Tuesday, April 30, 2013

Trader's highlight

DJI - NEW YORK, April 29 (Reuters) - The S&P 500 index ended at an all-time high on Monday as growth-oriented stocks, including energy and technology, lead the way to the index's sixth rise in the past seven sessions.

Stronger-than-expected housing data also boosted the market, as did Italy's formation of a new government, ending months of uncertainty and raising hopes for new policies to promote growth in the euro zone's third-largest economy.

Pressure has grown on the European Central Bank to lower interest rates with the euro zone mired in recession. Money market traders are evenly split on whether the ECB will cut rates at its meeting on Thursday, according to a Reuters poll.

Wall Street followed European stocks higher as Italian Prime Minister Enrico Letta urged a focus on growth policies and away from austerity measures in his inaugural speech.

"After the election there was a lot of uncertainty about whether Italy could form a government, so now there is not only a great deal of relief over that, but also expectations for additional monetary policies from the ECB," said Alec Young, global equity strategist at S&P Equity Research in New York.

The Dow Jones industrial average was up 106.20 points, or 0.72 percent, at 14,818.75. The Standard & Poor's 500 Index was up 11.37 points, or 0.72 percent, at 1,593.61. The Nasdaq Composite Index was up 27.76 points, or 0.85 percent, at 3,307.02.

The U.S. Federal Reserve will also meet this week for a two-day session beginning on Tuesday. The Fed is expected to maintain its stimulus policy. Data on Monday showing muted inflation gave the Fed room for accommodative measures.


Oils - NEW YORK, April 29 (Reuters) - Oil prices rose on Monday amid hope of further stimulus on both sides of the Atlantic, with U.S. crude leading gains amid signs of improving demand and growing exports.

Equities rallied and the dollar faltered, further fuelling oil gains as traders looked ahead to key central bank meetings. The Federal Reserve is expected to maintain its quantitative easing program when it meets this week, and the European Central Bank (ECB) is seen cutting interest rates on Thursday.

"We'll see if the measures are enough to stimulate economic growth," said Gene McGillian, an analyst with Tradition Energy in Stamford, Connecticut. "If not, the market's headed back down again."

New York Mercantile Exchange June crude futures ended the day $1.50 per barrel higher at $94.50, aided by a break above the 40-day moving average on a continuation chart.

Brent crude oil futures, the international benchmark, settled 65 cents higher at $103.81 per barrel, after hitting a low of $102.57.


CBOT Soybean - Chicago Board of Trade soybean futures closed higher on Monday on tight stocks of soy, slow farmer selling, strong cash markets and on spillover buying from soaring corn, traders said.

·         Support also stemmed from the outside markets including    higher stock markets, a weak dollar, gains in crude oil and     higher gold.
 
·         Expectations for no soybean or soymeal to be delivered on   the May contract on Tuesday and lighter-than-usual amounts of  soyoil also lent support. Tuesday is first notice day for deliveries on the May 2013 futures contracts. 
 
·         Spot basis bids for soybeans were mostly steady to higher  in the Midwest on Monday, bolstered by seasonally light offerings from farmers and commercial elevators, grain buyers   said. 
 
·         Soy bids continued to rise sharply at processors and elevators, with bids jumping 10 cents to the highest level since   September 2009, at a crushing plant in Cedar Rapids, Iowa, as  supplies of the oilseed dwindled due to strong soymeal demand.
 
·         Spot truck and rail cash basis offers for soymeal kept   climbing on Monday due to tight stocks of soybeans, a lack of  farmer selling and near relentless demand for meal, dealers  said.

·         Drier and warmer weather early this week will allow U.S.  farmers to plant corn, which has been delayed by wet weather,   but another round of showers is expected beginning near midweek,   an agricultural meteorologist said on Monday. 
 
·         Expected hot and dry weather in May will increase risks to   the grain crop in Russia, which needs a good harvest after last  year's drought, data from the state weather forecaster showed on   Monday. 
 
·         A sharp increase in air temperatures combined with a lack of rain could damage Ukraine's spring and winter grain crops  sown for the 2013 harvest, a senior weather forecaster said on     Monday. 
 
·         Malaysian palm oil futures lost ground on Monday after four straight sessions of gains, although traders remained cautious ahead of export data that could provide further trading cues. 


BMD CPO - SINGAPORE, April 29 (Reuters) - Malaysian palm oil futures lost ground on Monday after four straight sessions of gains, although traders remained cautious ahead of export data that could provide further trading cues.

