DJI- NEW YORK, March 7 (Reuters) - U.S. and European stocks advanced on Wednesday after promising U.S. jobs data, and the euro rebounded after hitting a three-week low on renewed optimism that Greek will complete its debt restructuring after major banks and pension funds pledged their support.
Completion of the debt restructuring is crucial for Greece to secure 130 billion euros in international rescue funds needed so it can avert a chaotic default.
Some traders are hoping Greece will clinch a debt restructuring before Thursday's deadline. This outlook helped revive appetite for stocks, oil and gold and kept a lid on safe-haven demand for U.S. and German government debt.
A report from payrolls processor ADP showing that U.S. private-sector hiring increased more than expected in February helped cement views that the U.S. economy is gaining traction.
The report came two days ahead of the government's more comprehensive monthly report on the labor market.
The Dow Jones industrial average <.DJI> closed up 78.18 points, or 0.61 percent, at 12,837.33. The Standard & Poor's 500 Index <.SPX> ended up 9.27 points, or 0.69 percent, at 1,352.63. The Nasdaq Composite Index <.IXIC> finished up 25.37 points, or 0.87 percent, at 2,935.69.
NYMEX- NEW YORK, March 7 (Reuters) - U.S. crude futures rose on Wednesday on optimism that Greece will avoid default through a pending debt restructuring, which strengthened the euro and weakened the dollar, and on supportive private sector jobs data.
Major banks and pension funds supported Greece's bond swap offer to private creditors, improving chances the deal will be implemented and clear the way for a bailout package to avert an immediate default by Greece on its debt.
On the New York Mercantile Exchange, April cruderose $1.46, or 1.39 percent, to settle at $106.16 a barrel. The intraday low was $104.35 and prices reached $106.55 in post-settlement trading.
CBOT SOYBEANS- Soybean futures on the Chicago Board of Trade fell in sympathy with technical and fund-driven selling in corn and wheat ahead of a monthly U.S. government crop report later this week, traders said.
Spot soybeanshit a fresh 5-1/2 month high in overnight trade at $13.32-1/4 before retreating.
Market underpinned by uncertainty about the size of the South American soy crop. Brazil's No. 3 soy producing state of Rio Grande do Sul will harvest a crop of 7.1 million tonnes this season, down from the 8 million forecast previously, the state
agriculture agency projected.
U.S. dollar edged lower, typically a bullish signal for dollar-backed grains and oilseeds, but concern about the global economy, euro zone debt and the pace of growth in China hung over the soy market.
FCPO- KUALA LUMPUR, March 7 (Reuters) - Malaysian crude palm oil futures edged up on Wednesday, as bullish price outlook from leading analysts at a key conference lifted investor sentiment and reversed earlier losses.
Leading analyst Dorab Mistry said prices would hit 4,000 ringgit by the end of June due to low palm oil output cycle, strong demand from India in peak summer months and stocking by Muslim countries ahead of the fasting month. [ID:nL4E8E73NX]
"Markets were pathetically quiet ahead of the analysts' price forecasts, and prices were stuck within tight range. However, bullish views are expected and that will likely put sellers on hold," said a dealer with a foreign commodities
brokerage in Kuala Lumpur.
Benchmark May palm oil futureson the Bursa Malaysia Derivatives Exchange gained 0.7 percent to close at 3,266 ringgit ($1,080) per tonne. The benchmark futures are trading 2.8 percent higher this year. Traded volumes picked up after the midday break, standing at 22,106 lots of 25 tonnes each, compared to the usual 25,000
lots.
Top analyst James Fry presented a few scenarios based on crude oil price and its impact on palm oil futures, given the edible oil is being increasingly used as a feedstock for biofuels.
REGIONAL EQUITY- March 7 (Reuters) - Southeast Asian stocks fell on Wednesday with Singapore hitting a one-month low as Asian investors continued to worry over slowing global growth.
With global stock markets under pressure and as the effects of central bank easing wear off, market players are turning to corporate earnings for signs of whether the year-to-date rally in equities can be sustained.
Singapore's Straits Times Index <.FTSTI> fell 0.6 percent, extending its losses this month to 2.5 percent. Indonesia's benchmark <.JKSE> fell 0.6 percent while last year's top performer in the Philippines <.PSEI> was down 0.9 percent.
Malaysia <.KLSE> fell 0.9 percent. Thailand's SET index <.SETI>, hovering near a 16-year high, was closed for a public holiday.
