DJI- NEW YORK, Feb 2 (Reuters) - Investors largely took a wait-and-see approach on Thursday as U.S. stocks ended little changed ahead of Friday's key employment report, but tech shares rose after strong earnings from chipmaker Qualcomm.
Recent economic data suggesting the economy is on a slow but steady path to recovery has helped fuel a rally in stocks. Friday's nonfarm payrolls report, which is expected to show the improving labor market trend remained intact in January, will be
a key test of the rally.
The optimism over the labor market was reinforced as new claims for jobless benefits dropped more than expected in the latest week, according to data released on Thursday.
The Dow Jones industrial average <.DJI> dropped 11.05 points, or 0.09 percent, to 12,705.41. The Standard & Poor's 500 Index <.SPX> gained 1.45 points, or 0.11 percent, to 1,325.54. The Nasdaq Composite Index <.IXIC> rose 11.41 points, or 0.40
percent, to 2,859.68.
NYMEX- NEW YORK, Feb 2 (Reuters) - U.S. crude futures fell on Thursday, dropping to a six-week low as Wednesday's data showing rising crude oil and gasoline stockpiles and weak demand continued to generate bearish sentiment.
U.S. crude stockpiles have risen sharply for two consecutive weeks, according to government data, and the latest increase in the week to Jan. 27 was more than 4 million barrels as gasoline demand languishes below year-ago levels. [EIA/S]
Brent crude found support from cold weather in Europe and geopolitical concerns including the West's contentious standoff with OPEC-member Iran over Tehran's nuclear program.
On the New York Mercantile Exchange, March crudefell $1.25, or 1.28 percent, to settle at $96.36 a barrel, ending back above the contract's 200-day moving average of $96.22 after trading from $95.44 to $97.99. The low was the lowest intraday price since Dec. 20.
CBOT SOYBEANS, Chicago Board of Trade soybean futures closed higher for the third day in a row due to tight supplies of crops in the cash market, traders said.
Bearish outside markets such as a firm dollar and weak crude oil market limited gains in soybeans.
Soymeal and soyoil futures also closed slightly higher. Trading was choppy, with soybeans trading in both positive and negative territory during the session.
The U.S. Agriculture Department said on Thursday morning that weekly export sales of soybeans were 368,400 tonnes, near the low end of forecasts for 350,000 to 550,000 tonnes.
China will sign soybean import deals during a U.S. trip by Vice President Xi Jinping this month, but volumes are seen falling short of the biggest ever one-off deal signed a year ago.
Goldman Sachs raised its three-, six- and 12-month price forecasts for
CBOT soybeans to $12.90 per bushel from its previous projection of $12.15 due to
tight U.S. supplies and smaller-than-expected South American crops.
FCPO- SINGAPORE, Feb 2 (Reuters) - Malaysian crude palm oil touched a new six-week low on Thursday as the ringgit currency strengthened against the U.S. dollar, making it expensive for refiners to buy feedstock to process at a time when demand has
slowed.
Losses were capped earlier before the midday break by upbeat global manufacturing data from the United States, China and Germany that helped to ease worries on slowing growth. Palm oil markets, however, are still down almost 4 percent this year.
The ringgitis the second best performing currency in Asia, logging a rise of close to 5 percent in 2012. Any further appreciation in the ringgit could squeeze margins for Malaysian refiners who are losing market share to Indonesia.
Benchmark April palm oil futureson the Bursa Malaysia Derivatives Exchange lost 0.7 percent to 3,063 ringgit($1,007) per tonne. Prices touched a new low of 3,036 ringgit, a level last seen on Dec. 21.
Traded volumes stood at 22,712 lots of 25 tonnes each, thinner than the usual 25,000 lots, ahead of the long weekend holiday.
REGIONAL EQUITY- BANGKOK, Feb 2 (Reuters) - Southeast Asian stock markets joined others in rising on Thursday following upbeat manufacturing data from some nations that boosted hopes for global economic growth and spurred demand for regional big caps such as banks.
Optimism about global recovery appeared to ease nagging concerns about the euro zone debt crisis, sending sharemarkets to fresh peaks. The Philippine index <.PSI> hit an all-time high, while benchmarks for Singapore, Malaysia and Thailand reached their highest points in nearly six months.
Recent economic data suggesting the economy is on a slow but steady path to recovery has helped fuel a rally in stocks. Friday's nonfarm payrolls report, which is expected to show the improving labor market trend remained intact in January, will be
a key test of the rally.
The optimism over the labor market was reinforced as new claims for jobless benefits dropped more than expected in the latest week, according to data released on Thursday.
The Dow Jones industrial average <.DJI> dropped 11.05 points, or 0.09 percent, to 12,705.41. The Standard & Poor's 500 Index <.SPX> gained 1.45 points, or 0.11 percent, to 1,325.54. The Nasdaq Composite Index <.IXIC> rose 11.41 points, or 0.40
percent, to 2,859.68.
NYMEX- NEW YORK, Feb 2 (Reuters) - U.S. crude futures fell on Thursday, dropping to a six-week low as Wednesday's data showing rising crude oil and gasoline stockpiles and weak demand continued to generate bearish sentiment.
U.S. crude stockpiles have risen sharply for two consecutive weeks, according to government data, and the latest increase in the week to Jan. 27 was more than 4 million barrels as gasoline demand languishes below year-ago levels. [EIA/S]
Brent crude found support from cold weather in Europe and geopolitical concerns including the West's contentious standoff with OPEC-member Iran over Tehran's nuclear program.
On the New York Mercantile Exchange, March crude
CBOT SOYBEANS, Chicago Board of Trade soybean futures closed higher for the third day in a row due to tight supplies of crops in the cash market, traders said.
Bearish outside markets such as a firm dollar and weak crude oil market limited gains in soybeans.
Soymeal and soyoil futures also closed slightly higher. Trading was choppy, with soybeans trading in both positive and negative territory during the session.
The U.S. Agriculture Department said on Thursday morning that weekly export sales of soybeans were 368,400 tonnes, near the low end of forecasts for 350,000 to 550,000 tonnes.
China will sign soybean import deals during a U.S. trip by Vice President Xi Jinping this month, but volumes are seen falling short of the biggest ever one-off deal signed a year ago.
Goldman Sachs raised its three-, six- and 12-month price forecasts for
CBOT soybeans to $12.90 per bushel from its previous projection of $12.15 due to
tight U.S. supplies and smaller-than-expected South American crops.
FCPO- SINGAPORE, Feb 2 (Reuters) - Malaysian crude palm oil touched a new six-week low on Thursday as the ringgit currency strengthened against the U.S. dollar, making it expensive for refiners to buy feedstock to process at a time when demand has
slowed.
Losses were capped earlier before the midday break by upbeat global manufacturing data from the United States, China and Germany that helped to ease worries on slowing growth. Palm oil markets, however, are still down almost 4 percent this year.
The ringgit
Benchmark April palm oil futures
Traded volumes stood at 22,712 lots of 25 tonnes each, thinner than the usual 25,000 lots, ahead of the long weekend holiday.
REGIONAL EQUITY- BANGKOK, Feb 2 (Reuters) - Southeast Asian stock markets joined others in rising on Thursday following upbeat manufacturing data from some nations that boosted hopes for global economic growth and spurred demand for regional big caps such as banks.
Optimism about global recovery appeared to ease nagging concerns about the euro zone debt crisis, sending sharemarkets to fresh peaks. The Philippine index <.PSI> hit an all-time high, while benchmarks for Singapore, Malaysia and Thailand reached their highest points in nearly six months.
