DJI-NEW YORK, June 20 (Reuters) - U.S. stocks rose on Monday, as the latest development to reduce Greece's debt helped draw buyers and the S&P 500 touched a key support level, but anemic volume signalled the recent weakness may not be over.
Stocks erased early losses as the S&P 500 dipped toward 1,259.78, its 200-day moving average, which is often viewed as a pivotal point in determining the market's direction. A drop below that level would be the first since September 2010.
The Dow Jones industrial average .DJI climbed 76.02 points, or 0.63 percent, to end at 12,080.38. The Standard & Poor's 500 Index .SPX rose 6.86 points, or 0.54 percent, to 1,278.36. The Nasdaq Composite Index .IXIC gained 13.18 points, or 0.50 percent, to 2,629.66 at the close.
NYMEX-NEW YORK, June 20 (Reuters) - U.S. crude futures edged up on Monday, lifted by WTI/Brent spread trade ahead of the NYMEX July crude contract's expiration on Tuesday, traders said.
A late bounce on Wall Street was also supportive but continued uncertainty on how the Greek debt crisis could be resolved kept investors nervous, they added.
Greece's problems pressured the euro as European finance ministers failed to give clarity on Greece's outlook as they delayed a decision on the next tranche of financial aid.
On the New York Mercantile Exchange, July crude CLN1, which expires on Tuesday, settled at $93.26 a barrel, up 25 cents, trading between $91.14 and $93.49.
CBOT-SOYBEANS-U.S. soybean futures on the Chicago Board of Trade closed higher on a short-covering bounce after the market fell in six of the previous seven sessions, traders said.
Talk of firm cash markets in Brazil tied to recent sales of Brazilian soy to China added support.
USDA's weekly crop progress report late Monday afternoon was expected to show a slight improvement in U.S. corn and soybean ratings as hot weather in key growing areas of the Midwest helped aid crop development - trade.
FCPO-JAKARTA, June 20 (Reuters) - Malaysian palm oil futures ended flat on Monday, after dropping to a five-week low in the previous session, as falling crude and an uncertain supply and demand outlook offset positive export numbers from No.2 producer Malaysia.
The benchmark September crude palm oil contract KPOc3 on the Bursa Malaysia Derivatives Exchange closed nearly 0.2 percent lower at 3,193 Malaysian ringgit ($1,051) a tonne, after hitting an earlier high at 3,221 ringgit.
Exports of Malaysian palm oil products for June 1-20 rose 22 percent to 969,804 tonnes from 794,322 tonnes shipped during May 1-20, cargo surveyor Intertek Testing Services said.
Palm olein's discount to competing soyoil has widened at a time when China and India are restocking. Muslim countries are also in the market to buy extra supplies ahead of Ramadan in August, when vegetable oil consumption rises as fasting in the day is followed by feasts and dinner gatherings at night.
Traded volume for the September contract closed at 13,236 lots of 25 tonnes each, versus a total at 18,364 lots on Friday.
On Friday, benchmark prices touched its lowest level since May 6 at 3,163 ringgit, due in part to growing stock levels.
Stocks in Malaysia are expected to rise above a 16-month high of 1.92 million tonnes hit last month. While this could draw in more demand, the country is going through a high production period.
REGIONAL EQUITIES-BANGKOK, June 20 (Reuters) - Most Southeast Asian stock markets remained depressed on Monday as a delay in a final decision on extending emergency loans to Greece ate into risk appetite and a fall in crude prices triggered selling in resource stocks.
The markets traded in a fairly narrow range, most still seeing weak volume, as last week, with turnover in the Thai .SETI and Indonesian .JKSE bourses half the 30-day average.
Thailand's SET Index fell 0.6 percent, extending losses into a fourth session, while Vietnam .VNI dropped 1.7 percent to the lowest in almost two weeks and Malaysia .KLSE edged down 0.3 percent, with the selling led by local investors.
Late bargain-hunting helped reverse early losses in Singapore .FTSTI and Indonesia .JKSE, which ended up 0.28 percent and 0.18 percent respectively. The trend in the region would remain weak, brokers said.
Tuesday, June 21, 2011
Monday, June 20, 2011
Trader's Highlight
DJI-NEW YORK, June 17 (Reuters) - The Dow and S&P 500 rose on Friday after France and Germany outlined an agreement to aid debt-burdened Greece, but analysts said a recent bearish trend may not be over.
The Dow managed to close just above 12,000, but the S&P 500 barely squeaked out a gain for the week after six straight weeks of losses. The uncertainty surrounding a resolution of the debt crisis kept investors wary of committing more cash to equities.
Research In Motion Ltd's RIMM.O U.S.-listed shares sank 21.5 percent to $27.75 in its busiest day of trading in almost six years. The BlackBerry maker's sour results, released late Thursday, pushed the Nasdaq lower and dragged on other top technology names such as Apple Inc AAPL.O, down 1.5 percent at $320.26.
The Dow Jones industrial average .DJI rose 42.84 points, or 0.36 percent, to end at 12,004.36. The Standard & Poor's 500 Index .SPX gained 3.86 points, or 0.30 percent, to 1,271.50. But the Nasdaq Composite Index .IXIC fell 7.22 points, or 0.28 percent, to 2,616.48.
NYMEX-NEW YORK, June 17 (Reuters) - U.S. crude futures fell more than 2 percent on Friday as continuing worries about Greece's debt woes and U.S. slower economic growth pressured oil prices.
Crude prices dropped 6.3 percent for the week, the biggest losing week since the commodities-wide sell-off in early May.
On the New York Mercantile Exchange, July crude CLN1 fell $1.94, or 2.04 percent, to settle at $93.01 a barrel, the lowest settlement since the Feb. 18 close at $86.20. Friday's intraday high was $95.40 and the $91.84 was below front-month crude's 200-day moving average of $92.22.
CBOT-SOYBEANS-Chicago Board of Trade soybean futures fell on fund long-liquidation, improved U.S. crop weather, falling crude oil and slow U.S. soy exports.Soybeans dropped despite a downturn in the dollar on Friday.
Some funds were exiting the markets due to concerns about the Greek debt crisis and a slowing U.S. economic recovery.
FCPO-KUALA LUMPUR, June 17 (Reuters) - Malaysian palm oil futures dropped to more than five-week lows on Thursday, before ending slightly higher in choppy trade as weaker external markets and growing stocks weighed on the market.
Stocks in Malaysia, the world's No.2 producer, are expected to rise above a 16-month high of 1.92 million tonnes hit last month. While this could draw in more demand, the country is going through a high production period.
The benchmark September crude palm oil contract KPOc3 on the Bursa Malaysia Derivatives Exchange lost as much as 0.9 percent to 3,163 ringgit ($1,045) a tonne, the lowest level seen since May 6. The market ended a tad higher at 3,198 ringgit.
Overall traded volume stood at 31,798 lots of 25 tonnes each, higher than the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, June 17 (Reuters) - Most Southeast Asian stock markets fell on Friday as regional big-caps came under selling pressure because of worries about Greece's debt crisis, while a fall in crude oil pulled resource shares lower.
Stocks in Singapore .FTSTI and Indonesia .JKSE slipped to multi-month lows. Others drifted lower in range trading, with Thai stocks .SETI posting the weakest turnover of 0.7 times the 30-day average, with political concerns deterring investors.
Singapore posted its second straight weekly loss, falling 2.4 percent, Southeast Asia's worst performer.
The Straits Times Index lost 0.5 percent on the day and briefly breached the 3,000 level because of the euro zone crisis and U.S. economic slowdown, said Najeeb Jarhom, head of research at broker AmFraser Securities.
Bucking the trend, Malaysia .KLSE gained 0.6 percent to its highest level in more than two weeks. Malaysia racked up $227 million of inflows on the week, reversing a $26.8 million outflow the previous week, exchange data showed.
Dealers attributed growing demand for Malaysia to increased government spending, which could drive the domestic economy. Banks led gainers on Friday, with leader Maybank MBBM.KL surging 3 percent.
The Dow managed to close just above 12,000, but the S&P 500 barely squeaked out a gain for the week after six straight weeks of losses. The uncertainty surrounding a resolution of the debt crisis kept investors wary of committing more cash to equities.
Research In Motion Ltd's RIMM.O U.S.-listed shares sank 21.5 percent to $27.75 in its busiest day of trading in almost six years. The BlackBerry maker's sour results, released late Thursday, pushed the Nasdaq lower and dragged on other top technology names such as Apple Inc AAPL.O, down 1.5 percent at $320.26.
The Dow Jones industrial average .DJI rose 42.84 points, or 0.36 percent, to end at 12,004.36. The Standard & Poor's 500 Index .SPX gained 3.86 points, or 0.30 percent, to 1,271.50. But the Nasdaq Composite Index .IXIC fell 7.22 points, or 0.28 percent, to 2,616.48.
NYMEX-NEW YORK, June 17 (Reuters) - U.S. crude futures fell more than 2 percent on Friday as continuing worries about Greece's debt woes and U.S. slower economic growth pressured oil prices.
Crude prices dropped 6.3 percent for the week, the biggest losing week since the commodities-wide sell-off in early May.
On the New York Mercantile Exchange, July crude CLN1 fell $1.94, or 2.04 percent, to settle at $93.01 a barrel, the lowest settlement since the Feb. 18 close at $86.20. Friday's intraday high was $95.40 and the $91.84 was below front-month crude's 200-day moving average of $92.22.
CBOT-SOYBEANS-Chicago Board of Trade soybean futures fell on fund long-liquidation, improved U.S. crop weather, falling crude oil and slow U.S. soy exports.Soybeans dropped despite a downturn in the dollar on Friday.
Some funds were exiting the markets due to concerns about the Greek debt crisis and a slowing U.S. economic recovery.
FCPO-KUALA LUMPUR, June 17 (Reuters) - Malaysian palm oil futures dropped to more than five-week lows on Thursday, before ending slightly higher in choppy trade as weaker external markets and growing stocks weighed on the market.
Stocks in Malaysia, the world's No.2 producer, are expected to rise above a 16-month high of 1.92 million tonnes hit last month. While this could draw in more demand, the country is going through a high production period.
The benchmark September crude palm oil contract KPOc3 on the Bursa Malaysia Derivatives Exchange lost as much as 0.9 percent to 3,163 ringgit ($1,045) a tonne, the lowest level seen since May 6. The market ended a tad higher at 3,198 ringgit.
Overall traded volume stood at 31,798 lots of 25 tonnes each, higher than the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, June 17 (Reuters) - Most Southeast Asian stock markets fell on Friday as regional big-caps came under selling pressure because of worries about Greece's debt crisis, while a fall in crude oil pulled resource shares lower.
Stocks in Singapore .FTSTI and Indonesia .JKSE slipped to multi-month lows. Others drifted lower in range trading, with Thai stocks .SETI posting the weakest turnover of 0.7 times the 30-day average, with political concerns deterring investors.
Singapore posted its second straight weekly loss, falling 2.4 percent, Southeast Asia's worst performer.
The Straits Times Index lost 0.5 percent on the day and briefly breached the 3,000 level because of the euro zone crisis and U.S. economic slowdown, said Najeeb Jarhom, head of research at broker AmFraser Securities.
Bucking the trend, Malaysia .KLSE gained 0.6 percent to its highest level in more than two weeks. Malaysia racked up $227 million of inflows on the week, reversing a $26.8 million outflow the previous week, exchange data showed.
Dealers attributed growing demand for Malaysia to increased government spending, which could drive the domestic economy. Banks led gainers on Friday, with leader Maybank MBBM.KL surging 3 percent.
Friday, June 17, 2011
Trader's Highlight
DJI-NEW YORK, June 16 (Reuters) - U.S. stocks rose in volatile trading on Thursday, thanks only to technical factors and options expirations. But raging uncertainty about Greece prevented investors from committing money to the market.
The impending expiration of stock-index futures, single-stock futures, equity options and stock-index options for June -- known as quadruple witching -- created exceptional volatility, pushing the S&P 500 to swing more than 1 percent from its session low to its intraday high.
Greece kept a pall over investor sentiment, even though experts say U.S. banks' exposure to Greek debt may be smaller than many market participants fear.
The Dow Jones industrial average .DJI gained 64.25 points, or 0.54 percent, to 11,961.52. The Standard & Poor's 500 Index .SPX added 2.22 points, or 0.18 percent, to 1,267.64. But the Nasdaq Composite Index .IXIC dropped 7.76 points, or 0.29 percent, to 2,623.70.
NYMEX-NEW YORK, June 16 (Reuters) - U.S. crude futures rebounded on Thursday, buoyed by a forecast of higher demand from the International Energy Administration and better readings of the U.S. labor and housing markets.
Gains were limited by a Federal Reserve report that mid-Atlantic factory activity fell to a near two-year low, which added to recent signals of a slowing economic recovery.
On the New York Mercantile Exchange, July crude CLN1 settled up 14 cents, or 0.15 percent, at $94.95 a barrel, trading from $94.29 to $95.75.
CBOT-SOYBEANS-Chicago Board of Trade soybean futures ended lower on fund long-liquidation linked to better U.S. crop weather, a firm dollar and on spillover selling from falling corn futures.
Technical selling tied to a soaring dollar on mounting concern about the global economy and Greece's debt crisis.
FCPO-KUALA LUMPUR, June 16 (Reuters) - Malaysian palm oil futures dropped on Thursday as traders cut back on worries that stocks could grow beyond two million tonnes this month.
Although orders for the tropical oil have grown in response to higher output in Malaysia and a widening discount to competing soyoil, stocks are expected to rise above a 16-month high of 1.92 million tonnes hit in May.
If in the next few months Malaysian stocks rise above the record 2.3 million tonnes last seen in November 2008, palm oil prices could extend its 14 percent loss notched so far this year.
By midday, the benchmark September crude palm oil contract KPOc3 on the Bursa Malaysia Derivatives Exchange fell 0.7 percent or 22 ringgit to 3,248 ringgit ($1,071) a tonne.
Overall traded volume was a tad light with 8,502 lots of 25 tonnes each exchanged, compared to the usual 12,500 lots.
Cargo surveyor Societe Generale de Surveillance said June 1-15 Malaysian palm oil exports jumped 16.2 percent to 699,674 tonnes from a month ago.
REGIONAL EQUITIES-BANGKOK, June 16 (Reuters) - Southeast Asian stock markets fell on Thursday as faltering world economic growth took its toll on sectors with global exposure, while Singapore property developers fell after a drop in private home sales.
