DJI- NEW YORK, March 20 (Reuters) - Renewed concerns about China's economic growth weighed on global stocks o n T uesday, while oil prices dropped more than 2 percent on expectations Saudi Arabia would act to stem any price rise that could hurt
the global economy.
Safe-haven Treasuries gave up most initial gains, however, as Wall Street trimmed some of its losses in the afternoon. Meanwhile, the dollar rose broadly as growth-related currencies were pressured by Chinese worries.
The Dow Jones industrial average <.DJI> ended down 68.94 points, or 0.52 percent, at 13,170.19, while the Standard & Poor's 500 Index <.SPX> lost 4.23 points, or 0.30 percent, to 1,405.52. The Nasdaq Composite Index <.IXIC> fell 4.17 points, or 0.14 percent, to 3,074.15.
NYMEX- NEW YORK, March 20 (Reuters) - U.S. crude futures fell more than 2 percent on Tuesday after Saudi Arabia provided details about high production levels, saying there was no supply shortage and that the kingdom could boost output more to meet
any supply shortage.
A stronger dollar and intraday share price weakness added pressure as the U.S. April crude contract headed to expiration at the end of the session.
The dollar gained across the board, bolstered by safe-haven demand spurred by worries about a potential slowdown in China, which dragged down both European and U.S. equities.
Saudi Oil Minister Ali al-Naimi said the kingdom had met all its customers' requests for oil, was now pumping 9.9 million barrels per day and stood ready to raise output to full capacity of 12.5 million bpd, if needed.
On the New York Mercantile Exchange, expiring April crudefell $2.48, or 2.29 percent, to settle at $105.61 a barrel, having traded from $105.35 to $107.91.
CBOT SOYBEANS- Soybean futures on the Chicago Board of Trade fell 1.5 percent to post their biggest decline in seven weeks, hit by technical selling, fund long liquidation and profit-taking from a six-month high, traders said.
Funds hold a big net long position in CBOT soybean futures and open interest has risen 40 percent since the start of 2012, leaving the market vulnerable to bouts of long liquidation.
Funds sold soy, corn and wheat after all three markets posted downside reversals on Monday, with the front contract closing lower after setting higher highs and lower lows than the previous session.
Worries about slowing growth in China, the world's top soy buyer, added pressure; global miner BHP Billiton said it saw signs that growth in Chinese iron ore demand was flattening.
Traders positioning ahead of USDA's U.S. planting intentions and quarterly stocks reports next week. Chicago brokerage The Linn Group projected U.S. 2012 soybean seedings at 76.7 million acres, above USDA's outlook forum figure of 75.0
million.
Market shrugs off news that analysts Oil World cut its forecast of Brazil's 2012 soybean crop by 1.5 million tonnes, to 66.5 million, due to drought and crop fungus.
FCPO- SINGAPORE, March 20 (Reuters) - Malaysian palm oil futures extended losses on Tuesday as some traders took profits on concerns that the market was overbought, although losses were limited by still-robust demand as indicated by export trends.
Palm oil rallied to a 9-month high of 3,418 ringgit last Friday on an upbeat price outlook, and traders said the market was poised for a correction.
"Prices ended lower in unison with CBOT and technical-based selling. It looks like the much anticipated correction is taking place currently and once that is completed, prices will resume their uptrend," said a trader with a local brokerage in Malaysia.
Benchmark June palm oil futureson the Bursa Malaysia Derivatives Exchange lost 0.2 percent to close at 3,366 ringgit ($1,093) per tonne, paring gains this year to 6 percent from a year-high 7.2 percent.
Traded volumes on Tuesday stood at 28,255 lots of 25 tonnes each, higher than the usual 25,000 lots.
REGIONAL EQUITY- BANGKOK, March 20 (Reuters) - Most Southeast Asian stock markets rose on Tuesday as investors sought counters with attractive dividend yields, but profit taking capped gains, pulling Thailand's benchmark index back from the 1,200-point level for a second day.
the global economy.
Safe-haven Treasuries gave up most initial gains, however, as Wall Street trimmed some of its losses in the afternoon. Meanwhile, the dollar rose broadly as growth-related currencies were pressured by Chinese worries.
The Dow Jones industrial average <.DJI> ended down 68.94 points, or 0.52 percent, at 13,170.19, while the Standard & Poor's 500 Index <.SPX> lost 4.23 points, or 0.30 percent, to 1,405.52. The Nasdaq Composite Index <.IXIC> fell 4.17 points, or 0.14 percent, to 3,074.15.
NYMEX- NEW YORK, March 20 (Reuters) - U.S. crude futures fell more than 2 percent on Tuesday after Saudi Arabia provided details about high production levels, saying there was no supply shortage and that the kingdom could boost output more to meet
any supply shortage.
A stronger dollar and intraday share price weakness added pressure as the U.S. April crude contract headed to expiration at the end of the session.
The dollar gained across the board, bolstered by safe-haven demand spurred by worries about a potential slowdown in China, which dragged down both European and U.S. equities.
Saudi Oil Minister Ali al-Naimi said the kingdom had met all its customers' requests for oil, was now pumping 9.9 million barrels per day and stood ready to raise output to full capacity of 12.5 million bpd, if needed.
On the New York Mercantile Exchange, expiring April crude
CBOT SOYBEANS- Soybean futures on the Chicago Board of Trade fell 1.5 percent to post their biggest decline in seven weeks, hit by technical selling, fund long liquidation and profit-taking from a six-month high, traders said.
Funds hold a big net long position in CBOT soybean futures and open interest has risen 40 percent since the start of 2012, leaving the market vulnerable to bouts of long liquidation.
Funds sold soy, corn and wheat after all three markets posted downside reversals on Monday, with the front contract closing lower after setting higher highs and lower lows than the previous session.
Worries about slowing growth in China, the world's top soy buyer, added pressure; global miner BHP Billiton said it saw signs that growth in Chinese iron ore demand was flattening.
Traders positioning ahead of USDA's U.S. planting intentions and quarterly stocks reports next week. Chicago brokerage The Linn Group projected U.S. 2012 soybean seedings at 76.7 million acres, above USDA's outlook forum figure of 75.0
million.
Market shrugs off news that analysts Oil World cut its forecast of Brazil's 2012 soybean crop by 1.5 million tonnes, to 66.5 million, due to drought and crop fungus.
FCPO- SINGAPORE, March 20 (Reuters) - Malaysian palm oil futures extended losses on Tuesday as some traders took profits on concerns that the market was overbought, although losses were limited by still-robust demand as indicated by export trends.
Palm oil rallied to a 9-month high of 3,418 ringgit last Friday on an upbeat price outlook, and traders said the market was poised for a correction.
"Prices ended lower in unison with CBOT and technical-based selling. It looks like the much anticipated correction is taking place currently and once that is completed, prices will resume their uptrend," said a trader with a local brokerage in Malaysia.
Benchmark June palm oil futures
Traded volumes on Tuesday stood at 28,255 lots of 25 tonnes each, higher than the usual 25,000 lots.
REGIONAL EQUITY- BANGKOK, March 20 (Reuters) - Most Southeast Asian stock markets rose on Tuesday as investors sought counters with attractive dividend yields, but profit taking capped gains, pulling Thailand's benchmark index back from the 1,200-point level for a second day.
