DJI-NEW YORK, Sept 12 (Reuters) - U.S. stocks rose on Monday, bouncing back in late trading, as hopes that Italy could get financial support from China tempered investors' worst fears over the euro zone's sovereign debt crisis.
Traders started the day braced for a possible downgrade of France's top banks by Moody's Investors Service, but sentiment improved as various European officials succeeded in tamping down fears that political and financial leaders were losing control of the situation.
The Dow Jones industrial average .DJI finished up 68.99 points, or 0.63 percent, at 11,061.12. The Standard & Poor's 500 Index .SPX was up 8.04 points, or 0.70 percent, at 1,162.27. The Nasdaq Composite Index .IXIC ended 27.10 points higher, or 1.10 percent, at 2,495.09.
NYMEX-NEW YORK, Sept 12 (Reuters) - U.S. crude futures rose on Monday, propped up by spread trading with Brent crude, which took a hit from concerns about the euro zone debt crisis that could weaken Europe's economy and dent oil demand.
OPEC cut its forecast for global oil demand growth for 2011 and 2012 citing a worsening economic outlook. limiting the day's gains.
On the New York Mercantile Exchange, crude for October delivery CLV1 settled at $88.19 a barrel, gaining 95 cents, or 1.09 percent. It had traded between $85 and $88.95.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade fell after the U.S. Department of Agriculture surprised the market by raising its forecast of the U.S. 2011 soybean yield in a monthly report, traders said.
Market pressured as traders unwound long soy/short corn inter-market spreads. Active trade in soybean futures with volume near 200,000 contracts, about 30 percent higher than the 30-day average.
FCPO-JAKARTA, Sept 12 (Reuters) - Malaysian palm oil futures traded near one-month highs on Monday, in line with other vegetable oil markets, as investors positioned themselves ahead of key industry data from the United States.
Benchmark November palm oil FCPOc3 on the Bursa Malaysia Derivatives Exchange ended up 0.7 percent at 3,071 Malaysian ringgit ($1,023) per tonne. Prices earlier hit a peak at 3,076.
Exchange volumes for the November contract were thin at 5,862 lots of 25 tonnes each versus 7,895 lots on Friday.
REGIONAL EQUITIES-BANGKOK, Sept 12 (Reuters) - Southeast Asia's stock markets retreated on Monday as pessimism over the euro zone debt crisis triggered broad sell-offs in regional blue chips, with Indonesia and Singapore seeing their biggest losses in three weeks.
Volumes were light, about two-thirds the region's monthly average, in part due to holidays in big Asian centres including China, Taiwan and South Korea.
Among most actively traded, Singapore Telecommunications Ltd. STEL.SI dropped 2.3 percent, Indonesia's largest lender Bank Mandiri BMRI.JK plunged 4.2 percent and Thai top energy firm PTT PTT.BK eased 2.2 percent with oil prices falling.
Southeast Asia reported foreign outflows and falling currencies on Monday, with the Singapore dollar SGD= hitting its lowest level in more than two months amid market speculation that Singapore's central bank may ease its monetary policy next month
Malaysia posted outflows of 96 million ringgit ($32 million), stock exchange data showed. Indonesia reported $31.8 milion in outflows, with the Philippines seeing $6.4 million in outflows and Vietnam $0.04 million, Thomson Reuters data showed.
Singapore's benchmark Straits Times Index .FTSTI plunged 2.9 percent to 2,743.58. Ng Kian Teck, lead analyst at SIAS Research in Singapore, expects the STI to trade downward for the rest of the week, with support eyed at 2,700 points.
Tuesday, September 13, 2011
Monday, September 12, 2011
Trader's Highlight
DJI-NEW YORK, Sept 9 (Reuters) - U.S. stocks tumbled more than 2 percent on Friday after the top German official at the European Central Bank resigned in protest of the bank's bond-buying program, which has been a major tool in fighting the region's debt crisis.
The resignation of Juergen Stark from the ECB throws into question policymakers' ability to deal with Europe's debt crisis, a problem that could engulf a world economy already teetering on the brink of recession.
The Dow Jones industrial average .DJI dropped 303.68 points, or 2.69 percent, to 10,992.13. The Standard & Poor's 500 Index .SPX dropped 31.67 points, or 2.67 percent, to 1,154.23. The Nasdaq Composite Index .IXIC dropped 61.15 points, or 2.42 percent, to 2,467.99.
NYMEX-NEW YORK, Sept 9 (Reuters) - U.S. crude futures slumped more than 2 percent on Friday on economic worries and as a stronger dollar encouraged selling of assets such as oil.
Crude futures fell with Wall Street and major commodities on risk aversion as the euro slid to a more than six-month low against the dollar due to turmoil in the European Central Bank and euro zone debt problems.
On the New York Mercantile Exchange, crude for October delivery CLV1 settled at $87.24 a barrel, falling $1.81, or 2.03 percent, after trading from $85.64 to $89.50.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade closed higher on short-covering ahead of a key crop report on Monday in which the U.S. government is expected to cut its soy production forecast, traders said.
Weather forecasts indicating the potential for a frost in northern fringes of the U.S. Midwest crop belt next week added support.Benchmark November soybeans SX1 ended the week down 1.3 percent.
FCPO-KUALA LUMPUR, Sept 9 (Reuters) - Malaysian palm oil futures rose on Friday as traders took up positions ahead of a slew of industry reports that could shed light on a decline in vegetable oil supplies.
The U.S. Department of Agriculture's supply-demand report on Monday will update the agency's crop forecasts in the light of hot and dry weather hurting U.S. soy yields that could lift soyoil's premium to palm oil.
On the same day, industry regulator Malaysian Palm Oil Board will issue August stocks data that may show declines for a second month as exports and local demand outstrip production during a key Muslim festival.
But cargo surveyors are likely to show a drop in Malaysian exports for the period September 1-10 as buying normalises, although some traders say top importers India and China are waiting for prices to fall still more before committing.
The benchmark November palm oil FCPOc3 on the Bursa Malaysia Derivatives Exchange settled up 0.8 percent at 3,050 ringgit ($1,019.56) per tonne.
Exchange volumes stood at 16,106 lots at 25 tonnes each versus the usual 25,000 lots in muted trading ahead of the industry data next week.
Cargo surveyor Intertek Testing Services is set to issue Malaysia's Sept. 1-10 palm oil exports and traders expect the levels at 379,000 tonnes -- some 36 percent lower than the same period a month ago.
REGIONAL EQUITIES-BANGKOK, Sept 9 (Reuters) - Most Southeast Asian stock markets slid lower on Friday, led by losses in big caps and financials, as investors remained wary about global uncertainty and U.S. President Barack Obama's speech on a jobs package failed to revive sentiment.
Late selling kicked in, pushing sharemarkets into negative terrain. The region was treading water in early trading hours as global sentiment stalled after Western central banks failed to offer any fresh stimulus plans.
Singapore's Straits Times Index .FTSTI finished down 1.1 percent in a choppy session that sent the index to a 1-week high at one point. Philippine stocks .PSI, Indonesia .JKSE and Malaysia .KLSE posted limited losses.
Among weak spots, shares in Thai drinks company Serm Suk SSC.BK plunged 7.3 percent to 57.25 baht after Singapore-listed Thai Beverage TBEV.SI announced a takeover bid for Serm Suk SSC.BK at a lower-than-market price of 58 baht.
The resignation of Juergen Stark from the ECB throws into question policymakers' ability to deal with Europe's debt crisis, a problem that could engulf a world economy already teetering on the brink of recession.
The Dow Jones industrial average .DJI dropped 303.68 points, or 2.69 percent, to 10,992.13. The Standard & Poor's 500 Index .SPX dropped 31.67 points, or 2.67 percent, to 1,154.23. The Nasdaq Composite Index .IXIC dropped 61.15 points, or 2.42 percent, to 2,467.99.
NYMEX-NEW YORK, Sept 9 (Reuters) - U.S. crude futures slumped more than 2 percent on Friday on economic worries and as a stronger dollar encouraged selling of assets such as oil.
Crude futures fell with Wall Street and major commodities on risk aversion as the euro slid to a more than six-month low against the dollar due to turmoil in the European Central Bank and euro zone debt problems.
On the New York Mercantile Exchange, crude for October delivery CLV1 settled at $87.24 a barrel, falling $1.81, or 2.03 percent, after trading from $85.64 to $89.50.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade closed higher on short-covering ahead of a key crop report on Monday in which the U.S. government is expected to cut its soy production forecast, traders said.
Weather forecasts indicating the potential for a frost in northern fringes of the U.S. Midwest crop belt next week added support.Benchmark November soybeans SX1 ended the week down 1.3 percent.
FCPO-KUALA LUMPUR, Sept 9 (Reuters) - Malaysian palm oil futures rose on Friday as traders took up positions ahead of a slew of industry reports that could shed light on a decline in vegetable oil supplies.
The U.S. Department of Agriculture's supply-demand report on Monday will update the agency's crop forecasts in the light of hot and dry weather hurting U.S. soy yields that could lift soyoil's premium to palm oil.
On the same day, industry regulator Malaysian Palm Oil Board will issue August stocks data that may show declines for a second month as exports and local demand outstrip production during a key Muslim festival.
But cargo surveyors are likely to show a drop in Malaysian exports for the period September 1-10 as buying normalises, although some traders say top importers India and China are waiting for prices to fall still more before committing.
The benchmark November palm oil FCPOc3 on the Bursa Malaysia Derivatives Exchange settled up 0.8 percent at 3,050 ringgit ($1,019.56) per tonne.
Exchange volumes stood at 16,106 lots at 25 tonnes each versus the usual 25,000 lots in muted trading ahead of the industry data next week.
Cargo surveyor Intertek Testing Services is set to issue Malaysia's Sept. 1-10 palm oil exports and traders expect the levels at 379,000 tonnes -- some 36 percent lower than the same period a month ago.
REGIONAL EQUITIES-BANGKOK, Sept 9 (Reuters) - Most Southeast Asian stock markets slid lower on Friday, led by losses in big caps and financials, as investors remained wary about global uncertainty and U.S. President Barack Obama's speech on a jobs package failed to revive sentiment.
Late selling kicked in, pushing sharemarkets into negative terrain. The region was treading water in early trading hours as global sentiment stalled after Western central banks failed to offer any fresh stimulus plans.
Singapore's Straits Times Index .FTSTI finished down 1.1 percent in a choppy session that sent the index to a 1-week high at one point. Philippine stocks .PSI, Indonesia .JKSE and Malaysia .KLSE posted limited losses.
Among weak spots, shares in Thai drinks company Serm Suk SSC.BK plunged 7.3 percent to 57.25 baht after Singapore-listed Thai Beverage TBEV.SI announced a takeover bid for Serm Suk SSC.BK at a lower-than-market price of 58 baht.
Friday, September 9, 2011
Trader's Highlight
DJI-NEW YORK, Sept 8 (Reuters) - U.S. stocks closed sharply lower on Thursday after Federal Reserve Chairman Ben Bernanke gave no indications of new stimulus measures to boost the flagging economy in a keenly awaited speech.
Investors have been looking to Bernanke, who gave his outlook on the U.S. economy on Thursday, and other policymakers to address a host of concerns from slowing global growth to Europe's debt crisis.
A rise in jobless claims reported earlier in the day underscored the weakness in the U.S. economy and came ahead of a speech by President Barack Obama. Obama is due to speak at 7 p.m. and is expected lay out a plan for creating jobs.
The Dow Jones industrial average .DJI dropped 119.05 points, or 1.04 percent, to 11,295.81. The Standard & Poor's 500 Index .SPX fell 12.72 points, or 1.06 percent, to 1,185.90. The Nasdaq Composite Index .IXIC lost 19.80 points, or 0.78 percent, to 2,529.14.
NYMEX-NEW YORK, Sept 8 (Reuters) - U.S. crude futures edged lower in choppy trading on Thursday as Wall Street fell and the dollar strengthened after the U.S. Federal Reserve Chief failed to outline new steps to spur economic growth in a speech.
Federal Reserve Chairman Ben Bernanke said the U.S. central bank would spare no effort to boost disappointingly weak growth and reduce unemployment, while downplaying concerns about inflation.
On the New York Mercantile Exchange, October crude CLV1 fell 29 cents, or 0.32 percent, to settle at $89.05 a barrel, trading from $88.59 to $90.23.
CBOT-SOYBEANS-Chicago Board of Trade soybean futures fell for a third straight session as the dollar .DXY rallied and traders positioned ahead of a jobs speech by U.S. President Obama later Thursday and USDA's September crop report next week.
A poll indicated that most analysts see the U.S. 2011 soybean crop as larger than 3 billion bushels, a factor that eased worries about supplies.
FCPO-KUALA LUMPUR, Sept 8 (Reuters) - Malaysian palm oil futures fell on Thursday in tandem with other vegetable oil markets as investors booked some profits although the tropical oil's deepening discount to competing soyoil limited losses.
Vegetable oil markets are likely to make little headway ahead of the U.S. Department of Agriculture's supply-demand report on Monday, which will update the agency's crop forecasts.
