JAKARTA, Aug 25 (Reuters) - Indonesia, the world's top palm oil producer, will cap its export tax for the edible oil at 22.5 percent from 25 percent previously, a trade ministry official said on Thursday.
The changes, which include setting the minimum for the export tax at 7.5 percent versus 1.5 pct previously, will take effect from Oct. 1, the trade ministry official, who declined to be named, told Reuters.
The export tax cap on palm oil olein products (downstream), was cut to 13 percent from 25 percent, according to finance ministry documents, which set the implementation date on 30 days from Aug. 15.
Friday, August 26, 2011
Trader's Highlight
DJI-NEW YORK, Aug 25 (Reuters) - U.S. stocks fell on Thursday as investors raised cash ahead of a critical speech from Fed Chairman Ben Bernanke, hoping he will give them a clearer picture of the Fed's plans for the struggling economy.
Several negatives contributed to the market's weakness after three days of gains. Jitters over a sharp drop in German stocks and a report showing continued U.S. job market weakness helped fuel the selling.
Stocks rose earlier this week, partly on expectation the soft U.S. economy could trigger another round of monetary stimulus from the Federal Reserve, much like the one suggested by Bernanke at the same conference in Jackson Hole, Wyoming, a year ago.
The Dow Jones industrial average .DJI dropped 170.89 points, or 1.51 percent, to 11,149.82. The Standard & Poor's 500 Index .SPX fell 18.33 points, or 1.56 percent, to 1,159.27. The Nasdaq Composite Index .IXIC lost 48.06 points, or 1.95 percent, to 2,419.63.
NYMEX-NEW YORK, Aug 25 (Reuters) - U.S. crude futures edged up on Thursday in a volatile session as refined products futures surged on concerns that Hurricane Irene will disrupt supply on the East Coast.
The storm was projected to hit the U.S. eastern seaboard by the weekend, and the U.S. Coast Guard was closely monitoring its track but had not imposed any traffic restrictions on the New York Harbor, the delivery hub for NYMEX-traded gasoline futures.
On the New York Mercantile Exchange, October crude CLV1 rose 14 cents, or 0.16 percent, to settle at $85.30 a barrel, having traded from $83.01 to $86.56.
CBOT-SOYBEANS-Soybean futures at the Chicago Board of Trade closed slightly lower on profit-taking after the market hit a one-month high this week and on selling due to a firmer dollar, traders said.
Traders were reluctant to establish large positions ahead of a key speech Friday by Federal Reserve chairman Ben Bernanke that could announce a new round of measures to stimulate the economy.
FCPO-KUALA LUMPUR, Aug 25 (Reuters) - Malaysian palm oil futures fell on Thursday on worries over slower overseas demand after top producer Indonesia revised its export tax structure that could make its shipments cheaper and on caution over the global economy.
Indonesia, the world's top palm oil producer, will cap its export tax for the edible oil at 22.5 percent from 25.0 percent previously, a trade ministry official said on Thursday
The changes, which take effect from Oct. 1, could make shipments cheaper than those from the world's No.2 producer, weighing on Malaysian palm oil futures.
The benchmark November crude palm oil contract on Bursa Malaysia Derivatives KPOc3 fell as much as 1.9 percent to 2,978 ringgit ($1,000.504) a tonne before paring some losses to end 1.4 percent lower.
Overall traded volume was 20,899 lots of 25 tonnes each, below the usual 25,000 lots.
REGIONAL EQUITIES-HONG KONG, Aug 25 (Reuters) - Southeast Asian stocks were mostly lower on Thursday, underperforming other Asian markets as foreign investors seeking value showed a preference for markets such as China and Hong Kong.
Regional markets got an initial lift as global equities rallied but the gains faded towards the close, with Thailand's SET index .SETI the worst performer, ending down 1.9 percent.
Analysts at Credit Suisse said in a report that the Indonesian market's price-to-book ratio at about 3.6 is more than double the 1.5 seen during the lows of the 2008/09 financial crisis.
Malaysia's Sime Darby SIME.KL, which returned to a profit in its fourth quarter following a dismal performance a year before, rose 1.2 percent.
Several negatives contributed to the market's weakness after three days of gains. Jitters over a sharp drop in German stocks and a report showing continued U.S. job market weakness helped fuel the selling.
Stocks rose earlier this week, partly on expectation the soft U.S. economy could trigger another round of monetary stimulus from the Federal Reserve, much like the one suggested by Bernanke at the same conference in Jackson Hole, Wyoming, a year ago.
The Dow Jones industrial average .DJI dropped 170.89 points, or 1.51 percent, to 11,149.82. The Standard & Poor's 500 Index .SPX fell 18.33 points, or 1.56 percent, to 1,159.27. The Nasdaq Composite Index .IXIC lost 48.06 points, or 1.95 percent, to 2,419.63.
NYMEX-NEW YORK, Aug 25 (Reuters) - U.S. crude futures edged up on Thursday in a volatile session as refined products futures surged on concerns that Hurricane Irene will disrupt supply on the East Coast.
The storm was projected to hit the U.S. eastern seaboard by the weekend, and the U.S. Coast Guard was closely monitoring its track but had not imposed any traffic restrictions on the New York Harbor, the delivery hub for NYMEX-traded gasoline futures.
On the New York Mercantile Exchange, October crude CLV1 rose 14 cents, or 0.16 percent, to settle at $85.30 a barrel, having traded from $83.01 to $86.56.
CBOT-SOYBEANS-Soybean futures at the Chicago Board of Trade closed slightly lower on profit-taking after the market hit a one-month high this week and on selling due to a firmer dollar, traders said.
Traders were reluctant to establish large positions ahead of a key speech Friday by Federal Reserve chairman Ben Bernanke that could announce a new round of measures to stimulate the economy.
FCPO-KUALA LUMPUR, Aug 25 (Reuters) - Malaysian palm oil futures fell on Thursday on worries over slower overseas demand after top producer Indonesia revised its export tax structure that could make its shipments cheaper and on caution over the global economy.
Indonesia, the world's top palm oil producer, will cap its export tax for the edible oil at 22.5 percent from 25.0 percent previously, a trade ministry official said on Thursday
The changes, which take effect from Oct. 1, could make shipments cheaper than those from the world's No.2 producer, weighing on Malaysian palm oil futures.
The benchmark November crude palm oil contract on Bursa Malaysia Derivatives KPOc3 fell as much as 1.9 percent to 2,978 ringgit ($1,000.504) a tonne before paring some losses to end 1.4 percent lower.
Overall traded volume was 20,899 lots of 25 tonnes each, below the usual 25,000 lots.
REGIONAL EQUITIES-HONG KONG, Aug 25 (Reuters) - Southeast Asian stocks were mostly lower on Thursday, underperforming other Asian markets as foreign investors seeking value showed a preference for markets such as China and Hong Kong.
Regional markets got an initial lift as global equities rallied but the gains faded towards the close, with Thailand's SET index .SETI the worst performer, ending down 1.9 percent.
Analysts at Credit Suisse said in a report that the Indonesian market's price-to-book ratio at about 3.6 is more than double the 1.5 seen during the lows of the 2008/09 financial crisis.
Malaysia's Sime Darby SIME.KL, which returned to a profit in its fourth quarter following a dismal performance a year before, rose 1.2 percent.
Thursday, August 25, 2011
Trader's Highlight
DJI-NEW YORK, Aug 24 (Reuters) - U.S. stocks posted strong gains for a second day on Wednesday as investors jumped back into beaten-down financial shares and backed away from safer assets like gold in volatile trading.
The stock market swung back and forth as investors anticipated a key speech from Federal Reserve Chairman Ben Bernanke on Friday. There had been hope the Fed chief would hint of stimulus to aid the struggling economy, but a more likely outcome is for gradual measures.
The Dow Jones industrial average .DJI was up 142.51 points, or 1.28 percent, at 11,319.27. The Standard & Poor's 500 Index .SPX was up 15.19 points, or 1.31 percent, at 1,177.54. The Nasdaq Composite Index .IXIC was up 21.63 points, or 0.88 percent, at 2,467.69.
NYMEX-NEW YORK, Aug 24 (Reuters) - U.S. crude oil futures ended lower on Wednesday as investors worried that Federal Reserve Chairman Ben Bernanke may not signal another round of economic stimulus when he gives highly anticipated speech on Friday.
A late downturn erased gains spawned by an unexpected drawdown in domestic crude inventories last week and data showing a sharp increase in U.S. durable goods orders in July.
On the New York Mercantile Exchange, October crude CLV1 settled in light volume at $85.16 a barrel, dipping 28 cents, or 0.33 percent, after trading from $84.55 to $86.59.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade closed lower, reversing from early strength as traders took profits after a three-day rally and amid an uncertain global economic outlook.
Ongoing concerns about the size of the 2011 U.S. soybean crop underpinned the market.
FCPO-KUALA LUMPUR, Aug 24 (Reuters) - Malaysian palm oil futures edged lower on Wednesday on an uncertain global economic outlook and weaker commodity markets although hopes for strong export data curbed losses.
Palm oil has lost about 18 percent so far this year thanks to a stock build and financial markets turning volatile over the grim outlook in the United States and Europe and efforts by central bankers to prop up these economies.
The benchmark November crude palm oil contract on Bursa Malaysia Derivatives KPOc3 settled down more than 1 percent to 3,036 ringgit ($1,023.77). The previous day the contract touched a one-week high of 3,070 ringgit.
Overall traded volume was light at 19,825 lots of 25 tonnes each, compared to the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, Aug 24 (Reuters) - Southeast Asian stock markets fell on Wednesday after ratings agency Moody's downgraded Japan, making investors wary of risky assets and dampening regional sentiment.
Markets failed to sustain early gains that were fuelled by speculation the Federal Reserve may signal further moves to support the struggling U.S. economy in Chairman Ben Bernanke's speech on Friday in Jackson Hole, Wyoming.
Stocks in Singapore .FTSTI dropped 1.6 percent, Southeast Asia's worst on the day. Losses for Malaysia .KLSE and Thai stocks .SETI were smaller of around 1 percent each. The Philippines .PSI inched down 0.2 percent.
Asian shares fell on Wednesday ahead of Bernanke's speech, while Japanese shares sold off on Moody's downgrade.
Southeast Asian stocks have lost much of their recent upward momentum and trade below previous highs, including all-time highs for Malaysia set in July, Indonesia and the Philippines early this month, as investors are less optimistic across the board.
The stock market swung back and forth as investors anticipated a key speech from Federal Reserve Chairman Ben Bernanke on Friday. There had been hope the Fed chief would hint of stimulus to aid the struggling economy, but a more likely outcome is for gradual measures.
The Dow Jones industrial average .DJI was up 142.51 points, or 1.28 percent, at 11,319.27. The Standard & Poor's 500 Index .SPX was up 15.19 points, or 1.31 percent, at 1,177.54. The Nasdaq Composite Index .IXIC was up 21.63 points, or 0.88 percent, at 2,467.69.
NYMEX-NEW YORK, Aug 24 (Reuters) - U.S. crude oil futures ended lower on Wednesday as investors worried that Federal Reserve Chairman Ben Bernanke may not signal another round of economic stimulus when he gives highly anticipated speech on Friday.
A late downturn erased gains spawned by an unexpected drawdown in domestic crude inventories last week and data showing a sharp increase in U.S. durable goods orders in July.
On the New York Mercantile Exchange, October crude CLV1 settled in light volume at $85.16 a barrel, dipping 28 cents, or 0.33 percent, after trading from $84.55 to $86.59.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade closed lower, reversing from early strength as traders took profits after a three-day rally and amid an uncertain global economic outlook.
Ongoing concerns about the size of the 2011 U.S. soybean crop underpinned the market.
FCPO-KUALA LUMPUR, Aug 24 (Reuters) - Malaysian palm oil futures edged lower on Wednesday on an uncertain global economic outlook and weaker commodity markets although hopes for strong export data curbed losses.
Palm oil has lost about 18 percent so far this year thanks to a stock build and financial markets turning volatile over the grim outlook in the United States and Europe and efforts by central bankers to prop up these economies.
The benchmark November crude palm oil contract on Bursa Malaysia Derivatives KPOc3 settled down more than 1 percent to 3,036 ringgit ($1,023.77). The previous day the contract touched a one-week high of 3,070 ringgit.
Overall traded volume was light at 19,825 lots of 25 tonnes each, compared to the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, Aug 24 (Reuters) - Southeast Asian stock markets fell on Wednesday after ratings agency Moody's downgraded Japan, making investors wary of risky assets and dampening regional sentiment.
Markets failed to sustain early gains that were fuelled by speculation the Federal Reserve may signal further moves to support the struggling U.S. economy in Chairman Ben Bernanke's speech on Friday in Jackson Hole, Wyoming.
Stocks in Singapore .FTSTI dropped 1.6 percent, Southeast Asia's worst on the day. Losses for Malaysia .KLSE and Thai stocks .SETI were smaller of around 1 percent each. The Philippines .PSI inched down 0.2 percent.
Asian shares fell on Wednesday ahead of Bernanke's speech, while Japanese shares sold off on Moody's downgrade.