Worries about weak U.S. economic data and Greece's debt troubles clouded regional sentiment. Stocks in Singapore .FTSTI fell 1.1 percent to the lowest in almost three months and Indonesia .JKSE lost 1.4 percent to a two-month low.
Malaysia .KLSE, Thailand .SETI and the Philippines .PSI also ended lower but Vietnam .VNI, the region's smallest bourse, bucked the trend, rising 0.8 percent to end a three-session losing streak.
The impending expiration of stock-index futures, single-stock futures, equity options and stock-index options for June -- known as quadruple witching -- created exceptional volatility, pushing the S&P 500 to swing more than 1 percent from its session low to its intraday high.
Greece kept a pall over investor sentiment, even though experts say U.S. banks' exposure to Greek debt may be smaller than many market participants fear.
The Dow Jones industrial average .DJI gained 64.25 points, or 0.54 percent, to 11,961.52. The Standard & Poor's 500 Index .SPX added 2.22 points, or 0.18 percent, to 1,267.64. But the Nasdaq Composite Index .IXIC dropped 7.76 points, or 0.29 percent, to 2,623.70.
NYMEX-NEW YORK, June 16 (Reuters) - U.S. crude futures rebounded on Thursday, buoyed by a forecast of higher demand from the International Energy Administration and better readings of the U.S. labor and housing markets.
Gains were limited by a Federal Reserve report that mid-Atlantic factory activity fell to a near two-year low, which added to recent signals of a slowing economic recovery.
On the New York Mercantile Exchange, July crude CLN1 settled up 14 cents, or 0.15 percent, at $94.95 a barrel, trading from $94.29 to $95.75.
CBOT-SOYBEANS-Chicago Board of Trade soybean futures ended lower on fund long-liquidation linked to better U.S. crop weather, a firm dollar and on spillover selling from falling corn futures.
Technical selling tied to a soaring dollar on mounting concern about the global economy and Greece's debt crisis.
FCPO-KUALA LUMPUR, June 16 (Reuters) - Malaysian palm oil futures dropped on Thursday as traders cut back on worries that stocks could grow beyond two million tonnes this month.
Although orders for the tropical oil have grown in response to higher output in Malaysia and a widening discount to competing soyoil, stocks are expected to rise above a 16-month high of 1.92 million tonnes hit in May.
If in the next few months Malaysian stocks rise above the record 2.3 million tonnes last seen in November 2008, palm oil prices could extend its 14 percent loss notched so far this year.
By midday, the benchmark September crude palm oil contract KPOc3 on the Bursa Malaysia Derivatives Exchange fell 0.7 percent or 22 ringgit to 3,248 ringgit ($1,071) a tonne.
Overall traded volume was a tad light with 8,502 lots of 25 tonnes each exchanged, compared to the usual 12,500 lots.
Cargo surveyor Societe Generale de Surveillance said June 1-15 Malaysian palm oil exports jumped 16.2 percent to 699,674 tonnes from a month ago.
REGIONAL EQUITIES-BANGKOK, June 16 (Reuters) - Southeast Asian stock markets fell on Thursday as faltering world economic growth took its toll on sectors with global exposure, while Singapore property developers fell after a drop in private home sales.
Worries about weak U.S. economic data and Greece's debt troubles clouded regional sentiment. Stocks in Singapore .FTSTI fell 1.1 percent to the lowest in almost three months and Indonesia .JKSE lost 1.4 percent to a two-month low.
Malaysia .KLSE, Thailand .SETI and the Philippines .PSI also ended lower but Vietnam .VNI, the region's smallest bourse, bucked the trend, rising 0.8 percent to end a three-session losing streak.
Thursday, June 16, 2011
Trader's Highlight
DJI-NEW YORK, June 15 (Reuters) - U.S. stocks tumbled on Wednesday, driven lower by escalating Greek debt woes, while troubling U.S. data pointed to further losses ahead.
Financials came under fire after Moody's Investors Service said it may cut the credit ratings of French banks, citing exposure to Greek debt. U.S. data showed the U.S. economy is facing a troubling mix of higher prices and weak growth.
The Dow Jones industrial average .DJI dropped 178.84 points, or 1.48 percent, to 11,897.27. The Standard & Poor's 500 Index .SPX lost 22.45 points, or 1.74 percent, to 1,265.42. The Nasdaq Composite Index .IXIC slid 47.26 points, or 1.76 percent, to 2,631.46.
NYMEX-NEW YORK, June 15 (Reuters) - U.S. crude futures fell more than 4 percent on Wednesday, posting its lowest settlement since Feb. 22 as weak economic data and the strong dollar weighed on oil prices.
Underlying U.S. inflation rose to its highest level in nearly three years in May, while a regional factory gauge for New York posted a surprise contraction this month, reports on Wednesday showed. [nN15281293]
The euro hit a 2-1/2-week low against the dollar, heading for its worst day in more than a month as investors fretted about the lack of resolution of Greece's debt crisis and the effect a default could have on European banks.
On the New York Mercantile Exchange, July crude CLN1 fell $4.56, or 4.59 percent, to settle at $94.81 a barrel, the lowest settlement since front-month crude closed at $93.57 on Feb. 22.
CBOT-SOYBEANS-Chicago Board of Trade soybean futures closed firm on late short-covering following the drop of prices earlier in the trading session because of a soaring dollar.
The dollar was up about 1-1/2 percent when grain futures trading closed as governments in Europe tried to deal with the Greek debt problem. The dollar also was lifted as the U.S. Consumer Price Index for May rose the most in nearly three years.
FCPO-KUALA LUMPUR, June 15 (Reuters) - Malaysian palm oil futures rose half percent on Wednesday on robust export growth although traders bet expected stronger production of overall vegetable oil supplies in the coming months could still keep stocks growing and prices weak.
Traders said palm oil may fall to 3,000 ringgit per tonne by end-June as palm stocks are likely to go above a 16-month high hit in May and as the South American soy crop streams in.
The benchmark August crude palm oil contract KPOc3 on the Bursa Malaysia Derivatives Exchange ended 15 ringgit higher to 3,268 ringgit ($1,078.370) a tonne. Overall traded volume was 20,420 lots of 25 tonnes each, lower than the usual 25,000 lots.
Exports of Malaysian palm oil products for June 1-15 rose 26 percent to 671,314 tonnes from 533,419 tonnes shipped during May 1-15, cargo surveyor Intertek Testing Services said on Wednesday.
REGIONAL EQUITIES-BANGKOK, June 15 (Reuters) - Some Southeast Asian stock markets climbed on Wednesday, with consumer sector shares extending gains as investors looked for defensive stocks against global volatility, while a rise in crude palm oil prices spurred buying in palm plantation shares.
In general, investors remained cautious about building up emerging stock market positions. Most markets reported light trading volume, with Indonesia seeing just 0.7times its 30-day average.
Bank of America Merrill Lynch was cautious on ASEAN, or Southeast Asian, equities over the next six months, saying economic growth was slowing and the end of U.S. quantitative easing could "normalise" or reverse liquidity flow into the region.
Singapore's benchmark Straits Times Index ended down 0.08 percent at 3,054.82 after a choppy session.
Technical signs pointed to a buying opportunity for Singapore, with the index testing a 3,040 support early this week, suggesting the bottom should come in the next four to six weeks, according to Najeeb Jarhom, head of research at broker AmFraser Securities in Singapore.
Palm plantation stocks rose as Malaysian palm oil futures edged up due to robust export growth. Among gainers, Singapore's Noble Group NOBG.SI rose 0.5 percent and Malaysia's IOI Corp IOIB.KL inched up 0.2 percent.
Financials came under fire after Moody's Investors Service said it may cut the credit ratings of French banks, citing exposure to Greek debt. U.S. data showed the U.S. economy is facing a troubling mix of higher prices and weak growth.
The Dow Jones industrial average .DJI dropped 178.84 points, or 1.48 percent, to 11,897.27. The Standard & Poor's 500 Index .SPX lost 22.45 points, or 1.74 percent, to 1,265.42. The Nasdaq Composite Index .IXIC slid 47.26 points, or 1.76 percent, to 2,631.46.
NYMEX-NEW YORK, June 15 (Reuters) - U.S. crude futures fell more than 4 percent on Wednesday, posting its lowest settlement since Feb. 22 as weak economic data and the strong dollar weighed on oil prices.
Underlying U.S. inflation rose to its highest level in nearly three years in May, while a regional factory gauge for New York posted a surprise contraction this month, reports on Wednesday showed. [nN15281293]
The euro hit a 2-1/2-week low against the dollar, heading for its worst day in more than a month as investors fretted about the lack of resolution of Greece's debt crisis and the effect a default could have on European banks.
On the New York Mercantile Exchange, July crude CLN1 fell $4.56, or 4.59 percent, to settle at $94.81 a barrel, the lowest settlement since front-month crude closed at $93.57 on Feb. 22.
CBOT-SOYBEANS-Chicago Board of Trade soybean futures closed firm on late short-covering following the drop of prices earlier in the trading session because of a soaring dollar.
The dollar was up about 1-1/2 percent when grain futures trading closed as governments in Europe tried to deal with the Greek debt problem. The dollar also was lifted as the U.S. Consumer Price Index for May rose the most in nearly three years.
FCPO-KUALA LUMPUR, June 15 (Reuters) - Malaysian palm oil futures rose half percent on Wednesday on robust export growth although traders bet expected stronger production of overall vegetable oil supplies in the coming months could still keep stocks growing and prices weak.
Traders said palm oil may fall to 3,000 ringgit per tonne by end-June as palm stocks are likely to go above a 16-month high hit in May and as the South American soy crop streams in.
The benchmark August crude palm oil contract KPOc3 on the Bursa Malaysia Derivatives Exchange ended 15 ringgit higher to 3,268 ringgit ($1,078.370) a tonne. Overall traded volume was 20,420 lots of 25 tonnes each, lower than the usual 25,000 lots.
Exports of Malaysian palm oil products for June 1-15 rose 26 percent to 671,314 tonnes from 533,419 tonnes shipped during May 1-15, cargo surveyor Intertek Testing Services said on Wednesday.
REGIONAL EQUITIES-BANGKOK, June 15 (Reuters) - Some Southeast Asian stock markets climbed on Wednesday, with consumer sector shares extending gains as investors looked for defensive stocks against global volatility, while a rise in crude palm oil prices spurred buying in palm plantation shares.
In general, investors remained cautious about building up emerging stock market positions. Most markets reported light trading volume, with Indonesia seeing just 0.7times its 30-day average.
Bank of America Merrill Lynch was cautious on ASEAN, or Southeast Asian, equities over the next six months, saying economic growth was slowing and the end of U.S. quantitative easing could "normalise" or reverse liquidity flow into the region.
Singapore's benchmark Straits Times Index ended down 0.08 percent at 3,054.82 after a choppy session.
Technical signs pointed to a buying opportunity for Singapore, with the index testing a 3,040 support early this week, suggesting the bottom should come in the next four to six weeks, according to Najeeb Jarhom, head of research at broker AmFraser Securities in Singapore.
Palm plantation stocks rose as Malaysian palm oil futures edged up due to robust export growth. Among gainers, Singapore's Noble Group NOBG.SI rose 0.5 percent and Malaysia's IOI Corp IOIB.KL inched up 0.2 percent.
Wednesday, June 15, 2011
Trader's Highlight
DJI-NEW YORK, June 14 (Reuters) - U.S. stocks posted their biggest gains in nearly two months on Tuesday as retail sales figures allayed fears over the economy that had driven a six-week slump in the market.
Many analysts said the rally was likely a one-day wonder. Though still weak, the retail sales data was not as bad as most had expected, which provided an excuse to buy after the market had neared its most oversold conditions in a year.
The Dow Jones industrial average .DJI gained 123.14 points, or 1.03 percent, to 12,076.11. The Standard & Poor's 500 Index .SPX rose 16.04 points, or 1.26 percent, to 1,287.87. The Nasdaq Composite Index .IXIC advanced 39.03 points, or 1.48 percent, to 2,678.72.
NYMEX-NEW YORK, June 14 (Reuters) - U.S. crude oil futures extended gains in post-settlement trading on Tuesday after industry data showed that domestic crude inventories fell twice more than the forecast in a Reuters poll.
The late price surge followed a session rebound that led to a 2 percent gain at settlement, buoyed by supportive U.S. and Chinese economic data that eased some concerns about global oil demand.
The American Petroleum Institute said that for the week to June 10, crude stockpiles fell 3 million barrels, against the poll forecast of down 1.5 million barrels.API/S
On the New York Mercantile Exchange at 4:56 p.m. EDT (2056 GMT), crude for July delivery CLN1 was up $2.15, or 2.21 percent, at $99.45 a barrel, after extending the day's high to $99.54.
CBOT-SOYBEANS-Chicago Board of Trade soybean futures closed lower, pressured by better U.S. crop weather and news China was again raising its bank reserve requirement in an attempt to tame inflation.
A few showers this week may disrupt soybean plantings in the U.S. Midwest, but the moisture was seen as beneficial to sown corn and soybean crops. Overall, warmer and drier weather also seen boosting crop growth and development.
Goldman Sachs GS.N said, on Tuesday, it continues to expect higher corn and soybean prices and range-bound wheat and cotton prices as adverse weather conditions delayed U.S. planting this spring.
FCPO-KUALA LUMPUR, June 14 (Reuters) - Malaysian palm oil futures made little headway on Tuesday, with the market split between rising vegetable oil supplies and strong demand expectations.
Palm oil may come under further pressure as an improved U.S. soy crop will lead to more crushing into soyoil -- swelling global supplies at a time when palm oil stocks in Malaysia hit a 16-month high last month. [nL3E7H80Y2]
But strong demand as China restocks and Muslim countries snap up palm-based cooking oil cargoes ahead of Ramadan in August could limit losses. Traders are looking out for cargo surveyor reports on June 1-15 Malaysian palm oil exports.
The benchmark August crude palm oil contract KPOc3 on Bursa Malaysia Derivatives Exchange fell 7 ringgit to 3,253 ringgit ($1,069.54) per tonne but staying well above one month lows of 3,199 ringgit hit the previous day. Overall traded volume fell to 21,936 lots of 25 tonnes each, from the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, June 14 (Reuters) - Some Southeast Asian stock markets edged higher on Tuesday as optimism about domestic demand lifted consumer stocks and a recovery in crude prices helped resource shares, but investors remained wary of a possible Greek debt default and the faltering U.S. economy.