Hot and dry weather has hurt U.S. soybean yields, making crude palm oil at least $220 cheaper than soyoil that could shift demand to the tropical oil. This could lift the market that has fallen almost a fifth on concerns the euro zone debt could stall global economic growth.
The benchmark November palm oil FCPOc3 on the Bursa Malaysia Derivatives Exchange settled down 0.6 percent to 3,023 ringgit ($1,013.41) per tonne in choppy trade. Exchange volumes stood at 24,744 lots at 25 tonnes each versus the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, Sept 8 (Reuters) - Most Southeast Asian stock markets posted limited gains in light volume on Thursday, led by commodities-related shares, but investors remained wary amid uncertainty over a euro zone debt crisis and the faltering U.S. economy.
Market turnover fell below monthly average for most in the region. Late buying kicked in as global stocks edged up ahead of a European Central Bank meeting seen calling a halt to its rate tightening cycle to support economies.
Singapore's Straits Times Index .FTSTI ended up 0.87 percent at its day's high of 2,856.90, with stocks in Malaysia .KLSE, Indonesia .JKSE and Thailand .SETI posting smaller gains.
Investors have been looking to Bernanke, who gave his outlook on the U.S. economy on Thursday, and other policymakers to address a host of concerns from slowing global growth to Europe's debt crisis.
A rise in jobless claims reported earlier in the day underscored the weakness in the U.S. economy and came ahead of a speech by President Barack Obama. Obama is due to speak at 7 p.m. and is expected lay out a plan for creating jobs.
The Dow Jones industrial average .DJI dropped 119.05 points, or 1.04 percent, to 11,295.81. The Standard & Poor's 500 Index .SPX fell 12.72 points, or 1.06 percent, to 1,185.90. The Nasdaq Composite Index .IXIC lost 19.80 points, or 0.78 percent, to 2,529.14.
NYMEX-NEW YORK, Sept 8 (Reuters) - U.S. crude futures edged lower in choppy trading on Thursday as Wall Street fell and the dollar strengthened after the U.S. Federal Reserve Chief failed to outline new steps to spur economic growth in a speech.
Federal Reserve Chairman Ben Bernanke said the U.S. central bank would spare no effort to boost disappointingly weak growth and reduce unemployment, while downplaying concerns about inflation.
On the New York Mercantile Exchange, October crude CLV1 fell 29 cents, or 0.32 percent, to settle at $89.05 a barrel, trading from $88.59 to $90.23.
CBOT-SOYBEANS-Chicago Board of Trade soybean futures fell for a third straight session as the dollar .DXY rallied and traders positioned ahead of a jobs speech by U.S. President Obama later Thursday and USDA's September crop report next week.
A poll indicated that most analysts see the U.S. 2011 soybean crop as larger than 3 billion bushels, a factor that eased worries about supplies.
FCPO-KUALA LUMPUR, Sept 8 (Reuters) - Malaysian palm oil futures fell on Thursday in tandem with other vegetable oil markets as investors booked some profits although the tropical oil's deepening discount to competing soyoil limited losses.
Vegetable oil markets are likely to make little headway ahead of the U.S. Department of Agriculture's supply-demand report on Monday, which will update the agency's crop forecasts.
Hot and dry weather has hurt U.S. soybean yields, making crude palm oil at least $220 cheaper than soyoil that could shift demand to the tropical oil. This could lift the market that has fallen almost a fifth on concerns the euro zone debt could stall global economic growth.
The benchmark November palm oil FCPOc3 on the Bursa Malaysia Derivatives Exchange settled down 0.6 percent to 3,023 ringgit ($1,013.41) per tonne in choppy trade. Exchange volumes stood at 24,744 lots at 25 tonnes each versus the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, Sept 8 (Reuters) - Most Southeast Asian stock markets posted limited gains in light volume on Thursday, led by commodities-related shares, but investors remained wary amid uncertainty over a euro zone debt crisis and the faltering U.S. economy.
Market turnover fell below monthly average for most in the region. Late buying kicked in as global stocks edged up ahead of a European Central Bank meeting seen calling a halt to its rate tightening cycle to support economies.
Singapore's Straits Times Index .FTSTI ended up 0.87 percent at its day's high of 2,856.90, with stocks in Malaysia .KLSE, Indonesia .JKSE and Thailand .SETI posting smaller gains.
Thursday, September 8, 2011
Trader's Highlight
DJI-NEW YORK, Sept 7 (Reuters) - Wall Street bounced more than 2 percent on Wednesday, reversing three days of losses after Germany's top court smoothed the way for Berlin's participation in bailouts that could ease Europe's debt crisis.
But investor caution that there remains a long road to recovery was underscored by light trading and continued high volatility as shown in the CBOE VIX volatility index
The Dow Jones industrial average .DJI gained 275.56 points, or 2.47 percent, to 11,414.86. The Standard & Poor's 500 Index .SPX rose 33.38 points, or 2.86 percent, to 1,198.62. The Nasdaq Composite Index .IXIC added 75.11 points, or 3.04 percent, to 2,548.94.
NYMEX-NEW YORK, Sept 7 (Reuters) - U.S. crude oil futures rebounded sharply on Wednesday, ending at a five-week high on forecasts that inventory data would show a drawdown in crude stocks last week and concerns that more stormy weather could hit the U.S. Gulf of Mexico.
The dollar fell as appetite returned for riskier assets, and Wall Street rallied after three days of losses as Europe's debt concerns eased. Both were supportive for crude oil futures, traders said.
On the New York Mercantile Exchange, crude for October delivery CLV1 settled at $89.34 a barrel, rising $3.32, or 3.86 percent, the highest close since Aug. 3's $91.93 on a continuous price chart. The day's gain was the the biggest one-day percentage rise since Aug. 10, when prices rose 4.53 percent. The contract traded from $86.15 to $89.74.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade fell for a second session, retreating from an early rally on technical selling and softening cash markets ahead of the U.S. harvest, traders said.
Soyoil ended higher as a sharp rally in crude oil buoyed biodiesel prospects.
Cash basis bids for soybeans were down sharply in parts of the U.S. Midwest interior, pressured by slow demand and the approaching harvest, merchandisers said.
FCPO-KUALA LUMPUR, Sept 7 (Reuters) - Malaysian palm oil futures bounced on Wednesday as traders bet on demand shifting to the tropical oil as U.S. soybean crop conditions deteriorate and tighten soyoil supplies.
Traders said the market was oversold the previous day on concerns about the worsening euro zone debt crisis that could stall global economic growth.
Prices also drew support from market views that Malaysian palm oil stocks in August likely fell for a second straight month as exports and local demand outstrip sluggish production during a key Muslim festival.
Benchmark November palm oil FCPOc3 on the Bursa Malaysia Derivatives Exchange settled up 1.9 percent to 3,042 Malaysian ringgit ($1,021) per tonne. The previous day, the contract fell to 2,978 ringgit -- a level unseen since Aug. 26.
Exchange volumes stood at 16,182 lots at 25 tonnes each versus the usual 25,000 lots with trading interest muted after last week's long holidays.
REGIONAL EQUITIES-BANGKOK, Sept 7 (Reuters) - Southeast Asian stock markets climbed higher on Wednesday as investors piled into consumer and telecoms sectors amid improving global sentiment, helped partly by positive data from the United States.
The region's rally came late in the day and with light turnover, with caution lingering about the a euro zone debt crisis and worries that major economies were headed for another recession.
Indonesia's main share index .JKSE jumped 2.9 percent, the highest leap in almost one month, Singapore's Straits Times Index .FTSTI climbed 2.1 percent and Vietnam's .VNI main index rose 1.8 percent.
Stocks in Malaysia .KLSE, Thailand .SETI and the Philippines .PSI posted smaller gains.
Singapore-listed TAC TACC.SI surged 5.7 percent. The telecom buying spree came amid hopes for a launch of long-delayed auction of new third-generation telecommunications licences after a selection of a new industry regulator
But investor caution that there remains a long road to recovery was underscored by light trading and continued high volatility as shown in the CBOE VIX volatility index
The Dow Jones industrial average .DJI gained 275.56 points, or 2.47 percent, to 11,414.86. The Standard & Poor's 500 Index .SPX rose 33.38 points, or 2.86 percent, to 1,198.62. The Nasdaq Composite Index .IXIC added 75.11 points, or 3.04 percent, to 2,548.94.
NYMEX-NEW YORK, Sept 7 (Reuters) - U.S. crude oil futures rebounded sharply on Wednesday, ending at a five-week high on forecasts that inventory data would show a drawdown in crude stocks last week and concerns that more stormy weather could hit the U.S. Gulf of Mexico.
The dollar fell as appetite returned for riskier assets, and Wall Street rallied after three days of losses as Europe's debt concerns eased. Both were supportive for crude oil futures, traders said.
On the New York Mercantile Exchange, crude for October delivery CLV1 settled at $89.34 a barrel, rising $3.32, or 3.86 percent, the highest close since Aug. 3's $91.93 on a continuous price chart. The day's gain was the the biggest one-day percentage rise since Aug. 10, when prices rose 4.53 percent. The contract traded from $86.15 to $89.74.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade fell for a second session, retreating from an early rally on technical selling and softening cash markets ahead of the U.S. harvest, traders said.
Soyoil ended higher as a sharp rally in crude oil buoyed biodiesel prospects.
Cash basis bids for soybeans were down sharply in parts of the U.S. Midwest interior, pressured by slow demand and the approaching harvest, merchandisers said.
FCPO-KUALA LUMPUR, Sept 7 (Reuters) - Malaysian palm oil futures bounced on Wednesday as traders bet on demand shifting to the tropical oil as U.S. soybean crop conditions deteriorate and tighten soyoil supplies.
Traders said the market was oversold the previous day on concerns about the worsening euro zone debt crisis that could stall global economic growth.
Prices also drew support from market views that Malaysian palm oil stocks in August likely fell for a second straight month as exports and local demand outstrip sluggish production during a key Muslim festival.
Benchmark November palm oil FCPOc3 on the Bursa Malaysia Derivatives Exchange settled up 1.9 percent to 3,042 Malaysian ringgit ($1,021) per tonne. The previous day, the contract fell to 2,978 ringgit -- a level unseen since Aug. 26.
Exchange volumes stood at 16,182 lots at 25 tonnes each versus the usual 25,000 lots with trading interest muted after last week's long holidays.
REGIONAL EQUITIES-BANGKOK, Sept 7 (Reuters) - Southeast Asian stock markets climbed higher on Wednesday as investors piled into consumer and telecoms sectors amid improving global sentiment, helped partly by positive data from the United States.
The region's rally came late in the day and with light turnover, with caution lingering about the a euro zone debt crisis and worries that major economies were headed for another recession.
Indonesia's main share index .JKSE jumped 2.9 percent, the highest leap in almost one month, Singapore's Straits Times Index .FTSTI climbed 2.1 percent and Vietnam's .VNI main index rose 1.8 percent.
Stocks in Malaysia .KLSE, Thailand .SETI and the Philippines .PSI posted smaller gains.
Singapore-listed TAC TACC.SI surged 5.7 percent. The telecom buying spree came amid hopes for a launch of long-delayed auction of new third-generation telecommunications licences after a selection of a new industry regulator
Wednesday, September 7, 2011
Trader's Highlight
DJI-NEW YORK, Sept 6 (Reuters) - Wall Street fell for a third day on Tuesday on fears Europe still has failed to tackle its debt crisis, prompting worries the market is headed to new lows for the year.
Investors channeled cash into less risky assets as doubts resurfaced over the political will of Italy and Greece to push through tough budget measures and as Germany hardened its stand against providing more aid. The worries over the European debt crisis renewed fears that the global economy could fall into recession.
The S&P 500 is now down 14.5 percent from its highest point in 2011, reached at the end of April. Though investors have periodically taken heart from signs that Europe has carved out a plan to deal with its festering crisis, confidence has been repeatedly walloped every time there is a development showing that the problems have not been solved.
The Dow Jones industrial average .DJI dropped 100.96 points, or 0.90 percent, to 11,139.30. The Standard & Poor's 500 Index .SPX fell 8.73 points, or 0.74 percent, to 1,165.24. The Nasdaq Composite Index .IXIC lost 6.50 points, or 0.26 percent, to 2,473.83.
NYMEX-NEW YORK, Sept 6 (Reuters) - U.S. crude oil futures fell for a second session Tuesday on worries that the euro zone debt crisis could stifle world economic growth, but a new weather disturbance in the Gulf of Mexico pared losses sharply.
The U.S. National Hurricane Center said the new weather system has a 30 percent chance of becoming a tropical cyclone in the next couple of days.
Resuming trade after the U.S. Labor Day holiday weekend, crude for October delivery CLV1 settled on the New York Mercantile Exchange at $86.02 a barrel, down 43 cents, or 0.5 percent, after trading from $83.20 to $86.50.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade fell on Tuesday as the dollar rose on fears of a widening debt crisis in Europe and a slowing U.S. economy, traders said.
The U.S. dollar index .DXY was higher for a sixth straight session and U.S. equity markets fell.
