DJI-NEW YORK, March 1 (Reuters) - Global stocks rose on Thursday as investors focused on an improving U.S. labor market and other data in hopes the rally would advance further, while crude oil surged on news that Israel would soon test-fire a
ballistic interceptor missile.
The European Central Bank's second massive injection of cash also buoyed sentiment in equity markets, lifting European shares more than 1 percent and removing the fear of a meltdown in the banking sector that had cast a pall over markets.
"They are on the right road, which means that the risks associated with Europe are starting to abate. And that's really good news," said Hugh Johnson, chief investment officer of Hugh Johnson Advisors LLC in Albany, New York.
U.S. stocks recouped losses from Wednesday after the latest data on jobless claims bolstered views of an improving American labor market and solid monthly sales from retailers fed investor sentiment.
However, gains were muted due to fears that other data signaling slower growth will prevent this year's rally, which has pushed major stock indexes to multi-year highs, from climbing much further.
The Dow Jones industrial average closed up 28.23 points, or 0.22 percent, at 12,980.30. The Standard & Poor's 500 Index rose 8.41 points, or 0.62 percent, at 1,374.09. The Nasdaq Composite Index added 22.08 points, or 0.74 percent, at 2,988.97.
NYMEX- NEW YORK, March 1 (Reuters) - U.S. crude futures rose sharply on Thursday and global benchmark Brent crude jumped to its highest intraday price since 2008 after a report out of Iran of a pipeline fire in Saudi Arabia.
Iranian media reported an explosion on an unknown oil pipeline in the oil-rich Eastern Province of Saudi Arabia, although the report was not verified.
Prices pulled back after Dow Jones newswires reported a Saudi oil official said the report was untrue, according to CNBC television.
Ahead of that flurry of activity, crude futures on both sides of the Atlantic had been lifted by supportive economic data from China and the United States and the ongoing concerns about supply disruptions and tensions with Iran.
On the New York Mercantile Exchange, (month) crude rose $1.77, or 1.65 percent, to settle at $108.84 a barrel, before rising to $110.55 in post-settlement trading,
the highest since May 2011.
CBOT SOYBEANS- Soybean futures on the Chicago Board of Trade closed higher, extending their rally to nine days on fund-driven technical buying and expectations of continued export sales to top buyer China, traders said.
Spot soybean contract reached a high of $13.17-1/2 per bushel, matching the five-month high set Wednesday.
New-crop November soybeans posted the biggest gains on worries that U.S. farmers might not plant enough soybeans this spring to meet demand.
Argentina's 2011/12 soy harvest is expected to come in at 48 million tonnes and the corn crop is projected at 22 million tonnes, President Cristina Fernandez said.
Argentine dock workers went on strike, port chamber CAPYM said, slowing the country's ports just ahead of the corn and soybean harvests. [ID:nL2E8E183X]
USDA reported export sales of U.S. soybeans in the latest week at 976,400 tonnes, above a range of trade estimates for 400,000 to 800,000 tonnes. USDA pegged weekly soymeal sales at 40,000 tonnes and soyoil sales at 4,800 tonnes, both below trade
expectations.
FCPO- SINGAPORE, March 1 (Reuters) - Malaysian crude palm oil futures edged up on Thursday, spurred by positive factory data from second-largest importer China but gains were capped as export trends showed weaker demand.
Malaysian export numbers eased in February, cutting palm oil gains to 3.4 percent so far this year. Some market players attributed the lower exports to a shift in orders to top producer Indonesia, which slashed export taxes for refined
products.
"Exports are slightly negative because it suggests demand remains relatively weak, but it could be because we have fewer working days in February," said Ivy Ng, an analyst with Malaysia's CIMB Investment Bank.
"It also may be because logistics have not been smooth due to the holiday season. It could also imply that demand has been shifting to Indonesia because of the favourable tax structure there."
Benchmark May palm oil futures on the Bursa Malaysia Derivatives Exchange gained 0.5 percent to close at 3,285 ringgit ($1,095) per tonne. Traded volumes stood at 20,170 lots of 25 tonnes each, thinner than the usual 25,000 lots.
REGIONAL EQUITY- BANGKOK, March 1 (Reuters) - Philippine shares hit an all-time high on Thursday on expectations the central bank would cut interest rates to boost the economy, but most other Southeast Asian stock markets succumbed to profit taking as
investors locked in some of this year's strong gains.
The Philippine main index ended the day up 0.8 percent, after surging more than 2 percent at one point to an intraday record high of 5,011.09 points.
As expected, the central bank cut its main policy rate by 25 basis points after the market close to a record low of 4 percent to help cushion the domestic economy from the global slowdown.
Bank shares saw strong gains on hopes lower rates would boost demand for loans and spur earnings growth. Top lender Bank of the Philippine Islandsended nearly 5 percent higher and second-ranked Metropolitan Bank & Trust Co rose 3.7 percent.
