Friday, June 11, 2010

Trader's Highlight

DJI-NEW YORK, June 10 (Reuters) - U.S. stocks posted their best day in the last nine on Thursday in response to signs of health in the euro debt market and as investors snapped up energy shares crushed in the previous day's sell-off.

The energy sector led a broad advance with all but four stocks in the S&P 500 finishing the day higher.

The Dow Jones industrial average <.DJI> jumped 273.28 points, or 2.76 percent, to 10,172.53. The Standard & Poor's 500 Index <.SPX> rose 31.15 points, or 2.95 percent, to 1,086.84. The Nasdaq Composite Index <.IXIC> gained 59.86 points, or 2.77 percent, to 2,218.71.

NYMEX-NEW YORK, June 10 (Reuters) - U.S. crude oil ended at the highest level in nearly four weeks on Thursday, with prices up for the third straight session as solid Chinese exports data and a rosier demand forecast by the International Energy Agency encouraged investors to buy riskier assets.

Wall Street rallied on the booming Chinese exports. The dollar weakened, losing some of its safe-haven glow. The euro rose on the news from China and was also aided by a strong demand for Spanish bonds, easing some sovereign debt worry.

On the New York Mercantile Exchange, front month July crude settled up $1.10, or 1.48 percent, at $75.48 a barrel, the highest close since May 12's $75.65 settlement. It traded from $73.72 to $76.30.

CBOT-CHICAGO, June 10 (Reuters) - Chicago Board of Trade grains and soy complex closing trends on Thursday.

CBOT-SOYBEANS - July down 8-1/2 cents at $9.35 per bushel; new-crop November down 1-3/4 at $8.94-3/4.

CBOT-SOYOIL - July unchanged cent at 36.75 cents per lb. Crude oil supportive to prices but weakness in soybeans weighs.

FCPO-KUALA LUMPUR, June 10 (Reuters) - Malaysian crude palm oil futures hit fresh five-month lows on Thursday as global economic fears arising from the euro zone debt crisis outweighed upbeat industry data.

The fall ran counter to expectations for palm oil futures to gain in the afternoon session after an industry regulator said May stocks fell 3.71 percent to 1.56 million tonnes or an eighth month low.

Benchmark August crude palm oil futures on Bursa Malaysia Derivatives Exchange closed 0.3 percent lower at 2,410 ringgit ($726.3) a tonne after falling as low as 2,396 ringgit, a level unseen since Jan. 27. Traded volume fell to 8,641 lots of 25 tonnes each from the usual 10,000 lots.

REGIONAL EQUITIES-BANGKOK, June 10 (Reuters) - Singapore stocks rose to their highest in almost a week on Thursday as optimism about its second-quarter performance boosted bank shares, while good China exports figures the previous day bolstered the region.

Risk appetite in Southeast Asia generally improved following positive signs from China as well as assurances from the U.S. Federal Reserve Chairman Ben Bernanke that the U.S. economy was resilient.

Singapore <.FTSTI> ended up 1.23 percent, Malaysia <.KLSE> edged up 0.1 percent, Thailand <.SETI> edged up 0.5 percent and Vietnam <.VNI> was up 0.6 percent.

Singapore's market had fallen 4.07 percent so far this year, Southeast Asia's worst performer. It trades at a 12-month forward price to earnings of 12.5 times, lower than Indonesia's 13.2 and Malaysia's 13.0, according to Thomson Reuters' StarMine. Banking shares in the region were mostly higher on expectations they would benefit from a recovery.

In Kuala Lumpur, Malayan Banking was up 0.4 percent and financial CIMB Group gained 0.3 percent. Malaysia's economy is expected to grow 6 percent this year, Prime Minister Najib Razak said on Thursday.