Southeast Asian stocks have lost much of their recent upward momentum and trade below previous highs, including all-time highs for Malaysia set in July, Indonesia and the Philippines early this month, as investors are less optimistic across the board.
Tuesday, August 23, 2011
Trader's Highlight
DJI-NEW YORK, Aug 22 (Reuters) - World stocks eked out a gain on Monday, stabilizing after the previous four weeks of sharp losses, while Brent crude prices slipped on prospects Libya's civil war will soon end.
U.S. stocks struggled to end barely higher, while gold, a traditional safe haven, hit a third consecutive all-time high near $1,900 after staging its biggest weekly gain in 2-1/2 years last week.
Sharp volatility in stocks, which has marked trading in recent weeks, underscored investor nervousness.
On Wall Street, the Dow Jones industrial average .DJI gained 37.00 points, or 0.34 percent, at 10,854.65. The Standard & Poor's 500 Index .SPX was up 0.29 point, or 0.03 percent, at 1,123.82. The Nasdaq Composite Index .IXIC added 3.54 points, or 0.15 percent, at 2,345.38.
NYMEX-NEW YORK, Aug 22 (Reuters) - U.S. crude futures ended higher in volatile trading on Monday as gains on Wall Street lifted sentiment toward oil.
U.S. crude's discount to Brent crude narrowed from a record above $26 on Friday, as Brent fell on hopes Libyan oil production would restart soon, with the end to the country's civil war looming
On the New York Mercantile Exchange, crude for September delivery CLU1 expired and settled at $84.12 a barrel, gaining $1.86, or 2.26 percent, and trading from $81.13 to $84.67.
CBOT-SOYBEANS-Aug 22 (Reuters) - Soybean futures on the Chicago Board of Trade closed higher, lifted by concerns about disappointing weekend rains in the U.S. Midwest and the impact on soy yield prospects, traders said. Strength in U.S. crude oil futures and equity markets added support.
FCPO-KUALA LUMPUR, Aug 22 (Reuters) - Malaysian palm oil futures rose on Monday on strong exports, although there were concerns that demand may slow as the global economic outlook gets clouded by Europe's debt crisis and prospects of another U.S. recession.
Still-high stocks in top palm oil producers Indonesia and Malaysia have also weighed on the market in recent months, with prices down about a fifth since the start of the year.
The benchmark November contract KPOc3 on the Bursa Malaysia Derivatives Exchange settled up 0.6 percent to 3,022 ringgit($1,013.58) per tonne. It rebounded from a one-week low of 2,990 ringgit struck on Friday.
Overall traded volumes stood at 11,913 lots of 25 tonnes each, less than half the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, Aug 22 (Reuters) - Major Southeast Asian stock markets posted small losses on Monday, minimised by late bargain hunting in retail stocks that offset woes over a festering debt crisis in Europe and a grim economic outlook for the United States.
Most regional sharemarkets recouped early losses after late buying in beaten-down consumer stocks, but signs that the U.S. economy could slide back into recession raised fears of a steep global slowdown and potential its impact on local growth and earnings.
Singapore stocks .FTSTI ended nearly flat, picking up after slumping 1.9 percent fall at one point to its lowest since May 27. Stocks in Indonesia .JKSE, Thailand .SETI and Malaysia .KLSE rebounded from day lows to the lowest in more than one week.
Some brokers were reviewing year-end targets of indexes in the region, taking into account lower optimism on regional growth.
Singapore cellphone company Singapore Telecommunications STEL.SI gained 1.4 percent, reversing an early fall, while United Overseas Bank UOBH.SI fell 1.8 percent and DBS Group Holdings DBSM.SI eased 1.1 percent.
U.S. stocks struggled to end barely higher, while gold, a traditional safe haven, hit a third consecutive all-time high near $1,900 after staging its biggest weekly gain in 2-1/2 years last week.
Sharp volatility in stocks, which has marked trading in recent weeks, underscored investor nervousness.
On Wall Street, the Dow Jones industrial average .DJI gained 37.00 points, or 0.34 percent, at 10,854.65. The Standard & Poor's 500 Index .SPX was up 0.29 point, or 0.03 percent, at 1,123.82. The Nasdaq Composite Index .IXIC added 3.54 points, or 0.15 percent, at 2,345.38.
NYMEX-NEW YORK, Aug 22 (Reuters) - U.S. crude futures ended higher in volatile trading on Monday as gains on Wall Street lifted sentiment toward oil.
U.S. crude's discount to Brent crude narrowed from a record above $26 on Friday, as Brent fell on hopes Libyan oil production would restart soon, with the end to the country's civil war looming
On the New York Mercantile Exchange, crude for September delivery CLU1 expired and settled at $84.12 a barrel, gaining $1.86, or 2.26 percent, and trading from $81.13 to $84.67.
CBOT-SOYBEANS-Aug 22 (Reuters) - Soybean futures on the Chicago Board of Trade closed higher, lifted by concerns about disappointing weekend rains in the U.S. Midwest and the impact on soy yield prospects, traders said. Strength in U.S. crude oil futures and equity markets added support.
FCPO-KUALA LUMPUR, Aug 22 (Reuters) - Malaysian palm oil futures rose on Monday on strong exports, although there were concerns that demand may slow as the global economic outlook gets clouded by Europe's debt crisis and prospects of another U.S. recession.
Still-high stocks in top palm oil producers Indonesia and Malaysia have also weighed on the market in recent months, with prices down about a fifth since the start of the year.
The benchmark November contract KPOc3 on the Bursa Malaysia Derivatives Exchange settled up 0.6 percent to 3,022 ringgit($1,013.58) per tonne. It rebounded from a one-week low of 2,990 ringgit struck on Friday.
Overall traded volumes stood at 11,913 lots of 25 tonnes each, less than half the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, Aug 22 (Reuters) - Major Southeast Asian stock markets posted small losses on Monday, minimised by late bargain hunting in retail stocks that offset woes over a festering debt crisis in Europe and a grim economic outlook for the United States.
Most regional sharemarkets recouped early losses after late buying in beaten-down consumer stocks, but signs that the U.S. economy could slide back into recession raised fears of a steep global slowdown and potential its impact on local growth and earnings.
Singapore stocks .FTSTI ended nearly flat, picking up after slumping 1.9 percent fall at one point to its lowest since May 27. Stocks in Indonesia .JKSE, Thailand .SETI and Malaysia .KLSE rebounded from day lows to the lowest in more than one week.
Some brokers were reviewing year-end targets of indexes in the region, taking into account lower optimism on regional growth.
Singapore cellphone company Singapore Telecommunications STEL.SI gained 1.4 percent, reversing an early fall, while United Overseas Bank UOBH.SI fell 1.8 percent and DBS Group Holdings DBSM.SI eased 1.1 percent.
Monday, August 22, 2011
Trader's Highlight
DJI-NEW YORK, Aug 19 (Reuters) - Wall Street ended a fourth week of losses on a down note on Friday as most buyers left the market before the weekend on growing fears of another U.S. recession and destabilization in Europe's financial system.
Investors already reeling from big losses in growth stocks were thumped by a dismal outlook from Hewlett-Packard, which dropped nearly 20 percent, its worst day since the stock-market crash of 1987.
It was the latest discouraging event in a month full of bad surprises ranging from the U.S. credit rating downgrade to a sharp slowdown in world growth. The S&P has lost 13.1 percent so far this month -- on track for its worst month since October 2008.
The Dow Jones industrial average .DJI fell 172.93 points, or 1.57 percent, to end at 10,817.65. The Standard & Poor's 500 Index .SPX dropped 17.12 points, or 1.50 percent, to 1,123.53. The Nasdaq Composite Index .IXIC slid 38.59 points, or 1.62 percent, to close at 2,341.84.
NYMEX-NEW YORK, Aug 19 (Reuters) - U.S. crude oil futures ended lower on Friday after a late-session reversal to negative territory on continuing worries about the economy, after a series of negative data on Thursday.
Prices also fell as investors took some pre-weekend profits or squared books ahead of the front-month contract's expiration on Monday.
On the New York Mercantile Exchange, crude for September delivery CLU1 settled at $82.26 a barrel, dipping 12 cents, or 0.15 percent, after trading between $79.17 to $83.55.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade closed higher on short-covering ahead of the weekend and worries that much-needed rains expected in the U.S. Midwest might fall short, traders said.Weak U.S. dollar .DXY adds support.
Rally limited by fears the U.S. economy may slip back into a recession and mounting worries about the global banking system.
FCPO-JAKARTA, Aug 19 (Reuters) - Malaysian palm oil futures eased to a one-week low on Friday, as uncertainty clouding the global economic outlook offset expectations of improving demand for the vegetable oil.
The benchmark November contract KPOc3 on the Bursa Malaysia Derivatives Exchange ended down 0.8 percent at 3,003 Malaysian ringgit ($1,005) per tonne. It earlier hit a low of 2,990 ringgit, the lowest since Aug. 11. Prices were down 0.4 percent for the week.
Traded volumes for the contract were at 9,358 lots of 25 tonnes each, compared to 11,513 lots on Thursday.
REGIONAL EQUITIES-BANGKOK, Aug 19 (Reuters) - Southeast Asian stock markets tumbled on Friday, with index heavyweights coming under selling pressure as investors shifted money out of riskier assets because of worries over slowing global growth.
Indonesia .JKSE suffered its biggest fall in two weeks, tumbling 4.4 percent, with banks in particular hit. Singapore .FTSTI had its largest loss in almost two weeks at 3.2 percent.
Stocks in Malaysia .KLSE and Thailand .SETI ended the day with smaller drops of less than 2 percent. Philippine shares .PSI and Vietnam .VNI fell 1.45 percent and 0.5 percent respectively.
The selling intensifed late in the session after European shares .FTSE extended the previous session's sharp sell-off and U.S. stock index futures pointed to a sharply lower start on Wall Street.
Singapore fell for a third week, losing 4.1 percent, the worst in the region. Indonesia posted a weekly loss of 1.2 percent, with Malaysia, Thailand and the Philippines posting more limited falls.
In Singapore, rig builder Keppel Corp KPLM.SI lost 4.9 percent and rival Sembcorp Marine SCMN.SI retreated 8.8 percent on concern that weaker oil prices could adversely affect demand for rigs.
Investors already reeling from big losses in growth stocks were thumped by a dismal outlook from Hewlett-Packard, which dropped nearly 20 percent, its worst day since the stock-market crash of 1987.
It was the latest discouraging event in a month full of bad surprises ranging from the U.S. credit rating downgrade to a sharp slowdown in world growth. The S&P has lost 13.1 percent so far this month -- on track for its worst month since October 2008.
The Dow Jones industrial average .DJI fell 172.93 points, or 1.57 percent, to end at 10,817.65. The Standard & Poor's 500 Index .SPX dropped 17.12 points, or 1.50 percent, to 1,123.53. The Nasdaq Composite Index .IXIC slid 38.59 points, or 1.62 percent, to close at 2,341.84.
NYMEX-NEW YORK, Aug 19 (Reuters) - U.S. crude oil futures ended lower on Friday after a late-session reversal to negative territory on continuing worries about the economy, after a series of negative data on Thursday.
Prices also fell as investors took some pre-weekend profits or squared books ahead of the front-month contract's expiration on Monday.
On the New York Mercantile Exchange, crude for September delivery CLU1 settled at $82.26 a barrel, dipping 12 cents, or 0.15 percent, after trading between $79.17 to $83.55.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade closed higher on short-covering ahead of the weekend and worries that much-needed rains expected in the U.S. Midwest might fall short, traders said.Weak U.S. dollar .DXY adds support.
Rally limited by fears the U.S. economy may slip back into a recession and mounting worries about the global banking system.
FCPO-JAKARTA, Aug 19 (Reuters) - Malaysian palm oil futures eased to a one-week low on Friday, as uncertainty clouding the global economic outlook offset expectations of improving demand for the vegetable oil.
The benchmark November contract KPOc3 on the Bursa Malaysia Derivatives Exchange ended down 0.8 percent at 3,003 Malaysian ringgit ($1,005) per tonne. It earlier hit a low of 2,990 ringgit, the lowest since Aug. 11. Prices were down 0.4 percent for the week.
Traded volumes for the contract were at 9,358 lots of 25 tonnes each, compared to 11,513 lots on Thursday.
REGIONAL EQUITIES-BANGKOK, Aug 19 (Reuters) - Southeast Asian stock markets tumbled on Friday, with index heavyweights coming under selling pressure as investors shifted money out of riskier assets because of worries over slowing global growth.
Indonesia .JKSE suffered its biggest fall in two weeks, tumbling 4.4 percent, with banks in particular hit. Singapore .FTSTI had its largest loss in almost two weeks at 3.2 percent.
Stocks in Malaysia .KLSE and Thailand .SETI ended the day with smaller drops of less than 2 percent. Philippine shares .PSI and Vietnam .VNI fell 1.45 percent and 0.5 percent respectively.
The selling intensifed late in the session after European shares .FTSE extended the previous session's sharp sell-off and U.S. stock index futures pointed to a sharply lower start on Wall Street.
