Market Factors to Watch | Wednesday, 24 December 2014 ==================================== GLOBAL MARKETS ==================================== • US MARKETS — U.S. and European shares rose on Tuesday, with the Dow industrials ending above 18,000 for the first time after an unexpectedly strong report on U.S. economic growth supported risk appetite and lifted oil prices. Both the Dow and the S&P 500 hit record closing highs after the Commerce Department said the final estimate of U.S. gross domestic product for the third quarter was revised up to a 5 percent annual pace, its quickest in 11 years, from 3.9 percent reported last month. Stronger consumer and business spending fueled the surge. The Dow Jones industrial average .DJI closed up 0.36 percent at 18,024.17. The S&P 500 .SPX closed up 0.17 percent at 2,082.17. The NASDAQ Composite .IXIC closed down 0.33 percent at 4,765.42. Other data showed U.S. consumer sentiment jumped in December to its highest level in nearly eight years on cheaper gasoline and better job and wage prospects. • US TREASURIES — U.S. safe-haven Treasury yields, which move inversely to prices, jumped following the U.S. data and a tepid five-year note auction. Benchmark 10-year Treasury yields were last at 2.26 percent, from a yield of 2.16 percent late Monday. • FOREX — The dollar held firm early on Tuesday, having risen to its highest level in nearly nine years against a basket of major currencies, driven in part by persistent weakness in the euro and a fresh fall in the yen. A record-closing high in U.S. stocks appeared to dampen demand for the safe-haven Japanese currency, while a renewed slide in oil weighed on the Canadian dollar. All of these factors helped lift the dollar index to highs not seen since April 2006. The euro wallowed near a two-year low of $1.2221, while the Canadian dollar eased to C$1.1634 per USD, back near a 5-1/2 year trough of C$1.1674 set last week. • GOLD — Gold was little changed on Tuesday, paring earlier gains after strong U.S. growth data lifted the dollar, and was looking vulnerable to more losses as appetite for risk boosted equities. The U.S. economy grew at a 5 percent clip in the third quarter, its quickest pace in 11 years and the strongest sign yet that growth has decisively shifted into higher gear. U.S. gold futures for delivery in February settled down 0.2 percent at $1,178.00 an ounce. • OIL — Oil prices slid back close to opening levels around $60.20 per barrel on Tuesday, after gaining earlier in the day on expectation of firm U.S. economic data due later on Tuesday. Brent crude settled up $1.58 at $61.69 a barrel. U.S. crude settled up $1.86 at $57.12 per barrel. =================================== MALAYSIA ==================================== • PALM OIL — Malaysian palm oil rose for a fifth straight session on Tuesday to its highest in more than one week with prices underpinned by expectations that excessive monsoon rains would derail supplies amid strong demand. Investors in the palm oil market are keeping a close watch on the weather with forecasts calling for widespread rains and flooding in parts of Malaysia, the worlds second largest producer. The benchmark March crude palm oil contract on the Bursa Malaysia Derivatives Exchange rose 0.7% to RM2,186 (US$625) per tonne by the midday break. It climbed to an intra-day top of RM2,189 a tonne, its highest since December 12. Cargo surveyor Intertek Testing Services reported exports of Malaysian palm products for December 1-20 rose 8.8% to 911,595 tonnes, compared with the same period a month earlier, as demand from Europe, China and India picked up. Meanwhile, Malaysias meteorological department on Monday raised its orange stage warning to a red stage for some parts of major palm-growing states of Pahang and Johor, which it forecast to receive heavy rains this week. Still, the rally in palm oil prices could be capped by losses in the energy market as it competes with crude oil on increasing use of vegetable oils in making renewable fuels • COMPETING VEGOIL — In competing vegetable oil markets, the most active May soybean oil contract on the Dalian Commodity Exchange fell 0.3 percent in late Asian trade on Tuesday, while the U.S. soyoil contract for March gained 0.4 percent. • FBM KLCI — The FBM KLCI futures contracts on Bursa Malaysia Derivatives ended mostly higher Tuesday supported by buying interest. At the close, December 2014 added one point to 1,750, January 2015 rose two points to 1,754 while June was four points higher at 1,753. However, March 2015 fell one point to 1,752. The underlying FBM KLCI ended five points better at 1,749.05. ==================================== CLOSING PRICES FOR US MARKET Tuesday, 23 December 2014 ==================================== • DJIA Up 64.73 points at 18,024.17 • NASDAQ Down 16.00 points at 4,765.42 • S&P 500 Up 3.63 points at 2,082.17 • US Soybean Oil (Mar 15) Up +0.19 points at 32.36 dollars per metric ton. • NYMEX Light Sweet Crude Oil (WTI) (Feb 15) Up +1.86 points at 57.12 dollars a barrel. • US COMEX Gold (Feb 15) Down -1.8 points at 1178.0 dollars an ounce. ==================================== CLOSING PRICES FOR CHINA MARKET Tuesday, 23 December 2014 ==================================== • DALIAN SOYBEAN (May 15) closed unchanged at 4326 • DALIAN SOYBEAN OIL (May 15) closed down 14 at 5618 • DALIAN PALM OIL (May 15) closed down 10 at 4924 ==================================== CLOSING PRICES FOR MALAYSIA MARKET Tuesday, 23 December 2014 ==================================== • FGLD (Dec 14) closed down 2.40 at 132.25 • FGLD (Jan 15) closed down 2.00 at 133.10 • FCPO (Mar 15) closed up 37 at 2,208 • FKLI (Dec 14) closed up 1.0 at 1,750.0 • FBM KLCI closed up 5.0 at 1,749.05
Posted on: Wed, 24 Dec 2014 01:54:11 +0000
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