TOKYO, July 14 (Reuters) – Benchmark TOCOM rubber futures fell on Thursday, sliding from a one-week high hit the previous day, as investors took profits after a three-day rally and a drop in oil prices.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for December delivery JRUc6 0#2JRU: was down 1.1 yen, or 0.7 percent, at 156.6 yen ($1.50) per kg as of 0043 GMT, after jumping more than three percent and touching a high of 159.8 yen the previous day, the highest since July 6. RUB/T
The Bank of England is set to cut interest rates for the first time in more than seven years as it tries to cushion the economy from the shock decision by voters to pull Britain out of the European Union.
China’s exports fell more than expected in June as global demand remained stubbornly weak and as Britain’s decision to leave the European Union clouds the outlook for one of Beijing’s biggest markets.
MARKET NEWS
Oil markets tumbled more than 4 percent on Wednesday, erasing most of the previous session’s gain, as a raft of bearish U.S.inventory data heightened concerns about a global glut.
The dollar slipped 0.4 percent to 104.06 yen JPY= early on Thursday, pulling away from Tuesday’s post-Brexit high of 104.98 yen. FRX/
Japan’s benchmark Nikkei stock average (XC0009692440) was up 0.3 percent in Thursday trade, after U.S.stocks ticked up the previous day, just enough for the S&P 500 and Dow industrials to set record highs.
DATA/EVENTS (GMT)
The following data is expected on Thursday: (Time in GMT)
1230 U.S. Weekly jobless claims
1230 U.S. Whole producer prices June
1100 The Bank of England announces its policy decision
($1 = 104.1400 yen)
(Reporting by Yuka Obayashi; Editing by Michael Perry)
