TOKYO, Oct 24 (Reuters) – Benchmark Tokyo rubber futures fell more than 1 percent early on Wednesday to a five-week low, tracking falls in shares and oil, as weak forecasts from U.S. companies reignited worries about slowing global economic growth.
FUNDAMENTALS
* The Tokyo Commodity Exchange rubber contract for March delivery <0#2JRU:> was down 3 yen, or 1.2 percent, at 248.3 yen as of 0030 GMT. The benchmark contract fell as much as 1.6 percent to 247.2 yen, its lowest since Sept. 14.
MARKET NEWS
* U.S. crude futures fell 2 percent on Tuesday. The Nikkei share average dropped at Wednesday’s open after poor U.S. earnings increased uneasiness about the outlook for Japanese companies.
* The safe-haven yen outperformed the greenback, which eased to 79.86, from three-month highs above 80.00.
DATA EVENTS
* The following data is expected on Wednesday:
– 0145 China HSBC Mfg Flash PMI Oct
– 0658 France Markit Mfg Flash PMI Oct
– 0728 Germany Markit Mfg Flash PMI Oct
– 0758 Euro zone Markit Mfg flash PMI Oct
– 0800 Germany Ifo business climate Oct
– 1258 U.S. Markit Mfg flash PMI Oct
– 1400 U.S. New home sales Sep
– 1430 U.S. EIA petroleum status report
– 1815 U.S. FOMC policy decision
– ECB President Mario Draghi to address Bundestag
(Reporting by Yuko Inoue; Editing by Chris Gallagher)
Source: Reuters
