DJI-NEW YORK, July 15 (Reuters) - Google's blowout quarter led the Nasdaq higher on Friday but mounting uncertainty about the government's ability to reach a debt-reduction deal may keep investors at bay in the coming week.
The gains were a bright spot in a stretch dominated by selling that pushed the S&P 500 down in its worst week in five. Worries about U.S. and European government debt troubles put pressure on the market even as investors expect a batch of strong earnings next week.
The Dow Jones industrial average .DJI rose 42.61 points, or 0.34 percent, to end at 12,479.73. The Standard & Poor's 500 Index .SPX gained 7.27 points, or 0.56 percent, to finish at 1,316.14. The Nasdaq Composite Index .IXIC advanced 27.13 points, or 0.98 percent, to close at 2,789.80.
NYMEX-NEW YORK, July 15 (Reuters) - U.S. crude futures rose on Friday, lifted by lower oil supplies from Canada and higher U.S. equities, to post their third straight weekly gains, outweighing the day's bleak economic reports.
In early trading, crude futures were supported by Wall Street higher opening on strong earnings from Citibank Inc C.N and Google Inc GOOG.N
On the New York Mercantile Exchange, crude for August delivery CLQ1 settled at $97.24a barrel, gaining $1.55, or 1.62 percent, trading $95.21 to $97.74.
CBOT-SOYBEANS-Chicago Board of Trade soybean futures closed higher on outlooks for heat and dryness in the United States next week that may harm the soybean crop.
Hot and dry weather is expected in the U.S. corn and soybean growing area for at least five to seven days with readings well into the 90s F and little rainfall. This will increase stress on crops.
FCPO-KUALA LUMPUR, July 15 (Reuters) - Malaysian palm oil futures retreated on Friday on expectations of higher supply and an uncertain global economic outlook.
Traders largely ignored strong export data, focusing instead on the debt crises in the euro zone and the United States that may slow global economic growth.
Intertek Testing Services reported Malaysian palm oil exports rose 12 percent for July 1-15 compared to a month ago. Another cargo surveyor said exports during the same period rose 4.6 percent.
Malaysia's June palm oil stocks hit an 18-month high of 2.05 million tonnes, and traders predict the figure will rise more as planters push the harvest before the Muslim festival of Eid Al-fitr in August.
The benchmark September crude palm oil contract KPOc3 on the Bursa Malaysia Derivatives exchange fell 0.9 percent to 3,116 ringgit ($1,038) a tonne. Overall traded volume was light at 22,251 lots of 25 tonnes each, compared to the usual 25,000 lots.
REGIONAL EQUITIES-SINGAPORE, July 15 (Reuters) - Indonesian and Philippine stocks on Friday rose on optimistic earnings expectations in the financial sector, while Malaysian stocks were under pressure after a warning of a U.S. credit rating downgrade by Standard & Poor's hurt industrial shares.
South East Asian stock market activity was subdued with trading volumes in markets below their 30-day moving averages.
Worries about a potential debt default in developed economies kept investors' appetite for riskier assets at bay, Asia's relatively robust earnings outlook may keep attracting capital flows, analysts said
Malaysian stocks .KLSE ended down 0.16 percent led by falls in industrial names, while Singapore shares .FTSI dipped.
Still, southeast Asian stocks are not free from risk-off mode on worries about the global economic slowdown and fiscal problems in the euro zone and the United States, analysts said.
Monday, July 18, 2011
Friday, July 15, 2011
Trader's Highlight
DJI-NEW YORK, July 14 (Reuters) - U.S. stocks fell on Thursday as Fed Chairman Ben Bernanke backed off hints additional near-term stimulus could be on the way, removing a possible catalyst from a market already facing plenty of obstacles.
Technology shares led the market lower and the Nasdaq fell 1 percent, reversing early gains while the market's favored indicator of anxiety, the CBOE Volatility Index .VIX, rose 4.5 percent and hit a two-and-a-half week high.
The Dow Jones industrial average .DJI slid 54.49 points, or 0.44 percent, to close at 12,437.12. The Standard & Poor's 500 Index .SPX shed 8.85 points, or 0.67 percent, to finish at 1,308.87. The Nasdaq Composite Index .IXIC dropped 34.25 points, or 1.22 percent, to end at 2,762.67.
NYMEX-NEW YORK, July 14 (Reuters) - U.S. crude futures fell more than 2 percent on Thursday, snapping two days of gains as Federal Reserve Chairman Ben Bernanke dampened expectations that more monetary easing was on the way.
On the second day of delivering the Fed's semiannual monetary policy report to Congress, Chairman Ben Bernanke repeated the central bank is prepared to act if the modest recovery from the recession falters. but he also made clear the Fed is not at that point now.
On the New York Mercantile Exchange, August crude CLQ1 fell, $2.36, or 2.41 percent, to settle at $95.69 per barrel, trading from $94.53 to $98.88. Thursday's slip was the biggest one-day percentage loss since July 8, when front-month crude fell 2.5 percent.
CBOT-CHICAGO, July 14 (Reuters) - U.S. soybean futures on the Chicago Board of Trade closed higher on Thursday on technical buying and as traders exited long corn/short soybean spreads, brokers said.
Market underpinned by forecasts for hot and dry weather in the U.S. Midwest starting this weekend that may threaten some of the crops, especially corn.
China's soybean imports in 2011/12 are likely to rise nearly 10 percent from a year earlier, after an expected mild increase in 2010/11 - COFCO official. [nL3E7IE1B2]
Dollar weakness helped lift values early, but soybeans held firm as the dollar cut losses and crude oil turned down after Federal Reserve Chairman Ben Bernanke doused market speculation that another round of monetary easing was on the way.
REGIONAL EQUITIES-BANGKOK, July 13 (Reuters) - Southeast Asian stock markets gained on Wednesday as Chinese economic growth data eased some fears about a global slowdown and resource shares advanced in line with the improving outlook for commodity demand from the world's second-largest economy.
The region snapped a two-day losing streak, also helped by bargain-hunting in recently beaten-down banks as their reporting season kicks off this month and strong consumption suggests a favourable outlook in the financial sector.
Stocks in the Philippines .PSI, Thailand .SETI and Indonesia .JKSE climbed over 1 percent, with others posting more limited gains.
Light trading volume in some markets reflected signs of caution as debt problems continued to cloud prospects in the euro zone. Indonesia, Malaysia .KLSE and the Philippines have all pulled back after setting all-time highs early this month.
Technology shares led the market lower and the Nasdaq fell 1 percent, reversing early gains while the market's favored indicator of anxiety, the CBOE Volatility Index .VIX, rose 4.5 percent and hit a two-and-a-half week high.
The Dow Jones industrial average .DJI slid 54.49 points, or 0.44 percent, to close at 12,437.12. The Standard & Poor's 500 Index .SPX shed 8.85 points, or 0.67 percent, to finish at 1,308.87. The Nasdaq Composite Index .IXIC dropped 34.25 points, or 1.22 percent, to end at 2,762.67.
NYMEX-NEW YORK, July 14 (Reuters) - U.S. crude futures fell more than 2 percent on Thursday, snapping two days of gains as Federal Reserve Chairman Ben Bernanke dampened expectations that more monetary easing was on the way.
On the second day of delivering the Fed's semiannual monetary policy report to Congress, Chairman Ben Bernanke repeated the central bank is prepared to act if the modest recovery from the recession falters. but he also made clear the Fed is not at that point now.
On the New York Mercantile Exchange, August crude CLQ1 fell, $2.36, or 2.41 percent, to settle at $95.69 per barrel, trading from $94.53 to $98.88. Thursday's slip was the biggest one-day percentage loss since July 8, when front-month crude fell 2.5 percent.
CBOT-CHICAGO, July 14 (Reuters) - U.S. soybean futures on the Chicago Board of Trade closed higher on Thursday on technical buying and as traders exited long corn/short soybean spreads, brokers said.
Market underpinned by forecasts for hot and dry weather in the U.S. Midwest starting this weekend that may threaten some of the crops, especially corn.
China's soybean imports in 2011/12 are likely to rise nearly 10 percent from a year earlier, after an expected mild increase in 2010/11 - COFCO official. [nL3E7IE1B2]
Dollar weakness helped lift values early, but soybeans held firm as the dollar cut losses and crude oil turned down after Federal Reserve Chairman Ben Bernanke doused market speculation that another round of monetary easing was on the way.
REGIONAL EQUITIES-BANGKOK, July 13 (Reuters) - Southeast Asian stock markets gained on Wednesday as Chinese economic growth data eased some fears about a global slowdown and resource shares advanced in line with the improving outlook for commodity demand from the world's second-largest economy.
The region snapped a two-day losing streak, also helped by bargain-hunting in recently beaten-down banks as their reporting season kicks off this month and strong consumption suggests a favourable outlook in the financial sector.
Stocks in the Philippines .PSI, Thailand .SETI and Indonesia .JKSE climbed over 1 percent, with others posting more limited gains.
Light trading volume in some markets reflected signs of caution as debt problems continued to cloud prospects in the euro zone. Indonesia, Malaysia .KLSE and the Philippines have all pulled back after setting all-time highs early this month.
Thursday, July 14, 2011
Trader's Highlight
DJI-NEW YORK, July 13 (Reuters) - U.S. stocks stopped a three-day slide on Wednesday, but the market is likely to get hit in the coming session after Moody's said it could cut the United States' prized triple-A credit rating.
Stock index futures dropped sharply after Moody's Investors Service said it may cut the United States' triple-A rating due to the rising chance its $14.3 trillion debt ceiling may not be raised by the Aug. 2nd deadline. Failure to increase the country's borrowing limit in time would result in a U.S. default, which could roil financial markets.
The Dow Jones industrial average .DJI rose 44.73 points, or 0.36 percent, to close at 12,491.61. The Standard & Poor's 500 Index .SPX gained 4.08 points, or 0.31 percent, to 1,317.72. The Nasdaq Composite Index .IXIC advanced 15.01 points, or 0.54 percent, to 2,796.92.
NYMEX-NEW YORK, July 13 (Reuters) - U.S. crude futures ended higher for a second straight day on Wednesday, lifted by U.S. Federal Reserve Chairman Ben Bernanke's remarks signaling more stimulus might be coming if the economy weakens and by data showing a larger-than-expected drop in crude stocks.
The U.S. Federal Reserve is ready to ease monetary policy further if economic growth and inflation slow much more, Bernanke said, giving a boost to the bruised stock market.
On the New York Mercantile Exchange, August crude CLQ1 rose 62 cents, or 0.64percent, to settle at $98.05 a barrel, having traded from $96.53 to $99.21.
CBOT-SOYBEANS-Chicago Board of Trade soybean futures closed higher on spillover support from gains in corn as hot weather threatened to trim crop output.
Support to soybeans also stemming from the possibility of more fiscal stimulus
measures in the United States, a weak dollar and higher crude oil.
FCPO-KUALA LUMPUR, July 13 (Reuters) - Malaysian palm oil futures rebounded on Wednesday as a U.S. government report showing tight grain stocks owing to rising biofuel use spurred concerns over the prospect of limited food supplies.
A U.S. Department of Agriculture report showed corn stocks have hovered near 15-year lows for longer than expected due to the grain's use in making ethanol, lifting vegetable oils that are also used in other competing renewable fuels.
High stocks in Malaysia however are expected to weigh on palm oil prices although the vegetable oil's rising discount to competing soyoil has prevented the market from going below 3,000 ringgit a tonne in the short term.
Cash refined, bleached and deodorised (RBD) palm olein's discount to soyoil has widened to $170 a tonne, the highest since November 2008, Reuters data showed.
The benchmark September crude palm oil contract KPOc3 on the Bursa Malaysia Derivatives exchange rose 48 ringgit, or 1.6 percent, to close at 3,082 ringgit ($1,016.50) per tonne.
Overall traded volume stood at 21,582 lots of 25 tonnes each, well below the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, July 13 (Reuters) - Southeast Asian stock markets gained on Wednesday as Chinese economic growth data eased some fears about a global slowdown and resource shares advanced in line with the improving outlook for commodity demand from the world's second-largest economy.