FCPO-KUALA LUMPUR, Sept 6 (Reuters) - Malaysian palm oil futures fell to their lowest in almost two weeks on Tuesday as investors fretted over the worsening euro zone debt crisis that could put the brakes on economic growth and commodity demand.
In the past few weeks, the palm oil market has been supported by solid export demand in August and prospects of a stock draw in No.2 palm oil producer Malaysia.
The benchmark November crude palm oil contract FCPOc3 dropped as much as 1.3 percent to 2,978 ringgit ($1,000.487)-- a level unseen since Aug. 26. The contract later settled at 2,985 ringgit.
Traded volumes stood at 23,014 lots at 25 tonnes each versus the usual 25,000 lots as more trading interest came back after the long holidays last week.
REGIONAL EQUITIES-BANGKOK, Sept 6 (Reuters) - Some Southeast Asian stock markets edged up on Tuesday as investors took their leads from European bourses by buying beaten-down consumer stocks and helping to offset losses in banks and commodities-related shares.
A contagion fear of eurozone debt crisis and renewed worries about U.S. recession put a lid on risk appetite, weighing down early sharemarket sentiment across Southeast Asia.
Trading volume remained weak for most of the region and global uncertainty cast doubts over the outlook of corporate earnings that capped potential stock price upside.
At the close, Singapore's Straits Times Index .FTSTI edged up 0.04 percent, falling as much as 1.35 percent at one point. Stocks in Indonesia .JKSE and Thailand .SETI each ended up 0.6 percent, with Vietnam .VNI up 0.1 percent.
Malaysia .KLSE finished down 0.6 percent and the Philippines .PSI dropped 1.8 percent.
Investors channeled cash into less risky assets as doubts resurfaced over the political will of Italy and Greece to push through tough budget measures and as Germany hardened its stand against providing more aid. The worries over the European debt crisis renewed fears that the global economy could fall into recession.
The S&P 500 is now down 14.5 percent from its highest point in 2011, reached at the end of April. Though investors have periodically taken heart from signs that Europe has carved out a plan to deal with its festering crisis, confidence has been repeatedly walloped every time there is a development showing that the problems have not been solved.
The Dow Jones industrial average .DJI dropped 100.96 points, or 0.90 percent, to 11,139.30. The Standard & Poor's 500 Index .SPX fell 8.73 points, or 0.74 percent, to 1,165.24. The Nasdaq Composite Index .IXIC lost 6.50 points, or 0.26 percent, to 2,473.83.
NYMEX-NEW YORK, Sept 6 (Reuters) - U.S. crude oil futures fell for a second session Tuesday on worries that the euro zone debt crisis could stifle world economic growth, but a new weather disturbance in the Gulf of Mexico pared losses sharply.
The U.S. National Hurricane Center said the new weather system has a 30 percent chance of becoming a tropical cyclone in the next couple of days.
Resuming trade after the U.S. Labor Day holiday weekend, crude for October delivery CLV1 settled on the New York Mercantile Exchange at $86.02 a barrel, down 43 cents, or 0.5 percent, after trading from $83.20 to $86.50.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade fell on Tuesday as the dollar rose on fears of a widening debt crisis in Europe and a slowing U.S. economy, traders said.
The U.S. dollar index .DXY was higher for a sixth straight session and U.S. equity markets fell.
FCPO-KUALA LUMPUR, Sept 6 (Reuters) - Malaysian palm oil futures fell to their lowest in almost two weeks on Tuesday as investors fretted over the worsening euro zone debt crisis that could put the brakes on economic growth and commodity demand.
In the past few weeks, the palm oil market has been supported by solid export demand in August and prospects of a stock draw in No.2 palm oil producer Malaysia.
The benchmark November crude palm oil contract FCPOc3 dropped as much as 1.3 percent to 2,978 ringgit ($1,000.487)-- a level unseen since Aug. 26. The contract later settled at 2,985 ringgit.
Traded volumes stood at 23,014 lots at 25 tonnes each versus the usual 25,000 lots as more trading interest came back after the long holidays last week.
REGIONAL EQUITIES-BANGKOK, Sept 6 (Reuters) - Some Southeast Asian stock markets edged up on Tuesday as investors took their leads from European bourses by buying beaten-down consumer stocks and helping to offset losses in banks and commodities-related shares.
A contagion fear of eurozone debt crisis and renewed worries about U.S. recession put a lid on risk appetite, weighing down early sharemarket sentiment across Southeast Asia.
Trading volume remained weak for most of the region and global uncertainty cast doubts over the outlook of corporate earnings that capped potential stock price upside.
At the close, Singapore's Straits Times Index .FTSTI edged up 0.04 percent, falling as much as 1.35 percent at one point. Stocks in Indonesia .JKSE and Thailand .SETI each ended up 0.6 percent, with Vietnam .VNI up 0.1 percent.
Malaysia .KLSE finished down 0.6 percent and the Philippines .PSI dropped 1.8 percent.
Tuesday, September 6, 2011
Trader's Highlight
FCPO-KUALA LUMPUR, Sept 5 (Reuters) - Malaysian palm oil futures fell 1.1 percent on Monday with few leads as U.S. markets were shut for a holiday although investors feared hot and dry weather might slash soy crop yields in the Midwest and spur demand for the Asian edible oil.
Firm palm oil exports have given support to benchmark palm oil futures that have lost about a fifth so far this year on high stocks, concerns over global economic slowdown and volatile financial markets
The benchmark November crude palm oil contract FCPOc3 settled down 32 ringgit at 3,018 ringgit ($1,018.13)a tonne.
Traded volumes were still thin at 11,999 lots of 25 tonnes each versus the usual 25,000 lots after markets opened from a long holiday last week and amid weak interest since U.S. markets were shut for a public holiday.
REGIONAL EQUITIES-BANGKOK, Sept 5 (Reuters) - Most Southeast Asian stock markets fell on Monday as dismal U.S. jobs data renewed fears of a U.S. recession, turning regional big caps under selling pressure and commodity stocks pulled lower along with weak global oil prices.
Mounting risks of the impact of slowing global growth on earnings of listed firms prompted investors to cut their positions. Market turnover was off its monthly average.
Traders were sidelined in the absence of indicators from Wall Street which was shut on Monday and as European shares fell, extending their previous session slide.
The region gave back last week's gains with Singapore stocks .FTSTI suffering their biggest losses in two weeks, finishing down 2.5 percent, after a 3.5 percent gain last week.
Singapore was among Asian countries with a higher share of exports to Western countries, that could be hurt if the United States or European economies continued to slow.
Stocks in Malaysia .KLSE, Thailand .SETI and the Philippines .PSI posted smaller falls. Vietnam .VNI inched up 0.1 percent and Indonesia .JKSE edged up 0.6 percent, rising as much as 1.8 percent at one point, on resuming trade after holidays last week.
Brokers in the region expect near term market weakness as global economic prospects continue to worsen markedly.
Firm palm oil exports have given support to benchmark palm oil futures that have lost about a fifth so far this year on high stocks, concerns over global economic slowdown and volatile financial markets
The benchmark November crude palm oil contract FCPOc3 settled down 32 ringgit at 3,018 ringgit ($1,018.13)a tonne.
Traded volumes were still thin at 11,999 lots of 25 tonnes each versus the usual 25,000 lots after markets opened from a long holiday last week and amid weak interest since U.S. markets were shut for a public holiday.
REGIONAL EQUITIES-BANGKOK, Sept 5 (Reuters) - Most Southeast Asian stock markets fell on Monday as dismal U.S. jobs data renewed fears of a U.S. recession, turning regional big caps under selling pressure and commodity stocks pulled lower along with weak global oil prices.
Mounting risks of the impact of slowing global growth on earnings of listed firms prompted investors to cut their positions. Market turnover was off its monthly average.
Traders were sidelined in the absence of indicators from Wall Street which was shut on Monday and as European shares fell, extending their previous session slide.
The region gave back last week's gains with Singapore stocks .FTSTI suffering their biggest losses in two weeks, finishing down 2.5 percent, after a 3.5 percent gain last week.
Singapore was among Asian countries with a higher share of exports to Western countries, that could be hurt if the United States or European economies continued to slow.
Stocks in Malaysia .KLSE, Thailand .SETI and the Philippines .PSI posted smaller falls. Vietnam .VNI inched up 0.1 percent and Indonesia .JKSE edged up 0.6 percent, rising as much as 1.8 percent at one point, on resuming trade after holidays last week.
Brokers in the region expect near term market weakness as global economic prospects continue to worsen markedly.
Monday, September 5, 2011
Trader's Highlight
DJI-NEW YORK, Sept 2 (Reuters) - Wall Street stocks tumbled on Friday, with major indexes falling as much as 2 percent as data showed U.S. jobs growth flatlined in August, exacerbating worries the economy is faltering.
Nonfarm payrolls generated no new jobs last month as sagging consumer confidence discouraged already skittish businesses from hiring, keeping pressure on the U.S. Federal Reserve to provide more monetary stimulus to the economy.
The Dow Jones industrial average .DJI dropped 180.88 points, or 1.57 percent, to 11,312.69. The Standard & Poor's 500 Index .SPX fell 21.17 points, or 1.76 percent, to 1,183.25. The Nasdaq Composite Index .IXIC lost 40.18 points, or 1.58 percent, to 2,505.86.
NYMEX-NEW YORK, Sept 2 (Reuters) - U.S. crude futures fell on Friday ahead of August jobs data from the United States and as tropical weather coupled with the potential for a tropical storm in the Gulf of Mexico kept some energy production shut.
U.S. stock index futures fell ahead of labor market data expected to underscore fears the economy is headed for another recession and as concerns about the euro zone debt crisis resurfaced.
On the New York Mercantile Exchange, October crude CLV1 fell $1.16, or 1.3 percent, to $87.77 a barrel by 8:15 a.m. EDT (1215 GMT), trading from $87.73 to $88.99.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade rallied on Friday on concerns about the size of the U.S. soy and corn crops, and posted a fourth consecutive weekly advance.
Strength in CBOT corn led the grains and oilseeds complex higher. Short-covering after Thursday's sell-off added support. Rally limited by a drop in U.S. equities and crude oil following a U.S jobs report that led to more concern about the health of the economy.
FCPO-JAKARTA, Sept 2 (Reuters) - Malaysian palm oil futures rose 1.4 percent on Friday, boosted by gains in other vegetable oils while the market was closed for a holiday, but worries about the health of the global economy put a cap on prices.
At the close, the benchmark November crude palm oil contract KPOc3 was at 3,050 Malaysian ringgit ($1,022) a tonne. It had earlier touched 3,069 ringgit, its highest since Aug. 23.
Traded volumes for the contract were still thin at 6,215 lots of 25 tonnes each, although recovered from 2,862 lots on Monday, before many markets closed for the Muslim feast of Eid-ul-Fitr and other holidays.
REGIONAL EQUITIES-BANGKOK, Sept 2 (Reuters) - Singapore and Thailand edged lower on Friday as banks fizzled following recent gains and resource shares fell in line with weak oil prices ahead of U.S. jobs data that could provide a glimpse into the health of global economy.
Losses in Singapore and Thailand came in light volume, with market turnover in each well below monthly averages and investors reluctant to increase positions.
Despite flagging sentiment, the region ended the week strongly after month-end buying and as funds re-entered after sell-offs in August on hopes of strong consumption.
Among outperformers, Singapore's Straits Times Index .FTSTI posted a 3.5 percent gain on the week, its biggest since March and Southeast Asia's second-best, trailing Vietnam's Ho Chi Minh Stock Exchange index .VNI, which surged 7.6 percent, the region's best.
Stocks in Malaysia .KLSE jumped almost 2 percent on Friday upon resuming trade after a 3-1/2 day break, as Kuala Lumpur caught up with a regional rally. Financial stock CIMB CIMB.BK surged 4.7 percent.
Nonfarm payrolls generated no new jobs last month as sagging consumer confidence discouraged already skittish businesses from hiring, keeping pressure on the U.S. Federal Reserve to provide more monetary stimulus to the economy.
The Dow Jones industrial average .DJI dropped 180.88 points, or 1.57 percent, to 11,312.69. The Standard & Poor's 500 Index .SPX fell 21.17 points, or 1.76 percent, to 1,183.25. The Nasdaq Composite Index .IXIC lost 40.18 points, or 1.58 percent, to 2,505.86.
NYMEX-NEW YORK, Sept 2 (Reuters) - U.S. crude futures fell on Friday ahead of August jobs data from the United States and as tropical weather coupled with the potential for a tropical storm in the Gulf of Mexico kept some energy production shut.
U.S. stock index futures fell ahead of labor market data expected to underscore fears the economy is headed for another recession and as concerns about the euro zone debt crisis resurfaced.
On the New York Mercantile Exchange, October crude CLV1 fell $1.16, or 1.3 percent, to $87.77 a barrel by 8:15 a.m. EDT (1215 GMT), trading from $87.73 to $88.99.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade rallied on Friday on concerns about the size of the U.S. soy and corn crops, and posted a fourth consecutive weekly advance.
Strength in CBOT corn led the grains and oilseeds complex higher. Short-covering after Thursday's sell-off added support. Rally limited by a drop in U.S. equities and crude oil following a U.S jobs report that led to more concern about the health of the economy.
