DJI- NEW YORK, Feb 22 (Reuters) - Banks led U.S. stocks lower on Wednesday as the S&P 500 stalled near a 10-month-high after signs of weak European business activity
rekindled concerns about a recession overseas.
U.S. banks were the S&P 500's worst performing sector. Investors feared that weak euro zone growth would hamper countries dealing with heavy debt loads and the banks exposed to those debts.
"We're very concerned around the markedly deteriorating credit fundamentals in Europe," said Steven Baffico, chief executive officer at Four Wood Capital Partners in New York.
Data showing weakness in the euro zone services and manufacturing sectors overshadowed the day-old deal to bail out Greece.
The Dow Jones industrial average lost 27.02 points, or 0.21 percent, to 12,938.67. The S&P 500 Index dropped 4.55 points, or 0.33 percent, to 1,357.66. The Nasdaq Composite fell 15.40 points, or 0.52 percent, to 2,933.17.
NYMEX- NEW YORK, Feb 22 - U.S. crude edged up on Wednesday, extending gains to a fifth straight session, on worries that Iran's confrontation with the West would escalate after talks with U.N. nuclear inspectors failed.
The late recovery erased losses spurred by prospects of slower global economic growth and some profit-taking after signs of overbought conditions in NYMEX crude.
Doubts resurfaced about Greece's ability to carry out tough reform measures called for in a debt bailout, also helping pull prices down in early trading.
In post-settlement trading, U.S. crude fell back and losses increased after the industry group American Petroleum Institute reported that domestic crude stocks rose 3.6 million barrels last week, dwarfing the forecast in a Reuters poll for a 500,000
barrel build.
Heating oil futures pared gains as the API data showed a stock build of 630,000 barrels, against the forecast for a 1.4 million-barrel drawdown.
Gasoline futures also trimmed gains on API's report of a 314,000-barrel build. The forecast was for a 100,000 barrel decline.
Refinery utilization jumped 2.9 percentage points to 86.6 percent of capacity, the API said, handily beating the forecast for a 0.2 percentage point decline.
The U.S. Energy Information Administration will release its own inventory report at 11 a.m. EST (1600 GMT) on Thursday.
Both reports are delayed a day due to Monday's Presidents Day holiday.
On the New York Mercantile Exchange, crude for April delivery settled at $106.28 a barrel, up 3 cents, or 0.03 percent, marking the highest settlement for front-month crude since May 4, 2011, when prices ended at $109.24.
CBOT SOYBEANS, Soybean futures on the Chicago Board of Trade ended firm, erasing early losses as corn climbed to the day's highs toward the close and U.S. crude oil futures briefly turned positive.
Soybeans trailed gains in corn as traders unwound long soybean/short corn spreads.
Traders squaring positions ahead of USDA's annual Outlook Forum on Thursday and Friday. USDA's baseline projections earlier this month signaled a jump in U.S. corn ending stocks for 2012/13 and a drop in 2012/13 soybean stocks.
Forecasts for welcome rains in parts of South America hang over the market. Light showers moved across most of Argentina on Tuesday and minor amounts of rain fell in dry areas of southern Brazil. "There will be a few showers soon that will improve conditions in Santa Catarina and Parana in the south," said Don Keeney, meteorologist for MDA EarthSat Weather.
Keeney said the six- to 10-day outlook was for improved rainfall in the dry areas of Brazil's Rio Grande do Sul, extending into Paraguay. Recent rains improved Argentina's soy crop prospects; more rain needed in southern Brazil.
Sales of Brazil's 2011/12 soybean crop rose to 53 percent of total expected production, up from 51 percent a week earlier, analysts Celeres said. The firm said Brazil's soy harvest was 19 percent complete by Feb. 17, up from 11 percent a week earlier.
FCPO-SINGAPORE, Feb 22 (Reuters) - Malaysian crude palm oil futures ended lower on Wednesday as nervous investors booked profits after an upbeat demand outlook and stronger crude oil prices helped the edible oil scale eight-month highs earlier in
the session.