Stocks in Indonesia .JKSE snapped a four-session losing streak, although turnover fell to half its 30-day average. Southeast Asia's second best performer this year gained foreign inflows of $210 million, the biggest in more than two months.
In a report on Tuesday, Morgan Stanley said it was changing its sector preference from global commodities to structural domestic plays, with a recent upgrade of Indonesian banks to attractive, and it did not now expect the Indonesian central bank to raise rates in the second half.
A combination of factors such as global commodity price softening, a slowdown in global growth momentum and a decline in Indonesian food prices had reduced the risk of a spike in inflationary pressure and further tightening in 2011, it said.
Many analysts said the rally was likely a one-day wonder. Though still weak, the retail sales data was not as bad as most had expected, which provided an excuse to buy after the market had neared its most oversold conditions in a year.
The Dow Jones industrial average .DJI gained 123.14 points, or 1.03 percent, to 12,076.11. The Standard & Poor's 500 Index .SPX rose 16.04 points, or 1.26 percent, to 1,287.87. The Nasdaq Composite Index .IXIC advanced 39.03 points, or 1.48 percent, to 2,678.72.
NYMEX-NEW YORK, June 14 (Reuters) - U.S. crude oil futures extended gains in post-settlement trading on Tuesday after industry data showed that domestic crude inventories fell twice more than the forecast in a Reuters poll.
The late price surge followed a session rebound that led to a 2 percent gain at settlement, buoyed by supportive U.S. and Chinese economic data that eased some concerns about global oil demand.
The American Petroleum Institute said that for the week to June 10, crude stockpiles fell 3 million barrels, against the poll forecast of down 1.5 million barrels.API/S
On the New York Mercantile Exchange at 4:56 p.m. EDT (2056 GMT), crude for July delivery CLN1 was up $2.15, or 2.21 percent, at $99.45 a barrel, after extending the day's high to $99.54.
CBOT-SOYBEANS-Chicago Board of Trade soybean futures closed lower, pressured by better U.S. crop weather and news China was again raising its bank reserve requirement in an attempt to tame inflation.
A few showers this week may disrupt soybean plantings in the U.S. Midwest, but the moisture was seen as beneficial to sown corn and soybean crops. Overall, warmer and drier weather also seen boosting crop growth and development.
Goldman Sachs GS.N said, on Tuesday, it continues to expect higher corn and soybean prices and range-bound wheat and cotton prices as adverse weather conditions delayed U.S. planting this spring.
FCPO-KUALA LUMPUR, June 14 (Reuters) - Malaysian palm oil futures made little headway on Tuesday, with the market split between rising vegetable oil supplies and strong demand expectations.
Palm oil may come under further pressure as an improved U.S. soy crop will lead to more crushing into soyoil -- swelling global supplies at a time when palm oil stocks in Malaysia hit a 16-month high last month. [nL3E7H80Y2]
But strong demand as China restocks and Muslim countries snap up palm-based cooking oil cargoes ahead of Ramadan in August could limit losses. Traders are looking out for cargo surveyor reports on June 1-15 Malaysian palm oil exports.
The benchmark August crude palm oil contract KPOc3 on Bursa Malaysia Derivatives Exchange fell 7 ringgit to 3,253 ringgit ($1,069.54) per tonne but staying well above one month lows of 3,199 ringgit hit the previous day. Overall traded volume fell to 21,936 lots of 25 tonnes each, from the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, June 14 (Reuters) - Some Southeast Asian stock markets edged higher on Tuesday as optimism about domestic demand lifted consumer stocks and a recovery in crude prices helped resource shares, but investors remained wary of a possible Greek debt default and the faltering U.S. economy.
Stocks in Indonesia .JKSE snapped a four-session losing streak, although turnover fell to half its 30-day average. Southeast Asia's second best performer this year gained foreign inflows of $210 million, the biggest in more than two months.
In a report on Tuesday, Morgan Stanley said it was changing its sector preference from global commodities to structural domestic plays, with a recent upgrade of Indonesian banks to attractive, and it did not now expect the Indonesian central bank to raise rates in the second half.
A combination of factors such as global commodity price softening, a slowdown in global growth momentum and a decline in Indonesian food prices had reduced the risk of a spike in inflationary pressure and further tightening in 2011, it said.
Tuesday, June 14, 2011
Trader's Highlight
DJI-NEW YORK, June 13 (Reuters) - U.S. stocks drifted sideways on Monday, in what is likely a temporary pause in a sell-off brought on by growing fears of another economic downturn.
The benchmark S&P 500 rose for only the second time in the past nine sessions while the Nasdaq 100 .NDX managed to survive a fall below its 200-day moving average at 2,218, quickly reversing those losses.
Investors remained noncommittal about whether stocks have become cheap enough after six weeks of selling to pour some money back into equities again.
The Dow Jones industrial average gained 1.06 points, or 0.01 percent, to end at11,952.97. The Standard & Poor's 500 Index added just 0.85 of a point, or 0.07percent, to 1,271.83. But the Nasdaq Composite Index dropped 4.04 points, or 0.15percent, to close at 2,639.69.
NYMEX-NEW YORK, June 13 (Reuters) - U.S. crude futures ended lower for a second session on Monday as the S&P's credit rating downgrade of Greece and signs of a cooling Chinese economy stoked concerns about a slowdown in economic growth.
Greece became the country with the lowest credit rating in the world after Standard & Poor's downgraded it by three notches, saying the agency would consider a likely debt restructuring as a default.
On the New York Mercantile Exchange, July crude CLN1 settled at $97.30 a barrel, dropping $1.99, or 2 percent, after trading from $96.13, to $99.32.
CBOT-SOYBEANS-Chicago Board of Trade soybean futures closed lower on improved U.S. planting weather, falling crude oil and on profit-taking.
Drier weather this week in the U.S. Midwest seen boosting crop plantings except in low-lying areas adjacent to rivers where flooding remains a problem. There will be some occasional shower activity that will disrupt plantings.
FCPO-KUALA LUMPUR, June 13 (Reuters) - Malaysian palm oil futures snapped five days of losses on Monday, pulling back from a more than one-month low earlier in the session on hopes for higher overseas demand, although concerns about rising stock levels weighed.
Cargo surveyor Societe Generale de Surveillance last week said exports of Malaysian palm oil products for June 1-10 rose as much as 27.2 percent to 411,852 tonnes from one month ago.
The benchmark August crude palm oil contract KPOc3 on Bursa Malaysia Derivatives Exchange rose half a percent to 3,256 ringgit ($1,077.79) per tonne, after reversing losses from 3,199 ringgit hit earlier in the day -- a level unseen since May 9.
Palm oil, which lost 5.3 percent last week, was pressured by data that showed stocks in Malaysia in May rose 15 percent from April to a 16-month high of 1.92 million tonnes. Overall traded volume was 24,692 lots of 25 tonnes each, from the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, June 13 (Reuters) - Southeast Asian stock markets hit multi-week lows on Monday as the weak outlook for the global economy dented sentiment and foreigners continued to sell in Thailand ahead of its general election next month.
Caution about the corporate earnings outlook grew as investors assessed the impact of a global slowdown. Trading was generally subdued, with turnover in Thailand falling to 0.6 times its 30-day average, the weakest in the region.
The twin threat from the global slowdown and domestic political uncertainty lopped 0.5 percent off the benchmark Thai index .SETI on Monday, after a 3.5 percent drop last week, when it was Southeast Asia's worst performer.
Stocks in Indonesia .JKSE and the Philippines .PSI lost more than 1 percent while Singapore .FTSTI, Malaysia .KLSE and Vietnam .VNI posted smaller losses.
Singapore fell to its lowest in 11 weeks, with Indonesia at eight-week lows and the Philippines at nine-week lows.
Concern over a sputtering U.S. economic recovery, slowing growth in China and India and festering problems in the euro zone pushed the MSCI index of Asia Pacific shares outside Japan .MIAPJ0000PUS down nearly 1 percent to a 2-1/2-month low. It regained some ground and was 0.4 percent lower by 0929 GMT.
Southeast Asian stocks fared worse than broader Asia, with the MSCI index for Southeast Asia .MISU00000PUS down 1.09 percent at 0929 GMT.
Regional big-caps were among the most actively traded stocks by turnover on the day. Malaysia's top lender, Maybank MBBM.KL, lost 0.7 percent while Indonesia's main vehicle distributor and biggest listed firm, Astra International ASII.JK, dropped 1.8percent.
The benchmark S&P 500 rose for only the second time in the past nine sessions while the Nasdaq 100 .NDX managed to survive a fall below its 200-day moving average at 2,218, quickly reversing those losses.
Investors remained noncommittal about whether stocks have become cheap enough after six weeks of selling to pour some money back into equities again.
The Dow Jones industrial average gained 1.06 points, or 0.01 percent, to end at11,952.97. The Standard & Poor's 500 Index added just 0.85 of a point, or 0.07percent, to 1,271.83. But the Nasdaq Composite Index dropped 4.04 points, or 0.15percent, to close at 2,639.69.
NYMEX-NEW YORK, June 13 (Reuters) - U.S. crude futures ended lower for a second session on Monday as the S&P's credit rating downgrade of Greece and signs of a cooling Chinese economy stoked concerns about a slowdown in economic growth.
Greece became the country with the lowest credit rating in the world after Standard & Poor's downgraded it by three notches, saying the agency would consider a likely debt restructuring as a default.
On the New York Mercantile Exchange, July crude CLN1 settled at $97.30 a barrel, dropping $1.99, or 2 percent, after trading from $96.13, to $99.32.
CBOT-SOYBEANS-Chicago Board of Trade soybean futures closed lower on improved U.S. planting weather, falling crude oil and on profit-taking.
Drier weather this week in the U.S. Midwest seen boosting crop plantings except in low-lying areas adjacent to rivers where flooding remains a problem. There will be some occasional shower activity that will disrupt plantings.
FCPO-KUALA LUMPUR, June 13 (Reuters) - Malaysian palm oil futures snapped five days of losses on Monday, pulling back from a more than one-month low earlier in the session on hopes for higher overseas demand, although concerns about rising stock levels weighed.
Cargo surveyor Societe Generale de Surveillance last week said exports of Malaysian palm oil products for June 1-10 rose as much as 27.2 percent to 411,852 tonnes from one month ago.
The benchmark August crude palm oil contract KPOc3 on Bursa Malaysia Derivatives Exchange rose half a percent to 3,256 ringgit ($1,077.79) per tonne, after reversing losses from 3,199 ringgit hit earlier in the day -- a level unseen since May 9.
Palm oil, which lost 5.3 percent last week, was pressured by data that showed stocks in Malaysia in May rose 15 percent from April to a 16-month high of 1.92 million tonnes. Overall traded volume was 24,692 lots of 25 tonnes each, from the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, June 13 (Reuters) - Southeast Asian stock markets hit multi-week lows on Monday as the weak outlook for the global economy dented sentiment and foreigners continued to sell in Thailand ahead of its general election next month.
Caution about the corporate earnings outlook grew as investors assessed the impact of a global slowdown. Trading was generally subdued, with turnover in Thailand falling to 0.6 times its 30-day average, the weakest in the region.
The twin threat from the global slowdown and domestic political uncertainty lopped 0.5 percent off the benchmark Thai index .SETI on Monday, after a 3.5 percent drop last week, when it was Southeast Asia's worst performer.
Stocks in Indonesia .JKSE and the Philippines .PSI lost more than 1 percent while Singapore .FTSTI, Malaysia .KLSE and Vietnam .VNI posted smaller losses.
Singapore fell to its lowest in 11 weeks, with Indonesia at eight-week lows and the Philippines at nine-week lows.
Concern over a sputtering U.S. economic recovery, slowing growth in China and India and festering problems in the euro zone pushed the MSCI index of Asia Pacific shares outside Japan .MIAPJ0000PUS down nearly 1 percent to a 2-1/2-month low. It regained some ground and was 0.4 percent lower by 0929 GMT.
Southeast Asian stocks fared worse than broader Asia, with the MSCI index for Southeast Asia .MISU00000PUS down 1.09 percent at 0929 GMT.
Regional big-caps were among the most actively traded stocks by turnover on the day. Malaysia's top lender, Maybank MBBM.KL, lost 0.7 percent while Indonesia's main vehicle distributor and biggest listed firm, Astra International ASII.JK, dropped 1.8percent.
Monday, June 13, 2011
Trader's Highlight
DJI-NEW YORK, June 10 (Reuters) - The Dow and S&P 500 closed out their sixth week of losses on Friday as further signs of a global economic slowdown set the stage for more losses ahead.
The deepening gloom raised the prospect for the S&P, which suffered its worst week since August 2010, to break below the year's low of 1,250 next week.
The Nasdaq wiped out its yearly gains on Friday and also posted its biggest weekly decline since August 2010, as the latest deterioration in sentiment came on fear of flagging Chinese growth and fresh worries about Greece's debt crisis.
The Dow closed below 12,000 for the first time since mid-March. Reflecting the bearish sentiment, options traders eyed calls on the CBOE Volatility Index <.VIX>, Wall Street's so-called fear gauge, which moves inversely to the S&P 500's performance. The VIX rose 6.1 percent to end at 18.86.
The Dow Jones industrial average <.DJI> fell 172.45 points, or 1.42 percent, to 11,951.91. The Standard & Poor's 500 Index <.SPX> slid 18.02 points, or 1.40 percent, to 1,270.98. The Nasdaq Composite Index <.IXIC> tumbled 41.14 points, or 1.53 percent, to 2,643.73 at the close.
NYMEX-NEW YORK, June 10 (Reuters) - U.S. crude futures fell on Friday, closing lower for a second week on news that Saudi Arabia was offering more oil to Asian refiners and on a report it would jack up daily production in July.
The dollar strengthened against the euro, also pressuring crude as it prompted oil investors to shed riskier assets.
On the New York Mercantile Exchange, crude for July delivery settled at $99.29a barrel, down $2.64, or 2.59 percent, after trading between $98.60 and $102.15.
CBOT-SOYBEANS-Chicago Board of Trade soybean futures closed lower on lingering pressure from bearish soybean stocks data released by the USDA in its June supply/demand report.
End-of-week position-squaring was noted, with further weight on soy from a firm dollar and lower crude oil.
FCPO-JAKARTA, June 10 (Reuters) - Malaysian palm oil extended losses late on Friday, flirting with one-month lows on a flurry of bearish data weighed on prices.