The region snapped a two-day losing streak, also helped by bargain-hunting in recently beaten-down banks as their reporting season kicks off this month and strong consumption suggests a favourable outlook in the financial sector.
Among actively traded stocks, Thai lender Kasikornbank KBAN.BK climbed 1.6 percent, Singapore's United Overseas Bank UOBH.SI gained 1.1 percent and the Philippines' second-biggest lender by assets, Metropolitan Bank & Trust Co MBT.PS, jumped 3.3 percent.
Stock index futures dropped sharply after Moody's Investors Service said it may cut the United States' triple-A rating due to the rising chance its $14.3 trillion debt ceiling may not be raised by the Aug. 2nd deadline. Failure to increase the country's borrowing limit in time would result in a U.S. default, which could roil financial markets.
The Dow Jones industrial average .DJI rose 44.73 points, or 0.36 percent, to close at 12,491.61. The Standard & Poor's 500 Index .SPX gained 4.08 points, or 0.31 percent, to 1,317.72. The Nasdaq Composite Index .IXIC advanced 15.01 points, or 0.54 percent, to 2,796.92.
NYMEX-NEW YORK, July 13 (Reuters) - U.S. crude futures ended higher for a second straight day on Wednesday, lifted by U.S. Federal Reserve Chairman Ben Bernanke's remarks signaling more stimulus might be coming if the economy weakens and by data showing a larger-than-expected drop in crude stocks.
The U.S. Federal Reserve is ready to ease monetary policy further if economic growth and inflation slow much more, Bernanke said, giving a boost to the bruised stock market.
On the New York Mercantile Exchange, August crude CLQ1 rose 62 cents, or 0.64percent, to settle at $98.05 a barrel, having traded from $96.53 to $99.21.
CBOT-SOYBEANS-Chicago Board of Trade soybean futures closed higher on spillover support from gains in corn as hot weather threatened to trim crop output.
Support to soybeans also stemming from the possibility of more fiscal stimulus
measures in the United States, a weak dollar and higher crude oil.
FCPO-KUALA LUMPUR, July 13 (Reuters) - Malaysian palm oil futures rebounded on Wednesday as a U.S. government report showing tight grain stocks owing to rising biofuel use spurred concerns over the prospect of limited food supplies.
A U.S. Department of Agriculture report showed corn stocks have hovered near 15-year lows for longer than expected due to the grain's use in making ethanol, lifting vegetable oils that are also used in other competing renewable fuels.
High stocks in Malaysia however are expected to weigh on palm oil prices although the vegetable oil's rising discount to competing soyoil has prevented the market from going below 3,000 ringgit a tonne in the short term.
Cash refined, bleached and deodorised (RBD) palm olein's discount to soyoil has widened to $170 a tonne, the highest since November 2008, Reuters data showed.
The benchmark September crude palm oil contract KPOc3 on the Bursa Malaysia Derivatives exchange rose 48 ringgit, or 1.6 percent, to close at 3,082 ringgit ($1,016.50) per tonne.
Overall traded volume stood at 21,582 lots of 25 tonnes each, well below the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, July 13 (Reuters) - Southeast Asian stock markets gained on Wednesday as Chinese economic growth data eased some fears about a global slowdown and resource shares advanced in line with the improving outlook for commodity demand from the world's second-largest economy.
The region snapped a two-day losing streak, also helped by bargain-hunting in recently beaten-down banks as their reporting season kicks off this month and strong consumption suggests a favourable outlook in the financial sector.
Among actively traded stocks, Thai lender Kasikornbank KBAN.BK climbed 1.6 percent, Singapore's United Overseas Bank UOBH.SI gained 1.1 percent and the Philippines' second-biggest lender by assets, Metropolitan Bank & Trust Co MBT.PS, jumped 3.3 percent.
Wednesday, July 13, 2011
Trader's Highlight
DJI-NEW YORK, July 12 (Reuters) - U.S. stocks closed lower for their third day in a row on Tuesday as Europe's fiscal woes and a weak start to tech earnings gave investors little reason to buy following equities' worst day in a month.
The Dow Jones industrial average .DJI fell 58.88 points, or 0.47 percent, to end unofficially at 12,446.88. The Standard & Poor's 500 Index .SPX slipped 5.85 points, or 0.44 percent, to finish unofficially at 1,313.64. The Nasdaq Composite Index .IXIC lost 20.71 points, or 0.74 percent, to close unofficially at 2,781.91.
NYMEX-NEW YORK, July 12 (Reuters) - U.S. crude futures pared gains in post-settlement trading on Tuesday after the American Petroleum Institute reported a surprise increase of 2.3 million barrrels in domestic crude inventories last week.
The report came after U.S. crude futures settled higher, snapping two days of losses.
Traders had expected that weekly inventory reports would show a stock draw. Analysts polled by Reuters had expected the data to show crude stockpiles fell by 1.8 million barrels.
On the New York Mercantile Exchange, August crude CLQ1 was up $1.48, or 1.56 percent at $96.63 a barrel at 5:02 p.m. EDT (2102 GMT). It had settled at $97.43, gaining $2.28, or 2.4 percent, after trading between $93.55 and $97.50.
CBOT-SOYBEANS-Soybean futures at the Chicago Board of Trade closed higher, led by spillover strength from corn and crude oil, traders said.
Concerns about forecasts for hot weather in the U.S. Midwest crop belt added support.
FCPO-KUALA LUMPUR, July 12 (Reuters) - Malaysian palm oil futures fell 1.3 percent on Tuesday, trailing weaker overseas equity and commodity markets, as worries over euro zone debt's crisis triggered a sell-off.
Oil, copper and grains markets tumbled on Monday as worry that the euro zone debt crisis could spill over into Italy bumped the dollar up against the euro, hurting prices of dollar-denominated commodities. Palm oil exports are priced in U.S. dollars.
The benchmark September crude palm oil contract KPOc3 on Bursa Malaysia Derivatives settled down 39 ringgit to 3,034 ringgit ($1,008) per tonne.
Overall traded volume stood 26,227 lots 25 tonnes, slightly above the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, July 12 (Reuters) - Southeast Asian stock markets continued to slide on Tuesday as fears that the euro zone debt crisis could spread dampened appetite for global risk assets while lower oil prices prompted selling in resource and commodities shares.
Indonesia's main share index .JKSE dropped 1.4 percent after hitting a record high on Friday. Jakarta is Asia's top market this year as strong domestic consumption has bolstered its economic outlook amid global uncertainty.
Stocks in Singapore .FTSTI, Thailand .SETI and Vietnam .VNI dropped over 1 percent while Malaysia .KLSE and Philippine shares .PSI posted smaller losses.
Market players expect regional central banks to tighten policy to combat inflation as economies expand.
The Dow Jones industrial average .DJI fell 58.88 points, or 0.47 percent, to end unofficially at 12,446.88. The Standard & Poor's 500 Index .SPX slipped 5.85 points, or 0.44 percent, to finish unofficially at 1,313.64. The Nasdaq Composite Index .IXIC lost 20.71 points, or 0.74 percent, to close unofficially at 2,781.91.
NYMEX-NEW YORK, July 12 (Reuters) - U.S. crude futures pared gains in post-settlement trading on Tuesday after the American Petroleum Institute reported a surprise increase of 2.3 million barrrels in domestic crude inventories last week.
The report came after U.S. crude futures settled higher, snapping two days of losses.
Traders had expected that weekly inventory reports would show a stock draw. Analysts polled by Reuters had expected the data to show crude stockpiles fell by 1.8 million barrels.
On the New York Mercantile Exchange, August crude CLQ1 was up $1.48, or 1.56 percent at $96.63 a barrel at 5:02 p.m. EDT (2102 GMT). It had settled at $97.43, gaining $2.28, or 2.4 percent, after trading between $93.55 and $97.50.
CBOT-SOYBEANS-Soybean futures at the Chicago Board of Trade closed higher, led by spillover strength from corn and crude oil, traders said.
Concerns about forecasts for hot weather in the U.S. Midwest crop belt added support.
FCPO-KUALA LUMPUR, July 12 (Reuters) - Malaysian palm oil futures fell 1.3 percent on Tuesday, trailing weaker overseas equity and commodity markets, as worries over euro zone debt's crisis triggered a sell-off.
Oil, copper and grains markets tumbled on Monday as worry that the euro zone debt crisis could spill over into Italy bumped the dollar up against the euro, hurting prices of dollar-denominated commodities. Palm oil exports are priced in U.S. dollars.
The benchmark September crude palm oil contract KPOc3 on Bursa Malaysia Derivatives settled down 39 ringgit to 3,034 ringgit ($1,008) per tonne.
Overall traded volume stood 26,227 lots 25 tonnes, slightly above the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, July 12 (Reuters) - Southeast Asian stock markets continued to slide on Tuesday as fears that the euro zone debt crisis could spread dampened appetite for global risk assets while lower oil prices prompted selling in resource and commodities shares.
Indonesia's main share index .JKSE dropped 1.4 percent after hitting a record high on Friday. Jakarta is Asia's top market this year as strong domestic consumption has bolstered its economic outlook amid global uncertainty.
Stocks in Singapore .FTSTI, Thailand .SETI and Vietnam .VNI dropped over 1 percent while Malaysia .KLSE and Philippine shares .PSI posted smaller losses.
Market players expect regional central banks to tighten policy to combat inflation as economies expand.
Tuesday, July 12, 2011
Trader's Highlight
DJI-NEW YORK, July 11 (Reuters) - U.S. stocks suffered their worst day in nearly a month on Monday as concern about the stalemate in U.S. budget talks and growing debt problems in the euro zone prompted investors to hedge against further losses.
The S&P 500 dropped nearly 2 percent on concerns that Europe's debt crisis would spread to Italy. European officials were still struggling to solve Greece's fiscal problems as Italy's markets have been roiled by worry about its banks.
The Dow Jones industrial average .DJI was down 151.44 points, or 1.20 percent, at 12,505.76 at the close. The Standard & Poor's 500 Index .SPX was down 24.31 points, or 1.81 percent, at 1,319.49. The Nasdaq Composite Index .IXIC was down 57.19 points, or 2.00 percent, at 2,802.62.
NYMEX-NEW YORK, July 11 (Reuters) - U.S. crude oil futures fell for a second straight session on Monday on renewed worries of a demand slowdown, as investors feared the euro zone debt crisis would hit Italy and China's crude oil imports fell in June.
The euro zone worries pushed the U.S. dollar higher against the euro, prompting risk aversion among commodities investors.
On the New York Mercantile Exchange, U.S. crude for August delivery CLQ1 settled at $95.15 a barrel, down $1.05, or 1.09 percent, after trading between $94.14 and $96.75. It was the lowest settlement since July 1's close at $94.94
CBOT-SOYBEANS-Chicago Board of Trade soybean futures closed lower on a soaring dollar as well as plunging crude oil and equities due to renewed worries about the global economy.
Renewed concerns that Europe's debt crisis would spread, an increase in Chinese inflation and an impasse on budget talks in Washington converged to jolt investors after Friday's shockingly weak jobs report.
FCPO-KUALA LUMPUR, July 11 (Reuters) - Malaysia palm oil futures fell on Monday, weighed by stocks that hit an 18-month high last month and lacklustre exports.
But losses were limited thanks to firmer competing soyoil markets that gained on concerns that hotter weather in U.S. Midwest may affect the soy crop.
The benchmark September crude palm oil contract KPOc3 on Bursa Malaysia Derivatives fell 0.1 percent to 3,074 Malaysian ringgit ($1,027)a tonne, reversing gains made earlier in the day.
Overall traded volume was a tad lower at 18,760 lots of 25 tonnes each, compared to the usual 25,000 lots.
There could now be more selling pressure after Malaysian Palm Oil Board data showed Malaysia's June palm oil stocks climbed to an 18-month high of 2.05 million tonnes
REGIONAL EQUITIES-BANGKOK, July 11 (Reuters) - Southeast Asian stock markets retreated on Monday as investors cashed in gains in financials and big-caps after weak global economic data, including poor U.S. job figures, with caution ahead of interest rate decisions in Indonesia and Thailand underpinning the trend.