Singapore fell for a third week, losing 4.1 percent, the worst in the region. Indonesia posted a weekly loss of 1.2 percent, with Malaysia, Thailand and the Philippines posting more limited falls.
In Singapore, rig builder Keppel Corp KPLM.SI lost 4.9 percent and rival Sembcorp Marine SCMN.SI retreated 8.8 percent on concern that weaker oil prices could adversely affect demand for rigs.
Friday, August 19, 2011
Trader's Highlight
DJI-NEW YORK, Aug 18 (Reuters) - Rising fears of another recession hammered U.S. stocks on Thursday, sending major averages sharply lower in a return to the extreme fluctuations investors endured a week ago.
New worries about the health of European banks set the tone before the market's open, and a dismal report on regional U.S. manufacturing fueled a downward spiral in which the Dow dropped as much as 528 points, spurring a flight to safe-haven assets like gold.
The Nasdaq ended more than 5 percent lower, the S&P 500 more than 4 percent and the blue-chip Dow off more than 3 percent.
The Dow Jones industrial average .DJI fell 419.63 points, or 3.68 percent, to 10,990.58, while the Standard & Poor's 500 Index .SPX declined 53.24 points, or 4.46 percent, to 1,140.65, and the Nasdaq Composite Index .IXIC dropped 131.05 points, or 5.22 percent, to 2,380.43.
NYMEX-NEW YORK, Aug 18 (Reuters) - U.S. crude futures fell nearly 6 percent on Thursday as a fresh batch of weak economic data from the United States hit investor confidence already worried about global economic growth and Europe's debt problems.
On the New York Mercantile Exchange, September crude CLU1 fell $5.20, or 5.94 percent, to settle at $82.38 a barrel. The intraday intraday high was $87.53 and the low, reached in post-settlement trade was $81.15.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade fell on concerns about a slowdown in the global economy that fueled a rally in the U.S. dollar, traders said.
A sharp drop in crude oil added pressure, with spot NYMEX crude futures CLc1 sagging more than $5 a barrel, or nearly 6 percent.
FCPO-JAKARTA, Aug 18 (Reuters) - Malaysian palm oil futures ended little changed on Thursday as expectations of higher demand and lower output were offset by lingering worries about global economic growth.
The benchmark November contract KPOc3 on the Bursa Malaysia Derivatives Exchange ended 0.2 percent lower at 3,026 Malaysian ringgit ($1,016) per tonne. It earlier hit a high of 3,043 ringgit, to hover near two week highs.
Traded volumes for the contract were 11,513 lots of 25 tonnes each, compared to 11,344 lots on Wednesday, which was a national holiday in Indonesia, the world's top palm oil producer.
REGIONAL EQUITIES-BANGKOK, Aug 18 (Reuters) - Some Southeast Asian stock markets gained on Thursday as optimism about regional growth bolstered demand for consumer and bank stocks but a bearish outlook in the technology sector, after Dell's disappointing outlook, hurt related sectors.
Investors appeared to favour relatively less export-dependent markets with strong domestic consumption such as Indonesia .JKSE, but concern about the U.S. and European slowdown lingered, triggering late selling in some markets.
Malaysia, Indonesia, Thailand and the Philippines have pulled out of "oversold" zones, with the 14-day Relative Strength Index (RSI) of each pushing back into a neutral area of 38.4, 53.49, 49.98 and 51.73 respectively.
New worries about the health of European banks set the tone before the market's open, and a dismal report on regional U.S. manufacturing fueled a downward spiral in which the Dow dropped as much as 528 points, spurring a flight to safe-haven assets like gold.
The Nasdaq ended more than 5 percent lower, the S&P 500 more than 4 percent and the blue-chip Dow off more than 3 percent.
The Dow Jones industrial average .DJI fell 419.63 points, or 3.68 percent, to 10,990.58, while the Standard & Poor's 500 Index .SPX declined 53.24 points, or 4.46 percent, to 1,140.65, and the Nasdaq Composite Index .IXIC dropped 131.05 points, or 5.22 percent, to 2,380.43.
NYMEX-NEW YORK, Aug 18 (Reuters) - U.S. crude futures fell nearly 6 percent on Thursday as a fresh batch of weak economic data from the United States hit investor confidence already worried about global economic growth and Europe's debt problems.
On the New York Mercantile Exchange, September crude CLU1 fell $5.20, or 5.94 percent, to settle at $82.38 a barrel. The intraday intraday high was $87.53 and the low, reached in post-settlement trade was $81.15.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade fell on concerns about a slowdown in the global economy that fueled a rally in the U.S. dollar, traders said.
A sharp drop in crude oil added pressure, with spot NYMEX crude futures CLc1 sagging more than $5 a barrel, or nearly 6 percent.
FCPO-JAKARTA, Aug 18 (Reuters) - Malaysian palm oil futures ended little changed on Thursday as expectations of higher demand and lower output were offset by lingering worries about global economic growth.
The benchmark November contract KPOc3 on the Bursa Malaysia Derivatives Exchange ended 0.2 percent lower at 3,026 Malaysian ringgit ($1,016) per tonne. It earlier hit a high of 3,043 ringgit, to hover near two week highs.
Traded volumes for the contract were 11,513 lots of 25 tonnes each, compared to 11,344 lots on Wednesday, which was a national holiday in Indonesia, the world's top palm oil producer.
REGIONAL EQUITIES-BANGKOK, Aug 18 (Reuters) - Some Southeast Asian stock markets gained on Thursday as optimism about regional growth bolstered demand for consumer and bank stocks but a bearish outlook in the technology sector, after Dell's disappointing outlook, hurt related sectors.
Investors appeared to favour relatively less export-dependent markets with strong domestic consumption such as Indonesia .JKSE, but concern about the U.S. and European slowdown lingered, triggering late selling in some markets.
Malaysia, Indonesia, Thailand and the Philippines have pulled out of "oversold" zones, with the 14-day Relative Strength Index (RSI) of each pushing back into a neutral area of 38.4, 53.49, 49.98 and 51.73 respectively.
Tuesday, August 16, 2011
Trader's Highlight
DJI-NEW YORK, Aug 15 (Reuters) - Shares on Wall Street rose with oil prices on Monday as acquisition news and stronger-than-expected economic data in Japan led markets to steadily forge ahead after last week's wild swings.
News that Google Inc GOOG.O offered to buy Motorola Mobility Holdings Inc MMI.N for about $12.5 billion in cash fueled a rebound in U.S. stocks for a third straight session.
Wall Street's Dow Jones industrial average .DJI closed up 213.88 points, or 1.90 percent, at 11,482.90. The Standard & Poor's 500 Index .SPX was up 25.68 points, or 2.18 percent, at 1,204.49. The Nasdaq Composite Index .IXIC was up 47.22 points, or 1.88 percent, at 2,555.20.
NYMEX-NEW YORK, Aug 15 (Reuters) - U.S. crude futures rebounded on Monday as Wall Street rose on hopes that Europe's debt crisis could be resolved and news that Google Inc GOOG.O offered to buy Motorola Mobility Holdings Inc. MMI.N.
The dollar fell against the euro, whetting up appetite for riskier assets.
On the New York Mercantile Exchange, crude for September delivery CLU1 settled at $87.88 a barrel, rising $2.50, or 2.93 percent, after trading between $84.40 to $88.05, the highest since Aug. 5's intraday high of $88.32.
CBOT-SOYBEANS-Chicago Board of Trade soybean futures closed higher in a follow-through recovery bounce in equities and spillover support from the release last week of bullish U.S. soybean production data from the USDA.
Dry weather in portions of the U.S. Midwest including parts of top producers Iowa and Illinois also lent support to the soybean market.
FCPO-JAKARTA, Aug 15 (Reuters) - Malaysian palm oil climbed for a fourth straight session on Monday, boosted by strong export data and as financial market jitters eased slightly after last week's volatility.
The benchmark October contract KPOc3 on the Bursa Malaysia Derivatives Exchange ended up 1.8 percent at 3,070 Malaysian ringgit ($1,023) per tonne. Earlier, prices touched 3,083 ringgit, the highest level since Aug. 4.
Traded volumes for the contract were 9,786 lots of 25 tonnes each, compared to 9,934 lots on Friday.
REGIONAL EQUITIES-COLOMBO, Aug 15 (Reuters) - Southeast Asian stock markets rose on Monday as investors bought shares that were sold heavily at times last week due to global recession fears, but trading was choppy ahead of a Franco-German summit on the European debt crisis.
Singapore and Malaysia were still trading near what some analysts reckon is oversold territory, while Thailand, Indonesia and the Philippines were neutral, Thomson Reuters data showed.
Analysts said a positive close on Wall Street on Friday and bargain-hunting in thin volume helped the gains.
Malaysia .KLSE added 1.1 percent and the Philippines .PSI edged up 0.3 percent.
In Singapore, top bank DBS Group DBSM.SI gained 2.1 percent and Oversea Chinese Bank Corporation OCBC.SI added 1.3 percent.
Shares in casino operator Genting Singapore GENS.SI closed 3.2 percent weaker after it reported a double-digit fall in earnings for the second quarter
News that Google Inc GOOG.O offered to buy Motorola Mobility Holdings Inc MMI.N for about $12.5 billion in cash fueled a rebound in U.S. stocks for a third straight session.
Wall Street's Dow Jones industrial average .DJI closed up 213.88 points, or 1.90 percent, at 11,482.90. The Standard & Poor's 500 Index .SPX was up 25.68 points, or 2.18 percent, at 1,204.49. The Nasdaq Composite Index .IXIC was up 47.22 points, or 1.88 percent, at 2,555.20.
NYMEX-NEW YORK, Aug 15 (Reuters) - U.S. crude futures rebounded on Monday as Wall Street rose on hopes that Europe's debt crisis could be resolved and news that Google Inc GOOG.O offered to buy Motorola Mobility Holdings Inc. MMI.N.
The dollar fell against the euro, whetting up appetite for riskier assets.
On the New York Mercantile Exchange, crude for September delivery CLU1 settled at $87.88 a barrel, rising $2.50, or 2.93 percent, after trading between $84.40 to $88.05, the highest since Aug. 5's intraday high of $88.32.
CBOT-SOYBEANS-Chicago Board of Trade soybean futures closed higher in a follow-through recovery bounce in equities and spillover support from the release last week of bullish U.S. soybean production data from the USDA.
Dry weather in portions of the U.S. Midwest including parts of top producers Iowa and Illinois also lent support to the soybean market.
FCPO-JAKARTA, Aug 15 (Reuters) - Malaysian palm oil climbed for a fourth straight session on Monday, boosted by strong export data and as financial market jitters eased slightly after last week's volatility.
The benchmark October contract KPOc3 on the Bursa Malaysia Derivatives Exchange ended up 1.8 percent at 3,070 Malaysian ringgit ($1,023) per tonne. Earlier, prices touched 3,083 ringgit, the highest level since Aug. 4.
Traded volumes for the contract were 9,786 lots of 25 tonnes each, compared to 9,934 lots on Friday.
REGIONAL EQUITIES-COLOMBO, Aug 15 (Reuters) - Southeast Asian stock markets rose on Monday as investors bought shares that were sold heavily at times last week due to global recession fears, but trading was choppy ahead of a Franco-German summit on the European debt crisis.
Singapore and Malaysia were still trading near what some analysts reckon is oversold territory, while Thailand, Indonesia and the Philippines were neutral, Thomson Reuters data showed.
Analysts said a positive close on Wall Street on Friday and bargain-hunting in thin volume helped the gains.
Malaysia .KLSE added 1.1 percent and the Philippines .PSI edged up 0.3 percent.
In Singapore, top bank DBS Group DBSM.SI gained 2.1 percent and Oversea Chinese Bank Corporation OCBC.SI added 1.3 percent.
Shares in casino operator Genting Singapore GENS.SI closed 3.2 percent weaker after it reported a double-digit fall in earnings for the second quarter
Monday, August 15, 2011
Trader's Highlight
DJI-NEW YORK, Aug 12 (Reuters) - After one of the most volatile weeks in memory, U.S. stocks ended higher on Friday in a tentative sign that the worst of the selling may be over.
Volume was much lighter than on any other day of the week and intraday swings were far less violent than those seen in previous days. Both signs suggested a drop in investor anxiety.
The Dow Jones industrial average .DJI was up 107.74 points, or 0.97 percent, at 11,251.05, according to the latest available figures. The Standard & Poor's 500 Index .SPX was up 4.43 points, or 0.38 percent, at 1,177.07. The Nasdaq Composite Index .IXIC was up 13.36 points, or 0.54 percent, at 2,506.04.
NYMEX-NEW YORK, Aug 12 (Reuters) - U.S. crude oil futures ended lower on Friday and snapped two days of gains as a slump in consumer confidence reversed an early rally spurred by a jump in July retail sales.
Crude futures also closed the week lower, down for the third straight week, as the consumer confidence data added to fears that the economy may slide back into recession after last week's U.S. credit downgrade.
On the New York Mercantile Exchange, crude for September delivery CLU1 settled at $85.38 a barrel, edging down 34 cents, or 0.4 percent, after trading between $84.02 to $87.37.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade ended modestly firmer to post a third consecutive higher close amid concerns about the size of the U.S. 2011 soy crop, traders said.
