DJI- NEW YORK, Jan 27 (Reuters) - World stocks fell on Friday on news the U.S. economy grew more slowly than expected in the last quarter of 2011, while the euro rose on hopes of an imminent deal on Greece's debt that could help avert a disorderly default.
The United States, the world's biggest economy, grew at an annualized 2.8 percent pace late last year, the fastest quarterly rate in 1-1/2 years. But it fell short of economists' forecast, fueling worries about U.S. growth in 2012 and bets that the Federal Reserve would need to provide more help.
Fed Chairman Ben Bernanke this week painted a picture of an economy mired in slow growth, and the Fed delayed the timing for an interest rate hike until at least late 2014. He also suggested the U.S. central bank is open to buying more bonds in
a bid to stimulate borrowing and investments.
The Dow Jones industrial average closed down 74.17 points, or 0.58 percent, at 12,660.46. The Standard & Poor's 500 Index finished down 2.11 points, or 0.16 percent, at 1,316.32. The Nasdaq Composite Index ended up 11.27 points, or 0.40 percent, at 2,816.55.
NYMEX- NEW YORK, Jan 27 (Reuters) - U.S. crude oil futures ended lower on Friday after erasing early gains as lower-than-expected U.S. economic growth data for the fourth quarter of 2011 turned investors cautious.
Losses were slim on fears of supply disruption. Iran warned it may halt oil exports to Europe as early as next week in response to the EU's move to ban the country's crude by July.
The decline in crude futures was softened by a rally on gasoline futures.
On the New York Mercantile Exchange, crude for March deliverysettled at $99.56 a barrel, dipping 14 cents, or 0.14 percent. For the week, front-month crude rose $1.10, or 1.1 percent, from the Jan. 20 close of $98.46.
CBOT- SOYBEANS, Chicago Board of Trade soybean futures closed lower Friday on better crop prospects for Argentine thanks to recent timely rainfall and on forecasts for more rain next week.
The euro pared gains slightly against the dollar after U.S. fourth-quarter GDP data were released, although the European currency had initially managed to hold its ground.
Argentina's soy and corn harvests will be smaller this season than in the previous crop year, the Buenos Aires Grains Exchange said, underlining concerns that recent dry weather might crimp world food supplies.
Drier weather was expected Friday through the weekend in Argentina followed by another round of crop-friendly showers next week. "There will be significant rains Wednesday and Thursday of 0.50 inch to 2.00 inches or more right where they need them in the big soybean producing area," said Don Keeney, meteorologist for MDA EarthSat Weather.
FCPO- SINGAPORE, Jan 27 (Reuters) - Malaysian crude palm oil edged up on Friday in thin trades, lifted by optimism over the U.S. Federal Reserve's pledge to keep interest rates low although gains were capped by fears of slowing demand.
The Fed move raised prospects of stronger global economic growth and commodity demand, but investors remained cautious on signs that demand is slowing for No.2 producer Malaysia.
Cargo surveyors' reports suggested a double-digit decline in Malaysian palm oil exports from Jan. 1 to 25, which some traders attributed to a shift in orders to Indonesia, which is imposing lower export taxes.
Benchmark April palm oil futureson the Bursa Malaysia Derivatives Exchange inched up 0.1 percent to close at 3,135 ringgit ($1,031) per tonne. The futures have lost 1.4 percent so far this year. Traded volumes were thin at 16,381 lots of 25 tonnes each, compared to the usual 25,000 lots
REGIONAL EQUITY- Jan 27 (Reuters) - Most Southeast Asian stock markets ended higher on Friday, recovering early losses and extending their rally to a fourth week, as investors hoped for a successful conclusion to Greek debt talks and awaited data which is expected to show more strength in the U.S. economy.
Despite concerns about the European debt crisis, investors have been optimistic on riskier, emerging market assets in Asia so far this year, pushing the Singapore market up more than 10 percent and the Philippines up 7 percent.
Regional analysts said the rally can be sustained as the markets have factored in a lot of bad news about Europe and uncertainty about the U.S. recovery.
On Friday, both Thailand <.SETI> and Singapore <.FTSTI> rose to near five-month highs, each gaining more than 0.7 percent, while the Philippines <.PSI> surged 1.5 percent, snapping a three-day losing streak.