Benchmark May palm oil futureson the Bursa Malaysia Derivatives Exchange eased 0.6 percent to close at 3,250 ringgit ($1,075) per tonne. Prices had earlier hit a high of 3,294 ringgit, the highest since June 9 last year.
Traded volumes stood at 23,723 lots of 25 tonnes each, slightly lower than the usual 25,000 lots.
Global markets eased slightly on Wednesday as China's manufacturing sector shrank for a fourth straight month, but crude palm oil rallied on stronger Malaysian exports.
Reuters analyst Wang Tao said a price of 3,292 ringgit per tonne remains intact for palm oil, as it is still firm on an uptrend.
Top producer Indonesia will export more palm oil to Pakistan, with volumes expected to more than quadruple to 800,000 tonnes over the next three years, said an executive at an Indonesian industry group.
Top producer Indonesia will export more palm oil to Pakistan, with volumes expected to more than quadruple to 800,000 tonnes over the next three years, said an executive at an Indonesian industry group.
REGIONAL EQUITY- Feb 22 (Reuters) - Southeast Asian stocks ended mostly lower on worries over the feasibility of the Greek deal and rising oil prices, while data showing a continuous contraction in China's factory sector kept investors cautious on Wednesday.
Benchmarks in Singapore, Indonesia, Malaysia and Thailand ended lower, while those in the Philippines and Vietnam rose.
HSBC's China flash purchasing managers index (PMI) data showed the factory sector shrinking for the fourth month in a row in February as export orders slumped. The index however rose to a four-month high of 49.7.
"Regional sentiment, Europe market are still down, indicating the Greece bailout is not enough to push up the market," said Teddy Dwitama an analyst at Jakarta-based OSK Nusadana Research.
Singapore, the region's second best performer after Vietnam this year, fell on weakness in commodities. Wilmar International Ltdfell 10.9 percent, while Noble Group Ltd lost 4.4 percent on worries over shrinking margins.
Wilmar, the world's largest listed palm oil firm posted a 57 percent jump in quarterly profit, but investors dumped shares on concerns about declining margins as the results disappointed analysts as earnings from its consumer products and palm oil businesses both fell by 12 percent despite higher sales and palm oil production volumes.
rekindled concerns about a recession overseas.
U.S. banks were the S&P 500's worst performing sector. Investors feared that weak euro zone growth would hamper countries dealing with heavy debt loads and the banks exposed to those debts.
"We're very concerned around the markedly deteriorating credit fundamentals in Europe," said Steven Baffico, chief executive officer at Four Wood Capital Partners in New York.
Data showing weakness in the euro zone services and manufacturing sectors overshadowed the day-old deal to bail out Greece.
The Dow Jones industrial average lost 27.02 points, or 0.21 percent, to 12,938.67. The S&P 500 Index dropped 4.55 points, or 0.33 percent, to 1,357.66. The Nasdaq Composite fell 15.40 points, or 0.52 percent, to 2,933.17.
NYMEX- NEW YORK, Feb 22 - U.S. crude edged up on Wednesday, extending gains to a fifth straight session, on worries that Iran's confrontation with the West would escalate after talks with U.N. nuclear inspectors failed.
The late recovery erased losses spurred by prospects of slower global economic growth and some profit-taking after signs of overbought conditions in NYMEX crude.
Doubts resurfaced about Greece's ability to carry out tough reform measures called for in a debt bailout, also helping pull prices down in early trading.
In post-settlement trading, U.S. crude fell back and losses increased after the industry group American Petroleum Institute reported that domestic crude stocks rose 3.6 million barrels last week, dwarfing the forecast in a Reuters poll for a 500,000
barrel build.
Heating oil futures pared gains as the API data showed a stock build of 630,000 barrels, against the forecast for a 1.4 million-barrel drawdown.
Gasoline futures also trimmed gains on API's report of a 314,000-barrel build. The forecast was for a 100,000 barrel decline.
