DJI- NEW YORK, March 5 (Reuters) - World equity markets slipped on Monday after economic data raised expectations of a recession in Europe and global growth driver China signaled a slower economic pace ahead, while oil fell as supply worries driven by tensions over Iran offset the economic gloom.
Profit-taking on the dollar drove up the euro after it hit near two-week lows, ahead of Thursday's deadline for Greece to complete a bond swap with private creditors as part of a deal to secure a 130 billion euro ($172 billion) bailout and avoid a messy default.
Wall Street stocks followed declines in European and Asian stock markets, and a measure of equities' performance in emerging markets fell more than 1.0 percent.
Investors shrugged off data showing the massive U.S. services sector expanded in February at its fastest pace in a year. The Institute for Supply Management said its services index rose to 57.3 from 56.8 in January, besting economists' expectations of a drop to 56.1.
"With China reducing the expected growth rate, the concern is there is the possibility of a bigger downside," said Kate Warne, investment strategist at Edward Jones in St. Louis.
The Dow Jones industrial average <.DJI> closed down 14.76 points, or 0.11 percent, at 12,962.81. The Standard & Poor's 500 Index <.SPX> fell 5.30 points, or 0.39 percent, at 1,364.33. The Nasdaq Composite Index <.IXIC> slid 25.71 points, or 0.86 percent, at 2,950.48.
NYMEX- NEW YORK, March 5 (Reuters) - U.S. crude futures edged up on Monday, ending only 2 cents higher after tug-of-war trading as supply risks and tensions over Iran's nuclear program provided support, while gains were limited by concerns about
global economic growth.
The potential for supply disruptions due to Iran's dispute with the West over Tehran's nuclear program continued to support oil prices as U.S. President Barack Obama met Israeli Prime Minister Benjamin Netanyahu in Washington, hoping to convince Israel to give sanctions against Iran more time.
The United Nations' International Atomic Energy Agency said Iran had tripled its monthly production of higher-grade enriched uranium and the IAEA chief added that the agency had "serious concerns" about possible military dimensions to Tehran's
activities.
On the New York Mercantile Exchange, April crude rose 2 cents, or 0.02 percent, to settle at $106.72 a barrel, having dropped to $105.50 and reaching $107.42, a penny
under front-month crude's 10-day moving average.
CBOT SOYBEANS- Soybean futures on the Chicago Board of Trade closed lower, interrupting a 10-day rally on technical selling including profit-taking, traders said.
Soy market remains underpinned by concerns about lost production potential in South America, and worries that U.S. farmers might not plant enough soybeans this spring to meet global demand.
Grain analyst Celeres lowered its forecast of Brazil's 2011/12 soybean crop to 69.8 million tonnes, from 72 million in February, due to drought.
Grain crushing industry group Abiove cut its estimate of Brazil's 2011/12 soy crop to 69.5 million tonnes, from 71.9 million last month.
USDA reported export inspections of U.S. soybeans in the latest week at 32.552 million bushels, within a range of trade estimates for 32 million to 36 million bushels.
University of Missouri think tank FAPRI projected U.S. 2012/13 soybean plantings at 75.1 million acres, production at 3.243 billion bushels, and ending stocks at 301 million bushels.
The ending stocks figure was above USDA's preliminary Outlook Forum figure of 205 million bushel.
FCPO- KUALA LUMPUR, March 5 (Reuters) - Malaysian crude palm oil futures slipped on Monday as traders await a key price outlook meeting in Kuala Lumpur this week at which analysts are expected to paint a bullish picture for the sector.
Prices rose more than six percent in February alone, setting the stage for upbeat price outlooks at the Bursa Malaysia conference, given strong demand from India and China and prospects of lower soyoil supply from drought hit South America.
"Trading interest is dull as market players are waiting for cues from the Bursa Malaysia palm oil conference," said a trader with a foreign commodities brokerage. "Also, most external markets are quiet after huge moves last week."
Benchmark May palm oil futures on the Bursa Malaysia Derivatives Exchange dropped 0.4 percent to close at 3,246 ringgit ($1,075) per tonne. Traded volumes were thin at 12,155 lots of 25 tonnes each, compared to the usual 25,000 lots, as most dealers were attending the palm oil conference.
REGIONAL EQUITY- BANGKOK, March 5 (Reuters) - Stocks in Indonesia and Thailand slid while Philippine shares eked out small gains in light trade on Monday as China growth concerns prompted many investors to cash in recent gainers.
The prospects of slower growth in the world's second largest economy dampened sentiment across the region. Among the biggest losers were commodity-related stocks.
Chinese Premier Wen Jiabao cut his nation's growth target to 7.5 percent for 2012, compared with an 8 percent annual goal set for many years.
"China's lower economic growth forecast affected investment sentiment today. Investors also are waiting to see U.S. jobs data for further indication," said Pichai Lertsupongkij, head of investment advisory services at broker Thanachart Securities in Bangkok.
The U.S. jobs data for February will come out on Friday
Indonesia's coal mining firm PT Adaro Energy Tbk,which surged 3.7 percent on Friday, fell 1 percent. Thai coal miner Banpu Pcl dropped 1.8 percent, erasing a 1.2 percent gain on Friday.