Volume was generally low. Indonesia, Malaysia and the Philippines all saw turnover fall short of their 30-day average.
Stocks in Malaysia .KLSE edged down 0.4 percent after climbing at one point to all-time highs. Indonesia .JKSE and the Philippines .PSI, which set record highs last week, drifted lower on the day.
Singapore .FTSTI fell 1.1 percent and Thai shares .SETI dropped 1.03 percent. The Thai market surged 4.5 percent last week and was Southeast Asia's best performer, helped by the initial reaction to a landslide election win by the opposition Puea Thai Party, which removed some political uncertainty.
The S&P 500 dropped nearly 2 percent on concerns that Europe's debt crisis would spread to Italy. European officials were still struggling to solve Greece's fiscal problems as Italy's markets have been roiled by worry about its banks.
The Dow Jones industrial average .DJI was down 151.44 points, or 1.20 percent, at 12,505.76 at the close. The Standard & Poor's 500 Index .SPX was down 24.31 points, or 1.81 percent, at 1,319.49. The Nasdaq Composite Index .IXIC was down 57.19 points, or 2.00 percent, at 2,802.62.
NYMEX-NEW YORK, July 11 (Reuters) - U.S. crude oil futures fell for a second straight session on Monday on renewed worries of a demand slowdown, as investors feared the euro zone debt crisis would hit Italy and China's crude oil imports fell in June.
The euro zone worries pushed the U.S. dollar higher against the euro, prompting risk aversion among commodities investors.
On the New York Mercantile Exchange, U.S. crude for August delivery CLQ1 settled at $95.15 a barrel, down $1.05, or 1.09 percent, after trading between $94.14 and $96.75. It was the lowest settlement since July 1's close at $94.94
CBOT-SOYBEANS-Chicago Board of Trade soybean futures closed lower on a soaring dollar as well as plunging crude oil and equities due to renewed worries about the global economy.
Renewed concerns that Europe's debt crisis would spread, an increase in Chinese inflation and an impasse on budget talks in Washington converged to jolt investors after Friday's shockingly weak jobs report.
FCPO-KUALA LUMPUR, July 11 (Reuters) - Malaysia palm oil futures fell on Monday, weighed by stocks that hit an 18-month high last month and lacklustre exports.
But losses were limited thanks to firmer competing soyoil markets that gained on concerns that hotter weather in U.S. Midwest may affect the soy crop.
The benchmark September crude palm oil contract KPOc3 on Bursa Malaysia Derivatives fell 0.1 percent to 3,074 Malaysian ringgit ($1,027)a tonne, reversing gains made earlier in the day.
Overall traded volume was a tad lower at 18,760 lots of 25 tonnes each, compared to the usual 25,000 lots.
There could now be more selling pressure after Malaysian Palm Oil Board data showed Malaysia's June palm oil stocks climbed to an 18-month high of 2.05 million tonnes
REGIONAL EQUITIES-BANGKOK, July 11 (Reuters) - Southeast Asian stock markets retreated on Monday as investors cashed in gains in financials and big-caps after weak global economic data, including poor U.S. job figures, with caution ahead of interest rate decisions in Indonesia and Thailand underpinning the trend.
Volume was generally low. Indonesia, Malaysia and the Philippines all saw turnover fall short of their 30-day average.
Stocks in Malaysia .KLSE edged down 0.4 percent after climbing at one point to all-time highs. Indonesia .JKSE and the Philippines .PSI, which set record highs last week, drifted lower on the day.
Singapore .FTSTI fell 1.1 percent and Thai shares .SETI dropped 1.03 percent. The Thai market surged 4.5 percent last week and was Southeast Asia's best performer, helped by the initial reaction to a landslide election win by the opposition Puea Thai Party, which removed some political uncertainty.
Monday, July 11, 2011
Trader's Highlight
DJI-NEW YORK, July 8 (Reuters) - U.S. stocks fell on Friday as a weak jobs report dashed optimism that the economy was emerging from a soft patch, leaving investors to hope earnings season would revive an appetite for buying.
The sell-off was broad and halted an eight-day streak for the Nasdaq, though stocks ended off their lows. U.S. employers added only 18,000 workers in June, short of even the lowest forecast, jolting buyers who had rushed into the market after some encouraging labor-market figures earlier in the week.
Despite the day's drop, the three major U.S. stock indexes ended higher for the week. The market is coming off a string of gains that reflected increased hope for an economic rebound and a strong earnings season.
The Dow Jones industrial average .DJI slipped 62.29 points, or 0.49 percent, to 12,657.20 at the close. The Standard & Poor's 500 Index .SPX shed 9.42 points, or 0.70 percent, to 1,343.80. The Nasdaq Composite Index .IXIC dropped 12.85 points, or 0.45 percent, to 2,859.81.
NYMEX-NEW YORK, July 8 (Reuters) - U.S. crude futures ended 2.5 percent lower on Friday, their biggest one-day percentage loss in two weeks, as a disappointing jobs report for June stoked more worries about oil demand.
Oil futures fell along with copper and other commodities such as coffee and cocoa, as did U.S. equities, reeling from the jobs report and as the dollar rose.
On the New York Mercantile Exchange, crude for August delivery CLc1 settled at $96.20a barrel, down $2.47, or 2.5 percent, after trading between $95.60 and $99.18.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade closed higher, following strength in the corn market amid concerns about hotter and drier weather in the U.S. Midwest, traders said.
Front-month CBOT soybeans Sc1 ended the week up 2.2 percent. Trade remained light, extending a week-long trend. Volume in soybean futures was down more than one-third from the prior 30-day average.
FCPO-JAKARTA, July 8 (Reuters) - Palm oil futures touched the highest level since the end of June on Friday, boosted by technical buying and higher prices for comparative oils ahead of industry data from No. 2 producer Malaysia next week.
The benchmark September crude palm oil contract KPOc3 on the Bursa Malaysia Derivatives settled up 0.7 percent at 3,077 ringgit ($1,023) a tonne. Earlier, prices touched a high at 3,110 ringgit.
REGIONAL EQUITIES-BANGKOK, July 8 (Reuters) - Southeast Asian stock markets gained on Friday as optimism about U.S. jobs data later in the day increased investor appetite, with inflows sending Indonesian stocks to record highs and Thai stocks faring best on the week in a post-election rally.
Volume picked up in some markets as investors anticipated the U.S. data would show signs the world's biggest economy was recovering from a soft patch. Turnover in Singapore surged to 1.6 times the 30-day average as shares rose for a second day.
Major markets posted limited gains on the week, partly due to a technical-led pullback following surges, including record highs by Malaysia, the Philippines and Indonesia.
A Kuala Lumpur-based dealer said sentiment in Malaysia was positive as investors took the decision by Malaysia's central bank to hold interest rates as making equities more attractive.
The sell-off was broad and halted an eight-day streak for the Nasdaq, though stocks ended off their lows. U.S. employers added only 18,000 workers in June, short of even the lowest forecast, jolting buyers who had rushed into the market after some encouraging labor-market figures earlier in the week.
Despite the day's drop, the three major U.S. stock indexes ended higher for the week. The market is coming off a string of gains that reflected increased hope for an economic rebound and a strong earnings season.
The Dow Jones industrial average .DJI slipped 62.29 points, or 0.49 percent, to 12,657.20 at the close. The Standard & Poor's 500 Index .SPX shed 9.42 points, or 0.70 percent, to 1,343.80. The Nasdaq Composite Index .IXIC dropped 12.85 points, or 0.45 percent, to 2,859.81.
NYMEX-NEW YORK, July 8 (Reuters) - U.S. crude futures ended 2.5 percent lower on Friday, their biggest one-day percentage loss in two weeks, as a disappointing jobs report for June stoked more worries about oil demand.
Oil futures fell along with copper and other commodities such as coffee and cocoa, as did U.S. equities, reeling from the jobs report and as the dollar rose.
On the New York Mercantile Exchange, crude for August delivery CLc1 settled at $96.20a barrel, down $2.47, or 2.5 percent, after trading between $95.60 and $99.18.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade closed higher, following strength in the corn market amid concerns about hotter and drier weather in the U.S. Midwest, traders said.
Front-month CBOT soybeans Sc1 ended the week up 2.2 percent. Trade remained light, extending a week-long trend. Volume in soybean futures was down more than one-third from the prior 30-day average.
FCPO-JAKARTA, July 8 (Reuters) - Palm oil futures touched the highest level since the end of June on Friday, boosted by technical buying and higher prices for comparative oils ahead of industry data from No. 2 producer Malaysia next week.
The benchmark September crude palm oil contract KPOc3 on the Bursa Malaysia Derivatives settled up 0.7 percent at 3,077 ringgit ($1,023) a tonne. Earlier, prices touched a high at 3,110 ringgit.
REGIONAL EQUITIES-BANGKOK, July 8 (Reuters) - Southeast Asian stock markets gained on Friday as optimism about U.S. jobs data later in the day increased investor appetite, with inflows sending Indonesian stocks to record highs and Thai stocks faring best on the week in a post-election rally.
Volume picked up in some markets as investors anticipated the U.S. data would show signs the world's biggest economy was recovering from a soft patch. Turnover in Singapore surged to 1.6 times the 30-day average as shares rose for a second day.
Major markets posted limited gains on the week, partly due to a technical-led pullback following surges, including record highs by Malaysia, the Philippines and Indonesia.
A Kuala Lumpur-based dealer said sentiment in Malaysia was positive as investors took the decision by Malaysia's central bank to hold interest rates as making equities more attractive.
Friday, July 8, 2011
Trader's Highlight
DJI-NEW YORK, July 7 (Reuters) - U.S. stocks closed sharply higher and the Nasdaq notched an eighth day of gains on Thursday as improved labor market and retail sales data added to optimism a day before the critical June payrolls report.
Equities have been on a tear recently as improving economic data and a potential resolution to Greece's fiscal issues paved over fears of slowing growth and contagion stemming from the euro zone's debt crisis.
The Nasdaq's 8.3 percent gain over the past eight trading sessions is the most for the index in two years and the S&P's 6.7 percent rise is its best since September 2010, as the market reacted to news of the Fed's second round of stimulus. The Dow is up 6.6 percent over the same period.
The Dow Jones industrial average .DJI shot up 93.47 points, or 0.74 percent, to 12,719.49. The Standard & Poor's 500 Index .SPX gained 14 points, or 1.05 percent, to 1,353.22. The Nasdaq Composite Index .IXIC climbed 38.64 points, or 1.36 percent, to 2,872.66.
NYMEX-NEW YORK, July 7 (Reuters) - U.S. crude futures ended 2 percent higher on Thursday as data on better-than-expected private sector hiring, jobless claims and retail sales reports fueled hopes that economic growth was on the rebound.
Brent crude futures pushed more than 4 percent higher, lifting Brent's premium to U.S. crude CL-LCO1=R above $20 a barrel intraday.
The positive economic data overshadowed government oil inventory data that showed crude stocks fell only 889,000 barrels last week, much less than expected
On the New York Mercantile Exchange, August crude CLQ1 rose $2.02, or 2.09 percent, to settle at $98.67 a barrel, trading from $96.99 to $99.42, highest intraday since front-month crude reached $99.95 on June 15.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade closed higher on concerns about forecasts for warmer and drier weather in the U.S. Midwest, traders said.
A drop in the U.S. dollar index added support, along with spillover from higher crude oil prices.
But trade was light for a third straight session, with volume in soybean futures about one-third below the prior 30-day average.
FCPO-JAKARTA, July 7 (Reuters) - Malaysian palm oil futures extended gains late on Thursday, supported by technical buying and investor positioning ahead of key stock data next week, with gains capped by a rate hike in top palm importer China.
The benchmark September crude palm oil contract KPOc3 on Bursa Malaysia Derivatives ended 0.8 percent higher at 3,054 Malaysian ringgit ($1,014) a tonne. Earlier, prices touched a high at 3,064 ringgit.
Traded volume for the September contract was thin at 10,052 lots of 25 tonnes each, versus 13,473 lots on Wednesday.