In Singapore, Shares of Keppel Corp, the world's largest rig builder, gained 0.8 percent as the company reported a 11 percent rise in fourth quarter net profit.
Singapore-listed forestry firm United Fiber System Ltd closed 39.3 percent higher, after surging 71 percent at one point in the early trade on Friday, after announcing it was doing a S$1.5 billion reverse takeover deal with Indonesian coal miner PT Golden Energy Mines Tbkto refocus its business on coal mining.
The United States, the world's biggest economy, grew at an annualized 2.8 percent pace late last year, the fastest quarterly rate in 1-1/2 years. But it fell short of economists' forecast, fueling worries about U.S. growth in 2012 and bets that the Federal Reserve would need to provide more help.
Fed Chairman Ben Bernanke this week painted a picture of an economy mired in slow growth, and the Fed delayed the timing for an interest rate hike until at least late 2014. He also suggested the U.S. central bank is open to buying more bonds in
a bid to stimulate borrowing and investments.
The Dow Jones industrial average closed down 74.17 points, or 0.58 percent, at 12,660.46. The Standard & Poor's 500 Index finished down 2.11 points, or 0.16 percent, at 1,316.32. The Nasdaq Composite Index ended up 11.27 points, or 0.40 percent, at 2,816.55.
NYMEX- NEW YORK, Jan 27 (Reuters) - U.S. crude oil futures ended lower on Friday after erasing early gains as lower-than-expected U.S. economic growth data for the fourth quarter of 2011 turned investors cautious.
Losses were slim on fears of supply disruption. Iran warned it may halt oil exports to Europe as early as next week in response to the EU's move to ban the country's crude by July.
The decline in crude futures was softened by a rally on gasoline futures.
On the New York Mercantile Exchange, crude for March delivery
CBOT- SOYBEANS, Chicago Board of Trade soybean futures closed lower Friday on better crop prospects for Argentine thanks to recent timely rainfall and on forecasts for more rain next week.
The euro pared gains slightly against the dollar after U.S. fourth-quarter GDP data were released, although the European currency had initially managed to hold its ground.
Argentina's soy and corn harvests will be smaller this season than in the previous crop year, the Buenos Aires Grains Exchange said, underlining concerns that recent dry weather might crimp world food supplies.
Drier weather was expected Friday through the weekend in Argentina followed by another round of crop-friendly showers next week. "There will be significant rains Wednesday and Thursday of 0.50 inch to 2.00 inches or more right where they need them in the big soybean producing area," said Don Keeney, meteorologist for MDA EarthSat Weather.
FCPO- SINGAPORE, Jan 27 (Reuters) - Malaysian crude palm oil edged up on Friday in thin trades, lifted by optimism over the U.S. Federal Reserve's pledge to keep interest rates low although gains were capped by fears of slowing demand.
The Fed move raised prospects of stronger global economic growth and commodity demand, but investors remained cautious on signs that demand is slowing for No.2 producer Malaysia.
Cargo surveyors' reports suggested a double-digit decline in Malaysian palm oil exports from Jan. 1 to 25, which some traders attributed to a shift in orders to Indonesia, which is imposing lower export taxes.
Benchmark April palm oil futures
REGIONAL EQUITY- Jan 27 (Reuters) - Most Southeast Asian stock markets ended higher on Friday, recovering early losses and extending their rally to a fourth week, as investors hoped for a successful conclusion to Greek debt talks and awaited data which is expected to show more strength in the U.S. economy.
Despite concerns about the European debt crisis, investors have been optimistic on riskier, emerging market assets in Asia so far this year, pushing the Singapore market up more than 10 percent and the Philippines up 7 percent.
Regional analysts said the rally can be sustained as the markets have factored in a lot of bad news about Europe and uncertainty about the U.S. recovery.
On Friday, both Thailand <.SETI> and Singapore <.FTSTI> rose to near five-month highs, each gaining more than 0.7 percent, while the Philippines <.PSI> surged 1.5 percent, snapping a three-day losing streak.
In Singapore, Shares of Keppel Corp
Singapore-listed forestry firm United Fiber System Ltd closed 39.3 percent higher, after surging 71 percent at one point in the early trade on Friday, after announcing it was doing a S$1.5 billion reverse takeover deal with Indonesian coal miner PT Golden Energy Mines Tbk