Noble Group Ltddropped 2.1 percent in Singapore and Malaysia's Kuala Lumpur Kepong Bhd lost nearly 1 percent. Among bright spots, Philippine Ayala Land Inc surged 5.2 percent as low interest rates boosted its outlook.
Profit-taking on the dollar drove up the euro after it hit near two-week lows, ahead of Thursday's deadline for Greece to complete a bond swap with private creditors as part of a deal to secure a 130 billion euro ($172 billion) bailout and avoid a messy default.
Wall Street stocks followed declines in European and Asian stock markets, and a measure of equities' performance in emerging markets fell more than 1.0 percent.
Investors shrugged off data showing the massive U.S. services sector expanded in February at its fastest pace in a year. The Institute for Supply Management said its services index rose to 57.3 from 56.8 in January, besting economists' expectations of a drop to 56.1.
"With China reducing the expected growth rate, the concern is there is the possibility of a bigger downside," said Kate Warne, investment strategist at Edward Jones in St. Louis.
The Dow Jones industrial average <.DJI> closed down 14.76 points, or 0.11 percent, at 12,962.81. The Standard & Poor's 500 Index <.SPX> fell 5.30 points, or 0.39 percent, at 1,364.33. The Nasdaq Composite Index <.IXIC> slid 25.71 points, or 0.86 percent, at 2,950.48.
NYMEX- NEW YORK, March 5 (Reuters) - U.S. crude futures edged up on Monday, ending only 2 cents higher after tug-of-war trading as supply risks and tensions over Iran's nuclear program provided support, while gains were limited by concerns about
global economic growth.
The potential for supply disruptions due to Iran's dispute with the West over Tehran's nuclear program continued to support oil prices as U.S. President Barack Obama met Israeli Prime Minister Benjamin Netanyahu in Washington, hoping to convince Israel to give sanctions against Iran more time.
The United Nations' International Atomic Energy Agency said Iran had tripled its monthly production of higher-grade enriched uranium and the IAEA chief added that the agency had "serious concerns" about possible military dimensions to Tehran's
activities.
On the New York Mercantile Exchange, April crude rose 2 cents, or 0.02 percent, to settle at $106.72 a barrel, having dropped to $105.50 and reaching $107.42, a penny
under front-month crude's 10-day moving average.
CBOT SOYBEANS- Soybean futures on the Chicago Board of Trade closed lower, interrupting a 10-day rally on technical selling including profit-taking, traders said.
Soy market remains underpinned by concerns about lost production potential in South America, and worries that U.S. farmers might not plant enough soybeans this spring to meet global demand.
Grain analyst Celeres lowered its forecast of Brazil's 2011/12 soybean crop to 69.8 million tonnes, from 72 million in February, due to drought.
Grain crushing industry group Abiove cut its estimate of Brazil's 2011/12 soy crop to 69.5 million tonnes, from 71.9 million last month.
USDA reported export inspections of U.S. soybeans in the latest week at 32.552 million bushels, within a range of trade estimates for 32 million to 36 million bushels.
University of Missouri think tank FAPRI projected U.S. 2012/13 soybean plantings at 75.1 million acres, production at 3.243 billion bushels, and ending stocks at 301 million bushels.
The ending stocks figure was above USDA's preliminary Outlook Forum figure of 205 million bushel.
FCPO- KUALA LUMPUR, March 5 (Reuters) - Malaysian crude palm oil futures slipped on Monday as traders await a key price outlook meeting in Kuala Lumpur this week at which analysts are expected to paint a bullish picture for the sector.
Prices rose more than six percent in February alone, setting the stage for upbeat price outlooks at the Bursa Malaysia conference, given strong demand from India and China and prospects of lower soyoil supply from drought hit South America.
"Trading interest is dull as market players are waiting for cues from the Bursa Malaysia palm oil conference," said a trader with a foreign commodities brokerage. "Also, most external markets are quiet after huge moves last week."
Benchmark May palm oil futures on the Bursa Malaysia Derivatives Exchange dropped 0.4 percent to close at 3,246 ringgit ($1,075) per tonne. Traded volumes were thin at 12,155 lots of 25 tonnes each, compared to the usual 25,000 lots, as most dealers were attending the palm oil conference.
REGIONAL EQUITY- BANGKOK, March 5 (Reuters) - Stocks in Indonesia and Thailand slid while Philippine shares eked out small gains in light trade on Monday as China growth concerns prompted many investors to cash in recent gainers.
The prospects of slower growth in the world's second largest economy dampened sentiment across the region. Among the biggest losers were commodity-related stocks.
Chinese Premier Wen Jiabao cut his nation's growth target to 7.5 percent for 2012, compared with an 8 percent annual goal set for many years.
"China's lower economic growth forecast affected investment sentiment today. Investors also are waiting to see U.S. jobs data for further indication," said Pichai Lertsupongkij, head of investment advisory services at broker Thanachart Securities in Bangkok.
The U.S. jobs data for February will come out on Friday
Indonesia's coal mining firm PT Adaro Energy Tbk
Noble Group Ltd