Among more actively-traded stocks, Singapore telecommunications Ltdlost 1.3 percent after Wednesday's 1.3 percent rise. One trader attributed the fall to
profit-taking.
ballistic interceptor missile.
The European Central Bank's second massive injection of cash also buoyed sentiment in equity markets, lifting European shares more than 1 percent and removing the fear of a meltdown in the banking sector that had cast a pall over markets.
"They are on the right road, which means that the risks associated with Europe are starting to abate. And that's really good news," said Hugh Johnson, chief investment officer of Hugh Johnson Advisors LLC in Albany, New York.
U.S. stocks recouped losses from Wednesday after the latest data on jobless claims bolstered views of an improving American labor market and solid monthly sales from retailers fed investor sentiment.
However, gains were muted due to fears that other data signaling slower growth will prevent this year's rally, which has pushed major stock indexes to multi-year highs, from climbing much further.
The Dow Jones industrial average closed up 28.23 points, or 0.22 percent, at 12,980.30. The Standard & Poor's 500 Index rose 8.41 points, or 0.62 percent, at 1,374.09. The Nasdaq Composite Index added 22.08 points, or 0.74 percent, at 2,988.97.
NYMEX- NEW YORK, March 1 (Reuters) - U.S. crude futures rose sharply on Thursday and global benchmark Brent crude jumped to its highest intraday price since 2008 after a report out of Iran of a pipeline fire in Saudi Arabia.
Iranian media reported an explosion on an unknown oil pipeline in the oil-rich Eastern Province of Saudi Arabia, although the report was not verified.
Prices pulled back after Dow Jones newswires reported a Saudi oil official said the report was untrue, according to CNBC television.
Ahead of that flurry of activity, crude futures on both sides of the Atlantic had been lifted by supportive economic data from China and the United States and the ongoing concerns about supply disruptions and tensions with Iran.
On the New York Mercantile Exchange, (month) crude rose $1.77, or 1.65 percent, to settle at $108.84 a barrel, before rising to $110.55 in post-settlement trading,
the highest since May 2011.
CBOT SOYBEANS- Soybean futures on the Chicago Board of Trade closed higher, extending their rally to nine days on fund-driven technical buying and expectations of continued export sales to top buyer China, traders said.
Spot soybean contract reached a high of $13.17-1/2 per bushel, matching the five-month high set Wednesday.
New-crop November soybeans posted the biggest gains on worries that U.S. farmers might not plant enough soybeans this spring to meet demand.
Argentina's 2011/12 soy harvest is expected to come in at 48 million tonnes and the corn crop is projected at 22 million tonnes, President Cristina Fernandez said.
Argentine dock workers went on strike, port chamber CAPYM said, slowing the country's ports just ahead of the corn and soybean harvests. [ID:nL2E8E183X]
USDA reported export sales of U.S. soybeans in the latest week at 976,400 tonnes, above a range of trade estimates for 400,000 to 800,000 tonnes. USDA pegged weekly soymeal sales at 40,000 tonnes and soyoil sales at 4,800 tonnes, both below trade
expectations.
FCPO- SINGAPORE, March 1 (Reuters) - Malaysian crude palm oil futures edged up on Thursday, spurred by positive factory data from second-largest importer China but gains were capped as export trends showed weaker demand.
Malaysian export numbers eased in February, cutting palm oil gains to 3.4 percent so far this year. Some market players attributed the lower exports to a shift in orders to top producer Indonesia, which slashed export taxes for refined
products.
"Exports are slightly negative because it suggests demand remains relatively weak, but it could be because we have fewer working days in February," said Ivy Ng, an analyst with Malaysia's CIMB Investment Bank.
"It also may be because logistics have not been smooth due to the holiday season. It could also imply that demand has been shifting to Indonesia because of the favourable tax structure there."
Benchmark May palm oil futures on the Bursa Malaysia Derivatives Exchange gained 0.5 percent to close at 3,285 ringgit ($1,095) per tonne. Traded volumes stood at 20,170 lots of 25 tonnes each, thinner than the usual 25,000 lots.
REGIONAL EQUITY- BANGKOK, March 1 (Reuters) - Philippine shares hit an all-time high on Thursday on expectations the central bank would cut interest rates to boost the economy, but most other Southeast Asian stock markets succumbed to profit taking as
investors locked in some of this year's strong gains.
The Philippine main index ended the day up 0.8 percent, after surging more than 2 percent at one point to an intraday record high of 5,011.09 points.
As expected, the central bank cut its main policy rate by 25 basis points after the market close to a record low of 4 percent to help cushion the domestic economy from the global slowdown.
Bank shares saw strong gains on hopes lower rates would boost demand for loans and spur earnings growth. Top lender Bank of the Philippine Islands
Among more actively-traded stocks, Singapore telecommunications Ltd
profit-taking.