The benchmark August crude palm oil contract on the Bursa Malaysia Derivatives Exchange fell more than 1 percent at one point to 3,231 Malaysian ringgit($1,069) a tonne.
Prices, which hit a one-month low at 3,213 ringgit on Thursday, closed at 3,239 and have shed more than 5 percent this week.
Traded volume for the benchmark month stood at 15,153 lots of 25 tonnes each, versus a two-week high at 15,813 lots on Thursday.
REGIONAL EQUITIES-COLOMBO, June 10 (Reuters) - Southeast Asian stock markets closed narrowly mixed on Friday in light volume, with foreign outflows sending all the main bourses down on the week because of worries about global economic growth, plus political concerns in Thailand.
Appetite for risk was also reduced by continued EU debt problems and although some regional markets recovered ground in thin trade on Friday, analysts say they are running out of steam due to the gloomy global outlook.
Despite a 0.4 percent bounce back on Friday, Thailand <.SETI> fell 3.5 percent on the week, its worst performance since February.
Singapore <.FTSTI> lost 0.6 percent on the day, Indonesia <.JKSE> 0.5 percent and the Philippines 0.1 percent, but Malaysia <.KLSE> edged up 0.3 percent. All were lower on the week.
The deepening gloom raised the prospect for the S&P, which suffered its worst week since August 2010, to break below the year's low of 1,250 next week.
The Nasdaq wiped out its yearly gains on Friday and also posted its biggest weekly decline since August 2010, as the latest deterioration in sentiment came on fear of flagging Chinese growth and fresh worries about Greece's debt crisis.
The Dow closed below 12,000 for the first time since mid-March. Reflecting the bearish sentiment, options traders eyed calls on the CBOE Volatility Index <.VIX>, Wall Street's so-called fear gauge, which moves inversely to the S&P 500's performance. The VIX rose 6.1 percent to end at 18.86.
The Dow Jones industrial average <.DJI> fell 172.45 points, or 1.42 percent, to 11,951.91. The Standard & Poor's 500 Index <.SPX> slid 18.02 points, or 1.40 percent, to 1,270.98. The Nasdaq Composite Index <.IXIC> tumbled 41.14 points, or 1.53 percent, to 2,643.73 at the close.
NYMEX-NEW YORK, June 10 (Reuters) - U.S. crude futures fell on Friday, closing lower for a second week on news that Saudi Arabia was offering more oil to Asian refiners and on a report it would jack up daily production in July.
The dollar strengthened against the euro, also pressuring crude as it prompted oil investors to shed riskier assets.
On the New York Mercantile Exchange, crude for July delivery
CBOT-SOYBEANS-Chicago Board of Trade soybean futures closed lower on lingering pressure from bearish soybean stocks data released by the USDA in its June supply/demand report.
End-of-week position-squaring was noted, with further weight on soy from a firm dollar and lower crude oil.
FCPO-JAKARTA, June 10 (Reuters) - Malaysian palm oil extended losses late on Friday, flirting with one-month lows on a flurry of bearish data weighed on prices.
The benchmark August crude palm oil contract
Prices, which hit a one-month low at 3,213 ringgit on Thursday, closed at 3,239 and have shed more than 5 percent this week.
Traded volume for the benchmark month stood at 15,153 lots of 25 tonnes each, versus a two-week high at 15,813 lots on Thursday.
REGIONAL EQUITIES-COLOMBO, June 10 (Reuters) - Southeast Asian stock markets closed narrowly mixed on Friday in light volume, with foreign outflows sending all the main bourses down on the week because of worries about global economic growth, plus political concerns in Thailand.
Appetite for risk was also reduced by continued EU debt problems and although some regional markets recovered ground in thin trade on Friday, analysts say they are running out of steam due to the gloomy global outlook.
Despite a 0.4 percent bounce back on Friday, Thailand <.SETI> fell 3.5 percent on the week, its worst performance since February.
Singapore <.FTSTI> lost 0.6 percent on the day, Indonesia <.JKSE> 0.5 percent and the Philippines 0.1 percent, but Malaysia <.KLSE> edged up 0.3 percent. All were lower on the week.
Thursday, June 9, 2011
Trader's Highlight
DJI-NEW YORK, June 8 (Reuters) - U.S. stocks extended losses for the sixth straight day on Wednesday as investors worried that a slowing economy could deepen the market's retreat.
The latest evidence of a slowdown came in the Federal Reserve's Beige Book, which gives an anecdotal report on the economy. It reinforced Fed chief Ben Bernanke's bearish assessment on growth delivered late on Tuesday. The Dow, which on May 2nd was up 10.6 percent for the year when it hit its 2011 closing high, is now up just 4.1 percent.
The S&P 500, which had climbed as much as 8.2 percent for the year at its 2011 closing high on May 2nd, is now up just 1.7 percent. And the Nasdaq, which on May 2nd was up 8 percent for the year when it set its 2011 closing high, is now up only 0.9 percent.
NYMEX-NEW YORK, June 8 (Reuters) - U.S. crude futures ended higher on Wednesday following OPEC's failure to agree on an output hike, coupled with inventory data that showed crude oil stocks fell sharply last week.
OPEC talks in Vienna broke down when ministers were unable to reach a consensus on boosting production to meet rising global demand and curb fuel price inflation.
On the New York Mercantile Exchange, July crude CLN1 rose $1.65, or 1.67 percent, to settle at $100.74 a barrel, trading from $98.02 to $101.89.
CBOT-SOYBEANS-U.S. soybean futures on the Chicago Board of Trade closed higher on spillover strength from the corn and soymeal markets, traders said.
Soymeal spreads remained strong, with the spot July contract gaining against the August on expectations that flooding along the Missouri River could force some crushing plants in Iowa and Missouri to close.
FCPO-KUALA LUMPUR/JAKARTA, June 8 (Reuters) - Malaysian palm oil dropped to a three-week low on Wednesday as investors adjusted positions on weak technicals, lacklustre external markets and expectations of high stocks.
Stocks in Malaysia are seen rising to a 16-month high in May as production jumps, although traders are waiting to see if cargo surveyors show strong demand from buyers eager to restock on current price correction.
The benchmark August crude palm oil contract KPOc3 on the Bursa Malaysia Derivatives Exchange, fell as much as 1.2 percent to 3,313 Malaysian ringgit ($1,102) a tonne, a level unseen since May 18, before closing at 3,316 ringgit.
Overall traded volume stood at 11,605 lots of 25 tonnes each, versus 11,972 lots on Tuesday.
REGIONAL EQUITIES-COLOMBO, June 8 (Reuters) - Thailand's stock market closed nearly 2percent weaker on Wednesday and touched an 11-week low as offshore investors dumped big caps after foreign brokers downgraded the market on concern over valuations and an upcoming election.
Continued foreign selling in big cap banking and energy shares dragged the index down after foreign brokers including Goldman Sachs downgraded Thai stocks, analysts said.
The Bangkok .SETI market recorded its sixth straight fall to its lowest close since March 18. At one point it was down 2.5 percent.
Malaysia .KLSE closed a tad weaker with $17.3 million in outflows and Vietnam .VNI was down 0.9 percent.
The latest evidence of a slowdown came in the Federal Reserve's Beige Book, which gives an anecdotal report on the economy. It reinforced Fed chief Ben Bernanke's bearish assessment on growth delivered late on Tuesday. The Dow, which on May 2nd was up 10.6 percent for the year when it hit its 2011 closing high, is now up just 4.1 percent.
The S&P 500, which had climbed as much as 8.2 percent for the year at its 2011 closing high on May 2nd, is now up just 1.7 percent. And the Nasdaq, which on May 2nd was up 8 percent for the year when it set its 2011 closing high, is now up only 0.9 percent.
NYMEX-NEW YORK, June 8 (Reuters) - U.S. crude futures ended higher on Wednesday following OPEC's failure to agree on an output hike, coupled with inventory data that showed crude oil stocks fell sharply last week.
OPEC talks in Vienna broke down when ministers were unable to reach a consensus on boosting production to meet rising global demand and curb fuel price inflation.
On the New York Mercantile Exchange, July crude CLN1 rose $1.65, or 1.67 percent, to settle at $100.74 a barrel, trading from $98.02 to $101.89.
CBOT-SOYBEANS-U.S. soybean futures on the Chicago Board of Trade closed higher on spillover strength from the corn and soymeal markets, traders said.
Soymeal spreads remained strong, with the spot July contract gaining against the August on expectations that flooding along the Missouri River could force some crushing plants in Iowa and Missouri to close.
FCPO-KUALA LUMPUR/JAKARTA, June 8 (Reuters) - Malaysian palm oil dropped to a three-week low on Wednesday as investors adjusted positions on weak technicals, lacklustre external markets and expectations of high stocks.
Stocks in Malaysia are seen rising to a 16-month high in May as production jumps, although traders are waiting to see if cargo surveyors show strong demand from buyers eager to restock on current price correction.
The benchmark August crude palm oil contract KPOc3 on the Bursa Malaysia Derivatives Exchange, fell as much as 1.2 percent to 3,313 Malaysian ringgit ($1,102) a tonne, a level unseen since May 18, before closing at 3,316 ringgit.
Overall traded volume stood at 11,605 lots of 25 tonnes each, versus 11,972 lots on Tuesday.
REGIONAL EQUITIES-COLOMBO, June 8 (Reuters) - Thailand's stock market closed nearly 2percent weaker on Wednesday and touched an 11-week low as offshore investors dumped big caps after foreign brokers downgraded the market on concern over valuations and an upcoming election.
Continued foreign selling in big cap banking and energy shares dragged the index down after foreign brokers including Goldman Sachs downgraded Thai stocks, analysts said.
The Bangkok .SETI market recorded its sixth straight fall to its lowest close since March 18. At one point it was down 2.5 percent.
Malaysia .KLSE closed a tad weaker with $17.3 million in outflows and Vietnam .VNI was down 0.9 percent.
Wednesday, June 8, 2011
Trader's Highlight
DJI-NEW YORK, June 7 (Reuters) - U.S. stocks extended a losing streak for a fifth day on Tuesday on mounting concerns about the economy after bearish comments from Federal Reserve Chairman Ben Bernanke.
The market, which started off on a positive note after the S&P 500 hit a two-month low in the previous session, reversed course to turn negative after Bernanke started speaking. He acknowledged a slowdown in the economy, but offered no suggestion the central bank is considering any further monetary stimulus to support growth.
Bernanke also issued a stern warning to lawmakers in Washington who are considering aggressive budget cuts, saying they have the potential to derail the economic recovery.
The Dow Jones industrial average .DJI slipped 19.15 points, or 0.16 percent, to end at 12,070.81. The Standard & Poor's 500 Index .SPX declined 1.23 points, or 0.10 percent, to 1,284.94. The Nasdaq Composite Index .IXIC shed 1.00 point, or 0.04 percent, to finish at 2,701.56.
NYMEX-NEW YORK, June 7 (Reuters) - U.S. crude oil futures ended slightly higher on Tuesday, supported by a surge in gasoline and heating oil futures and a weaker dollar.
The late rise ended an earlier slide brought about by speculation that OPEC would raise production targets at its meeting on Wednesday in Vienna.
CBOT-SOYBEANS-U.S. soybean futures on the Chicago Board of Trade closed higher in a short-covering bounce after Monday's sell-off, with a weak dollar and strength in soymeal lending support, traders said.
FCPO-JAKARTA, June 7 (Reuters) - Malaysian palm oil slipped to a near three-week low on Tuesday as technical selling and weak comparative markets weighed on prices, while investors positioned themselves ahead of a flurry of data due at the end of the week.
The benchmark August crude palm oil contract KPOc3 on the Bursa Malaysia Derivatives Exchange closed 1 percent lower, at 3,354 Malaysian ringgit ($1,116) a tonne. Prices earlier fell to 3,343 ringgit -- its lowest level since May 19.
Overall traded volume stood at 11,972 lots of 25 tonnes each, versus a total of 9,549lots on Monday.
REGIONAL EQUITIES-COLOMBO, June 7 (Reuters) - Major Southeast Asian stock markets closed flat to weaker in thin volume on Tuesday, led by Thailand, which hits its lowest in more than two months as fears over U.S. growth and Europe's debt crisis led investors to cut holdings in the region.
Thailand .SETI fell for the fifth straight session, with net foreign selling of $125.5 million. It shed 1.1 percent but volume continued low at just 0.77 times its 30-day average. Banks led the fall.
The market, which started off on a positive note after the S&P 500 hit a two-month low in the previous session, reversed course to turn negative after Bernanke started speaking. He acknowledged a slowdown in the economy, but offered no suggestion the central bank is considering any further monetary stimulus to support growth.
Bernanke also issued a stern warning to lawmakers in Washington who are considering aggressive budget cuts, saying they have the potential to derail the economic recovery.
The Dow Jones industrial average .DJI slipped 19.15 points, or 0.16 percent, to end at 12,070.81. The Standard & Poor's 500 Index .SPX declined 1.23 points, or 0.10 percent, to 1,284.94. The Nasdaq Composite Index .IXIC shed 1.00 point, or 0.04 percent, to finish at 2,701.56.
NYMEX-NEW YORK, June 7 (Reuters) - U.S. crude oil futures ended slightly higher on Tuesday, supported by a surge in gasoline and heating oil futures and a weaker dollar.
The late rise ended an earlier slide brought about by speculation that OPEC would raise production targets at its meeting on Wednesday in Vienna.
CBOT-SOYBEANS-U.S. soybean futures on the Chicago Board of Trade closed higher in a short-covering bounce after Monday's sell-off, with a weak dollar and strength in soymeal lending support, traders said.
FCPO-JAKARTA, June 7 (Reuters) - Malaysian palm oil slipped to a near three-week low on Tuesday as technical selling and weak comparative markets weighed on prices, while investors positioned themselves ahead of a flurry of data due at the end of the week.
The benchmark August crude palm oil contract KPOc3 on the Bursa Malaysia Derivatives Exchange closed 1 percent lower, at 3,354 Malaysian ringgit ($1,116) a tonne. Prices earlier fell to 3,343 ringgit -- its lowest level since May 19.
Overall traded volume stood at 11,972 lots of 25 tonnes each, versus a total of 9,549lots on Monday.
REGIONAL EQUITIES-COLOMBO, June 7 (Reuters) - Major Southeast Asian stock markets closed flat to weaker in thin volume on Tuesday, led by Thailand, which hits its lowest in more than two months as fears over U.S. growth and Europe's debt crisis led investors to cut holdings in the region.
