DJI-NEW YORK, Oct 4 (Reuters) - The euro hit a two-week high against the dollar on Thursday and global shares gained after the head of the European Central Bank reiterated a commitment to preserve the euro.
U.S. data showing the number of Americans filing new claims for unemployment benefits rose only slightly after a big drop the prior week added to the positive tone in equity markets. The data came a day before the government's closely watched monthly report on the job market.
Oil prices rallied 4 percent a day after registering a steep fall as Turkey's retaliatory strikes on Syria heightened tensions in the Middle East, while U.S. gasoline futures rallied following a fire at a refinery in Texas.
ECB President Mario Draghi, speaking after the bank held benchmark lending rates steady at 0.75 percent, said "the euro is irreversible." He also said the ECB is ready to buy the bonds of troubled euro-zone economies that ask for it.
"What strikes me was Draghi reiterating his commitment to preserve the euro, and that has eased break-up concerns," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington. "His commitment to the bond-buying plan was a positive for the euro as well."
The euro rose 0.9 percent to $1.3015 EUR=. It earlier traded as high as $1.3031, the highest level since Sept. 21. Against the yen, the euro gained 0.8 percent to 102.12 yen EURJPY=.
The S&P 500 extended gains for a fourth day on Thursday.
The Dow Jones industrial average .DJI closed up 80.75 points, or 0.60 percent, to 13,575.36. The Standard & Poor's 500 Index .SPX ended up 10.41 points, or 0.72 percent, to 1,461.40. The Nasdaq Composite Index .IXIC gained 14.23 points, or 0.45 percent, to 3,149.46.
The Federal Reserve released minutes from its September policy meeting that revealed some reservations about the U.S. central bank's latest stimulus. Market reaction was muted. The Fed may adopt numerical thresholds for inflation and joblessness that would serve as guideposts for policy, according to the minutes.
Speculation that Friday's U.S. jobs data will show stronger-than-expected growth in September weighed on Treasury prices. The benchmark U.S. 10-year note was down 16/32, its yield rising to 1.6715 percent US10YT=RR.
"Some accounts believe the payrolls data will be better than the consensus forecast," said Tom di Galoma, managing director at Navigate Advisors LLC, noting a report from consultants Challenger, Gray & Christmas showing planned job cuts announced for the month of September hit a 15-year low.
Brent crude LCOc1 rose $4.41 to settle at $112.58 per barrel, a day after falling to its lowest price since Sept. 20. U.S. crude CLc1 climbed $3.57 to settle at $91.71, after dropping to its lowest since Aug. 3 on Wednesday.
Turkey's military hit targets inside Syria for a second day on Thursday after a mortar bomb fired from Syrian territory killed five Turkish civilians, marking the most serious cross-border escalation of the 18-month-old uprising in Syria.
Weakness in the U.S. dollar, which fell 0.8 percent against a basket of currencies .DXY, also supported dollar-denominated commodities like oil.
"Turkey's strikes on Syria caused the short covering after yesterday's losses in crude, and the stock market rise and weak dollar also were factors," said Gene McGillian, an analyst at Tradition Energy in Stamford, Connecticut.
Spot gold XAU= rose to an 11-month high of $1,794.40 and last traded at $1,790.60 an ounce.
NYMEX- NEW YORK, Oct 4 (Reuters) - U.S. crude futures rose 4 percent on Thursday as tensions between Turkey and Syria, a weaker dollar and strong gasoline and heating oil futures lifted by refinery fires pulled crude oil prices higher.
CBOT SOYBEAN- Chicago Board of Trade soybean futures were higher, with new-crop November SX4 above key support at its 100-day moving average, on bargain buying amid a falling dollar and on more
technical buying, traders said.
* USDA in its weekly export sales report on Thursday said 1,302,900 tonnes of soybeans were sold for export last week, above estimates for 800,000 to 900,000 tonnes.