Of the 175 Singapore stocks tracked by Thomson Reuters Starmine, about 83 percent have reported 2011 earnings and just under half of those have missed analyst expectations.
The liquidity-driven rally had pushed valuations back to normal levels, Chua said, removing a factor underpinning stock prices so far this year.
Singapore's Straits Times index currently trades at about 13.5 times forward 12-month earnings forecasts, up from 12 times last December, according to Thomson Reuters I/B/E/S.
Completion of the debt restructuring is crucial for Greece to secure 130 billion euros in international rescue funds needed so it can avert a chaotic default.
Some traders are hoping Greece will clinch a debt restructuring before Thursday's deadline. This outlook helped revive appetite for stocks, oil and gold and kept a lid on safe-haven demand for U.S. and German government debt.
A report from payrolls processor ADP showing that U.S. private-sector hiring increased more than expected in February helped cement views that the U.S. economy is gaining traction.
The report came two days ahead of the government's more comprehensive monthly report on the labor market.
The Dow Jones industrial average <.DJI> closed up 78.18 points, or 0.61 percent, at 12,837.33. The Standard & Poor's 500 Index <.SPX> ended up 9.27 points, or 0.69 percent, at 1,352.63. The Nasdaq Composite Index <.IXIC> finished up 25.37 points, or 0.87 percent, at 2,935.69.
NYMEX- NEW YORK, March 7 (Reuters) - U.S. crude futures rose on Wednesday on optimism that Greece will avoid default through a pending debt restructuring, which strengthened the euro and weakened the dollar, and on supportive private sector jobs data.
Major banks and pension funds supported Greece's bond swap offer to private creditors, improving chances the deal will be implemented and clear the way for a bailout package to avert an immediate default by Greece on its debt.
On the New York Mercantile Exchange, April crude
CBOT SOYBEANS- Soybean futures on the Chicago Board of Trade fell in sympathy with technical and fund-driven selling in corn and wheat ahead of a monthly U.S. government crop report later this week, traders said.
Spot soybeans
Market underpinned by uncertainty about the size of the South American soy crop. Brazil's No. 3 soy producing state of Rio Grande do Sul will harvest a crop of 7.1 million tonnes this season, down from the 8 million forecast previously, the state
agriculture agency projected.
U.S. dollar edged lower, typically a bullish signal for dollar-backed grains and oilseeds, but concern about the global economy, euro zone debt and the pace of growth in China hung over the soy market.
FCPO- KUALA LUMPUR, March 7 (Reuters) - Malaysian crude palm oil futures edged up on Wednesday, as bullish price outlook from leading analysts at a key conference lifted investor sentiment and reversed earlier losses.
Leading analyst Dorab Mistry said prices would hit 4,000 ringgit by the end of June due to low palm oil output cycle, strong demand from India in peak summer months and stocking by Muslim countries ahead of the fasting month. [ID:nL4E8E73NX]
"Markets were pathetically quiet ahead of the analysts' price forecasts, and prices were stuck within tight range. However, bullish views are expected and that will likely put sellers on hold," said a dealer with a foreign commodities
brokerage in Kuala Lumpur.
Benchmark May palm oil futures
lots.
Top analyst James Fry presented a few scenarios based on crude oil price and its impact on palm oil futures, given the edible oil is being increasingly used as a feedstock for biofuels.
REGIONAL EQUITY- March 7 (Reuters) - Southeast Asian stocks fell on Wednesday with Singapore hitting a one-month low as Asian investors continued to worry over slowing global growth.
With global stock markets under pressure and as the effects of central bank easing wear off, market players are turning to corporate earnings for signs of whether the year-to-date rally in equities can be sustained.
Singapore's Straits Times Index <.FTSTI> fell 0.6 percent, extending its losses this month to 2.5 percent. Indonesia's benchmark <.JKSE> fell 0.6 percent while last year's top performer in the Philippines <.PSEI> was down 0.9 percent.
Malaysia <.KLSE> fell 0.9 percent. Thailand's SET index <.SETI>, hovering near a 16-year high, was closed for a public holiday.
Of the 175 Singapore stocks tracked by Thomson Reuters Starmine, about 83 percent have reported 2011 earnings and just under half of those have missed analyst expectations.
The liquidity-driven rally had pushed valuations back to normal levels, Chua said, removing a factor underpinning stock prices so far this year.
Singapore's Straits Times index currently trades at about 13.5 times forward 12-month earnings forecasts, up from 12 times last December, according to Thomson Reuters I/B/E/S.
