DJI - NEW YORK, Feb 14 (Reuters) - Global equity markets fell and the euro slid against the dollar on Thursday after data showed the euro zone slipped deeper into recession in late 2012 than had been expected, but deal-making helped Wall Street close near break-even.
U.S. weekly jobless data and a $23.2 billion bid in cash by Warren Buffett's Berkshire Hathaway and private equity firm 3G Capital for ketchup and baby food maker H.J. Heinz helped turn sentiment about Europe and trim equity losses.
The euro tumbled to a three-week low against the dollar and plunged against the yen after data on gross domestic product in the euro zone painted a dismal picture of the regional economy.
U.S. equities have struggled to break above current levels where they have hovered for almost two weeks. The benchmark S&P 500 is up more than 6 percent so far this year.
"While I'm not bearish, I don't see many upside motivations at these levels," said Donald Selkin, chief market strategist at National Securities in New York, who cited the low level of the VIX as a sign the market was overbought.
"We need to digest some of our gains to go higher, but people are so eager to buy on the dips that we're not even seeing dips anymore. People are just chasing the market higher," said Selkin, who helps oversee about $3 billion in assets.
The Dow Jones industrial average closed down 9.52 points, or 0.07 percent, at 13,973.39. The Standard & Poor's 500 Index rose 1.05 points, or 0.07 percent, at 1,521.38. The Nasdaq Composite Index added 1.78 points, or 0.06 percent, at 3,198.66.
"The only reason a company buys another company is because they see an upside. Even though we are at multiyear highs, this kind of activity shows that there is more room for a rally, feeding optimism to the market," said Randy Frederick, director of trading and derivatives at Charles Schwab.
Economic output in the euro zone fell by 0.6 percent in the fourth quarter, EU statistics office Eurostat said, while Germany contracted by 0.6 percent, marking its worst performance since the global financial crisis was raging in 2009.
The downturn marked the currency bloc's first full year in which no quarter produced growth, extending back to 1995. For the year as a whole, GDP fell by 0.5 percent.
Germany is expected to rebound but the figures suggest the bloc as a whole could remain in recession in the first quarter of this year, despite a recent jump in market sentiment as fears that the currency bloc could fall apart have faded.
"The market has weakened because of the GDP numbers," said Barclays commodities analyst Miswin Mahesh. "It's been a macro sell-off this morning with the GDP numbers coming out, rather than any fundamental move in itself. Most asset classes have sold."
"The jobless claims numbers were solid, and with the European market closing, the news out of Europe is pretty much done for the day," Frederick said.
"A lot of companies, fearing about the systemic risk, have been delaying investments for a long time," said Gilles Guibout, head of euro zone equities at AXA Investment Managers, which has 554 billion euros ($739 billion) under management.
NYMEX - TOKYO, Feb 14 (Reuters) - U.S. crude futures edged up to stay above $97 a barrel on Thursday, paring a 0.5 percent decline a day earlier, helped by hopes for oil demand growth after a Reuters poll showed that the euro zone is slowly starting to emerge from recession.
CBOT Soybean- Soybean futures on the Chicago Board of Trade fell on signs of slowing U.S. export demand and improving crop weather in South America, traders said.
· Beneficial rains expected over much of Argentina this week and this weekend should help relieve stressed crops, but more rain will be needed to ensure satisfactory crop output, the Commodity Weather Group said.
· In Brazil, rains in the next two weeks should help soybean crops in southern areas, while a drier pattern for the northwest soy areas next week should boost harvest progress
· USDA reported export sales of U.S. soybeans in the latest week at 235,900 tonnes (old and new crop years combined), including net cancellations of 109,100 tonnes for 2012/13 and sales of 345,000 tonnes for 2013/14. Trade expectations were for 700,000 to 1.1 million tonnes.
· USDA reported weekly export sales of soymeal at 132,400 tonnes and soyoil sales at 16,600 tonnes, both below a range of trade expectations.
· The Buenos Aires Grains Exchange left its outlook for Argentina's 2012/13 soybean harvest at 50 million tonnes, unchanged from its initial estimate a week ago but below USDA's current forecast for 53 million.
