TOKYO, Jan 19 (Reuters) – Benchmark TOCOM rubber futures were steady in thin trade on Tuesday ahead of China’s GDP data announcement, which investors will scour for clues on the outlook for the world’s biggest rubber buyer.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for June delivery JRUc6 0#2JRU: was down 0.3 yen, or 0.2 percent, at 157.1 yen per kg as of 0052 GMT, after closing down 0.2 percent the previous day. RUB/T
China is expected to report its weakest quarterly economic growth in nearly seven years on Tuesday, adding pressure on policymakers to take bolder steps to ward off fears of a sharper slowdown that are jolting global financial markets.
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The Chinese GDP data is due at 0200 GMT.
French carmaker Renault (RNSDF) on Monday reported a 3.3 percent rise in global sales in 2015, saying that new models helped it grab a bigger share of rebounding European demand and hold its own in troubled emerging markets.
MARKET NEWS
The dollar stood at 117.56 yen JPY= early on Tuesday, having recovered from a five-month low of 116.51 set on Friday for now but market players say the yen is likely to be underpinned by weak confidence in global economic prospects. FRX/
Japan’s benchmark Nikkei stock average (XC0009692440) was up 0.3 percent in Tuesday trade, following a retreat in European shares overnight. The U.S.markets were closed on Monday for Martin Luther King Day.
Oil prices slumped to a 2003 low below $28 per barrel on Monday as the market anticipated a rise in Iranian exports after the lifting of sanctions against Tehran over the weekend. O/R
DATA/EVENTS (GMT)
The following data is expected on Tuesday: (Time in GMT)
0200 China GDP Q4
0200 China Industrial output Dec
0200 China Retail sales Dec
0200 China Urban investment Dec
0900 Euro zone Current account Nov
1000 Germany ZEW economic sentiment Jan
1000 Euro zone Inflation final Dec
1500 U.S. NAHB housing market index Jan
(Reporting by Yuka Obayashi; Editing by Miral Fahmy)