FCPO-JAKARTA, Sept 2 (Reuters) - Malaysian palm oil futures rose 1.4 percent on Friday, boosted by gains in other vegetable oils while the market was closed for a holiday, but worries about the health of the global economy put a cap on prices.
At the close, the benchmark November crude palm oil contract KPOc3 was at 3,050 Malaysian ringgit ($1,022) a tonne. It had earlier touched 3,069 ringgit, its highest since Aug. 23.
Traded volumes for the contract were still thin at 6,215 lots of 25 tonnes each, although recovered from 2,862 lots on Monday, before many markets closed for the Muslim feast of Eid-ul-Fitr and other holidays.
REGIONAL EQUITIES-BANGKOK, Sept 2 (Reuters) - Singapore and Thailand edged lower on Friday as banks fizzled following recent gains and resource shares fell in line with weak oil prices ahead of U.S. jobs data that could provide a glimpse into the health of global economy.
Losses in Singapore and Thailand came in light volume, with market turnover in each well below monthly averages and investors reluctant to increase positions.
Despite flagging sentiment, the region ended the week strongly after month-end buying and as funds re-entered after sell-offs in August on hopes of strong consumption.
Among outperformers, Singapore's Straits Times Index .FTSTI posted a 3.5 percent gain on the week, its biggest since March and Southeast Asia's second-best, trailing Vietnam's Ho Chi Minh Stock Exchange index .VNI, which surged 7.6 percent, the region's best.
Stocks in Malaysia .KLSE jumped almost 2 percent on Friday upon resuming trade after a 3-1/2 day break, as Kuala Lumpur caught up with a regional rally. Financial stock CIMB CIMB.BK surged 4.7 percent.
Friday, August 26, 2011
Breaking News-RTRS - Indonesia to cap palm export tax at 22.5 pct
JAKARTA, Aug 25 (Reuters) - Indonesia, the world's top palm oil producer, will cap its export tax for the edible oil at 22.5 percent from 25 percent previously, a trade ministry official said on Thursday.
The changes, which include setting the minimum for the export tax at 7.5 percent versus 1.5 pct previously, will take effect from Oct. 1, the trade ministry official, who declined to be named, told Reuters.
The export tax cap on palm oil olein products (downstream), was cut to 13 percent from 25 percent, according to finance ministry documents, which set the implementation date on 30 days from Aug. 15.
The changes, which include setting the minimum for the export tax at 7.5 percent versus 1.5 pct previously, will take effect from Oct. 1, the trade ministry official, who declined to be named, told Reuters.
The export tax cap on palm oil olein products (downstream), was cut to 13 percent from 25 percent, according to finance ministry documents, which set the implementation date on 30 days from Aug. 15.
Trader's Highlight
DJI-NEW YORK, Aug 25 (Reuters) - U.S. stocks fell on Thursday as investors raised cash ahead of a critical speech from Fed Chairman Ben Bernanke, hoping he will give them a clearer picture of the Fed's plans for the struggling economy.
Several negatives contributed to the market's weakness after three days of gains. Jitters over a sharp drop in German stocks and a report showing continued U.S. job market weakness helped fuel the selling.
Stocks rose earlier this week, partly on expectation the soft U.S. economy could trigger another round of monetary stimulus from the Federal Reserve, much like the one suggested by Bernanke at the same conference in Jackson Hole, Wyoming, a year ago.
The Dow Jones industrial average .DJI dropped 170.89 points, or 1.51 percent, to 11,149.82. The Standard & Poor's 500 Index .SPX fell 18.33 points, or 1.56 percent, to 1,159.27. The Nasdaq Composite Index .IXIC lost 48.06 points, or 1.95 percent, to 2,419.63.
NYMEX-NEW YORK, Aug 25 (Reuters) - U.S. crude futures edged up on Thursday in a volatile session as refined products futures surged on concerns that Hurricane Irene will disrupt supply on the East Coast.
The storm was projected to hit the U.S. eastern seaboard by the weekend, and the U.S. Coast Guard was closely monitoring its track but had not imposed any traffic restrictions on the New York Harbor, the delivery hub for NYMEX-traded gasoline futures.
On the New York Mercantile Exchange, October crude CLV1 rose 14 cents, or 0.16 percent, to settle at $85.30 a barrel, having traded from $83.01 to $86.56.
CBOT-SOYBEANS-Soybean futures at the Chicago Board of Trade closed slightly lower on profit-taking after the market hit a one-month high this week and on selling due to a firmer dollar, traders said.
Traders were reluctant to establish large positions ahead of a key speech Friday by Federal Reserve chairman Ben Bernanke that could announce a new round of measures to stimulate the economy.
FCPO-KUALA LUMPUR, Aug 25 (Reuters) - Malaysian palm oil futures fell on Thursday on worries over slower overseas demand after top producer Indonesia revised its export tax structure that could make its shipments cheaper and on caution over the global economy.
Indonesia, the world's top palm oil producer, will cap its export tax for the edible oil at 22.5 percent from 25.0 percent previously, a trade ministry official said on Thursday
The changes, which take effect from Oct. 1, could make shipments cheaper than those from the world's No.2 producer, weighing on Malaysian palm oil futures.
The benchmark November crude palm oil contract on Bursa Malaysia Derivatives KPOc3 fell as much as 1.9 percent to 2,978 ringgit ($1,000.504) a tonne before paring some losses to end 1.4 percent lower.
Overall traded volume was 20,899 lots of 25 tonnes each, below the usual 25,000 lots.
REGIONAL EQUITIES-HONG KONG, Aug 25 (Reuters) - Southeast Asian stocks were mostly lower on Thursday, underperforming other Asian markets as foreign investors seeking value showed a preference for markets such as China and Hong Kong.
Regional markets got an initial lift as global equities rallied but the gains faded towards the close, with Thailand's SET index .SETI the worst performer, ending down 1.9 percent.
Analysts at Credit Suisse said in a report that the Indonesian market's price-to-book ratio at about 3.6 is more than double the 1.5 seen during the lows of the 2008/09 financial crisis.
Malaysia's Sime Darby SIME.KL, which returned to a profit in its fourth quarter following a dismal performance a year before, rose 1.2 percent.
Several negatives contributed to the market's weakness after three days of gains. Jitters over a sharp drop in German stocks and a report showing continued U.S. job market weakness helped fuel the selling.
Stocks rose earlier this week, partly on expectation the soft U.S. economy could trigger another round of monetary stimulus from the Federal Reserve, much like the one suggested by Bernanke at the same conference in Jackson Hole, Wyoming, a year ago.
The Dow Jones industrial average .DJI dropped 170.89 points, or 1.51 percent, to 11,149.82. The Standard & Poor's 500 Index .SPX fell 18.33 points, or 1.56 percent, to 1,159.27. The Nasdaq Composite Index .IXIC lost 48.06 points, or 1.95 percent, to 2,419.63.
NYMEX-NEW YORK, Aug 25 (Reuters) - U.S. crude futures edged up on Thursday in a volatile session as refined products futures surged on concerns that Hurricane Irene will disrupt supply on the East Coast.
The storm was projected to hit the U.S. eastern seaboard by the weekend, and the U.S. Coast Guard was closely monitoring its track but had not imposed any traffic restrictions on the New York Harbor, the delivery hub for NYMEX-traded gasoline futures.
On the New York Mercantile Exchange, October crude CLV1 rose 14 cents, or 0.16 percent, to settle at $85.30 a barrel, having traded from $83.01 to $86.56.
CBOT-SOYBEANS-Soybean futures at the Chicago Board of Trade closed slightly lower on profit-taking after the market hit a one-month high this week and on selling due to a firmer dollar, traders said.
Traders were reluctant to establish large positions ahead of a key speech Friday by Federal Reserve chairman Ben Bernanke that could announce a new round of measures to stimulate the economy.
FCPO-KUALA LUMPUR, Aug 25 (Reuters) - Malaysian palm oil futures fell on Thursday on worries over slower overseas demand after top producer Indonesia revised its export tax structure that could make its shipments cheaper and on caution over the global economy.
Indonesia, the world's top palm oil producer, will cap its export tax for the edible oil at 22.5 percent from 25.0 percent previously, a trade ministry official said on Thursday
The changes, which take effect from Oct. 1, could make shipments cheaper than those from the world's No.2 producer, weighing on Malaysian palm oil futures.
The benchmark November crude palm oil contract on Bursa Malaysia Derivatives KPOc3 fell as much as 1.9 percent to 2,978 ringgit ($1,000.504) a tonne before paring some losses to end 1.4 percent lower.
Overall traded volume was 20,899 lots of 25 tonnes each, below the usual 25,000 lots.
REGIONAL EQUITIES-HONG KONG, Aug 25 (Reuters) - Southeast Asian stocks were mostly lower on Thursday, underperforming other Asian markets as foreign investors seeking value showed a preference for markets such as China and Hong Kong.
Regional markets got an initial lift as global equities rallied but the gains faded towards the close, with Thailand's SET index .SETI the worst performer, ending down 1.9 percent.
Analysts at Credit Suisse said in a report that the Indonesian market's price-to-book ratio at about 3.6 is more than double the 1.5 seen during the lows of the 2008/09 financial crisis.
Malaysia's Sime Darby SIME.KL, which returned to a profit in its fourth quarter following a dismal performance a year before, rose 1.2 percent.
Thursday, August 25, 2011
Trader's Highlight
DJI-NEW YORK, Aug 24 (Reuters) - U.S. stocks posted strong gains for a second day on Wednesday as investors jumped back into beaten-down financial shares and backed away from safer assets like gold in volatile trading.
The stock market swung back and forth as investors anticipated a key speech from Federal Reserve Chairman Ben Bernanke on Friday. There had been hope the Fed chief would hint of stimulus to aid the struggling economy, but a more likely outcome is for gradual measures.
The Dow Jones industrial average .DJI was up 142.51 points, or 1.28 percent, at 11,319.27. The Standard & Poor's 500 Index .SPX was up 15.19 points, or 1.31 percent, at 1,177.54. The Nasdaq Composite Index .IXIC was up 21.63 points, or 0.88 percent, at 2,467.69.
NYMEX-NEW YORK, Aug 24 (Reuters) - U.S. crude oil futures ended lower on Wednesday as investors worried that Federal Reserve Chairman Ben Bernanke may not signal another round of economic stimulus when he gives highly anticipated speech on Friday.
A late downturn erased gains spawned by an unexpected drawdown in domestic crude inventories last week and data showing a sharp increase in U.S. durable goods orders in July.
On the New York Mercantile Exchange, October crude CLV1 settled in light volume at $85.16 a barrel, dipping 28 cents, or 0.33 percent, after trading from $84.55 to $86.59.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade closed lower, reversing from early strength as traders took profits after a three-day rally and amid an uncertain global economic outlook.
Ongoing concerns about the size of the 2011 U.S. soybean crop underpinned the market.
FCPO-KUALA LUMPUR, Aug 24 (Reuters) - Malaysian palm oil futures edged lower on Wednesday on an uncertain global economic outlook and weaker commodity markets although hopes for strong export data curbed losses.
Palm oil has lost about 18 percent so far this year thanks to a stock build and financial markets turning volatile over the grim outlook in the United States and Europe and efforts by central bankers to prop up these economies.
The benchmark November crude palm oil contract on Bursa Malaysia Derivatives KPOc3 settled down more than 1 percent to 3,036 ringgit ($1,023.77). The previous day the contract touched a one-week high of 3,070 ringgit.
Overall traded volume was light at 19,825 lots of 25 tonnes each, compared to the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, Aug 24 (Reuters) - Southeast Asian stock markets fell on Wednesday after ratings agency Moody's downgraded Japan, making investors wary of risky assets and dampening regional sentiment.
Markets failed to sustain early gains that were fuelled by speculation the Federal Reserve may signal further moves to support the struggling U.S. economy in Chairman Ben Bernanke's speech on Friday in Jackson Hole, Wyoming.
Stocks in Singapore .FTSTI dropped 1.6 percent, Southeast Asia's worst on the day. Losses for Malaysia .KLSE and Thai stocks .SETI were smaller of around 1 percent each. The Philippines .PSI inched down 0.2 percent.
Asian shares fell on Wednesday ahead of Bernanke's speech, while Japanese shares sold off on Moody's downgrade.
Southeast Asian stocks have lost much of their recent upward momentum and trade below previous highs, including all-time highs for Malaysia set in July, Indonesia and the Philippines early this month, as investors are less optimistic across the board.
The stock market swung back and forth as investors anticipated a key speech from Federal Reserve Chairman Ben Bernanke on Friday. There had been hope the Fed chief would hint of stimulus to aid the struggling economy, but a more likely outcome is for gradual measures.
The Dow Jones industrial average .DJI was up 142.51 points, or 1.28 percent, at 11,319.27. The Standard & Poor's 500 Index .SPX was up 15.19 points, or 1.31 percent, at 1,177.54. The Nasdaq Composite Index .IXIC was up 21.63 points, or 0.88 percent, at 2,467.69.