Thailand .SETI fell for the fifth straight session, with net foreign selling of $125.5 million. It shed 1.1 percent but volume continued low at just 0.77 times its 30-day average. Banks led the fall.
Thursday, June 2, 2011
Trader's Highlight
DJI-NEW YORK, June 1 (Reuters) - Wall Street ended a four-day rally with its worst session since August on Wednesday and could suffer more losses in coming days as investors faced more signs the economic recovery is fading.
All 10 Standard & Poor's sectors ended more than 1 percent lower and all 30 stocks in the Dow industrials fell. Banks were the biggest decliners as the economic reports painted a glum picture for jobs and manufacturing.
The Dow Jones industrial average <.DJI> was down 279.42 points, or 2.22 percent, at 12,290.37. The Standard & Poor's 500 Index <.SPX> was down 30.66 points, or 2.28 percent, at 1,314.54. The Nasdaq Composite Index <.IXIC> was down 66.11 points, or 2.33 percent, at 2,769.19.
NYMEX-NEW YORK, June 1 (Reuters) - U.S. crude futures fell more than 2 percent on Wednesday as disappointing reports on private-sector employment and manufacturing reinforced concerns that slowing economic growth will curb petroleum demand.
The U.S. data arrived ahead of the May nonfarm payrolls report due on Friday. It followed news that European manufacturing growth slipped sharply and China's factories expanded in May at their slowest pace in at least nine months.
On the New York Mercantile Exchange, July crude fell $2.41, or 2.35 percent, to settle at $100.29 a barrel.
CBOT-SOYBEANS - U.S. soybean futures on the Chicago Board of Trade closed higher on Wednesday on spillover support from corn and worries that poor weather could limit U.S. soybean plantings, traders said.
FCPO-KUALA LUMPUR, June 1 (Reuters) - Malaysian palm oil futures fell nearly 1 percent on Wednesday in choppy trading as weak technicals and sluggish external markets discouraged position-taking.
Palm oil, used in products ranging from shampoo to biofuels, gained almost 4 percent in May, after three straight monthly losses, but has fallen 11.3 percent so far in 2011.
The benchmark August crude palm oil contract on the Bursa Malaysia Derivatives Exchange settled 33 ringgit lower to 3,360 ringgit ($1,116) a tonne. On Monday, the contract hit a more than two-month high. Overall traded volume slumped to 17,802 lots of 25 tonnes each from the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, June 1 (Reuters) - Most Southeast Asian stock markets posted small gains on Wednesday, with regional big-caps climbing with foreign inflows, but investors remained cautious over the outlook for the global economy.
The region generally saw active sessions, with turnover of most bourses rising well above a 30-day average, led by Malaysia and Indonesia.
Stock indexes climbed to reach highs of more than a week at one point but finished lower due to late selling, with Singapore's main share index <.FTSTI> ending up 0.4 percent and Indonesia <.JKSE> eking out a slim gain.
Market investors are reassessing the outlook of Southeast Asian economies amid rising price pressure in the region and global uncertainty after weak U.S. economic data in recent weeks.
All 10 Standard & Poor's sectors ended more than 1 percent lower and all 30 stocks in the Dow industrials fell. Banks were the biggest decliners as the economic reports painted a glum picture for jobs and manufacturing.
The Dow Jones industrial average <.DJI> was down 279.42 points, or 2.22 percent, at 12,290.37. The Standard & Poor's 500 Index <.SPX> was down 30.66 points, or 2.28 percent, at 1,314.54. The Nasdaq Composite Index <.IXIC> was down 66.11 points, or 2.33 percent, at 2,769.19.
NYMEX-NEW YORK, June 1 (Reuters) - U.S. crude futures fell more than 2 percent on Wednesday as disappointing reports on private-sector employment and manufacturing reinforced concerns that slowing economic growth will curb petroleum demand.
The U.S. data arrived ahead of the May nonfarm payrolls report due on Friday. It followed news that European manufacturing growth slipped sharply and China's factories expanded in May at their slowest pace in at least nine months.
On the New York Mercantile Exchange, July crude
CBOT-SOYBEANS - U.S. soybean futures on the Chicago Board of Trade closed higher on Wednesday on spillover support from corn and worries that poor weather could limit U.S. soybean plantings, traders said.
FCPO-KUALA LUMPUR, June 1 (Reuters) - Malaysian palm oil futures fell nearly 1 percent on Wednesday in choppy trading as weak technicals and sluggish external markets discouraged position-taking.
Palm oil, used in products ranging from shampoo to biofuels, gained almost 4 percent in May, after three straight monthly losses, but has fallen 11.3 percent so far in 2011.
The benchmark August crude palm oil contract
REGIONAL EQUITIES-BANGKOK, June 1 (Reuters) - Most Southeast Asian stock markets posted small gains on Wednesday, with regional big-caps climbing with foreign inflows, but investors remained cautious over the outlook for the global economy.
The region generally saw active sessions, with turnover of most bourses rising well above a 30-day average, led by Malaysia and Indonesia.
Stock indexes climbed to reach highs of more than a week at one point but finished lower due to late selling, with Singapore's main share index <.FTSTI> ending up 0.4 percent and Indonesia <.JKSE> eking out a slim gain.
Market investors are reassessing the outlook of Southeast Asian economies amid rising price pressure in the region and global uncertainty after weak U.S. economic data in recent weeks.
Wednesday, May 25, 2011
Trader's Highlight
DJI-NEW YORK, May 24 (Reuters) - U.S. stocks dipped in light volume on Tuesday as lingering concerns about a slowdown in growth more than offset gains in energy shares.
Investors kept trimming large-cap technology positions, pushing the tech-heavy Nasdaq Composite lower.
The Dow Jones industrial average <.DJI> lost 25.05 points, or 0.20 percent, to 12,356.21. The Standard & Poor's 500 Index <.SPX> dropped 1.09 points, or 0.08 percent, to 1,316.28. The Nasdaq Composite Index <.IXIC> fell 12.74 points, or 0.46 percent, to 2,746.16.
NYMEX-NEW YORK, May 24 (Reuters) - U.S. crude futures rebounded
nearly 2 percent on Tuesday after Goldman Sachs lifted its price forecast on Brent crude, the dollar weakened and economic data showed rising sales of U.S. single-family homes.
Trading was choppy, with gains pared around midday after after front-month July contract hit a session high of $100.09 a barrel, which provoked some profit-taking.
On the New York Mercantile Exchange, July crude settled at $99.59 a barrel, gaining $1.89. or 1.93 percent after trading between $96.61 to $100.09.
CBOT-SOYBEANS -Chicago Board of Trade soybean futures closed mostly higher, with deferred contracts buoyed by fears that planting delays could threaten U.S. soy acreage and yield prospects, as well as spillover strength from crude oil, traders said.
Front-month July was pressured as traders exited long July/short November futures, anticipating that large funds will roll their long July positions forward next month.
FCPO-JAKARTA, May 24 (Reuters) - Malaysian palm oil futures edged up on Tuesday, as investors positioned themselves ahead of export data later this week, though lingering worries about euro zone debt capped gains.
The benchmark August crude palm oil contract on the Bursa Malaysia Derivatives exchange closed 0.8 percent higher at 3,380 ringgit ($1,104) a tonne.
Traded volumes were thin at 8,104 lots at 25 tonnes each, compared with a total, and more than two-week high, at 17,205 lots from Monday.
REGIONAL EQUITIES-BANGKOK, May 24 (Reuters) - Major Southeast Asian stock markets edged higher on Tuesday as firmer global crude prices lured buyers to shares in resources and related sectors but investors were still worried about the euro zone debt crisis and its impact on global growth.
Share markets bounced off multi-week intra-day lows as foreign buyers returned to the Philippines, Malaysia and elsewhere. Analysts said risk appetite still appeared weak and the bounce in emerging markets could fizzle out quickly.
Investors kept trimming large-cap technology positions, pushing the tech-heavy Nasdaq Composite lower.
The Dow Jones industrial average <.DJI> lost 25.05 points, or 0.20 percent, to 12,356.21. The Standard & Poor's 500 Index <.SPX> dropped 1.09 points, or 0.08 percent, to 1,316.28. The Nasdaq Composite Index <.IXIC> fell 12.74 points, or 0.46 percent, to 2,746.16.
NYMEX-NEW YORK, May 24 (Reuters) - U.S. crude futures rebounded
nearly 2 percent on Tuesday after Goldman Sachs lifted its price forecast on Brent crude, the dollar weakened and economic data showed rising sales of U.S. single-family homes.
Trading was choppy, with gains pared around midday after after front-month July contract
On the New York Mercantile Exchange, July crude settled at $99.59 a barrel, gaining $1.89. or 1.93 percent after trading between $96.61 to $100.09.
CBOT-SOYBEANS -Chicago Board of Trade soybean futures closed mostly higher, with deferred contracts buoyed by fears that planting delays could threaten U.S. soy acreage and yield prospects, as well as spillover strength from crude oil, traders said.
Front-month July
FCPO-JAKARTA, May 24 (Reuters) - Malaysian palm oil futures edged up on Tuesday, as investors positioned themselves ahead of export data later this week, though lingering worries about euro zone debt capped gains.
The benchmark August crude palm oil contract
Traded volumes were thin at 8,104 lots at 25 tonnes each, compared with a total, and more than two-week high, at 17,205 lots from Monday.
REGIONAL EQUITIES-BANGKOK, May 24 (Reuters) - Major Southeast Asian stock markets edged higher on Tuesday as firmer global crude prices lured buyers to shares in resources and related sectors but investors were still worried about the euro zone debt crisis and its impact on global growth.
Share markets bounced off multi-week intra-day lows as foreign buyers returned to the Philippines, Malaysia and elsewhere. Analysts said risk appetite still appeared weak and the bounce in emerging markets could fizzle out quickly.
Tuesday, May 24, 2011
Trader's Highlight
DJI-NEW YORK, May 23 (Reuters) - U.S. stocks closed at their lowest levels in a month on Monday in a sign of increasing doubt that equity markets can weather recent weakness in global manufacturing and demand.
Industrial, energy and technology stocks, closely related to growth, were among the day's top decliners. Poor manufacturing figures from Germany and China were a surprise and gave investors reason to shed positions in those industries.
The Dow Jones industrial average <.DJI> dropped 130.78 points, or 1.05 percent, to 12,381.26. The Standard & Poor's 500 <.SPX> lost 15.90 points, or 1.19 percent, to 1,317.37. The Nasdaq Composite <.IXIC> fell 44.42 points, or 1.58 percent, to 2,758.90.
NYMEX-NEW YORK, May 23 (Reuters) - U.S. crude futures ended more than 2 percent lower on Monday, dropping below $100 a barrel once more as euro-zone debt worries pulled down the euro against the dollar and on news of slower manufacturing growth in China and Europe.
Investors sought to limit risk and sold commodities as the euro fell to a two-month low versus the dollar and a record trough against the Swiss franc. [USD/] In late trading, the dollar was up 0.92 percent against a basket of currencies. <.DXY>
On the New York Mercantile Exchange, the July crude contract settled at $97.70 a barrel, down $2.40, or 2.4 percent, after trading between $96.37 to $100.04.
CBOT-Soybean futures on the Chicago Board of Trade closed lower, pressured by a stronger U.S. dollar and spillover weakness from crude oil, traders said.
Front-month July soybeans led the market lower, losing ground to new-crop November as traders exited bull spreads in a reversal of a five-week-old trend.
FCPO-JAKARTA, May 23 (Reuters) - Malaysian palm oil futures fell more than 1 percent on Monday, as renewed worries about euro-zone debt weighed on risk sentiment and helped push prices lower.
The benchmark August crude palm oil contract on the Bursa Malaysia Derivatives exchange closed 1 percent lower at 3,355 ringgit ($1,113) a tonne.
Earlier on Monday, prices briefly matched a near six-week high from Friday at 3,407 ringgit. Traded volumes stood at more than a two-week high at 17,205 lots at 25 tonnes each, compared with a total of 12,297 lots from Friday.
REGIONAL EQUITIES-BANGKOK, May 23 (Reuters) - Major Southeast Asian stock markets fell to multi-week lows on Monday as worries that Greece's debt problems could hurt the global economic recovery took a toll on global risk assets and weak commodity markets fuelled a sell-off in resource shares.
Stock markets in the region reported foreign outflows on the day as money shifted to safe assets.
Stocks in Singapore <.FTSTI> and Thailand <.SETI> fell almost 2 percent, with Malaysia <.KLSE> and the Philippines <.PSI> posting smaller losses. All hovered around two-week lows. Indonesian coal miner Adaro Energy fell 2.1 percent, Energy Development Corp , the Philippines' largest producer of geothermal power, eased 1.1 percent and Malaysian palm oil firm IOI Corp dropped 1.5 percent.
Among regional bright spots, Singapore-listed tin producer Malaysia Smelting Corporation rose as much as 4.3 percent after outlining acquisition and expansion plans.
Industrial, energy and technology stocks, closely related to growth, were among the day's top decliners. Poor manufacturing figures from Germany and China were a surprise and gave investors reason to shed positions in those industries.
The Dow Jones industrial average <.DJI> dropped 130.78 points, or 1.05 percent, to 12,381.26. The Standard & Poor's 500 <.SPX> lost 15.90 points, or 1.19 percent, to 1,317.37. The Nasdaq Composite <.IXIC> fell 44.42 points, or 1.58 percent, to 2,758.90.
NYMEX-NEW YORK, May 23 (Reuters) - U.S. crude futures ended more than 2 percent lower on Monday, dropping below $100 a barrel once more as euro-zone debt worries pulled down the euro against the dollar and on news of slower manufacturing growth in China and Europe.
Investors sought to limit risk and sold commodities as the euro fell to a two-month low versus the dollar and a record trough against the Swiss franc. [USD/] In late trading, the dollar was up 0.92 percent against a basket of currencies. <.DXY>
On the New York Mercantile Exchange, the July crude contract
CBOT-Soybean futures on the Chicago Board of Trade closed lower, pressured by a stronger U.S. dollar and spillover weakness from crude oil, traders said.
Front-month July soybeans led the market lower, losing ground to new-crop November as traders exited bull spreads in a reversal of a five-week-old trend.
FCPO-JAKARTA, May 23 (Reuters) - Malaysian palm oil futures fell more than 1 percent on Monday, as renewed worries about euro-zone debt weighed on risk sentiment and helped push prices lower.
