Market Factors to Watch | Thursday, 16 October 2014 ==================================== GLOBAL MARKETS ==================================== • US MARKETS — U.S. stocks saw a late-day rebound but still closed in red territory Wednesday amid weak economic data from home and abroad. The Dow Jones Industrial Average slumped 173.45 points, or 1.06 percent, to 16,141.74. The S&P 500 fell 15.21 points, or 0.81 percent, to 1,862.49. The NASDAQ Composite Index dropped 11.85 points, or 0.28 percent, to 4,215.32. The U.S. Producer Price Index for final demand unexpectedly fell 0.1 percent in September on a seasonally adjusted basis, said the U.S. Labor Department on Wednesday. The decline of U.S. wholesale prices was the first in more than a year and missed analysts expectations of a 0.1-percent increase, a sign that the U.S. economic growth is not as robust as expected. On the previous trading day, the S&P 500 and the tech-rich NASDAQ snapped their three-day rout with modest gains, while the Dow extended its losses into a fourth session, as decent earnings from major U.S. banks eased some concerns about global growth worries. • US TREASURIES — The 10-yr Treasury yield collapsed to 1.86% at one stage from Tuesday close at 2.20% in what traders described as a capitulation by long-term shorts who were banking on higher US yields due to eventual Fed rate hikes - before rising back to 2.15% late in the US session on Wednesday. • FOREX — The U.S. dollar fell against major currencies on weak U.S. economic data on Wednesday. In late New York trading, the euro increased to 1. 2778 dollars from 1.2645 dollars in the previous session, and the dollar bought 106.01 Japanese yen, lower than 106.99 yen of the previous session. • GOLD — Gold futures on the COMEX division of the New York Mercantile Exchange continued to rise on lukewarm economic data on Wednesday, with the most active gold contract for December delivery up 10.5 dollars, or 0.85 percent, to settle at 1,244.8 dollars per ounce. • OIL — U.S. crude prices extended losses Wednesday on negative economic data around the world, after seeing biggest daily drops in two years. Light, sweet crude for November delivery dropped 6 cents to settle at 81.78 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery shed 1.26 dollars to close at 83.78 dollars a barrel. • NIKKEI — The Nikkei stock index recouped losses following a five-day losing streak, rebounding 0.92 percent Wednesday, as investors snapped-up issues deemed oversold, with confidence bolstered by a weaker yen. The Nikkei 225 index bounced back from Tuesdays two-month low, adding 137.01 points to close at 15,073.52. ==================================== MALAYSIA ==================================== • PALM OIL — Malaysian palm oil futures slipped to a more than three-week low on Wednesday, giving up gains made in the previous session as crude and soy oil prices slumped, and as export demand remained lacklustre in the first half of October. The benchmark December contract on the Bursa Malaysia Derivatives Exchange fell to 2,111 ringgit in late trade, the lowest since Sept. 23, before closing 1.3 percent down at 2,134 ringgit ($651) per tonne. Exports of Malaysian palm oil products during Oct. 1-15 slid 16.5 percent from the same period a month earlier to 626,482 tonnes, cargo surveyor Intertek Testing Services showed. Another cargo surveyor Societe Generale de Surveillance reported exports for the same period fell 15.5 percent. An extension of tax-free exports of crude palm oil from the worlds top producers could also help stoke demand and Malaysia announced on Friday it would extend an export duty exemption on the crude grade until December, while Indonesia is expected to keep its own export tax at zero for a second month in November. • COMPETING VEGOIL — Soy markets also fell on Wednesday after a report from the U.S. Department of Agriculture showed that the record soybean harvest was progressing faster than market expectations, paving the way for bumper supplies of edible oils that may overwhelm demand. The U.S. soyoil contract for December shed 1.5 percent in late Asian trade, while the most active January soybean oil contract on the Dalian Commodities Exchange dropped 0.9 percent. • FBM KLCI —Bursa Malaysia closed lower Wednesday on the back of subdued demand due to lack of catalysts to drive trading. The benchmark FBM KLCI finished at 1,786.84, down 9.54 points hovering between 1,786.78 and 1,801.12 throughout the day. ==================================== CLOSING PRICES FOR US MARKET Wednesday, 15 October 2014 ==================================== • DJIA Down 173.45 points at 16,141.74 • NASDAQ Down 11.85 points at 4,215.32 • S&P 500 Down 15.21 points at 1,862.49 • US Soybean Oil (Dec 14) Down -.89 points at 31.98 dollars per metric ton. • NYMEX Light Sweet Crude Oil (WTI) (Nov 14) Down -.06 points at 81.78 dollars a barrel. • US COMEX Gold (Dec 14) Up +10.5 points at 1244.8 dollars an ounce. ==================================== CLOSING PRICES FOR CHINA MARKET Wednesday, 15 October 2014 ==================================== • DALIAN SOYBEAN (Jan 15) closed up 17 at 4439 • DALIAN SOYBEAN OIL (Jan 15) closed down 56 at 5920 • DALIAN PALM OIL (Jan 15) closed up 6 at 5244 ==================================== CLOSING PRICES FOR MALAYSIA MARKET Wednesday, 15 October 2014 ==================================== • FGLD (Oct 14) closed down 0.60 at 129.25 • FGLD (Nov 14) closed down 0.85 at 129.40 • FCPO (Dec 14) closed up 29 at 2,134 • FKLI (Oct 14) closed down 11.5 at 1,780.0 • FBM KLCI closed down 9.54 at 1,786.84
Posted on: Thu, 16 Oct 2014 02:26:05 +0000
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