatility index <.VIX>, Wall Street's barometer of investor fear, jumped about 31 percent, its biggest one-day move since October 2008.
The Dow Jones industrial average <.DJI> dropped 213.04 points, or 1.90 percent, to 10,991.99. The Standard & Poor's 500 Index <.SPX> slid 28.34 points, or 2.34 percent, to 1,183.71. The Nasdaq Composite Index <.IXIC> lost 51.48 points, or 2.04 percent, to 2,471.47.
NYMEX-NEW YORK, April 27 (Reuters) - U.S. crude futures were down sharply on Tuesday on expectations of another increase in crude and refined product inventories in weekly industry and government reports.
The euro's fall against the dollar on uncertainty about financial aid for debt-laden Greece also pressured crude futures as investors sought less risky assets.
On the New York Mercantile Exchange at 9:50 a.m. EDT (1350 GMT), June crude was down 65 cents, or 0.77 percent, at $83.55 a barrel, trading from $83.06 to $84.
CBOT-CHICAGO, April 27 (Reuters) - Chicago Board of Trade grains and soy complex close on Tuesday.
NOTE: Chicago Board of Trade corn and soybean futures closed lower as Portugal and Greece's debt rating downgraded, hitting the stock market, boosting the dollar and weighing on crude oil.
CBOT-SOYBEANS - May down 16 cents at $9.82-3/4. Pressure from downgrade of Portugal and Greece's debt rating, lower stock market, firm dollar, lower crude oil and good crop weather in the U.S..
CBOT-SOYOIL - May down 0.17 cent per lb at 39.12. Following soybeans with lower crude oil also weighing.
FCPO-KUALA LUMPUR, April 27 (Reuters) - Malaysian palm oil futures fell on Tuesday after hitting a fresh two-week high as traders booked profits but losses were limited by the weaker ringgit currency.
The benchmark July crude palm oil contract on the Bursa Malaysia Derivatives Exchange ended 10 ringgit lower at 2,550 ringgit ($803.9) a tonne after going as high as 2,581 ringgit -- a level unseen since April 9.
Overall volumes shot up to 14,482 lots of 25 tonnes each from the usual 10,000 lots in choppy trade. Malaysia's ringgit currency also eased after it hit the highest level in two years on Monday, giving some respite for refiners whose margins get eroded as crude palm oil feedstock is priced in ringgit.
REGIONAL EQUITIES-COLOMBO, April 27 (Reuters) - Thai shares closed weaker on Tuesday because of political woes despite hopes of better earnings, while Singapore fell due to selling pressure ahead of upcoming IPOs.
Singapore <.FTSTI> lost 0.4 percent, Thailand <.SETI> fell 0.3 percent, Indonesia <.JKSE> closed 0.2 percent down from a record high in the previous session, and Malaysia <.KLSE> edged down after touching one-week highs on Monday.
In Kuala Lumpur, the index <.KLSE> inched down 0.03 percent, led by fall in banking shares, with a 0.3 percent fall in both CIMB Group and Public Bank .
Stocks posted their worst day in nearly three months and the CBOE Vix volatility index <.VIX>, Wall Street's barometer of investor fear, jumped about 31 percent, its biggest one-day move since October 2008.
The Dow Jones industrial average <.DJI> dropped 213.04 points, or 1.90 percent, to 10,991.99. The Standard & Poor's 500 Index <.SPX> slid 28.34 points, or 2.34 percent, to 1,183.71. The Nasdaq Composite Index <.IXIC> lost 51.48 points, or 2.04 percent, to 2,471.47.
NYMEX-NEW YORK, April 27 (Reuters) - U.S. crude futures were down sharply on Tuesday on expectations of another increase in crude and refined product inventories in weekly industry and government reports.
The euro's fall against the dollar on uncertainty about financial aid for debt-laden Greece also pressured crude futures as investors sought less risky assets.
On the New York Mercantile Exchange at 9:50 a.m. EDT (1350 GMT), June crude
CBOT-CHICAGO, April 27 (Reuters) - Chicago Board of Trade grains and soy complex close on Tuesday.
NOTE: Chicago Board of Trade corn and soybean futures closed lower as Portugal and Greece's debt rating downgraded, hitting the stock market, boosting the dollar and weighing on crude oil.
CBOT-SOYBEANS - May
CBOT-SOYOIL - May
FCPO-KUALA LUMPUR, April 27 (Reuters) - Malaysian palm oil futures fell on Tuesday after hitting a fresh two-week high as traders booked profits but losses were limited by the weaker ringgit currency.
The benchmark July crude palm oil contract
Overall volumes shot up to 14,482 lots of 25 tonnes each from the usual 10,000 lots in choppy trade. Malaysia's ringgit currency also eased after it hit the highest level in two years on Monday, giving some respite for refiners whose margins get eroded as crude palm oil feedstock is priced in ringgit.
REGIONAL EQUITIES-COLOMBO, April 27 (Reuters) - Thai shares closed weaker on Tuesday because of political woes despite hopes of better earnings, while Singapore fell due to selling pressure ahead of upcoming IPOs.
Singapore <.FTSTI> lost 0.4 percent, Thailand <.SETI> fell 0.3 percent, Indonesia <.JKSE> closed 0.2 percent down from a record high in the previous session, and Malaysia <.KLSE> edged down after touching one-week highs on Monday.
In Kuala Lumpur, the index <.KLSE> inched down 0.03 percent, led by fall in banking shares, with a 0.3 percent fall in both CIMB Group
FCPO Daily: Holding ground
Immediate technical outlook remains sideways to bias upside potential despite prices erased its earlier gains to end lower. Thus, we continue to look for the immediate upside resistance at 2595-2600. While, downside support is lies at 2503-2497 levels (gap left over on 23/4/2010).
DJI Daily: Into Correction zone
Market hammered down with a long black candle had slow down the market upward momentum. Thus, market may enter into correction zone after the recent long run. Currently, we are looking for the downside support at 10,800-10,700. To the upside, resistance is pegged at 11,258.
FKLI Daily: Sideways likely to continue
Nothing much changes on the immediate technical landscape as prices remains in sideways move. Consolidation phase likely to extend in near term. Hence, market may continue to trade in range between 1320 to 1350.5 levels.
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