The benchmark August crude palm oil contract
Earlier on Monday, prices briefly matched a near six-week high from Friday at 3,407 ringgit. Traded volumes stood at more than a two-week high at 17,205 lots at 25 tonnes each, compared with a total of 12,297 lots from Friday.
REGIONAL EQUITIES-BANGKOK, May 23 (Reuters) - Major Southeast Asian stock markets fell to multi-week lows on Monday as worries that Greece's debt problems could hurt the global economic recovery took a toll on global risk assets and weak commodity markets fuelled a sell-off in resource shares.
Stock markets in the region reported foreign outflows on the day as money shifted to safe assets.
Stocks in Singapore <.FTSTI> and Thailand <.SETI> fell almost 2 percent, with Malaysia <.KLSE> and the Philippines <.PSI> posting smaller losses. All hovered around two-week lows. Indonesian coal miner Adaro Energy
Among regional bright spots, Singapore-listed tin producer Malaysia Smelting Corporation
Monday, May 23, 2011
Trader's Highlight
DJI-NEW YORK, May 20 (Reuters) - U.S. stocks fell on Friday on euro-zone debt worries that could spill over into next week's trading with a bearish note, while retailers lost ground after a weak profit outlook from Gap.
The S&P 500 remains hemmed in between technical support at 1,330 and resistance at 1,340, suggesting a lack of direction and keeping the market vulnerable to events such as the uncertain outcome of the euro zone's debt problems.
The Dow Jones industrial average <.DJI> was down 93.28 points, or 0.74 percent, to end at 12,512.04. The Standard & Poor's 500 Index <.SPX> was down 10.33 points, or 0.77 percent, at 1,333.27. The Nasdaq Composite Index <.IXIC> was down 19.99 points, or 0.71 percent, to close at 2,803.32.
NYMEX-NEW YORK, May 20 (Reuters) - U.S. crude futures ended higher on Friday as a flurry of short-covering caused prices to rebound midday from early lows after news that al Qaeda had plotted last year to hijack or sink oil tankers to prompt.
The al Qaeda's aim was to cause a rise in prices and trigger an economic crisis in the West, U.S. officials said, citing intelligence gathered from Osama bin Laden's compound in Pakistan.
On the New York Mercantile Exchange, crude for June delivery expired and settled at $99.49 a barrel, gaining $1.05, or 1.07 percent, after trading from $95.99 to $99.8.
CBOT-SOYBEANS -Chicago Board of Trade soybean futures closed lower on profit-taking and prospects for increased U.S. soy acreage this year if farmers switch some of their unplanted corn area to soy.
Excessive wet weather and flooding continues to delay corn and soybean plantings in the eastern and southern portion of the U.S. Midwest. There are outlooks for this pattern to continue for the next week and major delays in plantings are seen for Indiana and Ohio with some corn acreage likely not to get planted.
FCPO-KUALA LUMPUR, May 20 (Reuters) - Malaysian palm oil futures hit their highest in almost six weeks on Friday as upbeat export data and broad gains across commodity markets buoyed sentiment.
Cargo surveyor Intertek Testing Services said Malaysia shipped 794,322 tonnes of palm oil products during May 1-20, up 29.7 percent from last month.
Another cargo surveyor Societe Generale de Surveillance showed export over the same period jumped 28.3 percent to 819,257 tonnes.
The benchmark August crude palm oil contract on Bursa Malaysia Derivatives rose 0.9 percent to 3,390 ringgit ($1,118.258) a tonne after going as high as 3,407 ringgit -- a level unseen since April 11.
Traded volumes stood at 22,227 lots at 25 tonnes each, a tad lower than the usual 25,000 lots that usually change hands.
REGIONAL EQUITIES-BANGKOK, May 20 (Reuters) - Most Southeast Asian stock markets retreated on Friday and ended the week little changed as volatility in commodities dragged on sentiment in resource shares, although consumer-related sectors attracted buying interest.
Risk aversion remained high because of a string of global factors, including a run of soft U.S. economic data, debate about the U.S. government debt ceiling, problems in Europe regarding Greece and news that Japan was back in recession.
All that suggested stock market sentiment would remain weak in the near term. Thailand and Indonesia both reported a fall in market turnover compared with the 30-day average.
Stocks in Singapore <.FTSTI>, Malaysia <.KLSE>, Thailand <.SETI> and the Philippines <.PSI> ended only marginally lower on Friday but Vietnam <.VNI> sank 2.7 percent to a six-month low and lost almost 10 percent on the week, Asia's worst performance.
Singapore-listed palm oil share Noble Group and refiner Thai Oil each lost over 1 percent.
The S&P 500 remains hemmed in between technical support at 1,330 and resistance at 1,340, suggesting a lack of direction and keeping the market vulnerable to events such as the uncertain outcome of the euro zone's debt problems.
The Dow Jones industrial average <.DJI> was down 93.28 points, or 0.74 percent, to end at 12,512.04. The Standard & Poor's 500 Index <.SPX> was down 10.33 points, or 0.77 percent, at 1,333.27. The Nasdaq Composite Index <.IXIC> was down 19.99 points, or 0.71 percent, to close at 2,803.32.
NYMEX-NEW YORK, May 20 (Reuters) - U.S. crude futures ended higher on Friday as a flurry of short-covering caused prices to rebound midday from early lows after news that al Qaeda had plotted last year to hijack or sink oil tankers to prompt.
The al Qaeda's aim was to cause a rise in prices and trigger an economic crisis in the West, U.S. officials said, citing intelligence gathered from Osama bin Laden's compound in Pakistan.
On the New York Mercantile Exchange, crude for June delivery expired and settled at $99.49 a barrel, gaining $1.05, or 1.07 percent, after trading from $95.99 to $99.8.
CBOT-SOYBEANS -Chicago Board of Trade soybean futures closed lower on profit-taking and prospects for increased U.S. soy acreage this year if farmers switch some of their unplanted corn area to soy.
Excessive wet weather and flooding continues to delay corn and soybean plantings in the eastern and southern portion of the U.S. Midwest. There are outlooks for this pattern to continue for the next week and major delays in plantings are seen for Indiana and Ohio with some corn acreage likely not to get planted.
FCPO-KUALA LUMPUR, May 20 (Reuters) - Malaysian palm oil futures hit their highest in almost six weeks on Friday as upbeat export data and broad gains across commodity markets buoyed sentiment.
Cargo surveyor Intertek Testing Services said Malaysia shipped 794,322 tonnes of palm oil products during May 1-20, up 29.7 percent from last month.
Another cargo surveyor Societe Generale de Surveillance showed export over the same period jumped 28.3 percent to 819,257 tonnes.
The benchmark August crude palm oil contract
Traded volumes stood at 22,227 lots at 25 tonnes each, a tad lower than the usual 25,000 lots that usually change hands.
REGIONAL EQUITIES-BANGKOK, May 20 (Reuters) - Most Southeast Asian stock markets retreated on Friday and ended the week little changed as volatility in commodities dragged on sentiment in resource shares, although consumer-related sectors attracted buying interest.
Risk aversion remained high because of a string of global factors, including a run of soft U.S. economic data, debate about the U.S. government debt ceiling, problems in Europe regarding Greece and news that Japan was back in recession.
All that suggested stock market sentiment would remain weak in the near term. Thailand and Indonesia both reported a fall in market turnover compared with the 30-day average.
Stocks in Singapore <.FTSTI>, Malaysia <.KLSE>, Thailand <.SETI> and the Philippines <.PSI> ended only marginally lower on Friday but Vietnam <.VNI> sank 2.7 percent to a six-month low and lost almost 10 percent on the week, Asia's worst performance.
Singapore-listed palm oil share Noble Group
Friday, May 20, 2011
Trader's Highlight
DJI-NEW YORK, May 19 (Reuters) - U.S. stocks edged higher on Thursday, with LinkedIn one of the few standouts in an otherwise lackluster session as its shares doubled in their trading debut.
The S&P 500 ran into resistance after its recent bounce, and many investors have resigned themselves to a patch of economic weakness over the summer.
The Dow Jones industrial average <.DJI> gained 45.14 points, or 0.36 percent, to 12,605.32. The Standard & Poor's 500 Index <.SPX> rose 2.92 points, or 0.22 percent, to 1,343.60. The Nasdaq Composite Index <.IXIC> added 8.31 points, or 0.30 percent, to 2,823.31.
NYMEX-NEW YORK, May 19 (Reuters) - U.S. crude futures fell on Thursday as disappointing economic data fueled worries about oil demand and the International Energy Agency raised the possibility of releasing emergency stockpiles to cool prices if producers did not increase supply.
Weak data on U.S. home sales and factory activity showed the economy stuck in a slow-growth gear, although a drop in claims for jobless aid indicated the possibility the labor market's recovery was continuing.
On the New York Mercantile Exchange, June crude fell $1.66, or 1.66 percent to $98.44 a barrel, trading from $98.16 to $100.79.
CBOT-CHICAGO, May 19 (Reuters) - Chicago Board of Trade soybean futures closed firm on Thursday on unwinding of corn/soy spreads in choppy dealings.
Profit-taking limited gains in nearby months and weighed on deferred contracts.
FCPO-KUALA LUMPUR, May 19 (Reuters) - Malaysian palm oil futures hit more than three-week highs on Thursday as traders bet on strong overseas demand on the back of firm commodity markets.
The benchmark August crude palm oil contract on Bursa Malaysia Derivatives closed 1.9 percent higher at 3,360 ringgit ($1,107.997) per tonne. It earlier touched 3,367 ringgit -- the highest since April 25.
Palm oil was further bolstered by adverse crop weather in Europe and the United States, which threatened to curb grain supplies, fuelling a rally across commodity futures.
REGIONAL EQUITIES-BANGKOK, May 19 (Reuters) - Major Southeast Asian stock markets edged higher on Thursday as a surge in global oil prices revived demand for shares in energy and related sectors, and Singapore outperformed after a raised GDP forecast triggered a broad market rally.
Trading volumes were generally moderate, with equities players still put off by predictions of rising inflation and tighter monetary policy as economies continued to grow.
Singapore's Straits Times Index <.FTSTI> rose 1 percent, with markets in Indonesia <.JKSE> and Malaysia <.KLSE> posting smaller gains.
Singapore raised its forecast for GDP growth this year to 5-7 percent from 4-6 percent and said domestic cost pressures remained a concern due to increased economic activity and a tight labour market.
Central banks in the region, including Malaysia and Thailand, are widely expected to keep their hawkish stance against inflation given underlying price pressures and strong momentum of domestic demand.
The S&P 500 ran into resistance after its recent bounce, and many investors have resigned themselves to a patch of economic weakness over the summer.
The Dow Jones industrial average <.DJI> gained 45.14 points, or 0.36 percent, to 12,605.32. The Standard & Poor's 500 Index <.SPX> rose 2.92 points, or 0.22 percent, to 1,343.60. The Nasdaq Composite Index <.IXIC> added 8.31 points, or 0.30 percent, to 2,823.31.
NYMEX-NEW YORK, May 19 (Reuters) - U.S. crude futures fell on Thursday as disappointing economic data fueled worries about oil demand and the International Energy Agency raised the possibility of releasing emergency stockpiles to cool prices if producers did not increase supply.
Weak data on U.S. home sales and factory activity showed the economy stuck in a slow-growth gear, although a drop in claims for jobless aid indicated the possibility the labor market's recovery was continuing.
On the New York Mercantile Exchange, June crude
CBOT-CHICAGO, May 19 (Reuters) - Chicago Board of Trade soybean futures closed firm on Thursday on unwinding of corn/soy spreads in choppy dealings.
Profit-taking limited gains in nearby months and weighed on deferred contracts.
FCPO-KUALA LUMPUR, May 19 (Reuters) - Malaysian palm oil futures hit more than three-week highs on Thursday as traders bet on strong overseas demand on the back of firm commodity markets.
The benchmark August crude palm oil contract
Palm oil was further bolstered by adverse crop weather in Europe and the United States, which threatened to curb grain supplies, fuelling a rally across commodity futures.
REGIONAL EQUITIES-BANGKOK, May 19 (Reuters) - Major Southeast Asian stock markets edged higher on Thursday as a surge in global oil prices revived demand for shares in energy and related sectors, and Singapore outperformed after a raised GDP forecast triggered a broad market rally.
Trading volumes were generally moderate, with equities players still put off by predictions of rising inflation and tighter monetary policy as economies continued to grow.
Singapore's Straits Times Index <.FTSTI> rose 1 percent, with markets in Indonesia <.JKSE> and Malaysia <.KLSE> posting smaller gains.
Singapore raised its forecast for GDP growth this year to 5-7 percent from 4-6 percent and said domestic cost pressures remained a concern due to increased economic activity and a tight labour market.
Central banks in the region, including Malaysia and Thailand, are widely expected to keep their hawkish stance against inflation given underlying price pressures and strong momentum of domestic demand.
Wednesday, May 18, 2011
Trader's Highlight
DJI-NEW YORK, May 17 (Reuters) - The Dow and the S&P 500 fell for a third day on Tuesday after disappointing figures from Wal-Mart and Hewlett-Packard, although a late rebound suggested investors may be looking for a short-term bounce.
Both the S&P 500 and Nasdaq dipped below their 50-day moving averages, but those levels appeared to bring in buying interest.
The Dow Jones industrial average <.DJI> dropped 68.79 points, or 0.55 percent, to 12,479.58. The Standard & Poor's 500 Index <.SPX> dropped a mere 0.49 of a point, or 0.04 percent, to 1,328.98. But the Nasdaq Composite Index <.IXIC> gained 0.90 of a point, or 0.03 percent, to 2,783.21.
NYMEX-NEW YORK, May 17 (Reuters) - U.S. crude oil futures dipped in choppy trading on Tuesday as traders weighed forecasts that domestic petroleum inventories rose across the board last week and as the dollar rose.
Traders remained cautious with signs of glowing global economic growth seen imperiling oil demand.
On the New York Mercantile Exchange, crude for June delivery was down 16 cents, or 0.16 percent, at $97.21 a barrel, trading from $96.61 to $97.81. Prices settled at $97.37 on Monday, the lowest since May 6, when the contract ended at $97.18.
CBOT-Chicago Board of Trade soybean futures closed higher on Tuesday on spillover support from gains in corn and from slow U.S. soy plantings due to excessive wet weather and flooding in eastern and southern parts of the Corn Belt.
