TOKYO, June 30 (Reuters) – Benchmark TOCOM rubber futures climbed on Thursday, with easing concerns over Britain’s vote to exit the European Union bolstering oil prices overnight and helping boost global shares.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for December delivery JRUc6 0#2JRU: was up 1.8 yen, or 1.2 percent, at 154.8 yen ($1.51) per kg at 0043 GMT, after inching lower the previous day. RUB/T
China’s economy rebounded in the second quarter, with capital expenditure recovering from 5-year lows, a private survey showed on Thursday, as higher government spending helped the property and construction sectors.
U.S.President Barack Obama said on Wednesday he expects the world economy will be steady in the short run after Britain’s decision to leave the EU, but expressed concern about longer term global growth.
MARKET NEWS
Oil prices surged 4 percent on Wednesday, with Brent settling above the psychological $50 a barrel mark, after a larger-than-expected drawdown in U.S.crude inventories.
Japan’s benchmark Nikkei stock average (XC0009692440) was up 1.4 percent in Thursday trade, after stock markets around the world rebounded for the second straight day the previous day as fears about the Brexit vote eased. MKTS/GLOB
The safe-haven Japanese yen retreated as global markets regained a semblance of calm after last week’s Brexit shock.
The dollar was up 0.1 percent at 102.935 yen JPY= after sliding to 99.00 on Friday, a trough last seen in November 2013. FRX/
DATA/EVENTS (GMT)
The following data is expected on Thursday: (Time in GMT)
0600 Germany Retail sales May
0645 France Producer prices May
0755 Germany Unemployment rate Jun
0830 Britain GDP Q1
0900 Euro zone Inflation Jun
1230 U.S. Weekly jobless claims
1345 U.S. Chicago PMI Jun
($1 = 102.7600 yen)
(Reporting by Yuka Obayashi; Editing by Joseph Radford)