REGIONAL EQUITIES-BANGKOK, July 7 (Reuters) - Most Southeast Asian stock markets gained on Thursday as investors looked for bargains from regional blue chips and banks, while Singapore's property developers rose as hopes of a pause in policy tightening by China eased concerns over growth.
Market players returned to beaten-down emerging markets, reversing a two-day fall in stocks in Singapore .FTSTI, Indonesia .JKSE and Thailand .SETI. Malaysia .KLSE pushed to a record high at one point before ending a tad lower.
After the market close, Malaysia's central bank held interest rates steady at 3 percent, surprising financial markets which had been betting on a rise, as the authorities braced for growth to slow due to weaker global demand.
In Singapore, property shares rose as easing concerns over China's economic growth led investors to find value in the sector, led by a 1.7 percent climb in the biggest developer CapitaLand CATL.SI.
Equities have been on a tear recently as improving economic data and a potential resolution to Greece's fiscal issues paved over fears of slowing growth and contagion stemming from the euro zone's debt crisis.
The Nasdaq's 8.3 percent gain over the past eight trading sessions is the most for the index in two years and the S&P's 6.7 percent rise is its best since September 2010, as the market reacted to news of the Fed's second round of stimulus. The Dow is up 6.6 percent over the same period.
The Dow Jones industrial average .DJI shot up 93.47 points, or 0.74 percent, to 12,719.49. The Standard & Poor's 500 Index .SPX gained 14 points, or 1.05 percent, to 1,353.22. The Nasdaq Composite Index .IXIC climbed 38.64 points, or 1.36 percent, to 2,872.66.
NYMEX-NEW YORK, July 7 (Reuters) - U.S. crude futures ended 2 percent higher on Thursday as data on better-than-expected private sector hiring, jobless claims and retail sales reports fueled hopes that economic growth was on the rebound.
Brent crude futures pushed more than 4 percent higher, lifting Brent's premium to U.S. crude CL-LCO1=R above $20 a barrel intraday.
The positive economic data overshadowed government oil inventory data that showed crude stocks fell only 889,000 barrels last week, much less than expected
On the New York Mercantile Exchange, August crude CLQ1 rose $2.02, or 2.09 percent, to settle at $98.67 a barrel, trading from $96.99 to $99.42, highest intraday since front-month crude reached $99.95 on June 15.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade closed higher on concerns about forecasts for warmer and drier weather in the U.S. Midwest, traders said.
A drop in the U.S. dollar index added support, along with spillover from higher crude oil prices.
But trade was light for a third straight session, with volume in soybean futures about one-third below the prior 30-day average.
FCPO-JAKARTA, July 7 (Reuters) - Malaysian palm oil futures extended gains late on Thursday, supported by technical buying and investor positioning ahead of key stock data next week, with gains capped by a rate hike in top palm importer China.
The benchmark September crude palm oil contract KPOc3 on Bursa Malaysia Derivatives ended 0.8 percent higher at 3,054 Malaysian ringgit ($1,014) a tonne. Earlier, prices touched a high at 3,064 ringgit.
Traded volume for the September contract was thin at 10,052 lots of 25 tonnes each, versus 13,473 lots on Wednesday.
REGIONAL EQUITIES-BANGKOK, July 7 (Reuters) - Most Southeast Asian stock markets gained on Thursday as investors looked for bargains from regional blue chips and banks, while Singapore's property developers rose as hopes of a pause in policy tightening by China eased concerns over growth.
Market players returned to beaten-down emerging markets, reversing a two-day fall in stocks in Singapore .FTSTI, Indonesia .JKSE and Thailand .SETI. Malaysia .KLSE pushed to a record high at one point before ending a tad lower.
After the market close, Malaysia's central bank held interest rates steady at 3 percent, surprising financial markets which had been betting on a rise, as the authorities braced for growth to slow due to weaker global demand.
In Singapore, property shares rose as easing concerns over China's economic growth led investors to find value in the sector, led by a 1.7 percent climb in the biggest developer CapitaLand CATL.SI.
Thursday, July 7, 2011
Trader's Highlight
DJI-NEW YORK, July 6 (Reuters) - Transportation stocks were among the standouts in another flat session for U.S. equities on Wednesday, and the sector's rally could be cause for optimism ahead.
Broader gains were limited as a downgrade of Portugal's credit rating weighed on banking shares, while a rate hike in China loomed as another concern for investors. However, the Nasdaq rose for its seventh straight day, extending its rally to 6.8 percent.
The Dow Jones Transportation Average .DJT rose 1.2 percent and hit a new closing high at 5,566.07. The gains were led by Con-Way Inc CNW.N, which added 5.7 percent to $41.87 after the U.S. trucking company said it was restoring some employee benefits because the economy had improved.
The Dow Jones industrial average .DJI was up 56.15 points, or 0.45 percent, at 12,626.02. The Standard & Poor's 500 Index .SPX was up 1.34 points, or 0.10 percent, at 1,339.22. The Nasdaq Composite Index .IXIC was up 8.25 points, or 0.29 percent, at 2,834.02.
NYMEX-NEW YORK, July 6 (Reuters) - U.S. crude oil futures turned positive in post-settlement trading on Wednesday after data from the American Petroleum Institute showed domestic crude stocks fell last week by much more than expected.
The industry group said crude stocks dropped by 3.2 million barrels in the week to July 1, against forecasts for a 2.3-million-barrel drawdown in a Reuters poll of analysts.
On the New York Mercantile Exchange, crude for August delivery CLQ1 at 5:03 p.m. EDT (2103 GMT) was up 2 cents at $96.91 a barrel. It had settled at $96.65, off 24 cents or 0.25 percent, after trading between $95.90 and $97.79.
CBOT-SOYBEANS-Chicago Board of Trade soybean futures ended narrowly mixed as spillover pressure from corn and favorable U.S. crop weather offset support from technical buying and short-covering, traders said.
Additional pressure from news that China raised interest rates which lifted the dollar and pressured crude oil. Improving U.S. crop conditions and favorable weather lend pressure.
FCPO-JAKARTA, July 6 (Reuters) - Malaysian palm oil futures fell on Wednesday and hit a new eight-month low as investors factored in a higher output cycle and worries about weaker demand in the second half of the year.
The benchmark September crude palm oil contract KPOc3 on Bursa Malaysia Derivatives closed 0.4 percent lower at 3,029 ringgit ($1,006) a tonne. Earlier, prices touched a low at 3,016 ringgit -- a level not seen since Oct. 27, 2010.
Traded volume for the September contract was 13,473 lots of 25 tonnes each, versus 13,871 lots on Tuesday.
Malaysian palm oil stocks are likely to have risen 11.3 percent to near record levels in June as strong production and imports outpaced local and overseas demand, a Reuters poll showed on Tuesday. [nL3E7I40WH]
Palm oil prices fell almost 20 percent in the first half of this year, pressured by expectations for stocks to soar above 2 million tonnes at a time when output in Southeast Asia is growing and overseas demand is likely to slow.
Industry regulator Malaysian Palm Oil Board will issue official data on palm oil output, stocks, imports and exports on Monday.
REGIONAL EQUITIES-BANGKOK, July 6 (Reuters) - Most Southeast Asian bourses fell on Wednesday as renewed debt worries in the euro zone hurt sentiment, with the initial buying spree in Thai stocks after last weekend's election stalling as the market waited for the formation of a new government.
The sell-off came in light to moderate volume and was accompanied by modest capital inflows in some, including the Philippines and Vietnam.
Moody's downgrade of Portugal's credit rating ate into appetite for risky assets across Asia. After the close, China raised interest rates for the third time this year.[nB9E7EM01R] Speculation about a rise had hurt regional markets on Tuesday.
The Thai SET index .SETI dropped 1.1 percent to 1,072.68, with Singapore .FTSTI and others posting smaller losses.
Bucking the trend, Malaysia's benchmark .KLSE gained 0.6 percent to an all-time high of 1,591.34 amid buying in big caps, including palm plantation firm IOI Corp IOIB.KL, which climbed nearly 1 percent.
Broader gains were limited as a downgrade of Portugal's credit rating weighed on banking shares, while a rate hike in China loomed as another concern for investors. However, the Nasdaq rose for its seventh straight day, extending its rally to 6.8 percent.
The Dow Jones Transportation Average .DJT rose 1.2 percent and hit a new closing high at 5,566.07. The gains were led by Con-Way Inc CNW.N, which added 5.7 percent to $41.87 after the U.S. trucking company said it was restoring some employee benefits because the economy had improved.
The Dow Jones industrial average .DJI was up 56.15 points, or 0.45 percent, at 12,626.02. The Standard & Poor's 500 Index .SPX was up 1.34 points, or 0.10 percent, at 1,339.22. The Nasdaq Composite Index .IXIC was up 8.25 points, or 0.29 percent, at 2,834.02.
NYMEX-NEW YORK, July 6 (Reuters) - U.S. crude oil futures turned positive in post-settlement trading on Wednesday after data from the American Petroleum Institute showed domestic crude stocks fell last week by much more than expected.
The industry group said crude stocks dropped by 3.2 million barrels in the week to July 1, against forecasts for a 2.3-million-barrel drawdown in a Reuters poll of analysts.
On the New York Mercantile Exchange, crude for August delivery CLQ1 at 5:03 p.m. EDT (2103 GMT) was up 2 cents at $96.91 a barrel. It had settled at $96.65, off 24 cents or 0.25 percent, after trading between $95.90 and $97.79.
CBOT-SOYBEANS-Chicago Board of Trade soybean futures ended narrowly mixed as spillover pressure from corn and favorable U.S. crop weather offset support from technical buying and short-covering, traders said.
Additional pressure from news that China raised interest rates which lifted the dollar and pressured crude oil. Improving U.S. crop conditions and favorable weather lend pressure.
FCPO-JAKARTA, July 6 (Reuters) - Malaysian palm oil futures fell on Wednesday and hit a new eight-month low as investors factored in a higher output cycle and worries about weaker demand in the second half of the year.
The benchmark September crude palm oil contract KPOc3 on Bursa Malaysia Derivatives closed 0.4 percent lower at 3,029 ringgit ($1,006) a tonne. Earlier, prices touched a low at 3,016 ringgit -- a level not seen since Oct. 27, 2010.
Traded volume for the September contract was 13,473 lots of 25 tonnes each, versus 13,871 lots on Tuesday.
Malaysian palm oil stocks are likely to have risen 11.3 percent to near record levels in June as strong production and imports outpaced local and overseas demand, a Reuters poll showed on Tuesday. [nL3E7I40WH]
Palm oil prices fell almost 20 percent in the first half of this year, pressured by expectations for stocks to soar above 2 million tonnes at a time when output in Southeast Asia is growing and overseas demand is likely to slow.
Industry regulator Malaysian Palm Oil Board will issue official data on palm oil output, stocks, imports and exports on Monday.
REGIONAL EQUITIES-BANGKOK, July 6 (Reuters) - Most Southeast Asian bourses fell on Wednesday as renewed debt worries in the euro zone hurt sentiment, with the initial buying spree in Thai stocks after last weekend's election stalling as the market waited for the formation of a new government.
The sell-off came in light to moderate volume and was accompanied by modest capital inflows in some, including the Philippines and Vietnam.
Moody's downgrade of Portugal's credit rating ate into appetite for risky assets across Asia. After the close, China raised interest rates for the third time this year.[nB9E7EM01R] Speculation about a rise had hurt regional markets on Tuesday.
The Thai SET index .SETI dropped 1.1 percent to 1,072.68, with Singapore .FTSTI and others posting smaller losses.
Bucking the trend, Malaysia's benchmark .KLSE gained 0.6 percent to an all-time high of 1,591.34 amid buying in big caps, including palm plantation firm IOI Corp IOIB.KL, which climbed nearly 1 percent.
Wednesday, July 6, 2011
Trader's Highlight
DJI-NEW YORK, July 5 (Reuters) - U.S. stocks ended a thinly traded session mostly flat on Tuesday as investors paused after last week's surge, though continually light volume suggested the market could encounter more choppy trading.
The Nasdaq closed higher for its sixth straight day, helped by strength in Netflix, while the Dow and the S&P 500 ended five-day streaks that marked the best week for equities in two years.