But prices pared gains into the closing bell as traders adjusted positions ahead of the weekend.
FCPO-KUALA LUMPUR, Aug 12 (Reuters) - Malaysian palm oil rose for a third day on Friday and recovered most of this week's losses on stronger food commodity prices and as a U.S. government forecast of lower soy output pointed to tighter edible oil supply in coming months.
The U.S Agriculture Department lowering its soy output estimate for soybeans below the lowest trade guess comes as some planters in Malaysia say palm oil output in the second half of this year may not be as high as expected.
Palm oil rose above the 3,000 ringgit level, four days after it fell below the key support level for the first time since October last year on concerns that the unfolding U.S. and euro zone debt crisis will stall global economic growth and cloud the commodity demand outlook.
The benchmark October crude palm oil contract KPOc3 on Bursa Malaysia Derivatives settled up 0.7 percent at 3,015 ringgit ($1,005.670) per tonne in seesaw trade.
Overall traded volumes were slightly lower at 22,409 lots of 25 tonnes each compared to the usual 25,000 lots.
REGIONAL EQUITIES-COLOMBO, Aug 12 (Reuters) - Most Southeast Asian stock markets bounced back on Friday as investors searched for bargains after heavy selling in recent sessions, but worries over the health of global economy and Europe's debt crisis left emerging market equities vulnerable to further losses in coming weeks.
Singapore stocks .FTSTI lost as much as 9.2 percent at one point during the week, skidding to a 14-month low amid a global market rout before clawing its way back from Thursday's lows.
The Straits Times index rose 1.9 percent on Friday, helping paring losses for the week to 4.8 percent.
Despite the bounce in some centreson Friday, Singapore, Malaysia, and Vietnam remain in oversold territory with their Relative Strength Indexes (RSI) below the 30 level. Bangkok, Jakarta, and Manila are hovering around 40.
Commodities boosted Singapore with palm oil producers Golden Agri-Resources GAGR.SI and Wilmar International WLIL.SI gaining as much as 3.2 percent and 2 percent, respectively, after reporting strong quarterly earnings.
Singapore's third-largest lender, United Overseas Bank UOBH.SI, closed 2 percent firmer before posting a 5.6 percent rise in second-quarter net profit.
Volume was much lighter than on any other day of the week and intraday swings were far less violent than those seen in previous days. Both signs suggested a drop in investor anxiety.
The Dow Jones industrial average .DJI was up 107.74 points, or 0.97 percent, at 11,251.05, according to the latest available figures. The Standard & Poor's 500 Index .SPX was up 4.43 points, or 0.38 percent, at 1,177.07. The Nasdaq Composite Index .IXIC was up 13.36 points, or 0.54 percent, at 2,506.04.
NYMEX-NEW YORK, Aug 12 (Reuters) - U.S. crude oil futures ended lower on Friday and snapped two days of gains as a slump in consumer confidence reversed an early rally spurred by a jump in July retail sales.
Crude futures also closed the week lower, down for the third straight week, as the consumer confidence data added to fears that the economy may slide back into recession after last week's U.S. credit downgrade.
On the New York Mercantile Exchange, crude for September delivery CLU1 settled at $85.38 a barrel, edging down 34 cents, or 0.4 percent, after trading between $84.02 to $87.37.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade ended modestly firmer to post a third consecutive higher close amid concerns about the size of the U.S. 2011 soy crop, traders said.
But prices pared gains into the closing bell as traders adjusted positions ahead of the weekend.
FCPO-KUALA LUMPUR, Aug 12 (Reuters) - Malaysian palm oil rose for a third day on Friday and recovered most of this week's losses on stronger food commodity prices and as a U.S. government forecast of lower soy output pointed to tighter edible oil supply in coming months.
The U.S Agriculture Department lowering its soy output estimate for soybeans below the lowest trade guess comes as some planters in Malaysia say palm oil output in the second half of this year may not be as high as expected.
Palm oil rose above the 3,000 ringgit level, four days after it fell below the key support level for the first time since October last year on concerns that the unfolding U.S. and euro zone debt crisis will stall global economic growth and cloud the commodity demand outlook.
The benchmark October crude palm oil contract KPOc3 on Bursa Malaysia Derivatives settled up 0.7 percent at 3,015 ringgit ($1,005.670) per tonne in seesaw trade.
Overall traded volumes were slightly lower at 22,409 lots of 25 tonnes each compared to the usual 25,000 lots.
REGIONAL EQUITIES-COLOMBO, Aug 12 (Reuters) - Most Southeast Asian stock markets bounced back on Friday as investors searched for bargains after heavy selling in recent sessions, but worries over the health of global economy and Europe's debt crisis left emerging market equities vulnerable to further losses in coming weeks.
Singapore stocks .FTSTI lost as much as 9.2 percent at one point during the week, skidding to a 14-month low amid a global market rout before clawing its way back from Thursday's lows.
The Straits Times index rose 1.9 percent on Friday, helping paring losses for the week to 4.8 percent.
Despite the bounce in some centreson Friday, Singapore, Malaysia, and Vietnam remain in oversold territory with their Relative Strength Indexes (RSI) below the 30 level. Bangkok, Jakarta, and Manila are hovering around 40.
Commodities boosted Singapore with palm oil producers Golden Agri-Resources GAGR.SI and Wilmar International WLIL.SI gaining as much as 3.2 percent and 2 percent, respectively, after reporting strong quarterly earnings.
Singapore's third-largest lender, United Overseas Bank UOBH.SI, closed 2 percent firmer before posting a 5.6 percent rise in second-quarter net profit.
Friday, August 12, 2011
Breaking News- European vegoils jump with CBOT on bullish USDA data - RTRS
ROTTERDAM, Aug 11 (Reuters) - The European vegetable oil market OILS/E jumped on Thursday following a rally in CBOT futures on U.S. Department of Agriculture crop data, market sources said.
At 1630 GMT CBOT soyoil futures were between 0.25 and 1.18 cents per lb up on the USDA data and stronger mineral oil prices.
At 1630 GMT CBOT soyoil futures were between 0.25 and 1.18 cents per lb up on the USDA data and stronger mineral oil prices.
Trader's Highlight
DJI-NEW YORK, Aug 11 (Reuters) - U.S. stocks shot up 4 percent on Thursday as bargain-hungry investors overcame the recent wave of fear that drove selling over the last two weeks.
Thursday's rally marked the second bounce in a yo-yo week. After a sell-off that pushed the S&P 500 down as much as 17 percent since July 22, the market is showing some signs of regaining its footing.
The Dow Jones industrial average .DJI surged 423.37 points, or 3.95 percent, to 11,143.31. The Standard & Poor's 500 Index .SPX shot up 51.88 points, or 4.63 percent, to 1,172.64. The Nasdaq Composite Index .IXIC jumped 111.63 points, or 4.69 percent, at 2,492.68.
NYMEX-NEW YORK, Aug 11 (Reuters) - U.S. crude futures rose more than 3 percent on Thursday as an equities rally and a supportive drop in jobless claims helped offset concerns about French banks and fears that Europe's debt crisis will spread.
On the New York Mercantile Exchange, September crude CLU1 rose $2.83, or 3.41 percent, to settle at $85.72 a barrel, trading from $81.03 to $85.97, reached in post-settlement trading.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade rose more than 2 percent after the U.S. Department of Agriculture cut its forecasts of the U.S. 2011 soy and corn yields below trade expectations, traders said.
Benchmark November soybeans SX1 unofficially ended up 2.34 percent, the biggest single-day rise since May 18.
FCPO-KUALA LUMPUR, Aug 11 (Reuters) - Malaysian palm oil futures extended gains for a second day on Thursday after food commodities rose and planters turned more bullish on the production outlook for the edible oil.
An industry regulator said palm oil production growth may not be as high as anticipated after a season of strong yields and a top official from IJM Plantations said the after effects of El Nino may slow output.
That may support palm oil futures that have fallen 21 percent so far this year on higher edible oil supply and concerns that the U.S. and Europe debt crisis may slow economic growth.
The benchmark October crude palm oil contract KPOc3 on Bursa Malaysia Derivatives settled up 1.9 percent to 2,993 ringgit ($996) per tonne.
Overall traded volume as heavy at 30,747 lots of 25 tonnes each compared to the usual 25,500 lots, many traders came back into the market.
Thursday's rally marked the second bounce in a yo-yo week. After a sell-off that pushed the S&P 500 down as much as 17 percent since July 22, the market is showing some signs of regaining its footing.
The Dow Jones industrial average .DJI surged 423.37 points, or 3.95 percent, to 11,143.31. The Standard & Poor's 500 Index .SPX shot up 51.88 points, or 4.63 percent, to 1,172.64. The Nasdaq Composite Index .IXIC jumped 111.63 points, or 4.69 percent, at 2,492.68.
NYMEX-NEW YORK, Aug 11 (Reuters) - U.S. crude futures rose more than 3 percent on Thursday as an equities rally and a supportive drop in jobless claims helped offset concerns about French banks and fears that Europe's debt crisis will spread.
On the New York Mercantile Exchange, September crude CLU1 rose $2.83, or 3.41 percent, to settle at $85.72 a barrel, trading from $81.03 to $85.97, reached in post-settlement trading.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade rose more than 2 percent after the U.S. Department of Agriculture cut its forecasts of the U.S. 2011 soy and corn yields below trade expectations, traders said.
Benchmark November soybeans SX1 unofficially ended up 2.34 percent, the biggest single-day rise since May 18.
FCPO-KUALA LUMPUR, Aug 11 (Reuters) - Malaysian palm oil futures extended gains for a second day on Thursday after food commodities rose and planters turned more bullish on the production outlook for the edible oil.
An industry regulator said palm oil production growth may not be as high as anticipated after a season of strong yields and a top official from IJM Plantations said the after effects of El Nino may slow output.
That may support palm oil futures that have fallen 21 percent so far this year on higher edible oil supply and concerns that the U.S. and Europe debt crisis may slow economic growth.
The benchmark October crude palm oil contract KPOc3 on Bursa Malaysia Derivatives settled up 1.9 percent to 2,993 ringgit ($996) per tonne.
Overall traded volume as heavy at 30,747 lots of 25 tonnes each compared to the usual 25,500 lots, many traders came back into the market.
Thursday, August 11, 2011
Trader's Highlight
DJI-NEW YORK, Aug 10 (Reuters) - Fear returned to Wall Street on Wednesday, sending the S&P 500 to another 4 percent decline, triggered by worries that Europe's debt crisis could engulf French banks and spill onto the U.S. financial sector.
Trading was once again marked by sharp moves on heavy volume. For a fifth straight day, the Dow industrials fluctuated in a range of more than 400 points.
The Dow Jones industrial average .DJI lost 519.83 points, or 4.62 percent, to 10,719.94. The S&P 500 .SPX fell 51.77 points, or 4.42 percent, to 1,120.76. The Nasdaq Composite .IXIC dropped 101.47 points, or 4.09 percent, to 2,381.05.
NYMEX-NEW YORK, Aug 10 (Reuters) - U.S. crude futures rose 4.5 percent on Wednesday after a government report showed oil inventories fell last week and receiving a late lift from pared losses on Wall Street.
U.S. crude stocks fell 5.2 million barrels last week, the U.S. Energy Information Administration's said in its weekly inventory report, mirroring the draw down reported late on Tuesday by the American Petroleum Institute.
On the New York Mercantile Exchange, September crude CLU1 rose $3.59, or 4.53 percent, to settle at $82.89 a barrel, trading from $79.53 to $83.14.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade ended modestly higher, snapping a five-day decline as traders adjusted positions a day ahead of a U.S. government crop report, traders said.
Trade expects USDA's August monthly crop report on Thursday to project a smaller U.S. 2011 soy harvest than the government forecast in July.
FCPO-JAKARTA/KUALA LUMPUR, Aug 10 (Reuters) - Malaysian palm oil futures rebounded on Wednesday and snapped four straight sessions of losses as cautious investors said the market was oversold on growth and debt worries.
Oil led a rebound among commodities as investors went bargain hunting for riskier assets after the U.S. Federal Reserve promised to extend near-zero interest rates for two more years.COM/WRAP
The benchmark October crude palm oil contract KPOc3 on Bursa Malaysia Derivatives ended 0.6 percent higher at 2,937 ringgit ($971.070) a tonne. Overall traded volumes stood at 23,960 lots of 25 tonnes each, below the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, Aug 10 (Reuters) - Most Southeast Asian stock markets pushed higher on Wednesday, turning around from sell-offs earlier this week after markets around the world rallied on the prospect of interest rates in the Unites States remaining near zero for two more years.
Stocks in Indonesia .JKSE and the Philippines .PSI each gained over 3 percent, with domestic investors leading the way.
Malaysia .KLSE and Thailand .SETI posted smaller gains, with late selling suggesting concerns over global volatility.
Singapore .FTSTI, which was closed on Tuesday when regional markets tumbled, dropped 2.2 percent after weak second-quarter economic data and Vietnam .VNI eased slightly.
Dealers in Bangkok expect the market to stay range-bound due to global risk aversion, which could lead to foreign selling even though local sentiment is favourable with a new government taking shape and players focusing on economic policies.