Refinery utilization jumped 2.9 percentage points to 86.6 percent of capacity, the API said, handily beating the forecast for a 0.2 percentage point decline.
The U.S. Energy Information Administration will release its own inventory report at 11 a.m. EST (1600 GMT) on Thursday.
Both reports are delayed a day due to Monday's Presidents Day holiday.
On the New York Mercantile Exchange, crude for April delivery settled at $106.28 a barrel, up 3 cents, or 0.03 percent, marking the highest settlement for front-month crude since May 4, 2011, when prices ended at $109.24.
CBOT SOYBEANS, Soybean futures on the Chicago Board of Trade ended firm, erasing early losses as corn climbed to the day's highs toward the close and U.S. crude oil futures briefly turned positive.
Soybeans trailed gains in corn as traders unwound long soybean/short corn spreads.
Traders squaring positions ahead of USDA's annual Outlook Forum on Thursday and Friday. USDA's baseline projections earlier this month signaled a jump in U.S. corn ending stocks for 2012/13 and a drop in 2012/13 soybean stocks.
Forecasts for welcome rains in parts of South America hang over the market. Light showers moved across most of Argentina on Tuesday and minor amounts of rain fell in dry areas of southern Brazil. "There will be a few showers soon that will improve conditions in Santa Catarina and Parana in the south," said Don Keeney, meteorologist for MDA EarthSat Weather.
Keeney said the six- to 10-day outlook was for improved rainfall in the dry areas of Brazil's Rio Grande do Sul, extending into Paraguay. Recent rains improved Argentina's soy crop prospects; more rain needed in southern Brazil.
Sales of Brazil's 2011/12 soybean crop rose to 53 percent of total expected production, up from 51 percent a week earlier, analysts Celeres said. The firm said Brazil's soy harvest was 19 percent complete by Feb. 17, up from 11 percent a week earlier.
FCPO-SINGAPORE, Feb 22 (Reuters) - Malaysian crude palm oil futures ended lower on Wednesday as nervous investors booked profits after an upbeat demand outlook and stronger crude oil prices helped the edible oil scale eight-month highs earlier in
the session.
Benchmark May palm oil futures
Traded volumes stood at 23,723 lots of 25 tonnes each, slightly lower than the usual 25,000 lots.
Global markets eased slightly on Wednesday as China's manufacturing sector shrank for a fourth straight month, but crude palm oil rallied on stronger Malaysian exports.
Reuters analyst Wang Tao said a price of 3,292 ringgit per tonne remains intact for palm oil, as it is still firm on an uptrend.
Top producer Indonesia will export more palm oil to Pakistan, with volumes expected to more than quadruple to 800,000 tonnes over the next three years, said an executive at an Indonesian industry group.
Top producer Indonesia will export more palm oil to Pakistan, with volumes expected to more than quadruple to 800,000 tonnes over the next three years, said an executive at an Indonesian industry group.
REGIONAL EQUITY- Feb 22 (Reuters) - Southeast Asian stocks ended mostly lower on worries over the feasibility of the Greek deal and rising oil prices, while data showing a continuous contraction in China's factory sector kept investors cautious on Wednesday.
Benchmarks in Singapore, Indonesia, Malaysia and Thailand ended lower, while those in the Philippines and Vietnam rose.
HSBC's China flash purchasing managers index (PMI) data showed the factory sector shrinking for the fourth month in a row in February as export orders slumped. The index however rose to a four-month high of 49.7.
"Regional sentiment, Europe market are still down, indicating the Greece bailout is not enough to push up the market," said Teddy Dwitama an analyst at Jakarta-based OSK Nusadana Research.
Singapore, the region's second best performer after Vietnam this year, fell on weakness in commodities. Wilmar International Ltd
Wilmar, the world's largest listed palm oil firm posted a 57 percent jump in quarterly profit, but investors dumped shares on concerns about declining margins as the results disappointed analysts as earnings from its consumer products and palm oil businesses both fell by 12 percent despite higher sales and palm oil production volumes.