The S&P gained 5.6 percent last week, rebounding from weakness over the past two months, but concerns about economic growth and the U.S. debt ceiling could temper gains in coming days.
The Dow Jones industrial average .DJI was down 12.90 points, or 0.10 percent, at 12,569.87. The Standard & Poor's 500 Index .SPX was down 1.79 points, or 0.13 percent, at 1,337.88. The Nasdaq Composite Index .IXIC was up 9.74 points, or 0.35 percent, at 2,825.77.
NYMEX-NEW YORK, July 5 (Reuters) - U.S. crude oil futures rose more than 2 percent on Tuesday, bouncing back after a long holiday weekend, as commodities rose on demand optimism.
Barclays Capital raised its 2012 price forecast for Brent and U.S. crude, while Saudi Arabia reduced just slightly the price of oil it sells to Asian customers, both helping to improve sentiment.
In addition, U.S. factory orders rose in May and commodities buyers looked forward to improved oil demand for the second half of the year.
On the New York Mercantile Exchange, crude for August delivery CLQ1 settled at $96.89 a barrel, gaining $1.95, or 2.05 percent, after trading between $94.34 and $97.48, the highest for front-month NYMEX crude since June 15.
CBOT-SOYBEANS-Chicago Board of Trade soybean futures closed higher for a second straight session, led by a strong recovery in corn and wheat prices, traders said.
Gains in crude oil and precious metals also helped lift soy complex futures. Gains limited by disappointing weekly export data. USDA reported export inspections of U.S. soybeans in latest week at 4.515 million bushels, below trade estimates for 7 million to 11 million
FCPO-JAKARTA, July 5 (Reuters) - Malaysian palm oil futures traded lower in a tight trading range on Tuesday, touching a fresh eight-month low as output entered into a higher production cycle and lukewarm demand pushed prices lower.
The benchmark September crude palm oil contract KPOc3 on Bursa Malaysia Derivatives closed down 0.3 percent at 3,040 ringgit ($1,012) a tonne, after earlier touching a low at 3,023 ringgit.
Traded volume for the September contract was 13,871 lots of 25 tonnes each, versus 11,449 lots on Monday.
REGIONAL EQUITIES-BANGKOK, July 5 (Reuters) - Most Southeast Asian stock markets retreated on Tuesday, with Indonesia and Malaysia pulling back from record highs reached the day before and Thailand dipping after the surge that followed its general election at the weekend.
Trading volume fell below 30-day average for most markets, reflecting weakness elsewhere in Asia after five consecutive days of gains.
A pick-up in demand for risky assets from last week softened on speculation about a rate rise in China this weekend, as well as a Moody's report that the scale of problem loans at local governments in China may be much bigger than thought.
The MSCI Singapore index .MISG00000PSG is 11 percent below its average.
Among actively traded stocks in Southeast Asia, Indonesia's biggest firm by market value and main vehicle distributor, Astra International ASII.JK, dropped 3.2 percent and Malaysia's Public Bank PUBM.KL 0.5 percent.
Singapore's Oversea-Chinese Banking Corp OCBC.SI lost nearly 2 percent and Thai Kasikornbank KBAN.BK 1.1 percent.
The Nasdaq closed higher for its sixth straight day, helped by strength in Netflix, while the Dow and the S&P 500 ended five-day streaks that marked the best week for equities in two years.
The S&P gained 5.6 percent last week, rebounding from weakness over the past two months, but concerns about economic growth and the U.S. debt ceiling could temper gains in coming days.
The Dow Jones industrial average .DJI was down 12.90 points, or 0.10 percent, at 12,569.87. The Standard & Poor's 500 Index .SPX was down 1.79 points, or 0.13 percent, at 1,337.88. The Nasdaq Composite Index .IXIC was up 9.74 points, or 0.35 percent, at 2,825.77.
NYMEX-NEW YORK, July 5 (Reuters) - U.S. crude oil futures rose more than 2 percent on Tuesday, bouncing back after a long holiday weekend, as commodities rose on demand optimism.
Barclays Capital raised its 2012 price forecast for Brent and U.S. crude, while Saudi Arabia reduced just slightly the price of oil it sells to Asian customers, both helping to improve sentiment.
In addition, U.S. factory orders rose in May and commodities buyers looked forward to improved oil demand for the second half of the year.
On the New York Mercantile Exchange, crude for August delivery CLQ1 settled at $96.89 a barrel, gaining $1.95, or 2.05 percent, after trading between $94.34 and $97.48, the highest for front-month NYMEX crude since June 15.
CBOT-SOYBEANS-Chicago Board of Trade soybean futures closed higher for a second straight session, led by a strong recovery in corn and wheat prices, traders said.
Gains in crude oil and precious metals also helped lift soy complex futures. Gains limited by disappointing weekly export data. USDA reported export inspections of U.S. soybeans in latest week at 4.515 million bushels, below trade estimates for 7 million to 11 million
FCPO-JAKARTA, July 5 (Reuters) - Malaysian palm oil futures traded lower in a tight trading range on Tuesday, touching a fresh eight-month low as output entered into a higher production cycle and lukewarm demand pushed prices lower.
The benchmark September crude palm oil contract KPOc3 on Bursa Malaysia Derivatives closed down 0.3 percent at 3,040 ringgit ($1,012) a tonne, after earlier touching a low at 3,023 ringgit.
Traded volume for the September contract was 13,871 lots of 25 tonnes each, versus 11,449 lots on Monday.
REGIONAL EQUITIES-BANGKOK, July 5 (Reuters) - Most Southeast Asian stock markets retreated on Tuesday, with Indonesia and Malaysia pulling back from record highs reached the day before and Thailand dipping after the surge that followed its general election at the weekend.
Trading volume fell below 30-day average for most markets, reflecting weakness elsewhere in Asia after five consecutive days of gains.
A pick-up in demand for risky assets from last week softened on speculation about a rate rise in China this weekend, as well as a Moody's report that the scale of problem loans at local governments in China may be much bigger than thought.
The MSCI Singapore index .MISG00000PSG is 11 percent below its average.
Among actively traded stocks in Southeast Asia, Indonesia's biggest firm by market value and main vehicle distributor, Astra International ASII.JK, dropped 3.2 percent and Malaysia's Public Bank PUBM.KL 0.5 percent.
Singapore's Oversea-Chinese Banking Corp OCBC.SI lost nearly 2 percent and Thai Kasikornbank KBAN.BK 1.1 percent.
Tuesday, July 5, 2011
Trader's Highlight
FCPO-JAKARTA, July 4 (Reuters) - Malaysian palm oil futures bounced back on Monday from a low last hit in October last year, supported by firm crude prices, although investors expect further weakness due to a higher output cycle in the second half.
The benchmark September crude palm oil contract KPOc3 on Bursa Malaysia Derivatives closed 0.5 percent higher at 3,050 ringgit ($1,013) a tonne, after earlier touching a high at 3,084 ringgit.
Traded volume for the September contract was thin at 11,449 lots of 25 tonnes each, versus 14,526 lots on Friday.
REGIONAL EQUITIES-BANGKOK, July 4 (Reuters) - Thai stocks jumped nearly five percent on Monday after the opposition Puea Thai party won the weekend general election in a landslide, removing some political uncertainty from the market.
The result boosted foreign inflows to $348 million, the biggest so far this year, with strong demand for big-cap bank and energy stocks.
The benchmark SET index .SETI surged 4.7 percent to 1,090.28, the highest since May 12, outperforming smaller gains in other Southeast Asian markets, including Singapore .FTSTI and Indonesia .JKSE.
The benchmark September crude palm oil contract KPOc3 on Bursa Malaysia Derivatives closed 0.5 percent higher at 3,050 ringgit ($1,013) a tonne, after earlier touching a high at 3,084 ringgit.
Traded volume for the September contract was thin at 11,449 lots of 25 tonnes each, versus 14,526 lots on Friday.
REGIONAL EQUITIES-BANGKOK, July 4 (Reuters) - Thai stocks jumped nearly five percent on Monday after the opposition Puea Thai party won the weekend general election in a landslide, removing some political uncertainty from the market.
The result boosted foreign inflows to $348 million, the biggest so far this year, with strong demand for big-cap bank and energy stocks.
The benchmark SET index .SETI surged 4.7 percent to 1,090.28, the highest since May 12, outperforming smaller gains in other Southeast Asian markets, including Singapore .FTSTI and Indonesia .JKSE.
Monday, July 4, 2011
Trader's Highlight
DJI-NEW YORK, July 1 (Reuters) - U.S. stocks started July with a bang on Friday with Wall Street scoring its best week in two years on strong manufacturing data that eased concerns about slowing growth.
The data spurred the rally into a fifth straight day, even as continued light trading volume called into question the sustainability of the gains. Investors were growing more optimistic a day after a temporary resolution to Greece's debt situation. The S&P 500 .SPX climbed further above resistance at its 50-day moving average at 1,317, establishing another floor in the market after the benchmark index moved above a number of technical resistance levels.
The Dow Jones industrial average .DJI was up 168.43 points, or 1.36 percent, at 12,582.77. The Standard & Poor's 500 Index .SPX was up 19.03 points, or 1.44 percent, at 1,339.67. The Nasdaq Composite Index .IXIC was up 42.51 points, or 1.53 percent, at 2,816.03.
NYMEX-NEW YORK, July 1 (Reuters) - U.S. crude futures fell on Friday, ending three days of gains, as soft Chinese factory data sparked fresh demand worries, but a report of strong U.S. manufacturing activity underpinned the market.
A late flurry of short-covering ahead of the three-day July 4th U.S. holiday weekend also limited losses. Pre-holiday trading volume was light.
On the New York Mercantile Exchange, crude for August delivery CLQ1 settled at $94.94a barrel, falling 48 cents, or 0.5 percent, after trading between $93.45 to $95.39.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade closed higher on a short-covering rebound after Thursday's decline and ahead of long U.S. holiday weekend, traders said.
U.S. markets will be closed on Monday for the Independence Day holiday. Traders unwinding long corn/short soybean spreads in the wake of Thursday's USDA stocks and acreage reports.
Market also reacting to USDA's downward adjustment in U.S. 2011 soybean plantings, which would indicate tight domestic supplies during 2011/12. Soybeans Sc1 ended the week up 0.3 percent, following net declines in the previous three weeks.
FCPO-KUALA LUMPUR, July 1 (Reuters) - Malaysian palm oil futures hit their lowest in more than eight months on Friday, tracking falling overseas markets after key US data showed higher-than-expected crop prospects and stock levels.
The U.S. Agriculture Department's annual acreage and quarterly grain stocks reports showed ample supplies despite months of fretting over dwindling stockpiles that drove corn prices to record highs in recent weeks.
The soy market was pressured after the USDA reported U.S. June 1 soybean stocks at 619 million bushels, above the average trade estimate of 596 million bushels.
The benchmark September crude palm oil contract KPOc3 on Bursa Malaysia Derivatives ended 1.2 percent lower at 3,035 ringgit ($1,005.133) a tonne, after touching 3,031 ringgit, the lowest level since October 27.
Overall traded volume was 26,914 lots of 25 tonnes each, slightly above the usual 12,500 lots.
Palm oil prices, which had lost almost 20 percent in the first half of this year, are further pressured by expectations for stocks to soar above 2 million tonnes at a time when output is growing and overseas demand is likely to slow.
REGIONAL EQUITIES-BANGKOK, July 1 (Reuters) - Major Southeast Asian stock markets climbed on Friday, led by consumer and financial sectors as fears of a sovereign default by Greece faded and foreign investors returned to emerging Asian stocks.
Trading volume was light, however, with turnover falling well below the 30 day average across the region, albeit with positive foreign fund flows into several markets, including the Philipines .PSI.
Indonesia's main share index scaled an all-time high for the second session, climbing 1 percent. Indonesia is Asia's best performer this year, followed by the Philippines.
Singapore banks advanced after positive loan growth in May and cheered by new banking rules announced by the Monetary Authority of Singapore. They were more benign than expected and banks are likely to meet the requirements comfortably.
DBS Bank DBSM.SI, United Overseas Bank UOBH.SI and Oversea-Chinese Banking Corp OCBC.SI all advanced around 1 percent.
