Tokyo futures edge up on stimulus hopes (July 30)

TOKYO, July 30 (Reuters) – Key TOCOM rubber futures edged up early on Monday, tracking rises in shares and oil on hopes that the United States and the European Union will launch fresh measures to boost their struggling economies.

FUNDAMENTALS

* The key Tokyo Commodity Exchange rubber contract for January delivery <0#2JRU:> was up 1.3 yen, or 0.6 percent, at 236.3 yen per kg of 0015 GMT.

* The European Central Bank is due to hold a policy meeting on Thursday, a day after the Fed completes a two-day rate-setting meeting.

* Maruti Suzuki, India’s biggest carmaker, lagged estimates with a 23 percent fall in fiscal first-quarter profit, its fourth consecutive quarterly profit decline, as a weak local rupee currency pushed up costs.

MARKET NEWS

* Japan’s Nikkei share average rose in early trade on Monday, boosted by increasing expectation that the U.S. Federal Reserve and the European Central Bank may offer further stimulus.

* U.S. stocks surged on Friday, driving the S&P 500 to its highest close since May 3, while oil prices rose for a fourth day, on hope of more stimulus as U.S. economic growth slowed in the second quarter.

DATA EVENTS

* The following data is expected on Monday:

- 900 EZ Business climate Jul

- 0900 EZ Economic sentiment Jul

- 1230 US Chicago Fed Midwest Manufacturing Index for June

- Greek political leaders meet to discuss on 2013-14 budget cut plan their country needs to qualify for further bailout funds.

(Reporting by Yuko Inoue)

Source: http://sg.finance.yahoo.com/news/rubber-tokyo-futures-edge-stimulus-003848056.html