The edible oil posted its first weekly gain out of five last week, supported by rising Malaysian exports for the first 25 days of the month thanks to stronger demand from India, Europe and the United States.

The gains prompted some profit-taking as the market lacked fresh stimulus, with the Chinese soybean oil market closed for holiday and ahead of Malaysia's palm export data for the full month due on Tuesday.

"The market is a bit quiet today as the Dalian markets were closed. There's also exports data due on Tuesday so traders are waiting for further direction on stocks," said a trader with a foreign commodities brokerage in Kuala Lumpur.

The benchmark July contract  on the Bursa Malaysia Derivatives Exchange fell 1.7 percent to close at 2,277 ringgit ($751) per tonne. Prices touched 2,334 ringgit on Friday, the highest since April 12.

Total traded volumes were thin at 26,636 lots of 25 tonnes each, compared to the average 35,000 lots.

Investors are pinning their hopes on healthy exports and lacklustre production to help cut stockpiles in Malaysia, which eased from February's 2.43 million tonnes to 2.17 million tonnes last month.

Lower palm oil inventory level could provide support for palm oil prices, which have lost 6.6 percent so far this year. Leading analyst Dorab Mistry forecast in March that prices could rise to 2,400 to 2,700 ringgit by the end of May, as weaker production speeds a fall in stockpiles.

In other markets, Brent crude oil slipped to $103 per barrel on Monday as an uncertain outlook for growth in the world's two largest oil consumers, the United States and China, encouraged commodities markets to consolidate.

In vegetable oil markets, U.S. soyoil for July delivery fell 0.6 percent in late Asian trading. The Dalian Commodities Exchange is closed for Labour Day and will only resume trading on Thursday.







Monday, April 29, 2013

RTRS - China buys rapeseed oil from Europe for 1st time in 2 yrs -CNGOIC


BEIJING, April 26 (Reuters) - China, a major consumer of vegetable oils, recently bought a small volume of rapeseed oil from Europe for the first time in two years as it was cheaper than domestic prices, the China National Grain and Oils Information Centre (CNGOIC) said.

Chinese buyers have stepped up rapeseed oil imports this year to cash in on the favourable price difference with domestic prices soaring on the back of a government stockpiling policy designed to boost farmer incomes.

China bought 50,000 tonnes of the edible oil at a price of about $1,220 to $1,240 per tonne, including cost, insurance and freight, for delivery in July and August, the CNGOIC said in a report posted on its website.

The centre did not identify the country, but added that the deal with Europe was the first since 2010, when China imported a total of 20,000 tonnes from Ukraine and Russia.

China's rapeseed oil imports in the first quarter this year jumped 69 percent on the year to 387,234 tonnes, the majority of which came from Canada, official customs data showed.

The most-active domestic rapeseed oil futures reached an almost two-month top of 9,930 yuan ($1,600) per tonne on Friday as the market expected Beijing to raise its purchase price for the new crop due in June, traders said.

The government has also suspended weekly sales of stockpiled rapeseed oil that began in early March, with prices still too high.

Trader's highlight


NEW YORK, April 26 (Reuters) - U.S. stocks dipped in thin volume on Friday, though the market had a strong week overall despite a mixed bag of earnings and weak economic figures.

The market fell early after a negative surprise from the gross domestic product report, but the decline attracted bargain-hunting investors late in the session. Major indexes posted solid gains for the week.

"We traded off a decent amount after the GDP number but we didn't break any technical levels or really didn't get much momentum in the selloff past late morning," said Paul Zemsky, head of asset allocation at ING Investment Management in New York.

"I guess there was some bottom fishing. There was so much fear of poor earnings going into earnings season that this is still somewhat of a positive surprise."

The Dow Jones industrial average rose 11.75 points or 0.08 percent, to 14,712.55, the S&P 500 lost 2.92 points or 0.18 percent, to 1,582.24 and the Nasdaq Composite dropped 10.72 points or 0.33 percent, to 3,279.26.

For the week, the Dow gained 1.1 percent, the S&P added 1.7 percent and the Nasdaq rose 2.3 percent.
Of the 271 companies in the S&P 500 that have reported earnings to date for the first quarter, 69 percent have beaten analyst expectations - above the 63 percent average since 1994 and slightly over the 67 percent beat rate over the past four quarters.

