Monday, May 10, 2010

Trader's Highlight

DJI-NEW YORK, May 7 (Reuters) - Stocks fell in volatile trade around the world Friday on persistent fears the debt crisis in Greece could spread through the euro zone, while the dollar rose against the yen after strong U.S. jobs data.

The better-than-expected jobs figures, showing the U.S. economy added 290,000 nonfarm payroll jobs in April, gave only minimal support to risky assets. U.S. stocks traded lower and oil prices shed more than 2 percent.

The Dow Jones industrial average and Standard & Poor's 500 index posted their biggest weekly percentage declines since March 2009. The Nasdaq Composite Index had the largest weekly percentage fall since November 2008.

On Friday the Dow <.DJI> was down 113.59 points, or 1.08 percent, at 10,406.73. The S&P 500 <.SPX> was off 13.39 points, or 1.19 percent, at 1,114.76. The Nasdaq <.IXIC> was down 43.11 points, or 1.86 percent, at 2,276.53.

NYMEX-NEW YORK, May 7 (Reuters) - U.S. crude oil futures fell sharply in volatile, choppy trading on Friday as concerns about the Greek fiscal problems spreading and uncertainty after Thursday's volatile moves by the stock market offset a positive U.S. nonfarm payrolls report.

The euro relinquished gains against the dollar on the concerns that Greece's debt crisis could spread to other euro zone countries, adding to the pressure on oil.

On the New York Mercantile Exchange at 10:49 a.m. EDT (1449 GMT), June crude was down $1.77, or 2.3 percent, at $75.34 a barrel, trading from $74.51 to $78.19..

CBOT-CHICAGO, May 7 (Reuters) - Chicago Board of Trade grains and soy complex close on Friday.

CBOT-SOYBEANS - July up 6 cents at $9.60 per bushel; new-crop November up 5-1/2 cents at $9.34-1/4.

CBOT-SOYOIL - July up 0.32 cent per lb at 38.44 cents per lb. Follows soybeans higher.

FCPO-JAKARTA, May 7 (Reuters) - Malaysian palm oil futures fell on Friday on weaker external markets, while lower-than-expected April stocks and output capped losses, traders said.

The benchmark July palm oil contract on Bursa Malaysia Derivatives fell 0.16 percent, or 4 ringgit, to 2,519 ringgit ($824.21) a tonne, after dropping as low as 2,484 ringgit -- a level unseen since April 22. Overall traded volume was 15,151 lots of 25 tonnes each, compared to the usual daily average of 10,000 lots.

REGIONAL EQUITIES-BANGKOK, May 7 (Reuters) - Thai stocks fell to a one-week low on Friday as investors became less hopeful of an end to political protests plaguing the economy, and euro zone debt worries dealt a blow to regional bourses despite strong quarterly results.

In Thailand, anti-government protesters said on Friday they would stay on the streets of Bangkok until the prime minister fixed a date to dissolve parliament.

Singapore <.FTSTI> fell 0.7 percent, but Malaysia <.KLSE> rose 0.08 percent, reversing from an early fall to six-week lows. Indonesia <.JKSE> dropped 2.5 percent to near-seven-week lows.

In Kuala Lumpur, shipper MISC ended up 0.3 percent. It fell earlier after lower-than-expected fiscal 2010 net profit while broker Affin investment bank kept its "reduce" rating on the stock.