NYMEX-NEW YORK, Aug 24 (Reuters) - U.S. crude oil futures ended lower on Wednesday as investors worried that Federal Reserve Chairman Ben Bernanke may not signal another round of economic stimulus when he gives highly anticipated speech on Friday.
A late downturn erased gains spawned by an unexpected drawdown in domestic crude inventories last week and data showing a sharp increase in U.S. durable goods orders in July.
On the New York Mercantile Exchange, October crude CLV1 settled in light volume at $85.16 a barrel, dipping 28 cents, or 0.33 percent, after trading from $84.55 to $86.59.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade closed lower, reversing from early strength as traders took profits after a three-day rally and amid an uncertain global economic outlook.
Ongoing concerns about the size of the 2011 U.S. soybean crop underpinned the market.
FCPO-KUALA LUMPUR, Aug 24 (Reuters) - Malaysian palm oil futures edged lower on Wednesday on an uncertain global economic outlook and weaker commodity markets although hopes for strong export data curbed losses.
Palm oil has lost about 18 percent so far this year thanks to a stock build and financial markets turning volatile over the grim outlook in the United States and Europe and efforts by central bankers to prop up these economies.
The benchmark November crude palm oil contract on Bursa Malaysia Derivatives KPOc3 settled down more than 1 percent to 3,036 ringgit ($1,023.77). The previous day the contract touched a one-week high of 3,070 ringgit.
Overall traded volume was light at 19,825 lots of 25 tonnes each, compared to the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, Aug 24 (Reuters) - Southeast Asian stock markets fell on Wednesday after ratings agency Moody's downgraded Japan, making investors wary of risky assets and dampening regional sentiment.
Markets failed to sustain early gains that were fuelled by speculation the Federal Reserve may signal further moves to support the struggling U.S. economy in Chairman Ben Bernanke's speech on Friday in Jackson Hole, Wyoming.
Stocks in Singapore .FTSTI dropped 1.6 percent, Southeast Asia's worst on the day. Losses for Malaysia .KLSE and Thai stocks .SETI were smaller of around 1 percent each. The Philippines .PSI inched down 0.2 percent.
Asian shares fell on Wednesday ahead of Bernanke's speech, while Japanese shares sold off on Moody's downgrade.
Southeast Asian stocks have lost much of their recent upward momentum and trade below previous highs, including all-time highs for Malaysia set in July, Indonesia and the Philippines early this month, as investors are less optimistic across the board.
Tuesday, August 23, 2011
Trader's Highlight
DJI-NEW YORK, Aug 22 (Reuters) - World stocks eked out a gain on Monday, stabilizing after the previous four weeks of sharp losses, while Brent crude prices slipped on prospects Libya's civil war will soon end.
U.S. stocks struggled to end barely higher, while gold, a traditional safe haven, hit a third consecutive all-time high near $1,900 after staging its biggest weekly gain in 2-1/2 years last week.
Sharp volatility in stocks, which has marked trading in recent weeks, underscored investor nervousness.
On Wall Street, the Dow Jones industrial average .DJI gained 37.00 points, or 0.34 percent, at 10,854.65. The Standard & Poor's 500 Index .SPX was up 0.29 point, or 0.03 percent, at 1,123.82. The Nasdaq Composite Index .IXIC added 3.54 points, or 0.15 percent, at 2,345.38.
NYMEX-NEW YORK, Aug 22 (Reuters) - U.S. crude futures ended higher in volatile trading on Monday as gains on Wall Street lifted sentiment toward oil.
U.S. crude's discount to Brent crude narrowed from a record above $26 on Friday, as Brent fell on hopes Libyan oil production would restart soon, with the end to the country's civil war looming
On the New York Mercantile Exchange, crude for September delivery CLU1 expired and settled at $84.12 a barrel, gaining $1.86, or 2.26 percent, and trading from $81.13 to $84.67.
CBOT-SOYBEANS-Aug 22 (Reuters) - Soybean futures on the Chicago Board of Trade closed higher, lifted by concerns about disappointing weekend rains in the U.S. Midwest and the impact on soy yield prospects, traders said. Strength in U.S. crude oil futures and equity markets added support.
FCPO-KUALA LUMPUR, Aug 22 (Reuters) - Malaysian palm oil futures rose on Monday on strong exports, although there were concerns that demand may slow as the global economic outlook gets clouded by Europe's debt crisis and prospects of another U.S. recession.
Still-high stocks in top palm oil producers Indonesia and Malaysia have also weighed on the market in recent months, with prices down about a fifth since the start of the year.
The benchmark November contract KPOc3 on the Bursa Malaysia Derivatives Exchange settled up 0.6 percent to 3,022 ringgit($1,013.58) per tonne. It rebounded from a one-week low of 2,990 ringgit struck on Friday.
Overall traded volumes stood at 11,913 lots of 25 tonnes each, less than half the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, Aug 22 (Reuters) - Major Southeast Asian stock markets posted small losses on Monday, minimised by late bargain hunting in retail stocks that offset woes over a festering debt crisis in Europe and a grim economic outlook for the United States.
Most regional sharemarkets recouped early losses after late buying in beaten-down consumer stocks, but signs that the U.S. economy could slide back into recession raised fears of a steep global slowdown and potential its impact on local growth and earnings.
Singapore stocks .FTSTI ended nearly flat, picking up after slumping 1.9 percent fall at one point to its lowest since May 27. Stocks in Indonesia .JKSE, Thailand .SETI and Malaysia .KLSE rebounded from day lows to the lowest in more than one week.
Some brokers were reviewing year-end targets of indexes in the region, taking into account lower optimism on regional growth.
Singapore cellphone company Singapore Telecommunications STEL.SI gained 1.4 percent, reversing an early fall, while United Overseas Bank UOBH.SI fell 1.8 percent and DBS Group Holdings DBSM.SI eased 1.1 percent.
U.S. stocks struggled to end barely higher, while gold, a traditional safe haven, hit a third consecutive all-time high near $1,900 after staging its biggest weekly gain in 2-1/2 years last week.
Sharp volatility in stocks, which has marked trading in recent weeks, underscored investor nervousness.
On Wall Street, the Dow Jones industrial average .DJI gained 37.00 points, or 0.34 percent, at 10,854.65. The Standard & Poor's 500 Index .SPX was up 0.29 point, or 0.03 percent, at 1,123.82. The Nasdaq Composite Index .IXIC added 3.54 points, or 0.15 percent, at 2,345.38.
NYMEX-NEW YORK, Aug 22 (Reuters) - U.S. crude futures ended higher in volatile trading on Monday as gains on Wall Street lifted sentiment toward oil.
U.S. crude's discount to Brent crude narrowed from a record above $26 on Friday, as Brent fell on hopes Libyan oil production would restart soon, with the end to the country's civil war looming
On the New York Mercantile Exchange, crude for September delivery CLU1 expired and settled at $84.12 a barrel, gaining $1.86, or 2.26 percent, and trading from $81.13 to $84.67.
CBOT-SOYBEANS-Aug 22 (Reuters) - Soybean futures on the Chicago Board of Trade closed higher, lifted by concerns about disappointing weekend rains in the U.S. Midwest and the impact on soy yield prospects, traders said. Strength in U.S. crude oil futures and equity markets added support.
FCPO-KUALA LUMPUR, Aug 22 (Reuters) - Malaysian palm oil futures rose on Monday on strong exports, although there were concerns that demand may slow as the global economic outlook gets clouded by Europe's debt crisis and prospects of another U.S. recession.
Still-high stocks in top palm oil producers Indonesia and Malaysia have also weighed on the market in recent months, with prices down about a fifth since the start of the year.
The benchmark November contract KPOc3 on the Bursa Malaysia Derivatives Exchange settled up 0.6 percent to 3,022 ringgit($1,013.58) per tonne. It rebounded from a one-week low of 2,990 ringgit struck on Friday.
Overall traded volumes stood at 11,913 lots of 25 tonnes each, less than half the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, Aug 22 (Reuters) - Major Southeast Asian stock markets posted small losses on Monday, minimised by late bargain hunting in retail stocks that offset woes over a festering debt crisis in Europe and a grim economic outlook for the United States.
Most regional sharemarkets recouped early losses after late buying in beaten-down consumer stocks, but signs that the U.S. economy could slide back into recession raised fears of a steep global slowdown and potential its impact on local growth and earnings.
Singapore stocks .FTSTI ended nearly flat, picking up after slumping 1.9 percent fall at one point to its lowest since May 27. Stocks in Indonesia .JKSE, Thailand .SETI and Malaysia .KLSE rebounded from day lows to the lowest in more than one week.
Some brokers were reviewing year-end targets of indexes in the region, taking into account lower optimism on regional growth.
Singapore cellphone company Singapore Telecommunications STEL.SI gained 1.4 percent, reversing an early fall, while United Overseas Bank UOBH.SI fell 1.8 percent and DBS Group Holdings DBSM.SI eased 1.1 percent.
Monday, August 22, 2011
Trader's Highlight
DJI-NEW YORK, Aug 19 (Reuters) - Wall Street ended a fourth week of losses on a down note on Friday as most buyers left the market before the weekend on growing fears of another U.S. recession and destabilization in Europe's financial system.
Investors already reeling from big losses in growth stocks were thumped by a dismal outlook from Hewlett-Packard, which dropped nearly 20 percent, its worst day since the stock-market crash of 1987.
It was the latest discouraging event in a month full of bad surprises ranging from the U.S. credit rating downgrade to a sharp slowdown in world growth. The S&P has lost 13.1 percent so far this month -- on track for its worst month since October 2008.
The Dow Jones industrial average .DJI fell 172.93 points, or 1.57 percent, to end at 10,817.65. The Standard & Poor's 500 Index .SPX dropped 17.12 points, or 1.50 percent, to 1,123.53. The Nasdaq Composite Index .IXIC slid 38.59 points, or 1.62 percent, to close at 2,341.84.
NYMEX-NEW YORK, Aug 19 (Reuters) - U.S. crude oil futures ended lower on Friday after a late-session reversal to negative territory on continuing worries about the economy, after a series of negative data on Thursday.
Prices also fell as investors took some pre-weekend profits or squared books ahead of the front-month contract's expiration on Monday.
On the New York Mercantile Exchange, crude for September delivery CLU1 settled at $82.26 a barrel, dipping 12 cents, or 0.15 percent, after trading between $79.17 to $83.55.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade closed higher on short-covering ahead of the weekend and worries that much-needed rains expected in the U.S. Midwest might fall short, traders said.Weak U.S. dollar .DXY adds support.
Rally limited by fears the U.S. economy may slip back into a recession and mounting worries about the global banking system.
FCPO-JAKARTA, Aug 19 (Reuters) - Malaysian palm oil futures eased to a one-week low on Friday, as uncertainty clouding the global economic outlook offset expectations of improving demand for the vegetable oil.
The benchmark November contract KPOc3 on the Bursa Malaysia Derivatives Exchange ended down 0.8 percent at 3,003 Malaysian ringgit ($1,005) per tonne. It earlier hit a low of 2,990 ringgit, the lowest since Aug. 11. Prices were down 0.4 percent for the week.
Traded volumes for the contract were at 9,358 lots of 25 tonnes each, compared to 11,513 lots on Thursday.
REGIONAL EQUITIES-BANGKOK, Aug 19 (Reuters) - Southeast Asian stock markets tumbled on Friday, with index heavyweights coming under selling pressure as investors shifted money out of riskier assets because of worries over slowing global growth.
Indonesia .JKSE suffered its biggest fall in two weeks, tumbling 4.4 percent, with banks in particular hit. Singapore .FTSTI had its largest loss in almost two weeks at 3.2 percent.
Stocks in Malaysia .KLSE and Thailand .SETI ended the day with smaller drops of less than 2 percent. Philippine shares .PSI and Vietnam .VNI fell 1.45 percent and 0.5 percent respectively.
The selling intensifed late in the session after European shares .FTSE extended the previous session's sharp sell-off and U.S. stock index futures pointed to a sharply lower start on Wall Street.
Singapore fell for a third week, losing 4.1 percent, the worst in the region. Indonesia posted a weekly loss of 1.2 percent, with Malaysia, Thailand and the Philippines posting more limited falls.
In Singapore, rig builder Keppel Corp KPLM.SI lost 4.9 percent and rival Sembcorp Marine SCMN.SI retreated 8.8 percent on concern that weaker oil prices could adversely affect demand for rigs.
Investors already reeling from big losses in growth stocks were thumped by a dismal outlook from Hewlett-Packard, which dropped nearly 20 percent, its worst day since the stock-market crash of 1987.
It was the latest discouraging event in a month full of bad surprises ranging from the U.S. credit rating downgrade to a sharp slowdown in world growth. The S&P has lost 13.1 percent so far this month -- on track for its worst month since October 2008.
The Dow Jones industrial average .DJI fell 172.93 points, or 1.57 percent, to end at 10,817.65. The Standard & Poor's 500 Index .SPX dropped 17.12 points, or 1.50 percent, to 1,123.53. The Nasdaq Composite Index .IXIC slid 38.59 points, or 1.62 percent, to close at 2,341.84.