Among weak spot, Singapore-listed Global Logistic Properties GLPL.SI, which owns warehouses in China and Japan, lost as much as 5.9 percent on worries that slowing economic growth and a weaker U.S. dollar may hurt its earnings.
Singapore's economy shrank in the second quarter, but the government said growth in biomedical manufacturing and financial services would help offset concerns of a double-dip recession in the United States.
Trading was once again marked by sharp moves on heavy volume. For a fifth straight day, the Dow industrials fluctuated in a range of more than 400 points.
The Dow Jones industrial average .DJI lost 519.83 points, or 4.62 percent, to 10,719.94. The S&P 500 .SPX fell 51.77 points, or 4.42 percent, to 1,120.76. The Nasdaq Composite .IXIC dropped 101.47 points, or 4.09 percent, to 2,381.05.
NYMEX-NEW YORK, Aug 10 (Reuters) - U.S. crude futures rose 4.5 percent on Wednesday after a government report showed oil inventories fell last week and receiving a late lift from pared losses on Wall Street.
U.S. crude stocks fell 5.2 million barrels last week, the U.S. Energy Information Administration's said in its weekly inventory report, mirroring the draw down reported late on Tuesday by the American Petroleum Institute.
On the New York Mercantile Exchange, September crude CLU1 rose $3.59, or 4.53 percent, to settle at $82.89 a barrel, trading from $79.53 to $83.14.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade ended modestly higher, snapping a five-day decline as traders adjusted positions a day ahead of a U.S. government crop report, traders said.
Trade expects USDA's August monthly crop report on Thursday to project a smaller U.S. 2011 soy harvest than the government forecast in July.
FCPO-JAKARTA/KUALA LUMPUR, Aug 10 (Reuters) - Malaysian palm oil futures rebounded on Wednesday and snapped four straight sessions of losses as cautious investors said the market was oversold on growth and debt worries.
Oil led a rebound among commodities as investors went bargain hunting for riskier assets after the U.S. Federal Reserve promised to extend near-zero interest rates for two more years.COM/WRAP
The benchmark October crude palm oil contract KPOc3 on Bursa Malaysia Derivatives ended 0.6 percent higher at 2,937 ringgit ($971.070) a tonne. Overall traded volumes stood at 23,960 lots of 25 tonnes each, below the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, Aug 10 (Reuters) - Most Southeast Asian stock markets pushed higher on Wednesday, turning around from sell-offs earlier this week after markets around the world rallied on the prospect of interest rates in the Unites States remaining near zero for two more years.
Stocks in Indonesia .JKSE and the Philippines .PSI each gained over 3 percent, with domestic investors leading the way.
Malaysia .KLSE and Thailand .SETI posted smaller gains, with late selling suggesting concerns over global volatility.
Singapore .FTSTI, which was closed on Tuesday when regional markets tumbled, dropped 2.2 percent after weak second-quarter economic data and Vietnam .VNI eased slightly.
Dealers in Bangkok expect the market to stay range-bound due to global risk aversion, which could lead to foreign selling even though local sentiment is favourable with a new government taking shape and players focusing on economic policies.
Among weak spot, Singapore-listed Global Logistic Properties GLPL.SI, which owns warehouses in China and Japan, lost as much as 5.9 percent on worries that slowing economic growth and a weaker U.S. dollar may hurt its earnings.
Singapore's economy shrank in the second quarter, but the government said growth in biomedical manufacturing and financial services would help offset concerns of a double-dip recession in the United States.
Wednesday, August 10, 2011
Breaking news-RTRS - China to buy more palm oil as price low- Oil World
HAMBURG, Aug 9 (Reuters) - Low palm oil prices are likely to generate more Chinese buying and strong demand from China and other importers may help support palm prices, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
Malaysian palm oil futures dropped on Monday to their lowest in more than nine months as investors fretted over global economic growth and the outlook for commodity demand after the United States lost its top credit rating.
Malaysian palm oil futures dropped on Monday to their lowest in more than nine months as investors fretted over global economic growth and the outlook for commodity demand after the United States lost its top credit rating.
Trader's Highlight
DJI-NEW YORK, Aug 9 (Reuters) - U.S. stocks clawed back most of Monday's losses as a U.S. Federal Reserve promise of at least two more years of near-zero interest rates overshadowed its warning about slowing economic growth.
The Fed's statement gave markets a glimmer of hope, with stocks' gains accelerating into Tuesday's close.
In a sign investors were not entirely convinced of the Fed's ability to stave off another recession, they sought safer bets, including the Swiss franc and gold. Gold GCZ1 pared its early gain to record levels but was still up about 1 percent at just above $1,728 an ounce.
The Dow Jones industrial average .DJI gained 429.92 points, or 3.98 percent, to 11,239.77. The Standard & Poor's 500 Index .SPX jumped 53.07 points, or 4.74 percent, to 1,172.53. The Nasdaq Composite Index .IXIC climbed 124.83 points, or 5.29percent, to 2,482.52.
NYMEX-NEW YORK, Aug 9 (Reuters) - U.S. crude futures turned positive after the American Petroleum Institute data showed an unexpected drawdown in U.S. crude inventories last week, against forecasts that stocks rose.
Traders said a late rally on Wall Streeet also boosted crude futures after they ended lower for a second day, hitting a 10-month low as the U.S. Federal Reserve released a statement that failed to inspire optimism about energy demand.
On the New York Mercantile Exchange, crude for September delivery CLU1 settled at $79.30 a barrel, the lowest since Sept. 29, when front-month crude prices closed at $77.86. It traded from $75.71, also the lowest since Sept. 29, to $83.05.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade fell for a fifth consecutive session, pressured by improved U.S. weather that should favor the developing U.S. soy crop and by a retreat in crude oil, traders said.
Market briefly traded higher after a bullish open on Wall Street eased concerns about a global economic slowdown. But soybeans turned lower as U.S. equities backed off their highs.
FCPO-KUALA LUMPUR, Aug 9 (Reuters) - Malaysian palm oil futures hit fresh nine-month lows on Tuesday as concerns that a global economic slowdown were imminent after the U.S. credit downgrade continue to pressure financial markets.
World stocks sank sharply for a 10th session running on Tuesday, racking up a 20 percent loss since early May, and gold hit another record high as investors continued to dump riskier assets in highly volatile markets
The benchmark October crude palm oil contract KPOc3 on Bursa Malaysia Derivatives closed 2.5 percent lower at 2,920 Malaysian ringgit ($967.21) a tonne after hitting as low as 2,917 ringgit, a level unseen since late-October last year.
Overall traded volume rose to 35,313 lots of 25 tonnes each from the usual 25,000 lots.
REGIONAL EQUITIES-COLOMBO, Aug 9 (Reuters) - Southeast Asian stocks fell sharply on Tuesday, with commodity-related and bank shares hit hardest as foreign and local investors sold off what have been Asia's best performing markets this year on fears of a steep global slowdown.
Most of the region's markets recouped early losses but then slipped again. Helping them recover from sharp initial drops was buying led by government funds, but investors mostly remained cautious as they waited for clues from elsewhere on developments with the U.S and European Union debt crises.
In early trade, Indonesia's main index .JKSE plummeted 6.7 percent, Malaysia .JKSE and Philippines .PSI each fell 4.9 percent, Thailand .SETI was down 4 percent while Vietnam .VNI dropped 2.7 percent.
Buying kicked in after most of the markets were oversold with their 14-day relative strength indexes lower than 30, a threshold oversold level, according to Thomson Reuters data. However, the buying support could not be sustained due to negative sentiment.
The Fed's statement gave markets a glimmer of hope, with stocks' gains accelerating into Tuesday's close.
In a sign investors were not entirely convinced of the Fed's ability to stave off another recession, they sought safer bets, including the Swiss franc and gold. Gold GCZ1 pared its early gain to record levels but was still up about 1 percent at just above $1,728 an ounce.
The Dow Jones industrial average .DJI gained 429.92 points, or 3.98 percent, to 11,239.77. The Standard & Poor's 500 Index .SPX jumped 53.07 points, or 4.74 percent, to 1,172.53. The Nasdaq Composite Index .IXIC climbed 124.83 points, or 5.29percent, to 2,482.52.
NYMEX-NEW YORK, Aug 9 (Reuters) - U.S. crude futures turned positive after the American Petroleum Institute data showed an unexpected drawdown in U.S. crude inventories last week, against forecasts that stocks rose.
Traders said a late rally on Wall Streeet also boosted crude futures after they ended lower for a second day, hitting a 10-month low as the U.S. Federal Reserve released a statement that failed to inspire optimism about energy demand.
On the New York Mercantile Exchange, crude for September delivery CLU1 settled at $79.30 a barrel, the lowest since Sept. 29, when front-month crude prices closed at $77.86. It traded from $75.71, also the lowest since Sept. 29, to $83.05.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade fell for a fifth consecutive session, pressured by improved U.S. weather that should favor the developing U.S. soy crop and by a retreat in crude oil, traders said.
Market briefly traded higher after a bullish open on Wall Street eased concerns about a global economic slowdown. But soybeans turned lower as U.S. equities backed off their highs.
FCPO-KUALA LUMPUR, Aug 9 (Reuters) - Malaysian palm oil futures hit fresh nine-month lows on Tuesday as concerns that a global economic slowdown were imminent after the U.S. credit downgrade continue to pressure financial markets.
World stocks sank sharply for a 10th session running on Tuesday, racking up a 20 percent loss since early May, and gold hit another record high as investors continued to dump riskier assets in highly volatile markets
The benchmark October crude palm oil contract KPOc3 on Bursa Malaysia Derivatives closed 2.5 percent lower at 2,920 Malaysian ringgit ($967.21) a tonne after hitting as low as 2,917 ringgit, a level unseen since late-October last year.
Overall traded volume rose to 35,313 lots of 25 tonnes each from the usual 25,000 lots.
REGIONAL EQUITIES-COLOMBO, Aug 9 (Reuters) - Southeast Asian stocks fell sharply on Tuesday, with commodity-related and bank shares hit hardest as foreign and local investors sold off what have been Asia's best performing markets this year on fears of a steep global slowdown.
Most of the region's markets recouped early losses but then slipped again. Helping them recover from sharp initial drops was buying led by government funds, but investors mostly remained cautious as they waited for clues from elsewhere on developments with the U.S and European Union debt crises.
In early trade, Indonesia's main index .JKSE plummeted 6.7 percent, Malaysia .JKSE and Philippines .PSI each fell 4.9 percent, Thailand .SETI was down 4 percent while Vietnam .VNI dropped 2.7 percent.
Buying kicked in after most of the markets were oversold with their 14-day relative strength indexes lower than 30, a threshold oversold level, according to Thomson Reuters data. However, the buying support could not be sustained due to negative sentiment.
Tuesday, August 9, 2011
Breaking News-RTRS - Malaysian palm oil prices may not fall below 3,000 rgt-MPOC
KUALA LUMPUR, Aug 8 (Reuters) - Malaysian palm oil futures KPOc3 are unlikely to fall below 3,000 ringgit ($995.52) per tonne due to higher exports although the debt crisis in Europe and other parts of the world may affect some purchases, an industry official said on Monday.
The forecast by Faudzy Asrafudeen, director of marketing development for the Malaysian Palm Oil Council, comes as third-month palm oil dropped to an October 2010 low of 3,015 ringgit after the United States got its top notch credit rating cut.
But Faudzy said there could be another price rally as palm oil's discount to competing soyoil has widened in time for the Asian festival season.
Crude palm oil is trading at a $210 discount against soyoil, potentially attracting more orders with a string of holidays including the mid-Autumn festival in China and India's Diwali celebration due from September onwards.
The forecast by Faudzy Asrafudeen, director of marketing development for the Malaysian Palm Oil Council, comes as third-month palm oil dropped to an October 2010 low of 3,015 ringgit after the United States got its top notch credit rating cut.
But Faudzy said there could be another price rally as palm oil's discount to competing soyoil has widened in time for the Asian festival season.
Crude palm oil is trading at a $210 discount against soyoil, potentially attracting more orders with a string of holidays including the mid-Autumn festival in China and India's Diwali celebration due from September onwards.
Breaking News-RTRS - India's soybean output seen rising 10.5 pct in 2011/12
MUMBAI, Aug 8 (Reuters) - India's soybean output in 2011/12 is likely to rise 10.5 percent to 10.5 million tonnes as farmers plant a larger area with the crop and rains are adequate, fuelling chances soymeal exports may rise in the year, a senior industry official said.
In 2010/11 the country produced 9.5 million tonnes of soybean, the main summer-sown oilseed crop.
Madhya Pradesh and Maharashtra are the country's top two producing states, accounting for over 85 percent of total output. Soybean is crushed to produce soymeal and oil.
In 2010/11 the country produced 9.5 million tonnes of soybean, the main summer-sown oilseed crop.
Madhya Pradesh and Maharashtra are the country's top two producing states, accounting for over 85 percent of total output. Soybean is crushed to produce soymeal and oil.