· Trade awaits monthly U.S. soybean crush data due Friday from the National Oilseed Processors Association. The average estimate for NOPA's January crush among analysts surveyed by Reuters was 159.5 million bushels.
FCPO - KUALA LUMPUR, Feb 14 (Reuters) - Malaysian palm oil futures edged down to a two-week low on Thursday, as data showed stockpiles in the world's No.2 producer remained high and on improving weather in key soy-growing regions in South America.
Better South American weather would contribute to an expected bumper crop in Brazil, poised to overtake the United States as the No.1 soybean grower, adding pressure to the soybean market tracked by palm oil.
January's palm oil end-stocks eased off record levels and fell to 2.58 million tonnes, according to industry regulator data, but the smaller-than-expected decline triggered some selling pressure in the market.
"While good export news continues to come in, nervousness about the large South American crop (and its effect on prices), as well as the U.S. soybean market facing a seasonal slowdown are pressuring the futures market," said a trader with a local commodities brokerage in Malaysia.
"The end-stocks are still the elephant in the room. Traders could be taking the end-stocks seriously and are looking for opportunities to sell," the trader added.
The benchmark April contract on the Bursa Malaysia Derivatives Exchange had edged down 0.3 percent to close at 2,497 ringgit ($811) per tonne. Prices went as low as 2,490 ringgit, the lowest level since Jan. 30.
Total traded volumes stood at 20,263 lots of 25 tonnes each, slightly lower than the average of 25,000 tonnes.
Cargo surveyor data showed Malaysia's exports of palm oil products rose as much as 25 percent in the first 10 days of February on stronger demand from major buyers India, China, the United States and Europe.
Traders will be looking out for Feb. 1-15 export data on Friday to further gauge demand trend of the tropical oil.
Analysts say seasonally slowing production could see stockpiles in February easing another 4 percent on the month to 2.48 million tonnes, but inventory levels are unlikely to dip below the 2-million-tonne mark in the first quarter of 2013.
"This should keep crude palm oil prices below 3,000 ringgit per tonne in the first quarter of 2013," said Kenanga Research analyst Alan Lim in Kuala Lumpur.
India's vegetable oil imports soared 27.4 percent from a month earlier to hit an all-time high in January on record purchases of cheap palm oil from southeast Asia, a trade body said on Thursday, despite a hike in import duties mid-month.
Oil prices rose on Thursday as fresh tensions over Iran's nuclear programme revived global supply concerns, offsetting weaker-than-expected growth data from France and Germany.
In competing vegetable oil markets, U.S. soyoil for March delivery dropped 0.3 percent in late Asian trade. The Dalian Commodity Exchange is closed for the Lunar New Year holidays and will resume trading on Monday.
Regional Equities - BANGKOK, Feb 14 (Reuters) - Southeast Asian stock markets ended mixed on Thursday, with the Philippines coming off an intraday record as reports of a landslide hit mining shares and Indonesia closing at a record high, led by PT Bumi Resources Tbk
The Philippine main index ended 0.22 percent down at 6,513.41, hitting a peak of 6,542.51 at one point, with shares in Semirara Mining Corp dropping 8 percent following reports of a landslide at its coal mine in central Philippines.
Manila saw broad buying interest in large caps, with Manila Electric Co and Ayala Corp among the gainers. The Philippines set a record close for the fourth time this month on Wednesday as foreigners led buyers.
Manila saw net foreign buying of $160 million this month to Wednesday, trailing Indonesia's month-to-date net foreign buying of $488 million and Malaysia's $195 million.
Jakarta's Composite Index rose 0.4 percent to 4,588.67, breaching Wednesday's 4,571.57 record finish. Coal exporter Bumi surged 26.4 percent after it requested a takeover panel to expedite inquiry into the creation of parent coal miner Bumi
The Thai stock market has lagged its peers, seeing net foreign selling of $373 million this month. The benchmark SET index climbed 0.8 percent to a fresh 18-year closing high of 1,526.74.
0 comments:
Posting Komentar