Gross domestic product expanded at a 2.5 percent rate in the first quarter, below estimates of 3 percent, heightening fears the U.S. economy could struggle to cope with deep government spending cuts and higher taxes that kicked in earlier this year.


Oils - NEW YORK, April 26 (Reuters) - Brent crude oil fell on Friday, following a two-day, $3 rally, as weak economic data from the United States sounded a note of caution on growth prospects in the world's largest oil consumer.

Oil and other commodities such as metals slid in a midday selloff that traders said may have been prompted by fund liquidations as European markets closed for the weekend. Later, Brent pared losses in the afternoon.

"The markets tend to overreact. The oil market got knocked off its knees and grabbed some legs," said Dan Flynn, an analyst and trader at Price Futures Group in Chicago, Illinois.

Even after Brent's biggest one-week gain since November 2012, it remains more than 6 percent below where it started April. A string of disappointing reports in recent weeks from the United States, China and Germany have stoked fears of global economic slowdown.

Traders said low trading volumes indicated a lack of conviction in this week's rally. Volumes for U.S. crude were 22 percent lower than the 30-day moving average and 11 percent lower for Brent.

On Friday, the Commerce Department reported U.S. gross domestic product expanded at a 2.5 percent annual rate in the first quarter, slower than the 3.0 percent rate expected. The data fed worries about a deceleration in the second quarter and U.S. equity markets fell for most of the session.

Brent slipped 25 cents a barrel to settle at $103.16 a barrel after touching a low of $102.25. U.S. crude  settled down 64 cents at $93.00 after going to $92.06 at midday.


CBOT Soybean Soybean futures on the Chicago Board of Trade rose on Friday for a second straight session and set a one-week high, supported by strong cash markets and tights supplies of old-crop U.S. soybeans and soymeal, traders said.

·         Front-month May soybeans broke through and settled  above its 50- and 100-day moving averages. Most-active July settled at $13.81, its highest close since April 19.

·         July soyoil hit resistance above its 50-day moving   average near 50.17 cents per lb, paring gains to settle at 49.66  cents, up 0.06 cent.

·         First notice day for deliveries against May contracts is    Tuesday, April 30. As of late Thursday, CBOT reported no  registrations of soybeans or soymeal.

·         CBOT soyoil registrations fell by 303 contracts late  Thursday after falling by 507 contracts a day earlier. As of    Thursday, soyoil registrations stood at 11,356 contracts. Cash  markets for soyoil have firmed due to a slowing U.S. soy crush  and to demand for soy-based biodiesel fuel.

·         China recently bought a small volume of rapeseed oil from    Europe for the first time in two years as it was cheaper than  domestic prices, the China National Grain and Oils Information    Centre said. 

·         Dalian September soymeal rose 1.5 percent, its  biggest daily rise in two months.

·         For the week, most-active CBOT July soybeans fell  1-1/2 cents, or 0.1 percent. July soymeal rose 0.5   percent, its third straight weekly rise, and July soyoil  rose 0.7 percent.



BMD CPO - KUALA LUMPUR, April 26 (Reuters) - Malaysian palm oil futures climbed to a two-week high on Friday, posting its first weekly gain out of five, as encouraging export data buoyed investor hopes for resilient global demand.

Cargo surveyor data showed palm oil shipments in the first 25 days of April rose between 2.7 percent and 5.2 percent, fuelled by stronger demand from India, Europe and the United States.

Traders also noted a sudden spike in buying from India, the world's biggest edible oil consumer, as Indian traders took advantage of low physical prices to buy.

"The market today is very strong. Exports are friendly to the market -- it shows that demand is still there," said a trader with a foreign commodities brokerage in Kuala Lumpur.

"There is prompt demand coming in from India. For the past few months India has kept a low profile, but now they are coming back into the market because prices are quite cheap, compared to two months ago when it was at 2,400 to 2,500 ringgit," he added.

The benchmark July contract on the Bursa Malaysia Derivatives Exchange edged up 0.3 percent to close at 2,315 ringgit ($763) per tonne. Prices touched 2,334 ringgit earlier, the highest since April 12 and posted a 0.8 percent weekly gain after four straight weeks of losses.

Total traded volumes stood at 23,311 lots of 25 tonnes each, lower than the average 35,000 lots.

Investors hope that healthy exports and near-stagnant production will help cut stockpiles in Malaysia, the world's No.2 palm producer, and stem the loss in prices of about 5 percent so far this year.

