Wednesday, November 16, 2011

Trader's Highlight

DJI-NEW YORK, Nov 15 (Reuters) - U.S. stocks climbed on Tuesday as stronger economic data fueled gains in technology stocks, but the euro fell against the dollar on fears that the European debt crisis could engulf top-rated nations such as France.

Oil prices finished at a 16-week high after data showed U.S. retail sales in October rose more than forecast by economists, a sign that the world's largest economy started the fourth quarter with some vigor.

The Dow Jones industrial average <.DJI> rose 17.18 points, or 0.14 percent, to end at 12,096.16, while the Standard & Poor's 500 Index <.SPX> gained 6.03 points, or 0.48 percent, to finish at 1,257.81. The Nasdaq Composite Index <.IXIC> climbed 28.98 points, or 1.09 percent, to close at 2,686.20.

NYMEX-NEW YORK, Nov 15 (Reuters) - U.S. crude oil futures closed above $99 a barrel on Tuesday to post a 16-week high on positive U.S. retail sales and New York regional manufacturing data that signalled a better outlook for oil demand.

Data showing an expansion of the French and German economy in the third quarter was also supportive.

On the New York Mercantile Exchange, December crude settled at $99.37 a barrel, gaining $1.23 or 1.25 percent, after hitting a session high of $99.84. It was the highest settlement since July 26 when front-month contract prices closed at $99.59.

CBOT-SOYBEANS, Soybean futures on the Chicago Board of Trade rose for a third straight day, buoyed by unconfirmed talk that China was buying U.S. soybeans after prices fell to a one-month low last week, traders said.

Export traders said China bought as many as 10 cargoes of U.S. soybeans in the last few days.

The soy market rose despite pressure from a stronger dollar. The U.S. dollar index <.DXY> firmed on fears the euro zone's debt crisis is spreading.

FCPO-JAKARTA, Nov 15 (Reuters) - Malaysian palm oil futures ended slightly lower on Tuesday after earlier rising to their highest level in nearly five months as lingering concerns about the euro zone's debt offset robust demand and expectations of falling output.

Benchmark January palm oil futures on the Bursa Malaysia Derivatives Exchange ended 0.6 percent lower at 3,176 Malaysian ringgit ($1,012) per tonne. Prices earlier touched a peak at 3,209 ringgit, a level not seen since June 22.

REGIONAL EQUITIES-BANGKOK, Nov 15 (Reuters) - Most Southeast Asian stock markets drifted lower on Tuesday as players cashed in quick gains in commodities-related stocks, with lingering euro zone debt concerns denting sentiment across the region.

Short-term traders dominated light market trading while long-term investors nibbled on stocks with good earnings potential and dividends, supported by strong domestic demand.

Singapore <.FTSTI> fell 0.7 percent, Malaysia <.KLSE> edged down 0.1 percent and Vietnam <.VNI> fell 1 percent while stocks in Thailand <.SETI> and the Philippines <.PSI> edged up 0.1 percent and 0.16 percent respectively.

Singapore-listed Noble Group and Malaysia's IOI Corporation Bhd each fell more than 1 percent after Monday's gains of more than 2 percent.

In Singapore, budget carrier Tiger Airways dropped nearly 3 percent after it warned of a significant net loss for the fiscal year ending March 2012.

Bright spots in the region were telecom stocks that were expected to pay out good dividends. Top Thai mobile phone firm Advanced Info Service Pcl rose 2.2 percent and Malaysia's DiGi.Com Bhd gained 1.63 percent.