NYMEX-NEW YORK, Aug 19 (Reuters) - U.S. crude oil futures ended lower on Friday after a late-session reversal to negative territory on continuing worries about the economy, after a series of negative data on Thursday.
Prices also fell as investors took some pre-weekend profits or squared books ahead of the front-month contract's expiration on Monday.
On the New York Mercantile Exchange, crude for September delivery CLU1 settled at $82.26 a barrel, dipping 12 cents, or 0.15 percent, after trading between $79.17 to $83.55.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade closed higher on short-covering ahead of the weekend and worries that much-needed rains expected in the U.S. Midwest might fall short, traders said.Weak U.S. dollar .DXY adds support.
Rally limited by fears the U.S. economy may slip back into a recession and mounting worries about the global banking system.
FCPO-JAKARTA, Aug 19 (Reuters) - Malaysian palm oil futures eased to a one-week low on Friday, as uncertainty clouding the global economic outlook offset expectations of improving demand for the vegetable oil.
The benchmark November contract KPOc3 on the Bursa Malaysia Derivatives Exchange ended down 0.8 percent at 3,003 Malaysian ringgit ($1,005) per tonne. It earlier hit a low of 2,990 ringgit, the lowest since Aug. 11. Prices were down 0.4 percent for the week.
Traded volumes for the contract were at 9,358 lots of 25 tonnes each, compared to 11,513 lots on Thursday.
REGIONAL EQUITIES-BANGKOK, Aug 19 (Reuters) - Southeast Asian stock markets tumbled on Friday, with index heavyweights coming under selling pressure as investors shifted money out of riskier assets because of worries over slowing global growth.
Indonesia .JKSE suffered its biggest fall in two weeks, tumbling 4.4 percent, with banks in particular hit. Singapore .FTSTI had its largest loss in almost two weeks at 3.2 percent.
Stocks in Malaysia .KLSE and Thailand .SETI ended the day with smaller drops of less than 2 percent. Philippine shares .PSI and Vietnam .VNI fell 1.45 percent and 0.5 percent respectively.
The selling intensifed late in the session after European shares .FTSE extended the previous session's sharp sell-off and U.S. stock index futures pointed to a sharply lower start on Wall Street.
Singapore fell for a third week, losing 4.1 percent, the worst in the region. Indonesia posted a weekly loss of 1.2 percent, with Malaysia, Thailand and the Philippines posting more limited falls.
In Singapore, rig builder Keppel Corp KPLM.SI lost 4.9 percent and rival Sembcorp Marine SCMN.SI retreated 8.8 percent on concern that weaker oil prices could adversely affect demand for rigs.
Friday, August 19, 2011
Trader's Highlight
DJI-NEW YORK, Aug 18 (Reuters) - Rising fears of another recession hammered U.S. stocks on Thursday, sending major averages sharply lower in a return to the extreme fluctuations investors endured a week ago.
New worries about the health of European banks set the tone before the market's open, and a dismal report on regional U.S. manufacturing fueled a downward spiral in which the Dow dropped as much as 528 points, spurring a flight to safe-haven assets like gold.
The Nasdaq ended more than 5 percent lower, the S&P 500 more than 4 percent and the blue-chip Dow off more than 3 percent.
The Dow Jones industrial average .DJI fell 419.63 points, or 3.68 percent, to 10,990.58, while the Standard & Poor's 500 Index .SPX declined 53.24 points, or 4.46 percent, to 1,140.65, and the Nasdaq Composite Index .IXIC dropped 131.05 points, or 5.22 percent, to 2,380.43.
NYMEX-NEW YORK, Aug 18 (Reuters) - U.S. crude futures fell nearly 6 percent on Thursday as a fresh batch of weak economic data from the United States hit investor confidence already worried about global economic growth and Europe's debt problems.
On the New York Mercantile Exchange, September crude CLU1 fell $5.20, or 5.94 percent, to settle at $82.38 a barrel. The intraday intraday high was $87.53 and the low, reached in post-settlement trade was $81.15.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade fell on concerns about a slowdown in the global economy that fueled a rally in the U.S. dollar, traders said.
A sharp drop in crude oil added pressure, with spot NYMEX crude futures CLc1 sagging more than $5 a barrel, or nearly 6 percent.
FCPO-JAKARTA, Aug 18 (Reuters) - Malaysian palm oil futures ended little changed on Thursday as expectations of higher demand and lower output were offset by lingering worries about global economic growth.
The benchmark November contract KPOc3 on the Bursa Malaysia Derivatives Exchange ended 0.2 percent lower at 3,026 Malaysian ringgit ($1,016) per tonne. It earlier hit a high of 3,043 ringgit, to hover near two week highs.
Traded volumes for the contract were 11,513 lots of 25 tonnes each, compared to 11,344 lots on Wednesday, which was a national holiday in Indonesia, the world's top palm oil producer.
REGIONAL EQUITIES-BANGKOK, Aug 18 (Reuters) - Some Southeast Asian stock markets gained on Thursday as optimism about regional growth bolstered demand for consumer and bank stocks but a bearish outlook in the technology sector, after Dell's disappointing outlook, hurt related sectors.
Investors appeared to favour relatively less export-dependent markets with strong domestic consumption such as Indonesia .JKSE, but concern about the U.S. and European slowdown lingered, triggering late selling in some markets.
Malaysia, Indonesia, Thailand and the Philippines have pulled out of "oversold" zones, with the 14-day Relative Strength Index (RSI) of each pushing back into a neutral area of 38.4, 53.49, 49.98 and 51.73 respectively.
New worries about the health of European banks set the tone before the market's open, and a dismal report on regional U.S. manufacturing fueled a downward spiral in which the Dow dropped as much as 528 points, spurring a flight to safe-haven assets like gold.
The Nasdaq ended more than 5 percent lower, the S&P 500 more than 4 percent and the blue-chip Dow off more than 3 percent.
The Dow Jones industrial average .DJI fell 419.63 points, or 3.68 percent, to 10,990.58, while the Standard & Poor's 500 Index .SPX declined 53.24 points, or 4.46 percent, to 1,140.65, and the Nasdaq Composite Index .IXIC dropped 131.05 points, or 5.22 percent, to 2,380.43.
NYMEX-NEW YORK, Aug 18 (Reuters) - U.S. crude futures fell nearly 6 percent on Thursday as a fresh batch of weak economic data from the United States hit investor confidence already worried about global economic growth and Europe's debt problems.
On the New York Mercantile Exchange, September crude CLU1 fell $5.20, or 5.94 percent, to settle at $82.38 a barrel. The intraday intraday high was $87.53 and the low, reached in post-settlement trade was $81.15.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade fell on concerns about a slowdown in the global economy that fueled a rally in the U.S. dollar, traders said.
A sharp drop in crude oil added pressure, with spot NYMEX crude futures CLc1 sagging more than $5 a barrel, or nearly 6 percent.
FCPO-JAKARTA, Aug 18 (Reuters) - Malaysian palm oil futures ended little changed on Thursday as expectations of higher demand and lower output were offset by lingering worries about global economic growth.
The benchmark November contract KPOc3 on the Bursa Malaysia Derivatives Exchange ended 0.2 percent lower at 3,026 Malaysian ringgit ($1,016) per tonne. It earlier hit a high of 3,043 ringgit, to hover near two week highs.
Traded volumes for the contract were 11,513 lots of 25 tonnes each, compared to 11,344 lots on Wednesday, which was a national holiday in Indonesia, the world's top palm oil producer.
REGIONAL EQUITIES-BANGKOK, Aug 18 (Reuters) - Some Southeast Asian stock markets gained on Thursday as optimism about regional growth bolstered demand for consumer and bank stocks but a bearish outlook in the technology sector, after Dell's disappointing outlook, hurt related sectors.
Investors appeared to favour relatively less export-dependent markets with strong domestic consumption such as Indonesia .JKSE, but concern about the U.S. and European slowdown lingered, triggering late selling in some markets.
Malaysia, Indonesia, Thailand and the Philippines have pulled out of "oversold" zones, with the 14-day Relative Strength Index (RSI) of each pushing back into a neutral area of 38.4, 53.49, 49.98 and 51.73 respectively.
Tuesday, August 16, 2011
Trader's Highlight
DJI-NEW YORK, Aug 15 (Reuters) - Shares on Wall Street rose with oil prices on Monday as acquisition news and stronger-than-expected economic data in Japan led markets to steadily forge ahead after last week's wild swings.
News that Google Inc GOOG.O offered to buy Motorola Mobility Holdings Inc MMI.N for about $12.5 billion in cash fueled a rebound in U.S. stocks for a third straight session.
Wall Street's Dow Jones industrial average .DJI closed up 213.88 points, or 1.90 percent, at 11,482.90. The Standard & Poor's 500 Index .SPX was up 25.68 points, or 2.18 percent, at 1,204.49. The Nasdaq Composite Index .IXIC was up 47.22 points, or 1.88 percent, at 2,555.20.
NYMEX-NEW YORK, Aug 15 (Reuters) - U.S. crude futures rebounded on Monday as Wall Street rose on hopes that Europe's debt crisis could be resolved and news that Google Inc GOOG.O offered to buy Motorola Mobility Holdings Inc. MMI.N.
The dollar fell against the euro, whetting up appetite for riskier assets.
On the New York Mercantile Exchange, crude for September delivery CLU1 settled at $87.88 a barrel, rising $2.50, or 2.93 percent, after trading between $84.40 to $88.05, the highest since Aug. 5's intraday high of $88.32.
CBOT-SOYBEANS-Chicago Board of Trade soybean futures closed higher in a follow-through recovery bounce in equities and spillover support from the release last week of bullish U.S. soybean production data from the USDA.
Dry weather in portions of the U.S. Midwest including parts of top producers Iowa and Illinois also lent support to the soybean market.
FCPO-JAKARTA, Aug 15 (Reuters) - Malaysian palm oil climbed for a fourth straight session on Monday, boosted by strong export data and as financial market jitters eased slightly after last week's volatility.
The benchmark October contract KPOc3 on the Bursa Malaysia Derivatives Exchange ended up 1.8 percent at 3,070 Malaysian ringgit ($1,023) per tonne. Earlier, prices touched 3,083 ringgit, the highest level since Aug. 4.
Traded volumes for the contract were 9,786 lots of 25 tonnes each, compared to 9,934 lots on Friday.
REGIONAL EQUITIES-COLOMBO, Aug 15 (Reuters) - Southeast Asian stock markets rose on Monday as investors bought shares that were sold heavily at times last week due to global recession fears, but trading was choppy ahead of a Franco-German summit on the European debt crisis.
Singapore and Malaysia were still trading near what some analysts reckon is oversold territory, while Thailand, Indonesia and the Philippines were neutral, Thomson Reuters data showed.
Analysts said a positive close on Wall Street on Friday and bargain-hunting in thin volume helped the gains.
Malaysia .KLSE added 1.1 percent and the Philippines .PSI edged up 0.3 percent.
In Singapore, top bank DBS Group DBSM.SI gained 2.1 percent and Oversea Chinese Bank Corporation OCBC.SI added 1.3 percent.
Shares in casino operator Genting Singapore GENS.SI closed 3.2 percent weaker after it reported a double-digit fall in earnings for the second quarter
News that Google Inc GOOG.O offered to buy Motorola Mobility Holdings Inc MMI.N for about $12.5 billion in cash fueled a rebound in U.S. stocks for a third straight session.
Wall Street's Dow Jones industrial average .DJI closed up 213.88 points, or 1.90 percent, at 11,482.90. The Standard & Poor's 500 Index .SPX was up 25.68 points, or 2.18 percent, at 1,204.49. The Nasdaq Composite Index .IXIC was up 47.22 points, or 1.88 percent, at 2,555.20.
NYMEX-NEW YORK, Aug 15 (Reuters) - U.S. crude futures rebounded on Monday as Wall Street rose on hopes that Europe's debt crisis could be resolved and news that Google Inc GOOG.O offered to buy Motorola Mobility Holdings Inc. MMI.N.
The dollar fell against the euro, whetting up appetite for riskier assets.
On the New York Mercantile Exchange, crude for September delivery CLU1 settled at $87.88 a barrel, rising $2.50, or 2.93 percent, after trading between $84.40 to $88.05, the highest since Aug. 5's intraday high of $88.32.
CBOT-SOYBEANS-Chicago Board of Trade soybean futures closed higher in a follow-through recovery bounce in equities and spillover support from the release last week of bullish U.S. soybean production data from the USDA.
Dry weather in portions of the U.S. Midwest including parts of top producers Iowa and Illinois also lent support to the soybean market.
FCPO-JAKARTA, Aug 15 (Reuters) - Malaysian palm oil climbed for a fourth straight session on Monday, boosted by strong export data and as financial market jitters eased slightly after last week's volatility.
The benchmark October contract KPOc3 on the Bursa Malaysia Derivatives Exchange ended up 1.8 percent at 3,070 Malaysian ringgit ($1,023) per tonne. Earlier, prices touched 3,083 ringgit, the highest level since Aug. 4.
Traded volumes for the contract were 9,786 lots of 25 tonnes each, compared to 9,934 lots on Friday.