Palm oil stocks stand at 2.17 million tonnes, after easing more than 10 percent from February.

In other markets, Brent crude slid below $103 a barrel on Friday after rising $3 in the past two sessions, with investors cautious over the tepid outlook for growth in the world's two largest oil consumers, the United States and China.

U.S. soyoil for July delivery  dipped 0.4 percent. The most-active September soybean oil contract on the Dalian Commodities Exchange fell 0.6 percent.









Thursday, April 25, 2013

Trader's highlight

DJI - NEW YORK, April 24 (Reuters) - The S&P 500 and Nasdaq ended flat on Wednesday with Boeing's five-year high among the day's highlights, but weakness in Procter & Gamble and AT&T kept the Dow in negative territory.

Materials and energy stocks led the S&P 500's gains as copper and oil prices bounced back from recent declines. Commodity gains were capped by worries about the outlook for global economic growth.

A sharp drop in U.S. durable goods orders last month added to that concern, putting a lid on equity gains.
"The flow of news doesn't fully justify the optimism that investors want to bring to the market," said Bruce McCain, chief investment strategist at Key Private Bank in Cleveland, Ohio.

"In this environment, it is hard to justify paying this kind of premium for stocks, and it is hard to see the catalyst for strong growth."

The Dow Jones industrial average fell 43.16 points or 0.29 percent, to end at 14,676.30. But the S&P 500  eked out a gain of a mere 0.01 of a point or 0 percent to finish at 1,578.79. And the Nasdaq Composite  added just 0.32 of a point or 0.01 percent to close at 3,269.65.


Oils - NEW YORK, April 24 (Reuters) - Oil prices rose on Wednesday, led by gains of 2.5 percent in U.S. crude on a surprisingly big drop in weekly gasoline stockpiles and speculation that the glut of crude at the Cushing, Oklahoma hub could soon ease.

Weekly data from the U.S. Energy Information Administration showed that inventories at Cushing rose by only 35,000 barrels last week, below what some market players had expected. Still, overall crude stockpiles in the Midwest climbed to a record.

Additional support came from a steep 3.9-million-barrel drop in gasoline inventories last week as refinery output unexpectedly dipped.

"The report is supportive to prices due to the large decline in gasoline inventories," said John Kilduff, partner at Again Capital LLC in New York.

U.S. crude  gained $2.25 to settle at $91.43 a barrel. Brent settled $1.42 higher at $101.73 a barrel.
Some traders linked the bigger rally in the U.S. market to a report from industry group Genscape late on Tuesday that showed BP increasing oil flow from Cushing into its Whiting, Indiana refinery, a sign that new units at the plant would restart soon.

Oil traders have been closely watching for the restart of the refinery, which is being upgraded to take more heavy crude from Canada and will drain supplies that have been weighing on U.S. futures.

Brent's premium to U.S. crude futures narrowed at one point on Wednesday to $10.24, the lowest since June, and has largely traded between $10 and $12 for the past three weeks.

"This is called equilibrium," said Tim Evans, energy futures specialist at Citi Futures Perspective.
Brent prices have tumbled nearly 8 percent and U.S. crude more than 6 percent since the beginning of April, reaching low prices attractive to buyers.


CBOT Soybean Chicago Board of Trade soybean futures closed lower on Wednesday on long-liquidation ahead of expected movement soon of soy from South America's big harvest, traders said. 


·         The lower prices came despite tight U.S. soy stocks, slow farmer selling and strong cash markets.

·         Soybean spot cash basis bids soared as much as 27 cents  per bushel around the U.S. Midwest, with bids rising to the  highest levels ever for this time of year at most processors and   elevators, dealers said. 

·         Crop forecaster Lanworth said it had raised its outlook for 2013/14 U.S. corn and soybean production due to recent rains  that boosted yield expectations. 

·         Rain and cold temperatures continued to slow U.S. corn seeding at mid-week, but there are prospects for improved   planting weather by early next week, said Andy Karst,   meteorologist for World Weather Inc.

·         Temperatures are expected to reach the lower 70s F by  early next week, he said. "It will turn drier and warmer,  definitely some improvement early in the week, but there is     another cold front that may come into the Midwest by mid-week."

·         Estimates ahead of the release at 7:30 a.m. CDT (1230 GMT)   on Thursday of USDA's weekly export sales report totaled 250,000  to 350,000 tonnes of old-crop (2012/13) U.S. soybeans and 450,000 to 600,000 tonnes of new-crop (2013/14).