Breaking News-RTRS - Goldman and Merrill stay bullish on oil
LONDON, Aug 8 (Reuters) - Oil prices will rise again soon even if they fall further in the short-term because governments have no other tools to combat slow growth other than further ease monetary policies, leading commodities trading banks said on Monday.
Another major commodities bank, Goldman Sachs, said it was still positive on several commodities including Brent oil, copper, zinc, UK natural gas and soybeans.
Another major commodities bank, Goldman Sachs, said it was still positive on several commodities including Brent oil, copper, zinc, UK natural gas and soybeans.
Breaking News-RTRS - Malaysian palm oil output to fall after July peak-MPOB
KUALA LUMPUR, Aug 8 (Reuters) - Malaysia's palm oil production hit its highest for this year in July and will start a downward trend expected to last until December, a top official of industry regulator Malaysian Palm Oil Board (MPOB) said on Monday.
Palm oil production in the world's No.2 supplier of the vegetable oil has climbed steadily on favourable crop weather and a recovery in yields that has weighed on benchmark futures.
MPOB Director General Choo Yuen May said the trend will reverse after the July peak as foreign labourers go on extended leave for Eid al-Fitr holidays, leaving more palm fruits unharvested.
Palm oil production in the world's No.2 supplier of the vegetable oil has climbed steadily on favourable crop weather and a recovery in yields that has weighed on benchmark futures.
MPOB Director General Choo Yuen May said the trend will reverse after the July peak as foreign labourers go on extended leave for Eid al-Fitr holidays, leaving more palm fruits unharvested.
Trader's Highlight
DJI-NEW YORK, Aug 8 (Reuters) - U.S. stocks plunged on Monday in the heaviest volume since last year's "flash crash," taking the S&P 500 down more than 6 percent on growing fears of a recession, in the first session after the historic loss of the country's pristine triple-A credit rating.
Panicked selling resulted in the S&P 500's worst day since December 2008, with every stock in the benchmark index ending in negative territory.
Volume totaled 17.89 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq -- the heaviest volume since the "flash crash" of May 6, 2010. Monday's volume was more than twice last year's daily average of 8.47 billion.
The Dow Jones industrial average .DJI lost 634.76 points, or 5.55 percent, to end at 10,809.85. The Standard & Poor's 500 Index .SPX sank 79.92 points, or 6.66 percent, to finish at 1,119.46. The Nasdaq Composite Index .IXIC plunged 174.72 points, or 6.90 percent, to close at 2,357.69.
NYMEX-NEW YORK, Aug 8 (Reuters) - U.S. crude oil futures slumped more than 6 percent to an eight-month low at the close on Monday, battered by a sell-off spurred by the downgrade of the U.S. credit rating.
U.S. crude closely followed Wall Street, where the Standard & Poor's 500 Index, the stock market's broadest barometer, plunged more than 6 percent on growing fears of another recession.
On the New York Mercantile Exchange, crude for September delivery settled at $81.31 a barrel, down $5.57, or 6.41 percent, the lowest since Nov. 23, 2010, when prices closed at $81.25. It was the biggest one-day percentage loss since May 5 when prices fell 8.6 percent.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade closed sharply higher on spillover support from limit gains in corn as hot weather in the U.S. threatened the crop, leading to forecasts for low corn yields.
The top U.S. corn and soybean state of Iowa had its hottest July in 56 years, raising worries that crop yields could be hurt, especially corn that pollinated last month, the state climatologist said.
FCPO-KUALA LUMPUR, Aug 8 (Reuters) - Malaysian palm oil futures dropped on Monday to its lowest in more than nine months, as investors fretted over global economic growth and the outlook for commodity demand after the United States lost its top AAA credit rating.
Palm oil fell below the key 3,000 ringgit level with losses coming mostly from broad-based commodity declines.
Asian shares also slid and the dollar touched a record low versus the Swiss franc, as global policymakers' pledge to take whatever actions needed to steady financial markets did little to pacify nervous investors.
The benchmark October contract KPOc3 on the Bursa Malaysia Derivatives Exchange fell as much as 1.9 percent to 2,994 ringgit ($993.53) per tonne -- lowest since late October.
Traded volumes stood at 38,986 lots at 25 tonnes each, up from the usual 25,000 lots.
REGIONAL EQUITIES-COLOMBO, Aug 8 (Reuters) - Southeast Asian stock markets fell on Monday in active trade, led by Singapore, on concern about the global economic outlook after Standard & Poor's downgraded the credit rating of the United States.
Singapore .FTSTI ended 3.7 percent weaker at a 13-month closing low, recovering only a little from a 4.9 percent fall at one stage, while Indonesia .JKSE closed 1.8 percent lower after tumbling as much as 5.2 percent.
Malaysia .KLSE ended 1.8 percent down and Thailand .SETI fell 1.4 percent. Trading volumes in Singapore and Malaysia were more than double their 30-day average, and Jakarta saw a 1.65 times its average.
Analysts said commodity companies could be worst hit due to fears of a global recession.
The Singapore market fell in strong volume ahead of a national holiday on Tuesday, with many investors preferring to cut risky positions since they would be unable to do so on Tuesday if the global jitters got worse.
Singapore-based Najeeb Jarhom, head of research at AmFraser Securities, said in a note that support on the main Singapore index had failed to hold at 2,920 and the next support level was at 2,875. The index closed at 2,884 on Monday.
Panicked selling resulted in the S&P 500's worst day since December 2008, with every stock in the benchmark index ending in negative territory.
Volume totaled 17.89 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq -- the heaviest volume since the "flash crash" of May 6, 2010. Monday's volume was more than twice last year's daily average of 8.47 billion.
The Dow Jones industrial average .DJI lost 634.76 points, or 5.55 percent, to end at 10,809.85. The Standard & Poor's 500 Index .SPX sank 79.92 points, or 6.66 percent, to finish at 1,119.46. The Nasdaq Composite Index .IXIC plunged 174.72 points, or 6.90 percent, to close at 2,357.69.
NYMEX-NEW YORK, Aug 8 (Reuters) - U.S. crude oil futures slumped more than 6 percent to an eight-month low at the close on Monday, battered by a sell-off spurred by the downgrade of the U.S. credit rating.
U.S. crude closely followed Wall Street, where the Standard & Poor's 500 Index, the stock market's broadest barometer, plunged more than 6 percent on growing fears of another recession.
On the New York Mercantile Exchange, crude for September delivery settled at $81.31 a barrel, down $5.57, or 6.41 percent, the lowest since Nov. 23, 2010, when prices closed at $81.25. It was the biggest one-day percentage loss since May 5 when prices fell 8.6 percent.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade closed sharply higher on spillover support from limit gains in corn as hot weather in the U.S. threatened the crop, leading to forecasts for low corn yields.
The top U.S. corn and soybean state of Iowa had its hottest July in 56 years, raising worries that crop yields could be hurt, especially corn that pollinated last month, the state climatologist said.
FCPO-KUALA LUMPUR, Aug 8 (Reuters) - Malaysian palm oil futures dropped on Monday to its lowest in more than nine months, as investors fretted over global economic growth and the outlook for commodity demand after the United States lost its top AAA credit rating.
Palm oil fell below the key 3,000 ringgit level with losses coming mostly from broad-based commodity declines.
Asian shares also slid and the dollar touched a record low versus the Swiss franc, as global policymakers' pledge to take whatever actions needed to steady financial markets did little to pacify nervous investors.
The benchmark October contract KPOc3 on the Bursa Malaysia Derivatives Exchange fell as much as 1.9 percent to 2,994 ringgit ($993.53) per tonne -- lowest since late October.
Traded volumes stood at 38,986 lots at 25 tonnes each, up from the usual 25,000 lots.
REGIONAL EQUITIES-COLOMBO, Aug 8 (Reuters) - Southeast Asian stock markets fell on Monday in active trade, led by Singapore, on concern about the global economic outlook after Standard & Poor's downgraded the credit rating of the United States.
Singapore .FTSTI ended 3.7 percent weaker at a 13-month closing low, recovering only a little from a 4.9 percent fall at one stage, while Indonesia .JKSE closed 1.8 percent lower after tumbling as much as 5.2 percent.
Malaysia .KLSE ended 1.8 percent down and Thailand .SETI fell 1.4 percent. Trading volumes in Singapore and Malaysia were more than double their 30-day average, and Jakarta saw a 1.65 times its average.
Analysts said commodity companies could be worst hit due to fears of a global recession.
The Singapore market fell in strong volume ahead of a national holiday on Tuesday, with many investors preferring to cut risky positions since they would be unable to do so on Tuesday if the global jitters got worse.
Singapore-based Najeeb Jarhom, head of research at AmFraser Securities, said in a note that support on the main Singapore index had failed to hold at 2,920 and the next support level was at 2,875. The index closed at 2,884 on Monday.
Monday, August 8, 2011
Trader's Highlight
DJI-NEW YORK, Aug 5 (Reuters) - U.S. stocks closed out their worst week in more than two years on Friday in a volatile session that saw the major indexes whip back and forth before the S&P 500 ended down less than a point.
More than 15.9 billion shares -- or more than twice the daily average volume -- traded in the busiest day in more than a year as investors plowed into cash-rich mega-cap stocks that had been beaten down in recent days as the market dropped.
The market's swings on Friday were fast and furious, with the Dow Jones industrial average covering 416.41 points from its session high to its intraday low.
The Dow Jones industrial average .DJI rose 60.93 points, or 0.54 percent, to end at 11,444.61. But the Standard & Poor's 500 Index .SPX edged down just 0.69 of a point, or 0.06 percent, to finish at 1,199.38. The Nasdaq Composite Index .IXIC slipped 23.98 points, or 0.94 percent, to close at 2,532.41.
NYMEX-NEW YORK, Aug 5 (Reuters) - U.S. crude oil futures rose slightly in volatile trading on Friday to end a five-day losing streak on a positive jobs report and a pipeline fire in Iran.
But for the week, crude futures suffered a loss of more than 9 percent as deeper anxieties over the long-term course of economy sparked risk aversion for most of the recent sessions.
In Asian trading, U.S. crude futures fell to the day's low of $82,87, lowest since Nov. 26 on worries of a global economic slowdown.
On the New York Mercantile Exchange, crude for September delivery CLU1 settled at $86.88 a barrel, edging up 25 cents, or 0.29 percent, after trading from $82.87 to $88.32.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade closed lower, pressured by worries about the global economy and improving U.S. crop weather, traders said.
Front-month soybean futures Sc1 ended the week down 1.8 percent, the third straight weekly decline. Dollar weak; crude oil higher late in choppy trade.
FCPO-JAKARTA, Aug 5 (Reuters) - Malaysian palm oil futures fell as much as 2.6 percent on Friday to a nearly one-month low amid a broad-based sell-off in commodities, as risk-averse investors worried about the health of the U.S. economy ahead of key jobs data.
The benchmark October contract KPOc3 on the Bursa Malaysia Derivatives Exchange closed at 3,051 Malaysian ringgit ($1,023) per tonne, but off an earlier low of 3,021 ringgit -- the lowest since July 6.
Traded volumes for the contract were at two-week highs at 17,939 lots of 25 tonnes each, compared to 10,163 lots on Thursday. Benchmark palm oil prices, which hit a near two-week high at 3,144 ringgit earlier this week, notched a weekly drop of 1.5 percent.
REGIONAL EQUITIES-BANGKOK, Aug 5 (Reuters) - Southeast Asian stock markets tumbled on Friday, with Indonesia suffering its biggest loss in more than 2-1/2 years and Singapore its biggest in over two years as investors sold big-cap and commodity stocks.
The falls came in strong volume and foreign money flowed out as worries about a possible slide back into recession in the United States and Europe's debt crisis prompted investors to get out of risky assets.
Indonesia's .JKSE weekly loss was 5.1 percent, Southeast Asia's second-worst after Singapore's .FTSTI 6.1 percent.
Thai stocks finished down 2.7 percent on the day, with a weekly loss of 3.5 percent. Malaysia and the Philippines fell more than 1 percent on the day and week.
Malaysia's CIMB Group CIMB.KL fell 1.3 percent, refiner Thai Oil TOP.BK plunged 5.8 percent and Philippine Ayala Land ALI.PS lost 2.4 percent.
Singapore-listed commodity trading firm Noble Group NOBG.SI tumbled 6.9 percent, hit by concerns that a slowdown in the global economy would hurt its earnings.
More than 15.9 billion shares -- or more than twice the daily average volume -- traded in the busiest day in more than a year as investors plowed into cash-rich mega-cap stocks that had been beaten down in recent days as the market dropped.
The market's swings on Friday were fast and furious, with the Dow Jones industrial average covering 416.41 points from its session high to its intraday low.
The Dow Jones industrial average .DJI rose 60.93 points, or 0.54 percent, to end at 11,444.61. But the Standard & Poor's 500 Index .SPX edged down just 0.69 of a point, or 0.06 percent, to finish at 1,199.38. The Nasdaq Composite Index .IXIC slipped 23.98 points, or 0.94 percent, to close at 2,532.41.
NYMEX-NEW YORK, Aug 5 (Reuters) - U.S. crude oil futures rose slightly in volatile trading on Friday to end a five-day losing streak on a positive jobs report and a pipeline fire in Iran.