The data spurred the rally into a fifth straight day, even as continued light trading volume called into question the sustainability of the gains. Investors were growing more optimistic a day after a temporary resolution to Greece's debt situation. The S&P 500 .SPX climbed further above resistance at its 50-day moving average at 1,317, establishing another floor in the market after the benchmark index moved above a number of technical resistance levels.
The Dow Jones industrial average .DJI was up 168.43 points, or 1.36 percent, at 12,582.77. The Standard & Poor's 500 Index .SPX was up 19.03 points, or 1.44 percent, at 1,339.67. The Nasdaq Composite Index .IXIC was up 42.51 points, or 1.53 percent, at 2,816.03.
NYMEX-NEW YORK, July 1 (Reuters) - U.S. crude futures fell on Friday, ending three days of gains, as soft Chinese factory data sparked fresh demand worries, but a report of strong U.S. manufacturing activity underpinned the market.
A late flurry of short-covering ahead of the three-day July 4th U.S. holiday weekend also limited losses. Pre-holiday trading volume was light.
On the New York Mercantile Exchange, crude for August delivery CLQ1 settled at $94.94a barrel, falling 48 cents, or 0.5 percent, after trading between $93.45 to $95.39.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade closed higher on a short-covering rebound after Thursday's decline and ahead of long U.S. holiday weekend, traders said.
U.S. markets will be closed on Monday for the Independence Day holiday. Traders unwinding long corn/short soybean spreads in the wake of Thursday's USDA stocks and acreage reports.
Market also reacting to USDA's downward adjustment in U.S. 2011 soybean plantings, which would indicate tight domestic supplies during 2011/12. Soybeans Sc1 ended the week up 0.3 percent, following net declines in the previous three weeks.
FCPO-KUALA LUMPUR, July 1 (Reuters) - Malaysian palm oil futures hit their lowest in more than eight months on Friday, tracking falling overseas markets after key US data showed higher-than-expected crop prospects and stock levels.
The U.S. Agriculture Department's annual acreage and quarterly grain stocks reports showed ample supplies despite months of fretting over dwindling stockpiles that drove corn prices to record highs in recent weeks.
The soy market was pressured after the USDA reported U.S. June 1 soybean stocks at 619 million bushels, above the average trade estimate of 596 million bushels.
The benchmark September crude palm oil contract KPOc3 on Bursa Malaysia Derivatives ended 1.2 percent lower at 3,035 ringgit ($1,005.133) a tonne, after touching 3,031 ringgit, the lowest level since October 27.
Overall traded volume was 26,914 lots of 25 tonnes each, slightly above the usual 12,500 lots.
Palm oil prices, which had lost almost 20 percent in the first half of this year, are further pressured by expectations for stocks to soar above 2 million tonnes at a time when output is growing and overseas demand is likely to slow.
REGIONAL EQUITIES-BANGKOK, July 1 (Reuters) - Major Southeast Asian stock markets climbed on Friday, led by consumer and financial sectors as fears of a sovereign default by Greece faded and foreign investors returned to emerging Asian stocks.
Trading volume was light, however, with turnover falling well below the 30 day average across the region, albeit with positive foreign fund flows into several markets, including the Philipines .PSI.
Indonesia's main share index scaled an all-time high for the second session, climbing 1 percent. Indonesia is Asia's best performer this year, followed by the Philippines.
Singapore banks advanced after positive loan growth in May and cheered by new banking rules announced by the Monetary Authority of Singapore. They were more benign than expected and banks are likely to meet the requirements comfortably.
DBS Bank DBSM.SI, United Overseas Bank UOBH.SI and Oversea-Chinese Banking Corp OCBC.SI all advanced around 1 percent.
Friday, July 1, 2011
Trader's Highlight
DJI-NEW YORK, June 30 (Reuters) - U.S. stocks ended a volatile quarter on Thursday with their biggest four-day rally since September as positive economic data and a temporary resolution of Greece's debt crisis indicated further gains in July.
Midwest business activity showed surprising strength this month, lifted by a jump in new orders, the Institute for Supply Management-Chicago said. That helped calm concerns about the economy that have weighed on markets for two months.
The Dow Jones industrial average .DJI was up 152.92 points, or 1.25 percent, at 12,414.34. The Standard & Poor's 500 Index .SPX was up 13.23 points, or 1.01 percent, at 1,320.64. The Nasdaq Composite Index .IXIC advanced 33.03 points, or 1.21percent, at 2,773.52.
NYMEX-NEW YORK, June 30 (Reuters) - U.S. crude futures ended higher for a third straight day on Thursday, but finished 7 percent lower on the month and the quarter down more than 10 percent, the biggest quarterly loss since the end of 2008.
End-of-quarter trading made the session volatile, traders and brokers said. A weak dollar, Greece's passage of an austerity plan and supportive Midwest manufacturing data lent support to crude prices, along with a higher finish by expiring July refined products contracts.
Uncertainty about the effect of consumer nations' release of oil reserves and lingering worries about slowing economic growth limited price strength.
On the New York Mercantile Exchange, crude for August delivery CLQ1 ended up 65 cents, or 0.69 percent, at $95.42 a barrel, having traded from $93.88 to $95.82.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade fell 2 percent, led by a limit drop in corn and several wheat contracts and bearish data in reports from the U.S. Department of Agriculture, traders said.
CBOT soybeans Sc1 ended down 5.1 percent for June, the biggest monthly drop since May 2010.
CBOT soybeans ended the second quarter down 7.4 percent, the worst performance since the first quarter of 2010, and fell 6.3 percent for the first half of 2011.
FCPO-KUALA LUMPUR, Jun 30 (Reuters) - Malaysian palm oil futures fell 1.2 percent on Thursday as traders booked profit on concerns that lower-than-expected exports data and high production could lead to record stocks.
Although cargo surveyors reported Malaysia's palm oil exports in June rose above 1.4 million tonnes -- representing a six percent growth from May -- output is likely to rise at much faster pace thanks to favourable weather.
The benchmark September crude palm oil contract KPOc3 on Bursa Malaysia Derivatives fell 37 ringgit to 3,072 ringgit ($1,012.024) a tonne. Overall traded volume stood at 22,711 lots of 25 tonnes each, lower than the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, June 30 (Reuters) - Southeast Asian stock markets pushed higher on Thursday amid a broad rebound in risky assets helped by the Greek parliament's initial vote for an austerity package to tackle debt problems, spurring demand for big-caps at the end of the quarter.
Foreign money flowed into the region, sending stocks in Indonesia .JKSE and Malaysia .KLSE to all-time highs, with shares elsewhere making strong gains.
Half-year window-dressing particularly helped lift blue-chips and boosted turnover in several markets, including Singapore, which saw volume rising to 1.7 times the 30-day average.
Singapore's blue chips posted strong gains on the day, including a 1.8 percent rise in top lender DBS Group Holding DBSM.SI and a 2.3 percent climb in Singapore Telecommunications STEL.SI, the city state's top telecom firm.
Midwest business activity showed surprising strength this month, lifted by a jump in new orders, the Institute for Supply Management-Chicago said. That helped calm concerns about the economy that have weighed on markets for two months.
The Dow Jones industrial average .DJI was up 152.92 points, or 1.25 percent, at 12,414.34. The Standard & Poor's 500 Index .SPX was up 13.23 points, or 1.01 percent, at 1,320.64. The Nasdaq Composite Index .IXIC advanced 33.03 points, or 1.21percent, at 2,773.52.
NYMEX-NEW YORK, June 30 (Reuters) - U.S. crude futures ended higher for a third straight day on Thursday, but finished 7 percent lower on the month and the quarter down more than 10 percent, the biggest quarterly loss since the end of 2008.
End-of-quarter trading made the session volatile, traders and brokers said. A weak dollar, Greece's passage of an austerity plan and supportive Midwest manufacturing data lent support to crude prices, along with a higher finish by expiring July refined products contracts.
Uncertainty about the effect of consumer nations' release of oil reserves and lingering worries about slowing economic growth limited price strength.
On the New York Mercantile Exchange, crude for August delivery CLQ1 ended up 65 cents, or 0.69 percent, at $95.42 a barrel, having traded from $93.88 to $95.82.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade fell 2 percent, led by a limit drop in corn and several wheat contracts and bearish data in reports from the U.S. Department of Agriculture, traders said.
CBOT soybeans Sc1 ended down 5.1 percent for June, the biggest monthly drop since May 2010.
CBOT soybeans ended the second quarter down 7.4 percent, the worst performance since the first quarter of 2010, and fell 6.3 percent for the first half of 2011.
FCPO-KUALA LUMPUR, Jun 30 (Reuters) - Malaysian palm oil futures fell 1.2 percent on Thursday as traders booked profit on concerns that lower-than-expected exports data and high production could lead to record stocks.
Although cargo surveyors reported Malaysia's palm oil exports in June rose above 1.4 million tonnes -- representing a six percent growth from May -- output is likely to rise at much faster pace thanks to favourable weather.
The benchmark September crude palm oil contract KPOc3 on Bursa Malaysia Derivatives fell 37 ringgit to 3,072 ringgit ($1,012.024) a tonne. Overall traded volume stood at 22,711 lots of 25 tonnes each, lower than the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, June 30 (Reuters) - Southeast Asian stock markets pushed higher on Thursday amid a broad rebound in risky assets helped by the Greek parliament's initial vote for an austerity package to tackle debt problems, spurring demand for big-caps at the end of the quarter.
Foreign money flowed into the region, sending stocks in Indonesia .JKSE and Malaysia .KLSE to all-time highs, with shares elsewhere making strong gains.
Half-year window-dressing particularly helped lift blue-chips and boosted turnover in several markets, including Singapore, which saw volume rising to 1.7 times the 30-day average.
Singapore's blue chips posted strong gains on the day, including a 1.8 percent rise in top lender DBS Group Holding DBSM.SI and a 2.3 percent climb in Singapore Telecommunications STEL.SI, the city state's top telecom firm.
Thursday, June 30, 2011
Trader's Highlight
DJI-NEW YORK, June 29 (Reuters) - Wall Street closed its best three-day run in three months on Wednesday after the Greek parliament approved austerity measures to avoid defaulting on its debt.
Optimism about the plan's approval has helped the stock market recoup some of its losses of the last two months. The CBOE Volatility Index .VIX, Wall Street's "fear gauge," fell 9.9 percent to 17.27, its third straight decline.
The Dow Jones industrial average .DJI gained 72.73 points, or 0.60 percent, to 12,261.42. The Standard & Poor's 500 Index .SPX rose 10.74 points, or 0.83 percent, to 1,307.41. The Nasdaq Composite Index .IXIC added 11.18 points, or 0.41 percent, to 2,740.49.
NYMEX-NEW YORK, June 29 (Reuters) - U.S. crude futures ended higher on Wednesday as data showed a sharp weekly drawdown in crude stocks and as the dollar stayed weak after the Greek parliament passed an austerity plan.
Crude prices surged more than $2 after a U.S. Energy Information Administration report said crude stocks dived 4.4 million barrels last week, more than double the draw that analysts had forecast.
On the New York Mercantile Exchange, August crude CLQ1, rose $1.88, or 2.02 percent, to settle at $94.77 a barrel, trading from $92.66 to $95.84.
CBOT-SOYBEANS-Chicago Board of Trade soybean futures closed mostly firm as traders adjusted positions ahead of key government crop reports due out on Thursday, traders said.
Soybeans drew support from a broad rally in commodities tied to global economic optimism following the approval of a Greek austerity plan.
But trade was choppy, with soy contracts dipping lower at times in technical action ahead of USDA's acreage and quarterly stocks reports on Thursday.
FCPO-KUALA LUMPUR, Jun 29 (Reuters) - Malaysian palm oil futures rose 1.5 percent on Wednesday as traders continued to adjust their positions and eye strong export data after the market fell to an eight-month low earlier this week.
The benchmark September crude palm oil contract KPoc3 on Bursa Malaysia Derivatives rose 46 ringgit to 3,109 ringgit ($1,020) per tonne. Overall traded volume was light at 14,821 lots of 25 tonnes each, below the usual 25,000 lots.
