MANILA, Sept 1 (Reuters) – Japanese rubber futures rose nearly 1 percent on Thursday, recovering after a two-day drop, in line with firmer oil prices.
FUNDAMENTALS
Rubber for February delivery on the Tokyo Commodity Exchange JRUc6 was up 0.9 percent at 153.4 yen per kg by 0041 GMT.
The contract, which helps set the tone for tyre rubber prices in Southeast Asia, touched a six-week low of 148.6 yen on Aug.25.
Oil prices ticked higher in early Asian deals after tumbling 3 percent on Wednesday as government data showed a large surprise weekly build in U.S.crude and distillate stockpiles.
U.S.private employers maintained a steady pace of hiring in August and contracts to buy previously owned homes surged in July, suggesting the economy was regaining sufficient momentum for the Federal Reserve to raise interest rates this year.
The data comes ahead of Friday’s critical U.S.nonfarm payrolls which likely increased by 180,000 in August after rising 255,000 in July, according to a Reuters survey of economists.
The August forecast follows two straight months of payroll increases above 250,000.
MARKET NEWS
The dollar wavered against the yen and euro, its advance put on hold ahead of the U.S.nonfarm jobs report on Friday which is expected to shape the market’s near-term interest rate expectations.
Asian shares dipped after a drop in crude in crude oil prices dragged down Wall Street. MKTS/GLOB
DATA AHEAD (GMT)
0100 China Official manufacturing PMI Aug
0100 China Official non-manufacturing PMI Aug
0145 China Caixin manufacturing PMI final Aug
0750 France Markit manufacturing PMI Aug
0755 Germany Markit/BME manufacturing PMI Aug
0800 Euro zone Markit manufacturing PMI final Aug
1230 U.S. Weekly jobless claims
1400 U.S. Construction spending Jul
1400 U.S. ISM manufacturing PMI Aug
(Reporting by Manolo Serapio Jr.; Editing by Joseph Radford)