REGIONAL EQUITIES-COLOMBO, Aug 15 (Reuters) - Southeast Asian stock markets rose on Monday as investors bought shares that were sold heavily at times last week due to global recession fears, but trading was choppy ahead of a Franco-German summit on the European debt crisis.
Singapore and Malaysia were still trading near what some analysts reckon is oversold territory, while Thailand, Indonesia and the Philippines were neutral, Thomson Reuters data showed.
Analysts said a positive close on Wall Street on Friday and bargain-hunting in thin volume helped the gains.
Malaysia .KLSE added 1.1 percent and the Philippines .PSI edged up 0.3 percent.
In Singapore, top bank DBS Group DBSM.SI gained 2.1 percent and Oversea Chinese Bank Corporation OCBC.SI added 1.3 percent.
Shares in casino operator Genting Singapore GENS.SI closed 3.2 percent weaker after it reported a double-digit fall in earnings for the second quarter
Monday, August 15, 2011
Trader's Highlight
DJI-NEW YORK, Aug 12 (Reuters) - After one of the most volatile weeks in memory, U.S. stocks ended higher on Friday in a tentative sign that the worst of the selling may be over.
Volume was much lighter than on any other day of the week and intraday swings were far less violent than those seen in previous days. Both signs suggested a drop in investor anxiety.
The Dow Jones industrial average .DJI was up 107.74 points, or 0.97 percent, at 11,251.05, according to the latest available figures. The Standard & Poor's 500 Index .SPX was up 4.43 points, or 0.38 percent, at 1,177.07. The Nasdaq Composite Index .IXIC was up 13.36 points, or 0.54 percent, at 2,506.04.
NYMEX-NEW YORK, Aug 12 (Reuters) - U.S. crude oil futures ended lower on Friday and snapped two days of gains as a slump in consumer confidence reversed an early rally spurred by a jump in July retail sales.
Crude futures also closed the week lower, down for the third straight week, as the consumer confidence data added to fears that the economy may slide back into recession after last week's U.S. credit downgrade.
On the New York Mercantile Exchange, crude for September delivery CLU1 settled at $85.38 a barrel, edging down 34 cents, or 0.4 percent, after trading between $84.02 to $87.37.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade ended modestly firmer to post a third consecutive higher close amid concerns about the size of the U.S. 2011 soy crop, traders said.
But prices pared gains into the closing bell as traders adjusted positions ahead of the weekend.
FCPO-KUALA LUMPUR, Aug 12 (Reuters) - Malaysian palm oil rose for a third day on Friday and recovered most of this week's losses on stronger food commodity prices and as a U.S. government forecast of lower soy output pointed to tighter edible oil supply in coming months.
The U.S Agriculture Department lowering its soy output estimate for soybeans below the lowest trade guess comes as some planters in Malaysia say palm oil output in the second half of this year may not be as high as expected.
Palm oil rose above the 3,000 ringgit level, four days after it fell below the key support level for the first time since October last year on concerns that the unfolding U.S. and euro zone debt crisis will stall global economic growth and cloud the commodity demand outlook.
The benchmark October crude palm oil contract KPOc3 on Bursa Malaysia Derivatives settled up 0.7 percent at 3,015 ringgit ($1,005.670) per tonne in seesaw trade.
Overall traded volumes were slightly lower at 22,409 lots of 25 tonnes each compared to the usual 25,000 lots.
REGIONAL EQUITIES-COLOMBO, Aug 12 (Reuters) - Most Southeast Asian stock markets bounced back on Friday as investors searched for bargains after heavy selling in recent sessions, but worries over the health of global economy and Europe's debt crisis left emerging market equities vulnerable to further losses in coming weeks.
Singapore stocks .FTSTI lost as much as 9.2 percent at one point during the week, skidding to a 14-month low amid a global market rout before clawing its way back from Thursday's lows.
The Straits Times index rose 1.9 percent on Friday, helping paring losses for the week to 4.8 percent.
Despite the bounce in some centreson Friday, Singapore, Malaysia, and Vietnam remain in oversold territory with their Relative Strength Indexes (RSI) below the 30 level. Bangkok, Jakarta, and Manila are hovering around 40.
Commodities boosted Singapore with palm oil producers Golden Agri-Resources GAGR.SI and Wilmar International WLIL.SI gaining as much as 3.2 percent and 2 percent, respectively, after reporting strong quarterly earnings.
Singapore's third-largest lender, United Overseas Bank UOBH.SI, closed 2 percent firmer before posting a 5.6 percent rise in second-quarter net profit.
Volume was much lighter than on any other day of the week and intraday swings were far less violent than those seen in previous days. Both signs suggested a drop in investor anxiety.
The Dow Jones industrial average .DJI was up 107.74 points, or 0.97 percent, at 11,251.05, according to the latest available figures. The Standard & Poor's 500 Index .SPX was up 4.43 points, or 0.38 percent, at 1,177.07. The Nasdaq Composite Index .IXIC was up 13.36 points, or 0.54 percent, at 2,506.04.
NYMEX-NEW YORK, Aug 12 (Reuters) - U.S. crude oil futures ended lower on Friday and snapped two days of gains as a slump in consumer confidence reversed an early rally spurred by a jump in July retail sales.
Crude futures also closed the week lower, down for the third straight week, as the consumer confidence data added to fears that the economy may slide back into recession after last week's U.S. credit downgrade.
On the New York Mercantile Exchange, crude for September delivery CLU1 settled at $85.38 a barrel, edging down 34 cents, or 0.4 percent, after trading between $84.02 to $87.37.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade ended modestly firmer to post a third consecutive higher close amid concerns about the size of the U.S. 2011 soy crop, traders said.
But prices pared gains into the closing bell as traders adjusted positions ahead of the weekend.
FCPO-KUALA LUMPUR, Aug 12 (Reuters) - Malaysian palm oil rose for a third day on Friday and recovered most of this week's losses on stronger food commodity prices and as a U.S. government forecast of lower soy output pointed to tighter edible oil supply in coming months.
The U.S Agriculture Department lowering its soy output estimate for soybeans below the lowest trade guess comes as some planters in Malaysia say palm oil output in the second half of this year may not be as high as expected.
Palm oil rose above the 3,000 ringgit level, four days after it fell below the key support level for the first time since October last year on concerns that the unfolding U.S. and euro zone debt crisis will stall global economic growth and cloud the commodity demand outlook.
The benchmark October crude palm oil contract KPOc3 on Bursa Malaysia Derivatives settled up 0.7 percent at 3,015 ringgit ($1,005.670) per tonne in seesaw trade.
Overall traded volumes were slightly lower at 22,409 lots of 25 tonnes each compared to the usual 25,000 lots.
REGIONAL EQUITIES-COLOMBO, Aug 12 (Reuters) - Most Southeast Asian stock markets bounced back on Friday as investors searched for bargains after heavy selling in recent sessions, but worries over the health of global economy and Europe's debt crisis left emerging market equities vulnerable to further losses in coming weeks.
Singapore stocks .FTSTI lost as much as 9.2 percent at one point during the week, skidding to a 14-month low amid a global market rout before clawing its way back from Thursday's lows.
The Straits Times index rose 1.9 percent on Friday, helping paring losses for the week to 4.8 percent.
Despite the bounce in some centreson Friday, Singapore, Malaysia, and Vietnam remain in oversold territory with their Relative Strength Indexes (RSI) below the 30 level. Bangkok, Jakarta, and Manila are hovering around 40.
Commodities boosted Singapore with palm oil producers Golden Agri-Resources GAGR.SI and Wilmar International WLIL.SI gaining as much as 3.2 percent and 2 percent, respectively, after reporting strong quarterly earnings.
Singapore's third-largest lender, United Overseas Bank UOBH.SI, closed 2 percent firmer before posting a 5.6 percent rise in second-quarter net profit.
Friday, August 12, 2011
Breaking News- European vegoils jump with CBOT on bullish USDA data - RTRS
ROTTERDAM, Aug 11 (Reuters) - The European vegetable oil market OILS/E jumped on Thursday following a rally in CBOT futures on U.S. Department of Agriculture crop data, market sources said.
At 1630 GMT CBOT soyoil futures were between 0.25 and 1.18 cents per lb up on the USDA data and stronger mineral oil prices.
At 1630 GMT CBOT soyoil futures were between 0.25 and 1.18 cents per lb up on the USDA data and stronger mineral oil prices.
Trader's Highlight
DJI-NEW YORK, Aug 11 (Reuters) - U.S. stocks shot up 4 percent on Thursday as bargain-hungry investors overcame the recent wave of fear that drove selling over the last two weeks.
Thursday's rally marked the second bounce in a yo-yo week. After a sell-off that pushed the S&P 500 down as much as 17 percent since July 22, the market is showing some signs of regaining its footing.
The Dow Jones industrial average .DJI surged 423.37 points, or 3.95 percent, to 11,143.31. The Standard & Poor's 500 Index .SPX shot up 51.88 points, or 4.63 percent, to 1,172.64. The Nasdaq Composite Index .IXIC jumped 111.63 points, or 4.69 percent, at 2,492.68.
NYMEX-NEW YORK, Aug 11 (Reuters) - U.S. crude futures rose more than 3 percent on Thursday as an equities rally and a supportive drop in jobless claims helped offset concerns about French banks and fears that Europe's debt crisis will spread.
On the New York Mercantile Exchange, September crude CLU1 rose $2.83, or 3.41 percent, to settle at $85.72 a barrel, trading from $81.03 to $85.97, reached in post-settlement trading.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade rose more than 2 percent after the U.S. Department of Agriculture cut its forecasts of the U.S. 2011 soy and corn yields below trade expectations, traders said.
Benchmark November soybeans SX1 unofficially ended up 2.34 percent, the biggest single-day rise since May 18.
FCPO-KUALA LUMPUR, Aug 11 (Reuters) - Malaysian palm oil futures extended gains for a second day on Thursday after food commodities rose and planters turned more bullish on the production outlook for the edible oil.
An industry regulator said palm oil production growth may not be as high as anticipated after a season of strong yields and a top official from IJM Plantations said the after effects of El Nino may slow output.
That may support palm oil futures that have fallen 21 percent so far this year on higher edible oil supply and concerns that the U.S. and Europe debt crisis may slow economic growth.
The benchmark October crude palm oil contract KPOc3 on Bursa Malaysia Derivatives settled up 1.9 percent to 2,993 ringgit ($996) per tonne.
Overall traded volume as heavy at 30,747 lots of 25 tonnes each compared to the usual 25,500 lots, many traders came back into the market.
Thursday's rally marked the second bounce in a yo-yo week. After a sell-off that pushed the S&P 500 down as much as 17 percent since July 22, the market is showing some signs of regaining its footing.
The Dow Jones industrial average .DJI surged 423.37 points, or 3.95 percent, to 11,143.31. The Standard & Poor's 500 Index .SPX shot up 51.88 points, or 4.63 percent, to 1,172.64. The Nasdaq Composite Index .IXIC jumped 111.63 points, or 4.69 percent, at 2,492.68.
NYMEX-NEW YORK, Aug 11 (Reuters) - U.S. crude futures rose more than 3 percent on Thursday as an equities rally and a supportive drop in jobless claims helped offset concerns about French banks and fears that Europe's debt crisis will spread.
On the New York Mercantile Exchange, September crude CLU1 rose $2.83, or 3.41 percent, to settle at $85.72 a barrel, trading from $81.03 to $85.97, reached in post-settlement trading.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade rose more than 2 percent after the U.S. Department of Agriculture cut its forecasts of the U.S. 2011 soy and corn yields below trade expectations, traders said.
Benchmark November soybeans SX1 unofficially ended up 2.34 percent, the biggest single-day rise since May 18.
FCPO-KUALA LUMPUR, Aug 11 (Reuters) - Malaysian palm oil futures extended gains for a second day on Thursday after food commodities rose and planters turned more bullish on the production outlook for the edible oil.
An industry regulator said palm oil production growth may not be as high as anticipated after a season of strong yields and a top official from IJM Plantations said the after effects of El Nino may slow output.
That may support palm oil futures that have fallen 21 percent so far this year on higher edible oil supply and concerns that the U.S. and Europe debt crisis may slow economic growth.
The benchmark October crude palm oil contract KPOc3 on Bursa Malaysia Derivatives settled up 1.9 percent to 2,993 ringgit ($996) per tonne.
Overall traded volume as heavy at 30,747 lots of 25 tonnes each compared to the usual 25,500 lots, many traders came back into the market.
Thursday, August 11, 2011
Trader's Highlight
DJI-NEW YORK, Aug 10 (Reuters) - Fear returned to Wall Street on Wednesday, sending the S&P 500 to another 4 percent decline, triggered by worries that Europe's debt crisis could engulf French banks and spill onto the U.S. financial sector.
Trading was once again marked by sharp moves on heavy volume. For a fifth straight day, the Dow industrials fluctuated in a range of more than 400 points.
The Dow Jones industrial average .DJI lost 519.83 points, or 4.62 percent, to 10,719.94. The S&P 500 .SPX fell 51.77 points, or 4.42 percent, to 1,120.76. The Nasdaq Composite .IXIC dropped 101.47 points, or 4.09 percent, to 2,381.05.
