TOKYO, July 1 (Reuters) – Benchmark TOCOM rubber futures edged down on Friday, as slumping oil prices outweighed the softer yen and dampened investors sentiment, but they were still on track for a third weekly gain.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for December delivery JRUc6 0#2JRU: was down 0.6 yen, or 0.4 percent, at 155.4 yen ($1.51) per kg as of 0045 GMT, after ending the April-June quarter with a nearly 12 percent loss. But for the week, it was headed for an increase of 2.6 percent. RUB/T
Bank of England Governor Mark Carney said the central bank would probably need to pump more stimulus into Britain’s economy over the summer after the shock of last week’s decision by voters to leave the European Union.
It is too soon to measure the impact of the British vote to leave the EU on General Motors Co (GM) but the decision will likely not have much effect on the company in its home market, GM’s chief economist said on Wednesday.
MARKET NEWS
Oil prices dropped more than 3 percent on Thursday, pressured by returning Nigerian and Canadian crude output from outages and as traders booked profits at the end of the best quarter in seven years.
The U.S. dollar was quoted around 103.14 yen JPY= early on Friday, recovering from a trough of 99.00 hit last Friday, the lowest since November 2013.A weaker yen makes yen-denominated assets more affordable when purchased in other currencies.
Japan’s benchmark Nikkei stock average (XC0009692440) climbed 0.6 percent in Friday trade as global riskier assets continued to recover from last week’s Brexit shock. MKTS/GLOB
DATA/EVENTS (GMT)
The following data is expected on Friday: (Time in GMT)
0100 China Official manufacturing PMI Jun
0100 China Official non-manufacturing PMI Jun
0145 China Caixin manufacturing PMI final Jun
0750 France Markit manufacturing PMI Jun
0755 Germany Markit/BME manufacturing PMI Jun
0800 Euro zone Markit manufacturing PMI final Jun
0900 Euro zone Unemployment rate May
1400 U.S. Construction spending May
1400 U.S. ISM manufacturing PMI Jun
($1 = 102.9800 yen)
(Reporting by Yuka Obayashi; Editing by Michael Perry)
