Trader's Highlight

DOW JONES-NEW YORK , Dec 12 (Reuters) - Global stocks and the euro slid on Monday as investors soured on a European Union plan adopted last week to enhance fiscal discipline in the euro zone in the hopes of quelling a two-year-old debt crisis.

Initial market enthusiasm over the plan on Friday faded due to legal uncertainty surrounding the pact and the absence of a sufficiently strong financial backstop for the euro zone single currency.

The Dow Jones industrial average <.DJI> closed down 162.87 points, or 1.34 percent, at 12,021.39. The Standard & Poor's 500 Index <.SPX> was down 18.72 points, or 1.49 percent, at 1,236.47. The Nasdaq Composite Index <.IXIC> was down 34.59 points, or 1.31 percent, at 2,612.26

NYMEX-NEW YORK, Dec 8 (Reuters) - U.S. crude futures fell on Monday as concerns about Europe's ability to resolve its debt crisis and worry that austerity initiatives will slow economic growth pressured the euro, strengthened the dollar and weighed on oil prices.

A European summit agreement last week to strengthen budget discipline in the euro zone failed to restore financial market confidence on Monday as concerns remain that tight budget control will slow economic growth in the medium term.

On the New York Mercantile Exchange, January crude fell $1.64, or 1.65 percent, to settle at $97.77 a barrel, having traded from $97.54 and $99.68.

CBOT-SOYBEANS, Soybean futures on the Chicago Board of Trade closed higher,rallying on a short-covering bounce after the spot contract dipped to a 14-month low below $11 a bushel, traders said.

Soybeans shrugged off pressure from a firmer dollar tied to mounting concern that Europe's plan to resolve the euro zone debt crisis wasn't working.

FCPO-JAKARTA, Dec 12 (Reuters) - Palm futures fell to their lowest level in more than a month on Monday, tracking comparative oils lower as investors continued to fret about European debt, but expectations of a heavy rainy season helped cap losses.

Financial markets gave the thumbs down on Monday to a landmark EU deal to deepen economic integration, pushing European stocks and the euro lower as investors judged its debt crisis would continue to deepen.

Benchmark February palm oil futures on the Bursa Malaysia Derivatives Exchange closed 2.8 percent lower at 2,998 ringgit ($950) per tonne. Prices earlier fell to 2,994 ringgit, the lowest since Nov. 8.

REGIONAL EQUITIES-Dec 12 (Reuters) - Major Southeast Asian stock markets rose on Monday on the European Union's deal to pursue stricter budget rules, but investors remained cautious and concerned about whether Europe is taking sufficient steps to resolve its debt crisis.

Indonesia <.JKSE> gained 0.9 percent, Singapore <.FTSTI> edged up 0.3 percent and Malaysia <.KLSE> rose 0.5 percent. But the Philippines <.PSI> and Vietnam <.VNI> closed down 0.4 percent and 0.5 percent respectively. Thailand <.SETI> was closed on Monday for a holiday.

Shares of Singapore Telecommunications (SingTel) closed 2.6 percent firmer. Stocks which offer attractive yields and stable cash flows still appeal to investors dubious about Europe's progress, traders said.