• Light rain late this week and late next week will cause minor slowdowns in harvest of the U.S. corn and soybean crops, an agricultural meteorologist said on Thursday. "Harvest weather is okay but not perfect," said John Dee, meteorologist for Global Weather Monitoring.
• Soybean cash basis bids were mostly steady to firm around the U.S. Midwest on Thursday amid a slower pace of harvest and light farmer sales, cash dealers said.
• Taiwan's Breakfast Soybean Procurement Association (BSPA) bought 60,000 tonnes of soybeans to be sourced from Brazil in an international tender for up to 180,000 tonnes, which closed on Thursday, European traders said.
• Key support for the November contract is at its 100-day moving average of $15.29 and key resistance at the 50-day moving average of $16.56-1/2. The nine-day relative strength index is at 33.
FCPO- SINGAPORE, Oct 4 (Reuters) - Malaysian palm oil futures ended flat on Thursday, as traders awaited a government decision on a proposal to cut export tax on the crude shipments that could help spur exports at a time when stocks are rising at a faster pace.
The commodities minister in the world's No.2 producer of the edible oil said he will propose to cut crude palm oil export taxes to 8-10 percent from a current 23 percent in a bid to counter competition from top producer Indonesia.
Malaysia's cabinet is likely to decide on the proposal on Friday.
Indonesia has taken up a greater market share of refined palm oil products after it adjusted its export tax regime to derive greater margins for processors, which helped to slow Malaysia's own shipments as production grew.
This has led to a stock build up with palm oil futures losing more than a quarter of its gains since the start of this year.
Palm oil futures have also come under pressure from the festering euro zone debt crisis that has clouded the outlook for economic and commodity demand growth.
"The biggest question is whether this proposal will be accepted and if so, when will it come into effect?" said a trader with a foreign commodities firm in the Malaysian capital.
At the close, the benchmark December contract FCPOc3 on the Bursa Malaysia Derivatives Exchange edged up one ringgit at 2,352 ringgit ($770) a tonne after going as high as 2,404 ringgit in choppy trade.
Total traded volumes stood at 33,333 lots of 25 tonnes each, higher than the usual 25,000 lots as some traders took up positions ahead of the decision expected on Friday.
Technicals showed that prices remain in a bearish target range of 2,127-2,181 ringgit and gains from the current level could be limited to 2,422 ringgit, said Reuters market analyst Wang Tao.
Palm oil tumbled to its lowest in nearly three years on Tuesday on the back of lacklustre shipments and growing stocks, raising concerns of contract defaults or delays from top buyer India.
Any contract defaults could slow the export pace and push Malaysia's September palm oil stocks above a ten month high of 2.1 million tonnes seen in August.
In a bullish sign for palm oil, Brent crude oil rose towards $109 per barrel on Thursday as expectations Spain would seek a bailout and better U.S. data encouraged investors back into riskier assets such as oil and commodities.
U.S. soyoil for December delivery BOZ2 gained 0.4 percent in late Asian trade. The Dalian Commodity Exchange is closed for a week-long holiday in China and will resume trading on Oct. 8.
REGIONAL EQUITY-BANGKOK, Oct 4 (Reuters) - Most Southeast Asian stock markets gained on Thursday, with the Philippine main index posting its second straight record closing high in strong volumes as optimism about domestic growth boosted consumer-related stocks such as SM Investments Corp SM.PS.
The Philippine Stock Exchange index .PSI finished at 5,443.74, surpassing Wednesday's record close of 5,375.52. SM Investment jumped 6 percent, with stock turnover 3.13 times of its monthly average.
Stocks in Malaysia and Indonesia also hit their all-time highs amid broad-based buying interest in the region as better U.S. economic data eased fears over global growth and lifted global equities. MKTS/GLOB
Among the actively traded stocks, Malaysia's palm planter Sime Darby SIME.KL rose 2.9 percent while Indonesia's main vehicle distributor and biggest listed company Astra International ASII.JK jumped 4.7 percent.