But for the week, crude futures suffered a loss of more than 9 percent as deeper anxieties over the long-term course of economy sparked risk aversion for most of the recent sessions.
In Asian trading, U.S. crude futures fell to the day's low of $82,87, lowest since Nov. 26 on worries of a global economic slowdown.
On the New York Mercantile Exchange, crude for September delivery CLU1 settled at $86.88 a barrel, edging up 25 cents, or 0.29 percent, after trading from $82.87 to $88.32.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade closed lower, pressured by worries about the global economy and improving U.S. crop weather, traders said.
Front-month soybean futures Sc1 ended the week down 1.8 percent, the third straight weekly decline. Dollar weak; crude oil higher late in choppy trade.
FCPO-JAKARTA, Aug 5 (Reuters) - Malaysian palm oil futures fell as much as 2.6 percent on Friday to a nearly one-month low amid a broad-based sell-off in commodities, as risk-averse investors worried about the health of the U.S. economy ahead of key jobs data.
The benchmark October contract KPOc3 on the Bursa Malaysia Derivatives Exchange closed at 3,051 Malaysian ringgit ($1,023) per tonne, but off an earlier low of 3,021 ringgit -- the lowest since July 6.
Traded volumes for the contract were at two-week highs at 17,939 lots of 25 tonnes each, compared to 10,163 lots on Thursday. Benchmark palm oil prices, which hit a near two-week high at 3,144 ringgit earlier this week, notched a weekly drop of 1.5 percent.
REGIONAL EQUITIES-BANGKOK, Aug 5 (Reuters) - Southeast Asian stock markets tumbled on Friday, with Indonesia suffering its biggest loss in more than 2-1/2 years and Singapore its biggest in over two years as investors sold big-cap and commodity stocks.
The falls came in strong volume and foreign money flowed out as worries about a possible slide back into recession in the United States and Europe's debt crisis prompted investors to get out of risky assets.
Indonesia's .JKSE weekly loss was 5.1 percent, Southeast Asia's second-worst after Singapore's .FTSTI 6.1 percent.
Thai stocks finished down 2.7 percent on the day, with a weekly loss of 3.5 percent. Malaysia and the Philippines fell more than 1 percent on the day and week.
Malaysia's CIMB Group CIMB.KL fell 1.3 percent, refiner Thai Oil TOP.BK plunged 5.8 percent and Philippine Ayala Land ALI.PS lost 2.4 percent.
Singapore-listed commodity trading firm Noble Group NOBG.SI tumbled 6.9 percent, hit by concerns that a slowdown in the global economy would hurt its earnings.
Friday, August 5, 2011
Trader's Highlight
DJI-NEW YORK, Aug 4 (Reuters) - Investors fled Wall Street in the worst stock-market selloff since the middle of the financial crisis in early 2009 in what has turned into a full-fledged correction.
The Dow and the S&P tumbled more than 4 percent on Thursday and the Nasdaq lost 5 percent on fear the United States is staring at another recession and that Europe's sovereign debt crisis is swallowing two of its largest economies.
Analysts predicted further losses even though stocks have fallen on nine of the last 10 days. Two-year Treasury yields fell to a record low as investors sought safety in short-term government bonds.
The Dow Jones industrial average .DJI was down 512.46 points, or 4.31 percent, at 11,383.98. The Standard & Poor's 500 Index .SPX fell 60.21 points, or 4.78 percent, at 1,200.13. The Nasdaq Composite Index .IXIC lost 136.68 points, or 5.08 percent, at 2,556.39.
NYMEX-NEW YORK, Aug 4 (Reuters) - U.S. crude futures fell more than 5 percent on Thursday, dropping through technical support to the lowest since February as mounting fears of a stalled economy sent investors away from riskier assets.
RBOB gasoline futures again were the day's biggest percentage loser in the oil complex, dropping more than 6 percent, while heating oil futures fell more than 4 percent.
On the New York Mercantile Exchange, September crude CLU1 fell $5.30 or 5.77 percent, to settle at $86.63 a barrel, having traded from $86.04 to $92.59.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade fell nearly 2 percent, their biggest decline since June 30, following a broad sell-off in commodity and equity markets as worries about the U.S. economy and European debt escalated. .N
Front-month August soybean futures Sc1 dipped to $13.34 a bushel, the lowest level on continuous charts since July 7.
FCPO-JAKARTA, Aug 4 (Reuters) - Malaysian palm oil futures closed 1.1 percent lower on Thursday, tracking comparable vegetable oils lower on persistent global economic jitters and crude prices that flirted with one-month lows.
The benchmark October contract KPOc3 on the Bursa Malaysia Derivatives Exchange ended at 3,101 ringgit ($1,043) per tonne, but off an earlier low of 3,100 ringgit.
Traded volumes for the contract were 10,163 lots of 25 tonnes each, compared to 9,607 lots on Wednesday.
REGIONAL EQUITIES-BANGKOK, Aug 4 (Reuters) - Stocks in Singapore, Indonesia and Thailand dropped on Thursday and investors sold recent gainers such as banks as worries about global growth lingered, while quarterly results generally failed to spur much buying interest.
Other markets also erased most of their early gains but Malaysia .KLSE and the Philippines .PSI still ended slightly higher and Vietnam .VNI climbed 1.2 percent, helped by a report the central bank would try to get borrowing costs down for industry.
In Singapore, Oversea-Chinese Banking Corp OCBC.SI fell 2 percent. Singapore's second-biggest lender missed forecasts for its April-June quarterly profit as staff costs and bad debt charges jumped, partially offsetting strong income from loan growth.
The Dow and the S&P tumbled more than 4 percent on Thursday and the Nasdaq lost 5 percent on fear the United States is staring at another recession and that Europe's sovereign debt crisis is swallowing two of its largest economies.
Analysts predicted further losses even though stocks have fallen on nine of the last 10 days. Two-year Treasury yields fell to a record low as investors sought safety in short-term government bonds.
The Dow Jones industrial average .DJI was down 512.46 points, or 4.31 percent, at 11,383.98. The Standard & Poor's 500 Index .SPX fell 60.21 points, or 4.78 percent, at 1,200.13. The Nasdaq Composite Index .IXIC lost 136.68 points, or 5.08 percent, at 2,556.39.
NYMEX-NEW YORK, Aug 4 (Reuters) - U.S. crude futures fell more than 5 percent on Thursday, dropping through technical support to the lowest since February as mounting fears of a stalled economy sent investors away from riskier assets.
RBOB gasoline futures again were the day's biggest percentage loser in the oil complex, dropping more than 6 percent, while heating oil futures fell more than 4 percent.
On the New York Mercantile Exchange, September crude CLU1 fell $5.30 or 5.77 percent, to settle at $86.63 a barrel, having traded from $86.04 to $92.59.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade fell nearly 2 percent, their biggest decline since June 30, following a broad sell-off in commodity and equity markets as worries about the U.S. economy and European debt escalated. .N
Front-month August soybean futures Sc1 dipped to $13.34 a bushel, the lowest level on continuous charts since July 7.
FCPO-JAKARTA, Aug 4 (Reuters) - Malaysian palm oil futures closed 1.1 percent lower on Thursday, tracking comparable vegetable oils lower on persistent global economic jitters and crude prices that flirted with one-month lows.
The benchmark October contract KPOc3 on the Bursa Malaysia Derivatives Exchange ended at 3,101 ringgit ($1,043) per tonne, but off an earlier low of 3,100 ringgit.
Traded volumes for the contract were 10,163 lots of 25 tonnes each, compared to 9,607 lots on Wednesday.
REGIONAL EQUITIES-BANGKOK, Aug 4 (Reuters) - Stocks in Singapore, Indonesia and Thailand dropped on Thursday and investors sold recent gainers such as banks as worries about global growth lingered, while quarterly results generally failed to spur much buying interest.
Other markets also erased most of their early gains but Malaysia .KLSE and the Philippines .PSI still ended slightly higher and Vietnam .VNI climbed 1.2 percent, helped by a report the central bank would try to get borrowing costs down for industry.
In Singapore, Oversea-Chinese Banking Corp OCBC.SI fell 2 percent. Singapore's second-biggest lender missed forecasts for its April-June quarterly profit as staff costs and bad debt charges jumped, partially offsetting strong income from loan growth.
Wednesday, August 3, 2011
Trader's Highlight
DJI-NEW YORK, Aug 2 (Reuters) - The S&P 500 turned negative for the year on Tuesday as the wrangling over the U.S. debt ceiling faded and investors turned their attention to the stalling economy.
The broad-based index fell for a seventh day and crashed through its key 200-day moving average in an ominous sign for markets. The seven days of losses mark the longest losing streak since October 2008.
The Dow Jones industrial average .DJI dropped 265.87 points, or 2.19 percent, to 11,866.62. The Standard & Poor's 500 Index .SPX dropped 32.89 points, or 2.56 percent, to 1,254.05. The Nasdaq Composite Index .IXIC dropped 75.37 points, or 2.75 percent, to 2,669.24.
NYMEX-NEW YORK, Aug 2 (Reuters) - U.S. crude futures pared losses in post-settlement trading on Tuesday after industry data showed a large drawdown in crude stockpiles last week, against forecasts of a build.
Front-month September crude CLU1 had settled more than 1 percent lower to post a five-week low after data showed U.S. consumer spending dropped in June, feeding jitters about energy demand.
On the New York Mercantile Exchange, crude for September delivery settled at $93.79 a barrel, down $1.10, or 1.16 percent, the lowest since June 28's close at $92.89 CLc1. It traded between $93.17 and $95.68.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade closed sharply higher on spillover support from limit gains in corn as hot weather in the U.S. threatened the crop, leading to forecasts for low corn yields.
The top U.S. corn and soybean state of Iowa had its hottest July in 56 years, raising worries that crop yields could be hurt, especially corn that pollinated last month, the state climatologist said
FCPO-JAKARTA, Aug 2 (Reuters) - Malaysian palm oil futures ended slightly lower on Tuesday, as worries about the global economy and lower crude prices were offset by expectations of lower production and improving demand in the near-term.
The benchmark October contract KPOc3 on the Bursa Malaysia Derivatives Exchange closed 0.3 percent down at 3,113 ringgit ($1,059) per tonne after going as high as 3,130.
Traded volumes for the contract were 11,213 lots of 25 tonnes each, compared with 11,313 lots on Monday.
REGIONAL EQUITIES-BANGKOK, Aug 2 (Reuters) - Southeast Asian stock markets fell on Tuesday as jitters about the U.S. credit rating outlook limited appetite for risk and weak earnings hurt some shares, although foreign investors continued to buy in Indonesia and the Philippines.
Volume was moderate to light as sluggish U.S. manufacturing data worried markets already nervous about a possible downgrade of the AAA credit rating of the United States, even though a U.S. debt deal is likely to be passed by the Senate later.
Despite the falls, many markets in the region held close to peaks set on Monday after news from the United States of the last-minute deal to escape default.
Stocks in Singapore .FTSTI dropped 1.2 percent as Chinese shipbuilder COSCO Corp COSC.SI plunged 14.2 percent after it reported weak second-quarter earnings and warned about its outlook.
Other markets posted more limited losses, and even Singapore was still not far from four-month highs. Thai stocks .SETI were just below 15-year highs while Indonesia .JKSE and the Philippines .PSI were just shy of all-time highs.
The broad-based index fell for a seventh day and crashed through its key 200-day moving average in an ominous sign for markets. The seven days of losses mark the longest losing streak since October 2008.
The Dow Jones industrial average .DJI dropped 265.87 points, or 2.19 percent, to 11,866.62. The Standard & Poor's 500 Index .SPX dropped 32.89 points, or 2.56 percent, to 1,254.05. The Nasdaq Composite Index .IXIC dropped 75.37 points, or 2.75 percent, to 2,669.24.
NYMEX-NEW YORK, Aug 2 (Reuters) - U.S. crude futures pared losses in post-settlement trading on Tuesday after industry data showed a large drawdown in crude stockpiles last week, against forecasts of a build.
Front-month September crude CLU1 had settled more than 1 percent lower to post a five-week low after data showed U.S. consumer spending dropped in June, feeding jitters about energy demand.
On the New York Mercantile Exchange, crude for September delivery settled at $93.79 a barrel, down $1.10, or 1.16 percent, the lowest since June 28's close at $92.89 CLc1. It traded between $93.17 and $95.68.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade closed sharply higher on spillover support from limit gains in corn as hot weather in the U.S. threatened the crop, leading to forecasts for low corn yields.
The top U.S. corn and soybean state of Iowa had its hottest July in 56 years, raising worries that crop yields could be hurt, especially corn that pollinated last month, the state climatologist said
FCPO-JAKARTA, Aug 2 (Reuters) - Malaysian palm oil futures ended slightly lower on Tuesday, as worries about the global economy and lower crude prices were offset by expectations of lower production and improving demand in the near-term.
The benchmark October contract KPOc3 on the Bursa Malaysia Derivatives Exchange closed 0.3 percent down at 3,113 ringgit ($1,059) per tonne after going as high as 3,130.