Gains were limited by the potential for a switch to soybean acreage away from corn in the U.S. as farmers in the eastern Midwest remain bogged down from planting corn.
FCPO-KUALA LUMPUR, May 16 (Reuters) - Malaysian crude palm oil futures rose on Monday in light trade, with some investors buying on a survey showing a jump in exports and firm prices in competing soyoil markets.
Traders eyed weather developments in the United States where there was rain and flooding that slowed the pace of corn planting and may affect soybean seeding, potentially boosting grain markets and the vegetable oil complex.
Malaysian palm oil futures have fallen 14.1 percent so far this year on growing stocks although strong export data from a cargo surveyor showed that top buyers China and India would take up more, erasing earlier losses.
The benchmark August crude palm oil contract on the Bursa Malaysia Derivatives Exchange ended 0.2 percent higher at 3,255 ringgit ($1,084) per tonne, after hitting an intra-day high of 3,275 ringgit.
Overall traded volume was light at 18,702 lots of 25 tonnes each compared to the usual 25,000 lots as some traders took leave ahead of a public holiday on Tuesday in Malaysia.
REGIONAL EQUITIES-HONG KONG, May 16 (Reuters) - Southeast Asian stock markets fell on Monday, tracking weaker global markets as trading activity flagged across exchanges ahead of a public holiday with few catalysts seen pushing funds to make big bets in the region.
Turnover on the Indonesian stock exchange fell 44 percent from Friday's levels with the benchmark index <.JKSE> shedding 0.9 percent on the back of weak financial and mining shares.
Singapore's key stocks index <.FTSTI> also fell 0.9 percent while Malaysia <.KLSE> was the relative top performer, down 0.3 percent. Thai markets were shut.
Southeast Asian markets outperformed the rest of Asia significantly last week on bargain-hunting in the resources sector on recovering commodity prices.
Malaysian casino group Genting fell 2.5 percent and the biggest drag on the country's benchmark stock index followed by a 1.2 percent decline for mobile telecommunications operator Axiata Group .
Both the S&P 500 and Nasdaq dipped below their 50-day moving averages, but those levels appeared to bring in buying interest.
The Dow Jones industrial average <.DJI> dropped 68.79 points, or 0.55 percent, to 12,479.58. The Standard & Poor's 500 Index <.SPX> dropped a mere 0.49 of a point, or 0.04 percent, to 1,328.98. But the Nasdaq Composite Index <.IXIC> gained 0.90 of a point, or 0.03 percent, to 2,783.21.
NYMEX-NEW YORK, May 17 (Reuters) - U.S. crude oil futures dipped in choppy trading on Tuesday as traders weighed forecasts that domestic petroleum inventories rose across the board last week and as the dollar rose.
Traders remained cautious with signs of glowing global economic growth seen imperiling oil demand.
On the New York Mercantile Exchange, crude for June delivery
CBOT-Chicago Board of Trade soybean futures closed higher on Tuesday on spillover support from gains in corn and from slow U.S. soy plantings due to excessive wet weather and flooding in eastern and southern parts of the Corn Belt.
Gains were limited by the potential for a switch to soybean acreage away from corn in the U.S. as farmers in the eastern Midwest remain bogged down from planting corn.
FCPO-KUALA LUMPUR, May 16 (Reuters) - Malaysian crude palm oil futures rose on Monday in light trade, with some investors buying on a survey showing a jump in exports and firm prices in competing soyoil markets.
Traders eyed weather developments in the United States where there was rain and flooding that slowed the pace of corn planting and may affect soybean seeding, potentially boosting grain markets and the vegetable oil complex.
Malaysian palm oil futures have fallen 14.1 percent so far this year on growing stocks although strong export data from a cargo surveyor showed that top buyers China and India would take up more, erasing earlier losses.
The benchmark August crude palm oil contract
Overall traded volume was light at 18,702 lots of 25 tonnes each compared to the usual 25,000 lots as some traders took leave ahead of a public holiday on Tuesday in Malaysia.
REGIONAL EQUITIES-HONG KONG, May 16 (Reuters) - Southeast Asian stock markets fell on Monday, tracking weaker global markets as trading activity flagged across exchanges ahead of a public holiday with few catalysts seen pushing funds to make big bets in the region.
Turnover on the Indonesian stock exchange fell 44 percent from Friday's levels with the benchmark index <.JKSE> shedding 0.9 percent on the back of weak financial and mining shares.
Singapore's key stocks index <.FTSTI> also fell 0.9 percent while Malaysia <.KLSE> was the relative top performer, down 0.3 percent. Thai markets were shut.
Southeast Asian markets outperformed the rest of Asia significantly last week on bargain-hunting in the resources sector on recovering commodity prices.
Malaysian casino group Genting
Thursday, May 12, 2011
Trader's Highlight
DJI-NEW YORK, May 11 (Reuters) - U.S. stocks nearly erased a three-day rally on Wednesday as energy and other commodity shares sank, feeding worries about the market's ability to stay on its upward path.
The second major breakdown in commodities in a week fueled selling in other risky assets, including stocks. A stronger dollar and data showing a rise in U.S. fuel supplies sent crude oil prices down more than 5 percent, and the S&P energy index <.GSPE> slid 3 percent.
The Dow Jones industrial average <.DJI> was down 130.33 points, or 1.02 percent, at 12,630.03. The Standard & Poor's 500 Index <.SPX> was down 15.08 points, or 1.11 percent, at 1,342.08. The Nasdaq Composite Index <.IXIC> was down 26.83 points, or 0.93 percent, at 2,845.06.
NYMEX-NEW YORK, May 11 (Reuters) - U.S. crude oil futures fell more than 5 percent on Wednesday after an unexpected jump in gasoline inventories reported by the government sent RBOB gasoline futures into a tailspin.
RBOB gasoline futures' 25-cent slump intraday triggered a five-minute trading halt on the New York Mercantile Exchange for the motor fuel, heating oil and crude oil futures, the first such trading stoppage since the 2008 financial crisis.
On the New York Mercantile Exchange, June crude fell $5.67, or 5.46 percent, to settle at $98.21 a barrel, trading from $97.50 to $104.60.
CBOT-U.S. soybean ended lower, although well off session lows, on Wednesday as traders digested a USDA supply/demand report that included a much higher-than expected 2010/2011 soybean carryover estimate of 170 million bushels, traders said.
The agency's estimate for the 2011/2012 marketing year was 160 million bushels, slightly lower than the average estimate of 167 million bushels.
FCPO-KUALA LUMPUR/JAKARTA, May 11 (Reuters) - Malaysian palm oil futures extended gains for a third day on Wednesday ahead of a U.S. agriculture report that may show tighter grains and oilseeds supply in the months to come.
The U.S. Department of Agriculture May supply and demand report is expected to confirm the U.S. winter wheat crop has shrunk to its lowest in five years, a scenario that will boost soybeans and palm oil.
Palm oil has lost about 14 percent so far this year on rising stocks and still weak demand. It also fell to a six month low last week along with a broad sell-off in commodities as traders initially fretted over the state of the U.S. economy and cut risk taking.
At the close, the benchmark July crude palm oil contract on Bursa Malaysia Derivatives rose 0.3 percent to 3,269 Malaysian ringgit ($1,093) per tonne. It earlier hit a peak at 3,283. Overall traded volume was 12,155 lots of 25 tonnes each, compared with 11,373 lots on Tuesday.
REGIONAL EQUITIES-BANGKOK, May 11 (Reuters) - Southeast Asian stock markets advanced further on Wednesday, with banking stocks leading the pack because of the positive loan growth outlook, and investors also picked selected energy and resource companies with good earnings prospects.
Most markets saw trading volume pick up to their 30-day average, despite some caution over the euro zone debt crisis and uncertainty over whether Greece would need additional financial aid.
Stocks in Malaysia <.KLSE>, Thailand <.SETI> and the Philippines <.PSI> extended their gains into a third session and hit their highest levels in almost two weeks. Singapore <.FTSTI>, Indonesia <.JKSE> and Vietnam <.VNI> hovered around a one-week high.
Among outperformers, Malaysian bank Hong Leong surged 4.5 percent, Singapore's DBS Group Holdings , Southeast Asia's biggest lender, climbed 1.5 percent and state-run Krung Thai Bank jumped 2 percent.
Optimism about the earnings outlook of resource-related firms lifted share prices despite the volatility in global oil markets.
Singapore-listed commodities trading firm Noble Group gained 3.3 percent. It reported a 77 percent rise in first-quarter net profit late on Wednesday, helped by strong volume growth and higher commodity prices.
The second major breakdown in commodities in a week fueled selling in other risky assets, including stocks. A stronger dollar and data showing a rise in U.S. fuel supplies sent crude oil prices down more than 5 percent, and the S&P energy index <.GSPE> slid 3 percent.
The Dow Jones industrial average <.DJI> was down 130.33 points, or 1.02 percent, at 12,630.03. The Standard & Poor's 500 Index <.SPX> was down 15.08 points, or 1.11 percent, at 1,342.08. The Nasdaq Composite Index <.IXIC> was down 26.83 points, or 0.93 percent, at 2,845.06.
NYMEX-NEW YORK, May 11 (Reuters) - U.S. crude oil futures fell more than 5 percent on Wednesday after an unexpected jump in gasoline inventories reported by the government sent RBOB gasoline futures into a tailspin.
RBOB gasoline futures' 25-cent slump intraday triggered a five-minute trading halt on the New York Mercantile Exchange for the motor fuel, heating oil and crude oil futures, the first such trading stoppage since the 2008 financial crisis.
On the New York Mercantile Exchange, June crude
CBOT-U.S. soybean ended lower, although well off session lows, on Wednesday as traders digested a USDA supply/demand report that included a much higher-than expected 2010/2011 soybean carryover estimate of 170 million bushels, traders said.
The agency's estimate for the 2011/2012 marketing year was 160 million bushels, slightly lower than the average estimate of 167 million bushels.
FCPO-KUALA LUMPUR/JAKARTA, May 11 (Reuters) - Malaysian palm oil futures extended gains for a third day on Wednesday ahead of a U.S. agriculture report that may show tighter grains and oilseeds supply in the months to come.
The U.S. Department of Agriculture May supply and demand report is expected to confirm the U.S. winter wheat crop has shrunk to its lowest in five years, a scenario that will boost soybeans and palm oil.
Palm oil has lost about 14 percent so far this year on rising stocks and still weak demand. It also fell to a six month low last week along with a broad sell-off in commodities as traders initially fretted over the state of the U.S. economy and cut risk taking.
At the close, the benchmark July crude palm oil contract
REGIONAL EQUITIES-BANGKOK, May 11 (Reuters) - Southeast Asian stock markets advanced further on Wednesday, with banking stocks leading the pack because of the positive loan growth outlook, and investors also picked selected energy and resource companies with good earnings prospects.
Most markets saw trading volume pick up to their 30-day average, despite some caution over the euro zone debt crisis and uncertainty over whether Greece would need additional financial aid.
Stocks in Malaysia <.KLSE>, Thailand <.SETI> and the Philippines <.PSI> extended their gains into a third session and hit their highest levels in almost two weeks. Singapore <.FTSTI>, Indonesia <.JKSE> and Vietnam <.VNI> hovered around a one-week high.
Among outperformers, Malaysian bank Hong Leong
Optimism about the earnings outlook of resource-related firms lifted share prices despite the volatility in global oil markets.
Singapore-listed commodities trading firm Noble Group
Tuesday, May 10, 2011
Trader's Highlight
DJI-NEW YORK, May 9 (Reuters) - U.S. stocks rose on Monday as commodity-related shares rebounded from last week's collapse, masking deeper doubts about what will sustain the market's long-term strength.
Last week a massive sell-off in materials and oil forced investors out of high-risk assets, and stocks ended down about 1 percent for the week.
The Dow Jones industrial average <.DJI> was up 45.94 points, or 0.36 percent, at 12,684.68. The Standard & Poor's 500 Index <.SPX> was up 6.09 points, or 0.45 percent, at 1,346.29. The Nasdaq Composite Index <.IXIC> was up 15.69 points, or 0.55percent, at 2,843.25.
NYMEX-NEW YORK, May 9 (Reuters) - U.S. crude oil futures rebounded more than 5 percent to end above $102 a barrel on Monday as droves of bargain hunters entered commodity markets following last week's price plunge.
A sharp rally in gasoline futures due to fears that the flooding of the Mississippi River could affect refineries in Louisiana and Tennessee also helped lift crude.
On the New York Mercantile Exchange, crude for June delivery settled at $102.55 a barrel, jumping $5.37, or 5.53 percent, after trading from $97.42 to $103.40.
CBOT-CHICAGO, May 9 (Reuters) - U.S. soybean ended higher on Monday, with late-session gains fueled by a jump in crude oil and metal futures, traders said.
Corn and wheat also were higher on Monday, in part on weather concerns, adding to support in soybeans.
But the rally in soy was achieved in low volume, with soybean futures posting their lowest volume since Nov. 26, soyoil its lowest volume since May 24 and soymeal its lowest volume since Dec. 31.
FCPO-KUALA LUMPUR, May 9 (Reuters) - Malaysian palm oil futures rebounded from six-month lows on Monday, in line with stronger commodity markets, as solid U.S. payrolls data showed the global economy was on track for recovery although fundamentals for the tropical oil remain uncertain.
Palm oil has lost nearly 15 percent so far this year on rising stocks and still weak demand. It also fell to a six-month low last week along with a broad sell-off in commodities as traders initially fretted over the state of the U.S. economy and reduced risk taking.
The benchmark July crude palm oil contract on Bursa Malaysia Derivatives closed up 1.4 percent to 3,238 ringgit ($1,078) a tonne. At the start of the trading session, the contract briefly hit a six-month low of 3,192 ringgit. Traded volume was at 14,584 lots of 25 tonnes each, compared to 19,131 lots on Friday.
REGIONAL EQUITIES-BANGKOK, May 9 (Reuters) - Most Southeast Asian stock markets climbed higher on Monday, regaining some of the ground lost last week when global stocks and commodities tumbled, as solid U.S. payrolls data suggested a recovery in the world's biggest economy was picking up momentum.
Market players appeared to be staying defensive, though, with turnover in Malaysia, Singapore and Vietnam falling below the 30-day average and some bourses seeing mild outflows of foreign funds on the day. Malaysia saw small inflows of $3.22 million, its exchange said.
