TOKYO, Sept 25 (Reuters) – New benchmark TOCOM rubber futures rose on Friday, helped by bargain-hunting after a more than 3-percent drop the previous day, but the contract is heading for a second weekly loss amid worries over slowing demand in top buyer China.
FUNDAMENTALS
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The Tokyo Commodity Exchange rubber contract for March delivery had risen 2.2 yen, or 1.3 percent, to 169.2 yen per kg by 0106 GMT from its opening price of 167.0 yen. For a holiday-shortened two-day trading week, it is on track to post a 1.2-percent decline.
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The September contract expired at 156.0 yen per kg on Thursday.
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Federal Reserve Chair Janet Yellen said on Thursday she expected the U.S. central bank to begin raising interest rates later this year as long as inflation remains stable and the U.S.economy is strong enough to boost employment.
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Japan’s government lowered its economic assessment and highlighted risks posed by China and a U.S.interest rate hike, adding to signs that a shock from overseas could hurt Japan’s outlook.
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Volkswagen will name Matthias Mueller, the head of its Porsche sports car brand, as its chief executive, a source close to the matter said on Thursday, as the fallout from the U.S.vehicle emissions test rigging scandal broadened
MARKET NEWS
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The U.S. dollar firmed against the yen to 120.27 JPY= , having been as low as 119.21 before Yellen’s comments.
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Japan’s benchmark Nikkei stock average was up 1.1 percent in Friday trade, but poised to lose 1.7 percent for the two-day trading week.
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Oil prices rose as much as 1 percent on Thursday, boosted by inventory draws at the U.S.crude futures’ delivery hub although gains were capped by tumbling equity prices on Wall Street.
Copper prices fell to a four-week low on Thursday on persistent concern about demand growth in top consumer China against a backdrop of ample supply ahead of holidays in Asia.
DATA/EVENTS (GMT)
The following data is expected on Friday: (Time in GMT)
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0800 Euro zone annual money growth
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1230 US Final Q2 GDP
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1345 US Markit Svs PMI Flash Sept
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1400 US U of Mich Sentiment Final Sept
(Reporting by Yuka Obayashi; Editing by Joseph Radford)