NYMEX-NEW YORK, Aug 10 (Reuters) - U.S. crude futures rose 4.5 percent on Wednesday after a government report showed oil inventories fell last week and receiving a late lift from pared losses on Wall Street.
U.S. crude stocks fell 5.2 million barrels last week, the U.S. Energy Information Administration's said in its weekly inventory report, mirroring the draw down reported late on Tuesday by the American Petroleum Institute.
On the New York Mercantile Exchange, September crude CLU1 rose $3.59, or 4.53 percent, to settle at $82.89 a barrel, trading from $79.53 to $83.14.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade ended modestly higher, snapping a five-day decline as traders adjusted positions a day ahead of a U.S. government crop report, traders said.
Trade expects USDA's August monthly crop report on Thursday to project a smaller U.S. 2011 soy harvest than the government forecast in July.
FCPO-JAKARTA/KUALA LUMPUR, Aug 10 (Reuters) - Malaysian palm oil futures rebounded on Wednesday and snapped four straight sessions of losses as cautious investors said the market was oversold on growth and debt worries.
Oil led a rebound among commodities as investors went bargain hunting for riskier assets after the U.S. Federal Reserve promised to extend near-zero interest rates for two more years.COM/WRAP
The benchmark October crude palm oil contract KPOc3 on Bursa Malaysia Derivatives ended 0.6 percent higher at 2,937 ringgit ($971.070) a tonne. Overall traded volumes stood at 23,960 lots of 25 tonnes each, below the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, Aug 10 (Reuters) - Most Southeast Asian stock markets pushed higher on Wednesday, turning around from sell-offs earlier this week after markets around the world rallied on the prospect of interest rates in the Unites States remaining near zero for two more years.
Stocks in Indonesia .JKSE and the Philippines .PSI each gained over 3 percent, with domestic investors leading the way.
Malaysia .KLSE and Thailand .SETI posted smaller gains, with late selling suggesting concerns over global volatility.
Singapore .FTSTI, which was closed on Tuesday when regional markets tumbled, dropped 2.2 percent after weak second-quarter economic data and Vietnam .VNI eased slightly.
Dealers in Bangkok expect the market to stay range-bound due to global risk aversion, which could lead to foreign selling even though local sentiment is favourable with a new government taking shape and players focusing on economic policies.
Among weak spot, Singapore-listed Global Logistic Properties GLPL.SI, which owns warehouses in China and Japan, lost as much as 5.9 percent on worries that slowing economic growth and a weaker U.S. dollar may hurt its earnings.
Singapore's economy shrank in the second quarter, but the government said growth in biomedical manufacturing and financial services would help offset concerns of a double-dip recession in the United States.
Trading was once again marked by sharp moves on heavy volume. For a fifth straight day, the Dow industrials fluctuated in a range of more than 400 points.
The Dow Jones industrial average .DJI lost 519.83 points, or 4.62 percent, to 10,719.94. The S&P 500 .SPX fell 51.77 points, or 4.42 percent, to 1,120.76. The Nasdaq Composite .IXIC dropped 101.47 points, or 4.09 percent, to 2,381.05.
NYMEX-NEW YORK, Aug 10 (Reuters) - U.S. crude futures rose 4.5 percent on Wednesday after a government report showed oil inventories fell last week and receiving a late lift from pared losses on Wall Street.
U.S. crude stocks fell 5.2 million barrels last week, the U.S. Energy Information Administration's said in its weekly inventory report, mirroring the draw down reported late on Tuesday by the American Petroleum Institute.
On the New York Mercantile Exchange, September crude CLU1 rose $3.59, or 4.53 percent, to settle at $82.89 a barrel, trading from $79.53 to $83.14.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade ended modestly higher, snapping a five-day decline as traders adjusted positions a day ahead of a U.S. government crop report, traders said.
Trade expects USDA's August monthly crop report on Thursday to project a smaller U.S. 2011 soy harvest than the government forecast in July.
FCPO-JAKARTA/KUALA LUMPUR, Aug 10 (Reuters) - Malaysian palm oil futures rebounded on Wednesday and snapped four straight sessions of losses as cautious investors said the market was oversold on growth and debt worries.
Oil led a rebound among commodities as investors went bargain hunting for riskier assets after the U.S. Federal Reserve promised to extend near-zero interest rates for two more years.COM/WRAP
The benchmark October crude palm oil contract KPOc3 on Bursa Malaysia Derivatives ended 0.6 percent higher at 2,937 ringgit ($971.070) a tonne. Overall traded volumes stood at 23,960 lots of 25 tonnes each, below the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, Aug 10 (Reuters) - Most Southeast Asian stock markets pushed higher on Wednesday, turning around from sell-offs earlier this week after markets around the world rallied on the prospect of interest rates in the Unites States remaining near zero for two more years.
Stocks in Indonesia .JKSE and the Philippines .PSI each gained over 3 percent, with domestic investors leading the way.
Malaysia .KLSE and Thailand .SETI posted smaller gains, with late selling suggesting concerns over global volatility.
Singapore .FTSTI, which was closed on Tuesday when regional markets tumbled, dropped 2.2 percent after weak second-quarter economic data and Vietnam .VNI eased slightly.
Dealers in Bangkok expect the market to stay range-bound due to global risk aversion, which could lead to foreign selling even though local sentiment is favourable with a new government taking shape and players focusing on economic policies.
Among weak spot, Singapore-listed Global Logistic Properties GLPL.SI, which owns warehouses in China and Japan, lost as much as 5.9 percent on worries that slowing economic growth and a weaker U.S. dollar may hurt its earnings.
Singapore's economy shrank in the second quarter, but the government said growth in biomedical manufacturing and financial services would help offset concerns of a double-dip recession in the United States.
Wednesday, August 10, 2011
Breaking news-RTRS - China to buy more palm oil as price low- Oil World
HAMBURG, Aug 9 (Reuters) - Low palm oil prices are likely to generate more Chinese buying and strong demand from China and other importers may help support palm prices, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
Malaysian palm oil futures dropped on Monday to their lowest in more than nine months as investors fretted over global economic growth and the outlook for commodity demand after the United States lost its top credit rating.
Malaysian palm oil futures dropped on Monday to their lowest in more than nine months as investors fretted over global economic growth and the outlook for commodity demand after the United States lost its top credit rating.
Trader's Highlight
DJI-NEW YORK, Aug 9 (Reuters) - U.S. stocks clawed back most of Monday's losses as a U.S. Federal Reserve promise of at least two more years of near-zero interest rates overshadowed its warning about slowing economic growth.
The Fed's statement gave markets a glimmer of hope, with stocks' gains accelerating into Tuesday's close.
In a sign investors were not entirely convinced of the Fed's ability to stave off another recession, they sought safer bets, including the Swiss franc and gold. Gold GCZ1 pared its early gain to record levels but was still up about 1 percent at just above $1,728 an ounce.
The Dow Jones industrial average .DJI gained 429.92 points, or 3.98 percent, to 11,239.77. The Standard & Poor's 500 Index .SPX jumped 53.07 points, or 4.74 percent, to 1,172.53. The Nasdaq Composite Index .IXIC climbed 124.83 points, or 5.29percent, to 2,482.52.
NYMEX-NEW YORK, Aug 9 (Reuters) - U.S. crude futures turned positive after the American Petroleum Institute data showed an unexpected drawdown in U.S. crude inventories last week, against forecasts that stocks rose.
Traders said a late rally on Wall Streeet also boosted crude futures after they ended lower for a second day, hitting a 10-month low as the U.S. Federal Reserve released a statement that failed to inspire optimism about energy demand.
On the New York Mercantile Exchange, crude for September delivery CLU1 settled at $79.30 a barrel, the lowest since Sept. 29, when front-month crude prices closed at $77.86. It traded from $75.71, also the lowest since Sept. 29, to $83.05.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade fell for a fifth consecutive session, pressured by improved U.S. weather that should favor the developing U.S. soy crop and by a retreat in crude oil, traders said.
Market briefly traded higher after a bullish open on Wall Street eased concerns about a global economic slowdown. But soybeans turned lower as U.S. equities backed off their highs.
FCPO-KUALA LUMPUR, Aug 9 (Reuters) - Malaysian palm oil futures hit fresh nine-month lows on Tuesday as concerns that a global economic slowdown were imminent after the U.S. credit downgrade continue to pressure financial markets.
World stocks sank sharply for a 10th session running on Tuesday, racking up a 20 percent loss since early May, and gold hit another record high as investors continued to dump riskier assets in highly volatile markets
The benchmark October crude palm oil contract KPOc3 on Bursa Malaysia Derivatives closed 2.5 percent lower at 2,920 Malaysian ringgit ($967.21) a tonne after hitting as low as 2,917 ringgit, a level unseen since late-October last year.
Overall traded volume rose to 35,313 lots of 25 tonnes each from the usual 25,000 lots.
REGIONAL EQUITIES-COLOMBO, Aug 9 (Reuters) - Southeast Asian stocks fell sharply on Tuesday, with commodity-related and bank shares hit hardest as foreign and local investors sold off what have been Asia's best performing markets this year on fears of a steep global slowdown.
Most of the region's markets recouped early losses but then slipped again. Helping them recover from sharp initial drops was buying led by government funds, but investors mostly remained cautious as they waited for clues from elsewhere on developments with the U.S and European Union debt crises.
In early trade, Indonesia's main index .JKSE plummeted 6.7 percent, Malaysia .JKSE and Philippines .PSI each fell 4.9 percent, Thailand .SETI was down 4 percent while Vietnam .VNI dropped 2.7 percent.
Buying kicked in after most of the markets were oversold with their 14-day relative strength indexes lower than 30, a threshold oversold level, according to Thomson Reuters data. However, the buying support could not be sustained due to negative sentiment.
The Fed's statement gave markets a glimmer of hope, with stocks' gains accelerating into Tuesday's close.
In a sign investors were not entirely convinced of the Fed's ability to stave off another recession, they sought safer bets, including the Swiss franc and gold. Gold GCZ1 pared its early gain to record levels but was still up about 1 percent at just above $1,728 an ounce.
The Dow Jones industrial average .DJI gained 429.92 points, or 3.98 percent, to 11,239.77. The Standard & Poor's 500 Index .SPX jumped 53.07 points, or 4.74 percent, to 1,172.53. The Nasdaq Composite Index .IXIC climbed 124.83 points, or 5.29percent, to 2,482.52.
NYMEX-NEW YORK, Aug 9 (Reuters) - U.S. crude futures turned positive after the American Petroleum Institute data showed an unexpected drawdown in U.S. crude inventories last week, against forecasts that stocks rose.
Traders said a late rally on Wall Streeet also boosted crude futures after they ended lower for a second day, hitting a 10-month low as the U.S. Federal Reserve released a statement that failed to inspire optimism about energy demand.
On the New York Mercantile Exchange, crude for September delivery CLU1 settled at $79.30 a barrel, the lowest since Sept. 29, when front-month crude prices closed at $77.86. It traded from $75.71, also the lowest since Sept. 29, to $83.05.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade fell for a fifth consecutive session, pressured by improved U.S. weather that should favor the developing U.S. soy crop and by a retreat in crude oil, traders said.
Market briefly traded higher after a bullish open on Wall Street eased concerns about a global economic slowdown. But soybeans turned lower as U.S. equities backed off their highs.
FCPO-KUALA LUMPUR, Aug 9 (Reuters) - Malaysian palm oil futures hit fresh nine-month lows on Tuesday as concerns that a global economic slowdown were imminent after the U.S. credit downgrade continue to pressure financial markets.
World stocks sank sharply for a 10th session running on Tuesday, racking up a 20 percent loss since early May, and gold hit another record high as investors continued to dump riskier assets in highly volatile markets
The benchmark October crude palm oil contract KPOc3 on Bursa Malaysia Derivatives closed 2.5 percent lower at 2,920 Malaysian ringgit ($967.21) a tonne after hitting as low as 2,917 ringgit, a level unseen since late-October last year.
Overall traded volume rose to 35,313 lots of 25 tonnes each from the usual 25,000 lots.
REGIONAL EQUITIES-COLOMBO, Aug 9 (Reuters) - Southeast Asian stocks fell sharply on Tuesday, with commodity-related and bank shares hit hardest as foreign and local investors sold off what have been Asia's best performing markets this year on fears of a steep global slowdown.
Most of the region's markets recouped early losses but then slipped again. Helping them recover from sharp initial drops was buying led by government funds, but investors mostly remained cautious as they waited for clues from elsewhere on developments with the U.S and European Union debt crises.
In early trade, Indonesia's main index .JKSE plummeted 6.7 percent, Malaysia .JKSE and Philippines .PSI each fell 4.9 percent, Thailand .SETI was down 4 percent while Vietnam .VNI dropped 2.7 percent.
Buying kicked in after most of the markets were oversold with their 14-day relative strength indexes lower than 30, a threshold oversold level, according to Thomson Reuters data. However, the buying support could not be sustained due to negative sentiment.
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