Traded volumes for the contract were 11,213 lots of 25 tonnes each, compared with 11,313 lots on Monday.
REGIONAL EQUITIES-BANGKOK, Aug 2 (Reuters) - Southeast Asian stock markets fell on Tuesday as jitters about the U.S. credit rating outlook limited appetite for risk and weak earnings hurt some shares, although foreign investors continued to buy in Indonesia and the Philippines.
Volume was moderate to light as sluggish U.S. manufacturing data worried markets already nervous about a possible downgrade of the AAA credit rating of the United States, even though a U.S. debt deal is likely to be passed by the Senate later.
Despite the falls, many markets in the region held close to peaks set on Monday after news from the United States of the last-minute deal to escape default.
Stocks in Singapore .FTSTI dropped 1.2 percent as Chinese shipbuilder COSCO Corp COSC.SI plunged 14.2 percent after it reported weak second-quarter earnings and warned about its outlook.
Other markets posted more limited losses, and even Singapore was still not far from four-month highs. Thai stocks .SETI were just below 15-year highs while Indonesia .JKSE and the Philippines .PSI were just shy of all-time highs.
Tuesday, August 2, 2011
Trader's Highlight
DJI-NEW YORK, Aug 1 (Reuters) - The S&P 500 fell for a sixth day on Monday as time runs out for the government to pass a deal to avoid default and the economy showed further signs of stalling.
The market pared losses late in the day before Congress was expected to vote on Monday on a debt deal backed by the White House, which includes spending cuts of $2.4trillion over 10 years.
The Dow Jones industrial average .DJI dropped 10.75 points, or 0.09 percent, to 12,132.49. The Standard & Poor's 500 Index .SPX fell 5.34 points, or 0.41 percent, to 1,286.94. The Nasdaq Composite Index .IXIC lost 11.77 points, or 0.43 percent, to 2,744.61.
NYMEX-NEW YORK, Aug 1 (Reuters) - U.S. crude futures ended lower on Monday in volatile trading, giving up early gains after a weak reading from the Institute for Supply Management for its U.S. manufacturing index.
A tentative, White House-backed deal to raise the U.S. borrowing limit and avert an unprecedented debt default lifted oil prices early, before the disappointing manufacturing report weighed on crude and equities markets.
On the New York Mercantile Exchange, September crude CLU1 fell 81 cents, or 0.85 percent, to settle at $94.89 a barrel, the lowest close since ending at $93.46 on June 28. The close was below front-month crude's $94.94 200-day moving average.
CBOT-SOYBEANS-Chicago Board of Trade soybean futures closed higher on a rally in corn as hot weather threatened to trim output of each crop.
Portions of the U.S. corn and soybean growing region will stay stressed from heat this week, but relief was expected by the weekend, an agricultural meteorologist said on Monday.
FCPO-JAKARTA, Aug 1 (Reuters) - Malaysian palm oil futures extended gains on Monday, boosted by export data and as risk aversion eased after Washington reached a last-minute deal to raise the U.S. debt limit and escape default.
The benchmark October contract KPOc3 on the Bursa Malaysia Derivatives Exchange closed 0.8 percent higher at 3,121 Malaysian ringgit ($1,051.550) per tonne after going as high as 3,136.
Traded volumes for the contract were 11,313 lots of 25 tonnes each, compared to 11,125 lots on Friday.
REGIONAL EQUITIES-BANGKOK, Aug 1 (Reuters) - Major Southeast Asian stock markets pushed higher on Monday as investors snapped up financial and resource stocks in reporting season and markets cheered reports that the United States had reached a last-minute deal to escape default.
Worries about the U.S. debt crisis appeared to ease, sending sharemarkets to fresh peaks, including new all-time highs for stocks in Indonesia .JKSE and the Philippines .PSI.
Shares on both bourses gained around one percent on the day. Others posted smaller gains, with Thai stocks .SETI scaling 15-year highs and Singapore .FTSTI rising to its highest in almost six months.
In Singapore, property developer City Developments CTDM.SI rose 2.8 percent, buoyed by hopes that interest rates would stay put in the near term after Washington's deal to cut its deficit, traders said.
The market pared losses late in the day before Congress was expected to vote on Monday on a debt deal backed by the White House, which includes spending cuts of $2.4trillion over 10 years.
The Dow Jones industrial average .DJI dropped 10.75 points, or 0.09 percent, to 12,132.49. The Standard & Poor's 500 Index .SPX fell 5.34 points, or 0.41 percent, to 1,286.94. The Nasdaq Composite Index .IXIC lost 11.77 points, or 0.43 percent, to 2,744.61.
NYMEX-NEW YORK, Aug 1 (Reuters) - U.S. crude futures ended lower on Monday in volatile trading, giving up early gains after a weak reading from the Institute for Supply Management for its U.S. manufacturing index.
A tentative, White House-backed deal to raise the U.S. borrowing limit and avert an unprecedented debt default lifted oil prices early, before the disappointing manufacturing report weighed on crude and equities markets.
On the New York Mercantile Exchange, September crude CLU1 fell 81 cents, or 0.85 percent, to settle at $94.89 a barrel, the lowest close since ending at $93.46 on June 28. The close was below front-month crude's $94.94 200-day moving average.
CBOT-SOYBEANS-Chicago Board of Trade soybean futures closed higher on a rally in corn as hot weather threatened to trim output of each crop.
Portions of the U.S. corn and soybean growing region will stay stressed from heat this week, but relief was expected by the weekend, an agricultural meteorologist said on Monday.
FCPO-JAKARTA, Aug 1 (Reuters) - Malaysian palm oil futures extended gains on Monday, boosted by export data and as risk aversion eased after Washington reached a last-minute deal to raise the U.S. debt limit and escape default.
The benchmark October contract KPOc3 on the Bursa Malaysia Derivatives Exchange closed 0.8 percent higher at 3,121 Malaysian ringgit ($1,051.550) per tonne after going as high as 3,136.
Traded volumes for the contract were 11,313 lots of 25 tonnes each, compared to 11,125 lots on Friday.
REGIONAL EQUITIES-BANGKOK, Aug 1 (Reuters) - Major Southeast Asian stock markets pushed higher on Monday as investors snapped up financial and resource stocks in reporting season and markets cheered reports that the United States had reached a last-minute deal to escape default.
Worries about the U.S. debt crisis appeared to ease, sending sharemarkets to fresh peaks, including new all-time highs for stocks in Indonesia .JKSE and the Philippines .PSI.
Shares on both bourses gained around one percent on the day. Others posted smaller gains, with Thai stocks .SETI scaling 15-year highs and Singapore .FTSTI rising to its highest in almost six months.
In Singapore, property developer City Developments CTDM.SI rose 2.8 percent, buoyed by hopes that interest rates would stay put in the near term after Washington's deal to cut its deficit, traders said.
Monday, August 1, 2011
Trader's Highlight
DJI-NEW YORK, July 29 (Reuters) - Stocks ended the worst week in a year as time runs out on Washington to reach agreement before the U.S. government loses its ability to borrow money.
The S&P 500 fell every day this week and was down 3.9 percent for the week as legislators failed to work out an agreement to raise the federal borrowing limit, which expires on Tuesday. Investors also worry about the likelihood of a U.S. credit downgrade.
The Dow Jones industrial average .DJI was down 96.87 points, or 0.79 percent, at 12,143.24. The Standard & Poor's 500 Index .SPX was down 8.39 points, or 0.65 percent, at 1,292.28. The Nasdaq Composite Index .IXIC was down 9.87 points, or 0.36 percent, at 2,756.38.
NYMEX-NEW YORK, July 29 (Reuters) - U.S. crude oil futures ended down 1.79 percent on Friday, posting the lowest close in two weeks after data showed anemic second-quarter economic growth and Washington remained bogged down in its debt-limit debate.
The latest reading of how the economy has fared this year adds up to a poor first half. It raised the risk of a recession if Washington's the standoff on debt limit remain unresolved by Aug. 2.
On the New York Mercantile Exchange, crude for September delivery CLU1 settled down $1.74 at $95.70 a barrel, the lowest close since July 14's $95.69. It traded from $94.95 to $97.39 in light volume.
CBOT-CHICAGO, July 29 (Reuters) - Chicago Board of Trade soybean futures slipped 1.2 percent on Friday on some rainy weather in the U.S. Midwest that raised expectations for this year's harvest, traders said.
Concerns about economic uncertainty related to the deadlocked U.S. debt talks also pressured the market on Friday. CBOT soybean futures rose 3.4 percent in July, breaking a streak of three straight monthly declines. Soybeans ended the week down 1.9 percent, their second straight week of declines.
FCPO-KUALA LUMPUR, July 29 (Reuters) - Malaysian palm oil futures fell on Friday, but ended the month up almost 1 9 percent, on concerns that the United States may not meet an Aug. 2 deadline to raise its debt limit, hitting global economic growth.
A possible U.S. sovereign credit rating downgrade if the deadline is missed has weighed on financial markets, adding to weak sentiment in palm oil futures which had posted it first weekly drop in four.
Favourable crop weather in the U.S. grain-growing areas, as well as high palm oil stocks in Malaysia and Indonesia also weighed on the market.
The benchmark October contract KPOc3 on the Bursa Malaysia Derivatives Exchange fell 0.6 percent or 20 ringgit to 3,096 ringgit ($1,050.) per tonne after going as low as 3,080 ringgit a level unseen since July 19.
Traded volumes fell to 22,365 lots of 25 tonnes each, compared to the usual 25,000 lots, as investors remained cautious.
REGIONAL EQUITIES-BANGKOK, July 29 (Reuters) - Most Southeast Asian stock markets edged down in moderate to light volume on Friday as investors worried about the possible outcome to the U.S. debt problems and some big caps retreated as results failed to attract fresh buying interest.
Despite the bearish session, foreign investor appetite for the region appears to be growing. Indonesia, the Philippines, Vietnam and Thailand all enjoyed inflows on Friday.
Optimism about the emerging Southeast Asian economy and corporate earnings helped send the region to new highs this month, including a record high in Indonesia, Thailand's 15-year highs and Singapore's three-month highs.
The S&P 500 fell every day this week and was down 3.9 percent for the week as legislators failed to work out an agreement to raise the federal borrowing limit, which expires on Tuesday. Investors also worry about the likelihood of a U.S. credit downgrade.
The Dow Jones industrial average .DJI was down 96.87 points, or 0.79 percent, at 12,143.24. The Standard & Poor's 500 Index .SPX was down 8.39 points, or 0.65 percent, at 1,292.28. The Nasdaq Composite Index .IXIC was down 9.87 points, or 0.36 percent, at 2,756.38.
NYMEX-NEW YORK, July 29 (Reuters) - U.S. crude oil futures ended down 1.79 percent on Friday, posting the lowest close in two weeks after data showed anemic second-quarter economic growth and Washington remained bogged down in its debt-limit debate.
The latest reading of how the economy has fared this year adds up to a poor first half. It raised the risk of a recession if Washington's the standoff on debt limit remain unresolved by Aug. 2.
On the New York Mercantile Exchange, crude for September delivery CLU1 settled down $1.74 at $95.70 a barrel, the lowest close since July 14's $95.69. It traded from $94.95 to $97.39 in light volume.
CBOT-CHICAGO, July 29 (Reuters) - Chicago Board of Trade soybean futures slipped 1.2 percent on Friday on some rainy weather in the U.S. Midwest that raised expectations for this year's harvest, traders said.
Concerns about economic uncertainty related to the deadlocked U.S. debt talks also pressured the market on Friday. CBOT soybean futures rose 3.4 percent in July, breaking a streak of three straight monthly declines. Soybeans ended the week down 1.9 percent, their second straight week of declines.
FCPO-KUALA LUMPUR, July 29 (Reuters) - Malaysian palm oil futures fell on Friday, but ended the month up almost 1 9 percent, on concerns that the United States may not meet an Aug. 2 deadline to raise its debt limit, hitting global economic growth.
A possible U.S. sovereign credit rating downgrade if the deadline is missed has weighed on financial markets, adding to weak sentiment in palm oil futures which had posted it first weekly drop in four.
Favourable crop weather in the U.S. grain-growing areas, as well as high palm oil stocks in Malaysia and Indonesia also weighed on the market.
The benchmark October contract KPOc3 on the Bursa Malaysia Derivatives Exchange fell 0.6 percent or 20 ringgit to 3,096 ringgit ($1,050.) per tonne after going as low as 3,080 ringgit a level unseen since July 19.
Traded volumes fell to 22,365 lots of 25 tonnes each, compared to the usual 25,000 lots, as investors remained cautious.
REGIONAL EQUITIES-BANGKOK, July 29 (Reuters) - Most Southeast Asian stock markets edged down in moderate to light volume on Friday as investors worried about the possible outcome to the U.S. debt problems and some big caps retreated as results failed to attract fresh buying interest.
Despite the bearish session, foreign investor appetite for the region appears to be growing. Indonesia, the Philippines, Vietnam and Thailand all enjoyed inflows on Friday.
Optimism about the emerging Southeast Asian economy and corporate earnings helped send the region to new highs this month, including a record high in Indonesia, Thailand's 15-year highs and Singapore's three-month highs.
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