One trader said Malaysian exports in June could hit 1.4 million tonnes. Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance will issue their estimates on Thursday.
The figure is lower than the market expectations of 1.5 million tonnes but represents a growth from May exports that ranged from 1.32 million to 1.35 million tonnes.
REGIONAL EQUITIES-BANGKOK, June 29 (Reuters) - Southeast Asian stock markets climbed on Wednesday as investors piled into financial stocks towards the end of the quarter and sentiment was buoyed by optimism that a Greek austerity plan would go ahead and a sovereign debt default would be averted.
Late buying boosted trading volume in the region to the 30-day average, pushing Singapore .FTSTI up 1 percent to the highest in almost three weeks and Malaysia .KLSE up 0.3 percent to five-month highs.
Thai shares .SETI surged 2 percent to two-week highs and Vietnam .VNI rose 0.5 percent. But Philippine shares .PSI fell 1 percent, led by a 3 percent drop in Philippine Long Distance Telephone TEL.PS amid foreign ownership concerns. Indonesia was shut for a market holiday and trading will resume on Thursday.
Indonesia and Malaysia, Southeast Asia's best performers so far in 2011, are close to their all-time highs set earlier in the year.
That performance has been helped by foreign inflows. A Kuala Lumpur trader said buying interest in laggard sectors such as construction, consumer goods and plantation stocks could push Malaysia up higher.
Optimism about the plan's approval has helped the stock market recoup some of its losses of the last two months. The CBOE Volatility Index .VIX, Wall Street's "fear gauge," fell 9.9 percent to 17.27, its third straight decline.
The Dow Jones industrial average .DJI gained 72.73 points, or 0.60 percent, to 12,261.42. The Standard & Poor's 500 Index .SPX rose 10.74 points, or 0.83 percent, to 1,307.41. The Nasdaq Composite Index .IXIC added 11.18 points, or 0.41 percent, to 2,740.49.
NYMEX-NEW YORK, June 29 (Reuters) - U.S. crude futures ended higher on Wednesday as data showed a sharp weekly drawdown in crude stocks and as the dollar stayed weak after the Greek parliament passed an austerity plan.
Crude prices surged more than $2 after a U.S. Energy Information Administration report said crude stocks dived 4.4 million barrels last week, more than double the draw that analysts had forecast.
On the New York Mercantile Exchange, August crude CLQ1, rose $1.88, or 2.02 percent, to settle at $94.77 a barrel, trading from $92.66 to $95.84.
CBOT-SOYBEANS-Chicago Board of Trade soybean futures closed mostly firm as traders adjusted positions ahead of key government crop reports due out on Thursday, traders said.
Soybeans drew support from a broad rally in commodities tied to global economic optimism following the approval of a Greek austerity plan.
But trade was choppy, with soy contracts dipping lower at times in technical action ahead of USDA's acreage and quarterly stocks reports on Thursday.
FCPO-KUALA LUMPUR, Jun 29 (Reuters) - Malaysian palm oil futures rose 1.5 percent on Wednesday as traders continued to adjust their positions and eye strong export data after the market fell to an eight-month low earlier this week.
The benchmark September crude palm oil contract KPoc3 on Bursa Malaysia Derivatives rose 46 ringgit to 3,109 ringgit ($1,020) per tonne. Overall traded volume was light at 14,821 lots of 25 tonnes each, below the usual 25,000 lots.
One trader said Malaysian exports in June could hit 1.4 million tonnes. Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance will issue their estimates on Thursday.
The figure is lower than the market expectations of 1.5 million tonnes but represents a growth from May exports that ranged from 1.32 million to 1.35 million tonnes.
REGIONAL EQUITIES-BANGKOK, June 29 (Reuters) - Southeast Asian stock markets climbed on Wednesday as investors piled into financial stocks towards the end of the quarter and sentiment was buoyed by optimism that a Greek austerity plan would go ahead and a sovereign debt default would be averted.
Late buying boosted trading volume in the region to the 30-day average, pushing Singapore .FTSTI up 1 percent to the highest in almost three weeks and Malaysia .KLSE up 0.3 percent to five-month highs.
Thai shares .SETI surged 2 percent to two-week highs and Vietnam .VNI rose 0.5 percent. But Philippine shares .PSI fell 1 percent, led by a 3 percent drop in Philippine Long Distance Telephone TEL.PS amid foreign ownership concerns. Indonesia was shut for a market holiday and trading will resume on Thursday.
Indonesia and Malaysia, Southeast Asia's best performers so far in 2011, are close to their all-time highs set earlier in the year.
That performance has been helped by foreign inflows. A Kuala Lumpur trader said buying interest in laggard sectors such as construction, consumer goods and plantation stocks could push Malaysia up higher.
Wednesday, June 29, 2011
Breaking News-RTRS - Low prices to raise palm oil demand - Oil World
HAMBURG, June 28 (Reuters) - Low palm oil prices compared to other vegetable oils are starting to raise global import demand with India likely to become a major buyer, Hamburg-based oilseeds analysts Oil World said on Tuesday.
Islamic countries traditionally increase edible oil imports ahead of the Ramadan fasting month, which this year is scheduled to start around Aug. 1.
Prices for Malaysian refined, bleached and deodorised (RBD) palm oil are now about $100 below fob prices for Argentine soyoil and $200 below sunoil prices, Oil World data shows.
Islamic countries traditionally increase edible oil imports ahead of the Ramadan fasting month, which this year is scheduled to start around Aug. 1.
Prices for Malaysian refined, bleached and deodorised (RBD) palm oil are now about $100 below fob prices for Argentine soyoil and $200 below sunoil prices, Oil World data shows.
Trader's Highlight
DJI-NEW YORK, June 28 (Reuters) - U.S. stocks rose for a second day on Tuesday on optimism that a solution to Greece's debt crisis was near, although low volume indicated underlying nervousness in the market.
Buyers snapped up shares after the S&P 500's 7 percent swoon since April, mostly in commodities and technology shares, as investors raised their exposure heading into quarter-end and before earnings season in July.
The Dow Jones industrial average .DJI gained 145.13 points, or 1.21 percent, to 12,188.69. The Standard & Poor's 500 Index .SPX rose 16.57 points, or 1.29 percent, to 1,296.67. The Nasdaq Composite Index .IXIC added 41.03 points, or 1.53 percent, to 2,729.31.
NYMEX-NEW YORK, June 28 (Reuters) - U.S. crude futures rebounded on Tuesday to post the biggest one-day percentage gain in almost six weeks on optimism that Greece would move to resolve its debt crisis and a weaker dollar.
Investors shrugged off mixed economic data for the day, which showed consumer sentiment flagged in June on worries about jobs and income while the plunge in home prices showed signs of leveling off.
On the New York Mercantile Exchange, crude for August delivery CLQ1 settled at $92.89a barrel, gaining $2.28, or 2.52 percent, the biggest percentage rise since May 18, when prices ended up 3.3 percent. It traded $90.44 to $92.96.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade settled firm on Tuesday but well below the day's highs as declines in soymeal amid softening cash markets pared gains in soybeans, traders said.
Spillover strength from the corn and wheat markets, as well as crude oil,underpinned the market.
REGIONAL EQUITIES-BANGKOK, June 28 (Reuters) - Southeast Asian stock posted limited gains on Tuesday as relief over an outline French bank agreement on Greek debt helped revive sentiment and investors bought sectors seen as beneficiaries of domestic consumption, like banking stocks.
The mild market rebound came amid light volume, with average market turnover in the region falling to 0.8 times the 30-day average.
Late selling pulled the main Philippine index .PSI off four-week highs to end nearly flat and the Singapore index .FTSTI finished a tad higher, erasing early gains, with Malaysia .KLSE, Thailand .SETI and Indonesia .JKSE eking out small gains.
For all the volatility, Malaysia and Indonesia were among markets squeezing out gains in the first half, in part buoyed by demand for the consumer sector.
T
he MSCI index of Malaysia .MIMY00000PMY had risen 3.1 percent so far this year and the MSCI index of Indonesia .MIID00000PID had gained 3.6 percent, against a 2.8 percent loss for Asian stocks outside Japan.
Indonesia gained a mild $7.2 million in inflows on Tuesday, outpacing $12 million worth of outflows of the Philippines, according to Thomson Reuters data.
Buyers snapped up shares after the S&P 500's 7 percent swoon since April, mostly in commodities and technology shares, as investors raised their exposure heading into quarter-end and before earnings season in July.
The Dow Jones industrial average .DJI gained 145.13 points, or 1.21 percent, to 12,188.69. The Standard & Poor's 500 Index .SPX rose 16.57 points, or 1.29 percent, to 1,296.67. The Nasdaq Composite Index .IXIC added 41.03 points, or 1.53 percent, to 2,729.31.
NYMEX-NEW YORK, June 28 (Reuters) - U.S. crude futures rebounded on Tuesday to post the biggest one-day percentage gain in almost six weeks on optimism that Greece would move to resolve its debt crisis and a weaker dollar.
Investors shrugged off mixed economic data for the day, which showed consumer sentiment flagged in June on worries about jobs and income while the plunge in home prices showed signs of leveling off.
On the New York Mercantile Exchange, crude for August delivery CLQ1 settled at $92.89a barrel, gaining $2.28, or 2.52 percent, the biggest percentage rise since May 18, when prices ended up 3.3 percent. It traded $90.44 to $92.96.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade settled firm on Tuesday but well below the day's highs as declines in soymeal amid softening cash markets pared gains in soybeans, traders said.
Spillover strength from the corn and wheat markets, as well as crude oil,underpinned the market.
REGIONAL EQUITIES-BANGKOK, June 28 (Reuters) - Southeast Asian stock posted limited gains on Tuesday as relief over an outline French bank agreement on Greek debt helped revive sentiment and investors bought sectors seen as beneficiaries of domestic consumption, like banking stocks.
The mild market rebound came amid light volume, with average market turnover in the region falling to 0.8 times the 30-day average.
Late selling pulled the main Philippine index .PSI off four-week highs to end nearly flat and the Singapore index .FTSTI finished a tad higher, erasing early gains, with Malaysia .KLSE, Thailand .SETI and Indonesia .JKSE eking out small gains.
For all the volatility, Malaysia and Indonesia were among markets squeezing out gains in the first half, in part buoyed by demand for the consumer sector.
T
he MSCI index of Malaysia .MIMY00000PMY had risen 3.1 percent so far this year and the MSCI index of Indonesia .MIID00000PID had gained 3.6 percent, against a 2.8 percent loss for Asian stocks outside Japan.
Indonesia gained a mild $7.2 million in inflows on Tuesday, outpacing $12 million worth of outflows of the Philippines, according to Thomson Reuters data.
Thursday, June 23, 2011
Trader's Highlight
DJI-NEW YORK, June 22 (Reuters) - U.S. stocks dropped on Wednesday after the Federal Reserve cut its forecasts for U.S. economic growth this year and next, without hinting at further plans for stimulus.
Investors hoping for positive comments from Fed Chairman Ben Bernanke were disappointed, and that gave them a reason to sell after a four-day rally that had lifted stocks from three-month lows.
The Dow Jones industrial average .DJI slid 80.34 points, or 0.66 percent, to end at 12,109.67. The Standard & Poor's 500 Index .SPX fell 8.38 points, or 0.65 percent, to 1,287.14. The Nasdaq Composite Index .IXIC lost 18.07 points, or 0.67 percent, to close at 2,669.19.
NYMEX-NEW YORK, June 22 (Reuters) - U.S. crude futures ended more than 1 percent higher on Wednesday on lift from falling inventories in the United States and after the Federal Reserve left interest rates low, fueling expectations intraday for more dollar weakness.
The Federal Reserve cut its forecasts for U.S. economic growth. The central bank left interest rates unchanged and said it will leave them exceptionally low for an extended period, but offered no hint of further monetary support, saying growth should pick up soon.
On the New York Mercantile Exchange, August crude CLQ1, rose $1.24, or 1.32 percent, to settle at $95.41 a barrel, having traded from $93.24 to $95.70.