·         Canadian wheat plantings may rise more than expected over  last year, while farmers intend to sow less canola than the   trade was anticipating, according to Statistics Canada's first   report of 2013 on planting intentions. 

·         Malaysian palm oil futures rose on Wednesday as buying  interest surged after earlier losses. Sentiment was also  underpinned by hopes that near-stagnant output from the world's  No. 2 producer would help ease inventories. 

·         May is below all key moving averages, with key resistance  seen at its 100-day moving average of $14.27 per bushel. The   nine-day relative strength index is at 45.



BMD CPO - KUALA LUMPUR, April 24 (Reuters) - Malaysian palm oil futures rose on Wednesday as buying interest surged after earlier losses, while hopes that near-stagnant output from the world's No.2 producer would help ease inventories also underpinned sentiment.

But bleak economic data that stoked concerns about a slowdown in global demand for commodities kept a lid on gains.

"There hasn't been any new developments in the market so it is drifting sideways these days. Overall there is pressure from the macro side -- energy markets are under pressure, and you have China and German data not looking too good," said a trader with foreign a commodities brokerage in Malaysia.

Growth in Chinese factories slowed to a crawl as export demand dwindled, according to HSBC's flash PMI readings, while Germany, the euro zone's largest economy, saw business activity slip for the first time in five months.

"Things are friendly for palm itself," the trader added. "April's exports will likely be around 1.5 million tonnes. We are looking at a 2-3 percent rise in production, which would probably drop April's end-stocks to a 1.9 million tonne level."

Stocks stood at 2.17 million tonnes in March.

The benchmark July contract on the Bursa Malaysia Derivatives Exchange edged up 0.8 percent to close at 2,290 ringgit ($751) per tonne.

It traded between 2,260 and 2,304 ringgit. Total traded volumes stood at 24,635 lots of 25 tonnes each, lower than the average 35,000 lots.

Poor economic data from China, palm's second largest buyer, may cap gains in crude palm oil prices, analysts said.

"With the latest HSBC Purchasing Manager's Index for March ... worse than the median expectation, concerns have been growing with regards to the sustainability of Chinese growth," Phillip Futures said in a note on Wednesday.

Cargo surveyor data for the first 20 days of April showed that China has imported less palm products from Malaysia compared with the same period last month. Export data for April 1-25 will be released on Thursday.

But near-stagnant production should help offset lower export demand and ease inventory level to below the 2 million tonne mark.

In other markets, Brent crude rose above $101 a barrel, drawing support from strong equity markets, but gains were capped by the gloomy economic data.

In other vegetable oil markets, U.S. soyoil for July delivery  gained 0.3 percent in late Asian trade. The most-active September soybean oil contract on the Dalian Commodities Exchange slipped 1.3 percent.

Wednesday, April 24, 2013

RTRS - Soymeal supplies to remain tight up to May -Oil World


HAMBURG, April 23 (Reuters) - Global soymeal supplies are likely to remain tight into May and possibly even June because of a slow start to exports of South America’s new soybean crop this year, Hamburg-based oilseeds analysts Oil World said on Tuesday.

Consumers of soymeal, a major animal feed, have been awaiting large exports of new crop Argentine and Brazilian soybeans in early 2013 to relieve a tight global market. Prices hit record highs in September 2012 as drought hit the U.S. crop.

“Arrivals of soybeans and products in the importing countries will remain insufficient in April and partly also in May as a result of the continuing severe reduction of exports in March,” Oil World said.

“This affects primarily consumers of soymeal, reflected in the unusual strength of soymeal prices for prompt delivery,” the firm added.

New crop exports from Brazil have been limited by congestion in Brazilian ports, while Argentine farmers have been reluctant sellers in the face of uncertain government policy.

Nearby prices for soymeal were strong in the European market on Monday on worries that congestion in Brazilian ports could lead to a supply squeeze.

The European Union is the main area suffering from reduced South American soymeal exports, Oil World said.

“On the European market, the small arrivals in recent months and the still-delayed shipments from South America have created a severe shortage in the nearby (delivery positions),” it said.

“A notable improvement of soymeal supplies in Rotterdam and other European trading spots may not occur before June.”

RTRS - China HSBC Flash PMI eases, points to tepid Q2 recovery


BEIJING, April 23 (Reuters) - Growth in China's vast factory sector dipped in April as new export orders shrank, a preliminary survey of factory managers showed on Tuesday, suggesting the world's second-largest still faces formidable global headwinds into the second quarter.