Stocks in Singapore <.FTSTI> rose 1.3 percent while Malaysia <.KLSE>, the Philippines <.PSI> and Vietnam <.VNI> posted smaller gains.
Last week a massive sell-off in materials and oil forced investors out of high-risk assets, and stocks ended down about 1 percent for the week.
The Dow Jones industrial average <.DJI> was up 45.94 points, or 0.36 percent, at 12,684.68. The Standard & Poor's 500 Index <.SPX> was up 6.09 points, or 0.45 percent, at 1,346.29. The Nasdaq Composite Index <.IXIC> was up 15.69 points, or 0.55percent, at 2,843.25.
NYMEX-NEW YORK, May 9 (Reuters) - U.S. crude oil futures rebounded more than 5 percent to end above $102 a barrel on Monday as droves of bargain hunters entered commodity markets following last week's price plunge.
A sharp rally in gasoline futures due to fears that the flooding of the Mississippi River could affect refineries in Louisiana and Tennessee also helped lift crude.
On the New York Mercantile Exchange, crude for June delivery
CBOT-CHICAGO, May 9 (Reuters) - U.S. soybean ended higher on Monday, with late-session gains fueled by a jump in crude oil and metal futures, traders said.
Corn and wheat also were higher on Monday, in part on weather concerns, adding to support in soybeans.
But the rally in soy was achieved in low volume, with soybean futures posting their lowest volume since Nov. 26, soyoil its lowest volume since May 24 and soymeal its lowest volume since Dec. 31.
FCPO-KUALA LUMPUR, May 9 (Reuters) - Malaysian palm oil futures rebounded from six-month lows on Monday, in line with stronger commodity markets, as solid U.S. payrolls data showed the global economy was on track for recovery although fundamentals for the tropical oil remain uncertain.
Palm oil has lost nearly 15 percent so far this year on rising stocks and still weak demand. It also fell to a six-month low last week along with a broad sell-off in commodities as traders initially fretted over the state of the U.S. economy and reduced risk taking.
The benchmark July crude palm oil contract
REGIONAL EQUITIES-BANGKOK, May 9 (Reuters) - Most Southeast Asian stock markets climbed higher on Monday, regaining some of the ground lost last week when global stocks and commodities tumbled, as solid U.S. payrolls data suggested a recovery in the world's biggest economy was picking up momentum.
Market players appeared to be staying defensive, though, with turnover in Malaysia, Singapore and Vietnam falling below the 30-day average and some bourses seeing mild outflows of foreign funds on the day. Malaysia saw small inflows of $3.22 million, its exchange said.
Stocks in Singapore <.FTSTI> rose 1.3 percent while Malaysia <.KLSE>, the Philippines <.PSI> and Vietnam <.VNI> posted smaller gains.
Monday, May 9, 2011
Trader's Highlight
DJI-NEW YORK, May 6 (Reuters) - U.S. stock investors head into next week with added worries about the sustainability of the recent rally and a desire to reduce risk, as shown by the stampede out of commodities on Thursday.
Stocks also will begin to lose the support they've enjoyed from stronger-than-expected earnings since the first-quarter reporting period is almost at an end.
The Standard & Poor's energy index <.GSPE> ended the week down 7 percent, its biggest weekly drop in a year, and the iShares Silver Trust suffered its worst week of outflows ever after heavy losses in the precious metal.
NYMEX-NEW YORK, May 6 (Reuters) - U.S. crude oil futures slumped for a fifth day on Friday, ending with the biggest weekly loss in dollar terms since oil trading began on the New York Mercantile Exchange in 1983, as a stronger dollar prompted investors to continue trimming oil bets.
The extended sell-off in an extremely volatile day snuffed out gains made after early data showed U.S. companies created jobs at the fastest pace in five years last month.
On the New York Mercantile Exchange, crude for June delivery settled at $97.18a barrel, down $2.62, or 2.63 percent, after trading from $94.63 to $102.38.
CBOT-U.S. soybean slightly higher on Friday, bolstered by short-covering to end up 0,61 percent on the day, but down 4.7 percent for the week, traders said.
Prices spent the day vacillating on either side of unchanged following outside markets. The U.S. dollar was firmer late in the day and crude oil was lower, the traders noted.
FCPO-KUALA LUMPUR, May 6 (Reuters) - Malaysian palm oil futures tumbled to their lowest in more than six months on Friday along with a broad sell-off in commodities as traders fretted over the state of the U.S. economy and reduced risk taking.
The sell-off, which started in U.S. trading hours the previous day, has dragged on palm oil that has lost nearly 16 percent so far this year on a combination of weaker external markets, slow demand and a build-up in stocks.
Financial markets are still volatile ahead of the release of U.S. monthly jobs data later in the day, which is expected to give a reading on the health of the world's largest economy.
Benchmark July palm oil futures on the Bursa Malaysia Derivatives Exchange fell as much as 81 ringgit, or 2.5 percent, to 3,148 Malaysian ringgit a tonne -- a level unseen since Nov 23.
The contract settled down 1.1 percent at 3,195 ringgit per tonne. Overall traded volumes stood at 32,482 lots at 25 tonnes each, much higher than the usual 25,000 lots.
REGIONAL EQUITIES-COLOMBO , May 6 (Reuters) - All Southeast Asian stock markets extended losing streaks on Friday with Thailand plunging to a five-week closing low led by selling in energy shares amid falling global oil prices.
Resuming trade after a second holiday this week, Thailand <.SETI> wavered 2.1 percent on Friday to a five-week low close, extending the loss to 3.9 percent for the week, the worst among its Asian peers and its highest weekly loss since the end of January.
Malaysia suffered a net foreign outflow of $43.5 million, while Thailand saw a net outflow of $115 million on Friday, data from the respective stock exchanges showed.
Stocks also will begin to lose the support they've enjoyed from stronger-than-expected earnings since the first-quarter reporting period is almost at an end.
The Standard & Poor's energy index <.GSPE> ended the week down 7 percent, its biggest weekly drop in a year, and the iShares Silver Trust
NYMEX-NEW YORK, May 6 (Reuters) - U.S. crude oil futures slumped for a fifth day on Friday, ending with the biggest weekly loss in dollar terms since oil trading began on the New York Mercantile Exchange in 1983, as a stronger dollar prompted investors to continue trimming oil bets.
The extended sell-off in an extremely volatile day snuffed out gains made after early data showed U.S. companies created jobs at the fastest pace in five years last month.
On the New York Mercantile Exchange, crude for June delivery
CBOT-U.S. soybean slightly higher on Friday, bolstered by short-covering to end up 0,61 percent on the day, but down 4.7 percent for the week, traders said.
Prices spent the day vacillating on either side of unchanged following outside markets. The U.S. dollar was firmer late in the day and crude oil was lower, the traders noted.
FCPO-KUALA LUMPUR, May 6 (Reuters) - Malaysian palm oil futures tumbled to their lowest in more than six months on Friday along with a broad sell-off in commodities as traders fretted over the state of the U.S. economy and reduced risk taking.
The sell-off, which started in U.S. trading hours the previous day, has dragged on palm oil that has lost nearly 16 percent so far this year on a combination of weaker external markets, slow demand and a build-up in stocks.
Financial markets are still volatile ahead of the release of U.S. monthly jobs data later in the day, which is expected to give a reading on the health of the world's largest economy.
Benchmark July palm oil futures
The contract settled down 1.1 percent at 3,195 ringgit per tonne. Overall traded volumes stood at 32,482 lots at 25 tonnes each, much higher than the usual 25,000 lots.
REGIONAL EQUITIES-COLOMBO , May 6 (Reuters) - All Southeast Asian stock markets extended losing streaks on Friday with Thailand plunging to a five-week closing low led by selling in energy shares amid falling global oil prices.
Resuming trade after a second holiday this week, Thailand <.SETI> wavered 2.1 percent on Friday to a five-week low close, extending the loss to 3.9 percent for the week, the worst among its Asian peers and its highest weekly loss since the end of January.
Malaysia suffered a net foreign outflow of $43.5 million, while Thailand saw a net outflow of $115 million on Friday, data from the respective stock exchanges showed.
Friday, May 6, 2011
Breaking News-RTRS - Asia Oils-India buys more palm oil as port stocks run low
KUALA LUMPUR, May 5 (Reuters) - India, the world's largest vegetable oil importer, was buying more Southeast Asian palm oil to cover demand as port stocks run low, although a decline in competing soyoil prices may prompt a shift in orders, dealers said on Thursday.
Imported vegetable oil stocks at various ports stand at 415,000 tonnes at end-April, lower than the usual 650,000 tonnes, and this has spurred more imports even though the rapeseed crushing season is underway, Southeast Asian and Indian traders said.
Imported vegetable oil stocks at various ports stand at 415,000 tonnes at end-April, lower than the usual 650,000 tonnes, and this has spurred more imports even though the rapeseed crushing season is underway, Southeast Asian and Indian traders said.
Trader's Highlight
DJI-NEW YORK, May 5 (Reuters) - Wall Street stock indexes fell for a fourth straight day on Thursday as a massive sell-off in commodities spilled over into other markets, forcing investors out of higher-risk assets and rattling equities markets before Friday's U.S. payrolls data.
Oil suffered the biggest one-day price drop ever for the Brent futures contract, which settled down 8.6 percent at $110.80 per barrel. That drove oil shares lower, making the energy sector <.GSPE> the worst performer on the S&P as it fell 2.3 percent.
The Dow Jones industrial average <.DJI> dropped 139.41 points, or 1.10 percent, to 12,584.17. The Standard & Poor's 500 Index <.SPX> fell 12.22 points, or 0.91 percent, to 1,335.10. The Nasdaq Composite Index <.IXIC> lost 13.51 points, or 0.48 percent, to 2,814.72.
NYMEX-NEW YORK, May 5 (Reuters) - U.S. crude oil futures plunged nearly 9 percent to end below $100 a barrel on Thursday, the lowest since mid-March, in a scorching commodities sell-off ignited by worries about economic growth and tighter monetary policies.
Crude oil futures have fallen four straight days, posting the biggest four-day percentage loss for a year, as investors quickly reverted to their focus on fundamentals.
On the New York Mercantile Exchange, crude for June delivery settled at $99.80a barrel, losing $9.44, or 8.64 percent, the lowest since March 16, when prices closed at $97.98. It traded from $99.35 to $109.38.
CBOT-U.S. soybean futures plunged Thursday, with the July contract down 2 percent after a day-long sell-off as a broad group of commodities likewise Soybean futures have closed lower in seven of the last eight sessions.
FCPO-KUALA LUMPUR, May 5 (Reuters) - Malaysian palm futures fell on Thursday as traders booked profits on expectations of higher stocks in the months to come and sharp declines in agriculture commodities.
The tropical oil has lost 15 percent so far this year and could extend the losses as the market expects Malaysian palm oil stocks to have hit a six-month high in April with production outstripping a modest growth in exports.
The benchmark July contract on the Bursa Malaysia Derivatives Exchange ended 1.1 percent lower to 3,229 ringgit ($1,085) per tonne -- nearing a two-week low of 3,228 ringgit hit the day before. Overall traded volume stood at 28,605 lots of 25 tonnes each, higher than the 25,500 lots usually traded.
REGIONAL EQUITIES-COLOMBO , May 5 (Reuters) - Most Southeast Asian stock markets extended losses on Thursday, amid thin volumes as concerns over slow global economic recovery after poor U.S. economic data and expectations of further monetary tightening damped investor sentiment.
Singapore <.FTSTI>, the region's worst performer this year lost 0.13 percent to a five-week low and Malaysia <.KLSE> slid 0.47 percent to its lowest close since March 29 with a net foreign outflow of $39.7 million, bourse data showed.
After the market closed, Malaysia's central bank also raised its key policy rate by 25 basis points to 3 percent in a move to cope with rising inflation fuelled by higher food and energy prices.
Poor economic data along with softening commodities, monetary tightening fears and falling U.S. dollar pushed Asian shares outside Japan <.MIAPJ0000PUS> down for the third consecutive day, moving further away from a three-year high tested last week.
Oil suffered the biggest one-day price drop ever for the Brent futures contract, which settled down 8.6 percent at $110.80 per barrel. That drove oil shares lower, making the energy sector <.GSPE> the worst performer on the S&P as it fell 2.3 percent.
The Dow Jones industrial average <.DJI> dropped 139.41 points, or 1.10 percent, to 12,584.17. The Standard & Poor's 500 Index <.SPX> fell 12.22 points, or 0.91 percent, to 1,335.10. The Nasdaq Composite Index <.IXIC> lost 13.51 points, or 0.48 percent, to 2,814.72.
NYMEX-NEW YORK, May 5 (Reuters) - U.S. crude oil futures plunged nearly 9 percent to end below $100 a barrel on Thursday, the lowest since mid-March, in a scorching commodities sell-off ignited by worries about economic growth and tighter monetary policies.
Crude oil futures have fallen four straight days, posting the biggest four-day percentage loss for a year, as investors quickly reverted to their focus on fundamentals.
On the New York Mercantile Exchange, crude for June delivery
CBOT-U.S. soybean futures plunged Thursday, with the July contract down 2 percent after a day-long sell-off as a broad group of commodities likewise Soybean futures have closed lower in seven of the last eight sessions.
FCPO-KUALA LUMPUR, May 5 (Reuters) - Malaysian palm futures fell on Thursday as traders booked profits on expectations of higher stocks in the months to come and sharp declines in agriculture commodities.
The tropical oil has lost 15 percent so far this year and could extend the losses as the market expects Malaysian palm oil stocks to have hit a six-month high in April with production outstripping a modest growth in exports.
The benchmark July contract
REGIONAL EQUITIES-COLOMBO , May 5 (Reuters) - Most Southeast Asian stock markets extended losses on Thursday, amid thin volumes as concerns over slow global economic recovery after poor U.S. economic data and expectations of further monetary tightening damped investor sentiment.
Singapore <.FTSTI>, the region's worst performer this year lost 0.13 percent to a five-week low and Malaysia <.KLSE> slid 0.47 percent to its lowest close since March 29 with a net foreign outflow of $39.7 million, bourse data showed.
After the market closed, Malaysia's central bank also raised its key policy rate by 25 basis points to 3 percent in a move to cope with rising inflation fuelled by higher food and energy prices.
Poor economic data along with softening commodities, monetary tightening fears and falling U.S. dollar pushed Asian shares outside Japan <.MIAPJ0000PUS> down for the third consecutive day, moving further away from a three-year high tested last week.
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