The BOJ is expected to keep monetary policy steady at its two-day meeting, but may escalate its warnings over slowing global demand and renewed gains in the yen, signalling its readiness to ease again if the economy’s recovery comes under threat.
* The key Tokyo Commodity Exchange rubber contract for January delivery <0#2JRU:> was changing hands 0.4 yen lower at 227.0 yen as of 0026 GMT. The benchmark contract rose 0.4 percent on Monday after a better-than-expected U.S. jobs report eased concern over growth in the world’s biggest economy.
* U.S. stocks closed at three-month highs for the second day in a row on Monday, extending last week’s rally on the hope for more assistance for the troubled euro zone.
* The euro and commodity currencies held near multi-week highs on Tuesday, though a lack of fresh news out of the euro zone and a dearth of major economic data led to a draining of momentum from the market.
* Oil prices rose for a second straight session on Monday, closing at the highest level in 11 weeks, as U.S stock markets rallied to a three-month high and as traders eyed ongoing turmoil in the Middle East.
* Japan’s benchmark Nikkei average opened down 0.14 percent at 8,714.12 on Tuesday, while the broader Topix shed 0.01 percent to 735.67.
* The following data is expected on Tuesday: (Time in GMT)
- 1145 US ICSC chain stores
- 1255 US Redbook
- 2030 US API weekly oil data
- US EIA releases short-term energy outlook (Reporting by Osamu Tsukimori; Editing by Richard Pullin)
You can find more and more rubber news at:
Rubber Markets News, Rubber Prices Reports, Rubber Market Analytics & Outlook Reports