The flash HSBC Purchasing Managers' Index for April fell to 50.5 in April from 51.6 in March but was still stronger than February's reading of 50.4.

A sub-index measuring new export orders fell to 48.6 in April from 50.5 in March, reflecting weaker global demand as the U.S. economic recovery remains fragile and the euro zone is mired in recession.

The latest PMI data may overshadow China's recovery in the second quarter after growth unexpectedly slowed to 7.7 percent in the first quarter from 7.9 percent in the previous three months.

Still, the HSBC PMI has been above the 50-point level demarcating growth from contraction from the previous month since November 2012, though its failure to break above 53 indicates that the economic expansion it signals is only moderate.

"New export orders contracted after a temporary rebound in March, suggesting external demand for China's exporters remains weak," said HSBC's China chief economist Qu Hongbin.

"Beijing is expected to respond strongly to sustain the economic recovery by increasing efforts to boost domestic investment and consumption in the coming months.”

The International Monetary Fund on Tuesday cut its 2013 forecast for global growth to 3.3 percent, down from its January projection of 3.5 percent.

Sub-indexes measuring both input and output prices fell in April, indicating overcapacity upstream and soft demand, according to the Flash PMI survey.

An employment sub-index also dipped as factory activity cooled, although China's job market is holding up relatively well despite slower growth.

TEPID RECOVERY
The latest Reuters poll showed China's economic growth could pick up in the second quarter as the government boosts infrastructure spending.

Analysts in the poll expected full-year economic growth to pick up slightly to 8.0 percent in 2013 from 7.8 percent last year, its weakest rate since 1999.

The government is expected to step up infrastructure investment to cushion the economy against global headwinds, but a big stimulus package looks unlikely as Beijing plans to deepen reforms to put growth on a more sustainable long-term footing.

On Tuesday the China Daily newspaper quoted a researcher from the Ministry of Finance as saying that stimulus on the scale of that in 2008 was not necessary, as the economy is on an overall stable trend.

China has set a 7.5 percent GDP growth target for 2013, a level Beijing deems sufficient for job creation while providing room to deliver structural adjustment.

The Q1 slowdown, which came despite a credit boom, suggesting the cash sloshing around the economy is not having the desired effect of stoking growth and could instead exacerbate property and inflationary risks.

The final HSBC manufacturing PMI is scheduled to be published on May 2, a day after the official PMI.

Trader's highlight

DJI - NEW YORK, April 23 (Reuters) - U.S. stocks climbed on Tuesday in a broad rally, recovering from sharp declines sparked by a "bogus" Associated Press tweet about explosions at the White House.

A false tweet by hackers of two explosions at the White House that injured U.S. President Barack Obama provoked a steep drop in stocks, before they quickly recovered minutes later.

Thomson Reuters data showed the benchmark S&P 500 index fell 14.6 points, or 0.93 percent, in the space of 3 minutes when the tweet hit the market. With the S&P 500 valued at about $14.6 trillion at the time of the false tweet, the plunge briefly wiped out $136.5 billion of the index's value.

"If that was true that had happened, that’s a justified selloff, but because people suffer from information overload, people tend to overreact and don’t wait to substantiate things - that is the downside to a 24-7 news cycle," said Jason Weisberg, managing director of Seaport Securities Corp in New York.

"You want instantaneous pricing, you want all the advantages of the technology, well then, you have to live by the negatives that the speed and expediency provide."

The move was a reminder of the May 6, 2010, tumble in markets now known as the "flash crash," when the Dow industrials dropped more than 600 points, eventually piling up a loss of about 1,000 points, in a few minutes before recovering.

The Dow Jones industrial average rose 152.29 points, or 1.05 percent, to close at 14,719.46. The Standard & Poor's 500 Index gained 16.28 points, or 1.04 percent, to finish at 1,578.78. The Nasdaq Composite Index advanced 35.78 points, or 1.11 percent, to end at 3,269.33.

Netflix Inc shares jumped 24.4 percent to $216.99 while Coach shot up 9.8 percent to $55.55. They were the S&P 500's two biggest percentage gainers.

"We are encouraged to see the market focusing on fundamentals, because we had been in a period where the macro trade was pretty much driving things - whatever the global macro event was or political event was seemed to be affecting the movement of the markets for a period of time," said Paul Mangus, head of equity research and strategy at Wells Fargo Private Bank in Charlotte, North Carolina.