CBOT-SOYBEANS-U.S. soybean futures on the Chicago Board of Trade fell to a one-month on fund long liquidation and spillover pressure from steep declines in CBOT corn and wheat, traders said.
Spot soybeans fell to a one-month low, setting back after a two-day rally. CBOT corn fell more than 4 percent and hit a six-week low, while CBOT wheat hit a seven-month low on ideas that suppliers in the Black Sea region were returning to the world export market.
FCPO-JAKARTA, June 22 (Reuters) - Malaysian palm oil futures fell 1.3 percent on Wednesday, as the imminent onset of a higher production cycle offset an anticipated short-term demand uptick.
The benchmark September crude palm oil contract KPOc3 on the Bursa Malaysia Derivatives Exchange ended at 3,178 Malaysian ringgit ($1,049) a tonne, its low for the day.
Market players are expecting production to rise in the second half of 2011 in Southeast Asian producing countries, which account for more than 90 percent of global output.
Last week, benchmark prices touched their lowest level since May 6, at 3,163 ringgit, as stock levels grow.
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, production levels are key.
On Monday, data showed that 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. PALM/ITS
Traded volume for the September contract was 15,700 lots of 25 tonnes each. Palm oil prices in the coming year might fall about 9 percent from their average in the last 12 months as global palm output is expected to rise sharply, Hamburg-based oilseeds analysts Oil World said late on Tuesday.
REGIONAL EQUITIES-BANGKOK, June 22 (Reuters) - Some Southeast Asian stock markets retreated on Wednesday in cautious trade ahead of a U.S. Federal Reserve meeting and resource shares pulled back due to volatility in global oil prices.
The markets climbed to multi-week highs at one point, albeit in relatively light volume, amid hopes that Greece would avoid a debt default, which lured bargain-hunters back to beaten-down emerging equities.
However, stocks in Singapore .FTSTI, Thailand .SETI and Vietnam .VNI erased early gains and they posted small losses on the day. Philippine shares .PSI rose 0.8 percent, building on a 1.4 percent rise the previous session.
Malaysia .KLSE ended up 0.4 percent in a choppy session while Indonesia's main share index .JKSE rose 0.7 percent to around two-week highs.
Investors hoping for positive comments from Fed Chairman Ben Bernanke were disappointed, and that gave them a reason to sell after a four-day rally that had lifted stocks from three-month lows.
The Dow Jones industrial average .DJI slid 80.34 points, or 0.66 percent, to end at 12,109.67. The Standard & Poor's 500 Index .SPX fell 8.38 points, or 0.65 percent, to 1,287.14. The Nasdaq Composite Index .IXIC lost 18.07 points, or 0.67 percent, to close at 2,669.19.
NYMEX-NEW YORK, June 22 (Reuters) - U.S. crude futures ended more than 1 percent higher on Wednesday on lift from falling inventories in the United States and after the Federal Reserve left interest rates low, fueling expectations intraday for more dollar weakness.
The Federal Reserve cut its forecasts for U.S. economic growth. The central bank left interest rates unchanged and said it will leave them exceptionally low for an extended period, but offered no hint of further monetary support, saying growth should pick up soon.
On the New York Mercantile Exchange, August crude CLQ1, rose $1.24, or 1.32 percent, to settle at $95.41 a barrel, having traded from $93.24 to $95.70.
CBOT-SOYBEANS-U.S. soybean futures on the Chicago Board of Trade fell to a one-month on fund long liquidation and spillover pressure from steep declines in CBOT corn and wheat, traders said.
Spot soybeans fell to a one-month low, setting back after a two-day rally. CBOT corn fell more than 4 percent and hit a six-week low, while CBOT wheat hit a seven-month low on ideas that suppliers in the Black Sea region were returning to the world export market.
FCPO-JAKARTA, June 22 (Reuters) - Malaysian palm oil futures fell 1.3 percent on Wednesday, as the imminent onset of a higher production cycle offset an anticipated short-term demand uptick.
The benchmark September crude palm oil contract KPOc3 on the Bursa Malaysia Derivatives Exchange ended at 3,178 Malaysian ringgit ($1,049) a tonne, its low for the day.
Market players are expecting production to rise in the second half of 2011 in Southeast Asian producing countries, which account for more than 90 percent of global output.
Last week, benchmark prices touched their lowest level since May 6, at 3,163 ringgit, as stock levels grow.
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, production levels are key.
On Monday, data showed that 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. PALM/ITS
Traded volume for the September contract was 15,700 lots of 25 tonnes each. Palm oil prices in the coming year might fall about 9 percent from their average in the last 12 months as global palm output is expected to rise sharply, Hamburg-based oilseeds analysts Oil World said late on Tuesday.
REGIONAL EQUITIES-BANGKOK, June 22 (Reuters) - Some Southeast Asian stock markets retreated on Wednesday in cautious trade ahead of a U.S. Federal Reserve meeting and resource shares pulled back due to volatility in global oil prices.
The markets climbed to multi-week highs at one point, albeit in relatively light volume, amid hopes that Greece would avoid a debt default, which lured bargain-hunters back to beaten-down emerging equities.
However, stocks in Singapore .FTSTI, Thailand .SETI and Vietnam .VNI erased early gains and they posted small losses on the day. Philippine shares .PSI rose 0.8 percent, building on a 1.4 percent rise the previous session.
Malaysia .KLSE ended up 0.4 percent in a choppy session while Indonesia's main share index .JKSE rose 0.7 percent to around two-week highs.
Wednesday, June 22, 2011
Trader's Highlight
DJI-NEW YORK, June 21 (Reuters) - U.S. stocks posted gains for the fourth day on Tuesday on growing hopes that Greece will avoid a debt default, adding momentum to the market's recent rebound.
The Nasdaq had its biggest percentage gain since October, while the S&P 500 marked its best day in two months in what investors believe could be continued short-term buying from deeply oversold levels.
The Nasdaq reclaimed positive territory for the year and led the market's advance, boosted by a jump in semiconductor stocks. A semiconductor index .SOX shot up 2.5 percent, its best gain since April.
The Dow Jones industrial average .DJI rose 109.63 points, or 0.91 percent, to 12,190.01 at the close. The Standard & Poor's 500 Index .SPX gained 17.16 points, or 1.34 percent, to 1,295.52. The Nasdaq Composite Index .IXIC climbed 57.60 points, or 2.19 percent, to 2,687.26.
NYMEX-NEW YORK, June 21 (Reuters) - U.S. crude futures edged up on Tuesday, as the euro rose against the dollar on hopes the Greek government would survive a confidence vote and help the country avoid defaulting on its sovereign debt.
Forecasts that U.S. crude stocks fell last week, ahead of inventory reports, were also supportive, analysts said.
On the New York Mercantile Exchange, July crude CLN1 expired and settled at $93.40 a barrel, gaining 14 cents, or 0.15 percent, trading $92.50 to $94.74.
CBOT-SOYBEANS-U.S. soybean futures on the Chicago Board of Trade closed higher for a second day, lifted by weakness in the dollar and short-covering following recent declines, traders said.
U.S. dollar index fell as the euro rose ahead of a confidence vote in Greece aimed at avoiding a messy default of its sovereign debt. USD/ A weak dollar makes grains and other dollar-denominated goods more competitive on the world market and tends to promote buying by investors seeking a hedge against inflation.
Soybeans also drew spillover strength from the corn market, which rose on bargain buying after falling to a one-month low last week.
FCPO-JAKARTA, June 21 (Reuters) - Malaysian palm oil futures extended earlier gains to close almost 1 percent higher on Tuesday, as firmer comparative oils and improving short-term demand expectations supported prices.
The benchmark September crude palm oil contract KPOc3 on the Bursa Malaysia Derivatives Exchange ended 0.9 percent higher at 3,221 Malaysian ringgit ($1,058) a tonne, after hitting an earlier high at 3,230 ringgit.
Traders said that in the short-term, the approaching Muslim festival of Ramadan in August is likely to result in an uptick in demand from July onwards.
REGIONAL EQUITIES-BANGKOK, June 21 (Reuters) - Southeast Asian stock markets gained on Tuesday as hopes for a solution to Greece's debt problems buoyed sentiment across Asia, while a rebound in global crude prices lifted resource shares.
The markets in Singapore .FTSTI and Indonesia .JKSE climbed more than 1 percent, on top of a small rise on Monday. Thai stocks .SETI jumped 1.4 percent, ending a four-day fall.
Malaysia .KLSE inched up 0.1 percent, Philippine shares .PSI added 1.4 percent and Vietnam .VNI jumped 2.6 percent.
The region's gains were supported by flows of foreign funds into most markets, led by $97 million for Malaysia, on top of $303 million in the past seven sessions.
Singaporean property developers CapitaLand CATL.SI and Keppel Land KLAN.SI outperformed as some investors saw value in their stock prices after a steep sell-down last week. CapitaLand rose 3.3 percent and Keppel jumped 4.6 percent
The Nasdaq had its biggest percentage gain since October, while the S&P 500 marked its best day in two months in what investors believe could be continued short-term buying from deeply oversold levels.
The Nasdaq reclaimed positive territory for the year and led the market's advance, boosted by a jump in semiconductor stocks. A semiconductor index .SOX shot up 2.5 percent, its best gain since April.
The Dow Jones industrial average .DJI rose 109.63 points, or 0.91 percent, to 12,190.01 at the close. The Standard & Poor's 500 Index .SPX gained 17.16 points, or 1.34 percent, to 1,295.52. The Nasdaq Composite Index .IXIC climbed 57.60 points, or 2.19 percent, to 2,687.26.
NYMEX-NEW YORK, June 21 (Reuters) - U.S. crude futures edged up on Tuesday, as the euro rose against the dollar on hopes the Greek government would survive a confidence vote and help the country avoid defaulting on its sovereign debt.
Forecasts that U.S. crude stocks fell last week, ahead of inventory reports, were also supportive, analysts said.
On the New York Mercantile Exchange, July crude CLN1 expired and settled at $93.40 a barrel, gaining 14 cents, or 0.15 percent, trading $92.50 to $94.74.
CBOT-SOYBEANS-U.S. soybean futures on the Chicago Board of Trade closed higher for a second day, lifted by weakness in the dollar and short-covering following recent declines, traders said.
U.S. dollar index fell as the euro rose ahead of a confidence vote in Greece aimed at avoiding a messy default of its sovereign debt. USD/ A weak dollar makes grains and other dollar-denominated goods more competitive on the world market and tends to promote buying by investors seeking a hedge against inflation.
Soybeans also drew spillover strength from the corn market, which rose on bargain buying after falling to a one-month low last week.
FCPO-JAKARTA, June 21 (Reuters) - Malaysian palm oil futures extended earlier gains to close almost 1 percent higher on Tuesday, as firmer comparative oils and improving short-term demand expectations supported prices.
The benchmark September crude palm oil contract KPOc3 on the Bursa Malaysia Derivatives Exchange ended 0.9 percent higher at 3,221 Malaysian ringgit ($1,058) a tonne, after hitting an earlier high at 3,230 ringgit.
Traders said that in the short-term, the approaching Muslim festival of Ramadan in August is likely to result in an uptick in demand from July onwards.
REGIONAL EQUITIES-BANGKOK, June 21 (Reuters) - Southeast Asian stock markets gained on Tuesday as hopes for a solution to Greece's debt problems buoyed sentiment across Asia, while a rebound in global crude prices lifted resource shares.
The markets in Singapore .FTSTI and Indonesia .JKSE climbed more than 1 percent, on top of a small rise on Monday. Thai stocks .SETI jumped 1.4 percent, ending a four-day fall.
Malaysia .KLSE inched up 0.1 percent, Philippine shares .PSI added 1.4 percent and Vietnam .VNI jumped 2.6 percent.
The region's gains were supported by flows of foreign funds into most markets, led by $97 million for Malaysia, on top of $303 million in the past seven sessions.
Singaporean property developers CapitaLand CATL.SI and Keppel Land KLAN.SI outperformed as some investors saw value in their stock prices after a steep sell-down last week. CapitaLand rose 3.3 percent and Keppel jumped 4.6 percent
Tuesday, June 21, 2011
Trader's Highlight
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.
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.
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.
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