Oils - NEW YORK, April 23 (Reuters) - Brent crude oil edged lower on Tuesday in reaction to weak manufacturing data in China and Europe, but it closed above $100 a barrel for a second straight day as it drew some support from strong gains in U.S. equity markets.

The flash HSBC Purchasing Managers' Index fell to 50.5 in April from 51.6 a month earlier as new export orders shrank in China.

The PMI's 50-point level divides growth from contraction from the month before. The data followed lower-than-expected GDP growth for China in the first quarter, which helped spark a sharp sell-off last week.

There was also a surprise decline in business activity among German companies, although the overall euro zone services PMI rose slightly and met economists' forecasts.

"People are worried about a slowdown in China and Europe, but I think with the stock market going higher today, Brent is going to rebound a bit," said Mark Waggoner, president at Excel Futures in Portland, Oregon.

June Brent crude settled down 8 cents at $100.31 a barrel after falling by more than $1.50 in earlier trading. U.S. crude for June deliverysettled down 1 cent at $89.18 a barrel after falling more than $1 earlier.


CBOT Soybean - Soybean futures on the Chicago Board of Trade ended mixed, with front-month May lifted by firm cash markets due to scarce supplies of old-crop U.S. soybeans and soymeal, traders said.


·         Back months pressured by forecasts for improved warmer and   drier crop weather beginning next week in the U.S. crop belt.   Recent heavy rainfall has brought most areas out of drought   status, boosting crop production prospects. 

·         May soybean contract broke through resistance at its  50- and 100-day moving averages but pared gains late in the  session on spillover pressure from corn and wheat. New-crop  November soybeans set a 10-month low.

·         Global soymeal supplies are likely to remain tight into    May and possibly even June because of a slow start to exports of  South America’s new soybean crop this year, oilseeds analysts Oil World said. 

·         Argentina is likely to export more soyoil in coming months    because of weak international demand for its soyoil-based  biodiesel - Oil World. 

·         USDA said private exporters reported sales of 392,000   tonnes of U.S. soybeans to China for delivery in 2013/14.

·         An elderly man in eastern China died of bird flu on   Tuesday, bringing the death toll from a strain that recently  emerged in humans to 22. China has culled thousands of birds and shut down some live poultry markets. 




BMD CPO - SINGAPORE, April 23 (Reuters) - Malaysian palm oil futures inched up on Tuesday as a drop in prices to 4-month lows in the previous session attracted some buyers, although gains were limited by slowing export demand.

A preliminary reading on Tuesday showed manufacturing growth in China slowed in April, further weighing on riskier assets such as shares and some commodities after disappointing economic data last week triggered a sharp market sell-off.

But traders said palm oil prices drew some support from bargain hunting after tumbling to a 4-month low the previous day on sluggish exports and bearish external factors.

"We see some bargain hunting today, but overall sentiment is still volatile especially on the macroeconomic front. Support remains at 2,250 ringgit," said a trader with a foreign commodities brokerage in Kuala Lumpur.

The benchmark July contract on the Bursa Malaysia Derivatives Exchange gained 0.8 percent to close at 2,272 ringgit ($743) per tonne. Prices fell to 2,250 ringgit on Monday, a level not seen since Dec. 14.

Total traded volumes stood at 35,888 lots of 25 tonnes each, slightly more than the average 35,000 lots seen so far this year.

SLUGGISH PALM EXPORTS
Malaysian palm oil exports for April 1-20 fell 6.4 percent to 864,206 tonnes from 922,987 tonnes shipped during March 1-20, cargo surveyor Societe Generale de Surveillance said.

Sluggish exports could prevent end-stocks from easing below the psychological 2-million-tonne mark, putting more pressure on palm oil prices. Inventory level fell to 2.17 million tonnes in March, down 11 percent from February's 2.44 million tonnes.

In other markets, Brent crude fell below $99 a barrel after weaker-than-expected manufacturing data from China and Germany darkened the outlook for fuel demand.

The flash HSBC Purchasing Managers' Index fell to 50.5 in April from 51.6 the month before as new export orders shrank in China. The PMI's 50-point level demarcates growth from contraction from the month before.

In other vegetable oil markets, U.S. soyoil for July delivery edged down 0.6 percent in late Asian trade. The most-active September soybean oil contract on the Dalian Commodities Exchange fell 1 percent.