RUBBER-Tokyo futures rebound after oil prices hit 15-mth high TOKYO, Oct 20 (Reuters) – Benchmark TOCOM rubber futures edged up on Thursday, rebounding from a 1-week low hit the previous session and snapping a 2-day losing streak, boosted by an overnight jump in oil prices.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for March delivery JRUc6 0#2JRU: was up 1.0 yen, or 0.6 percent, at 177.7 yen ($1.72) per kg as of 0041 GMT, after plunging more than 3 percent to the lowest since Oct.11 the previous day.
While most recent opinion polls favour Democrat Hillary Clinton, Republican presidential nominee Donald Trump will try to use the third and final U.S.presidential debate later in the day to regain momentum in the final weeks of a contentious campaign ahead of the Nov. 8 vote.
Michelin (FR0000121261) posted a decline in quarterly revenue on Wednesday but the tyre maker said negative pricing and currency effects were milder then feared, reiterating its guidance for the full year.
MARKET NEWS
Oil prices jumped more than 2 percent on Wednesday, with U.S.crude settling at its highest in 15 months after the government reported a surprisingly large drop in inventories for the sixth week out of seven.
The U.S. dollar was little changed on the day at 103.45 yen JPY= in early Thursday trade as investors awaited the final debate before next month’s U.S.presidential election as well as a European Central Bank meeting later in the day.
Japan’s benchmark Nikkei stock average (XC0009692440) inched higher on Thursday after Wall Street notched a second straight day of gains. MKTS/GLOB
DATA/EVENTS (GMT)
The following data is expected on Thursday: (Time in GMT)
0600 Germany PPI Sept
0800 Euro Current account surplus Aug
0830 UK Retail sales Sept
1230 US Philadelphia Fed biz conditions index Oct
1400 US Weekly jobless claims
1400 US Leading economic indicators Sept
1400 US Existing homes sales Sept
($1 = 103.5300 yen)
(Reporting by Yuka Obayashi; Editing by Joseph Radford)
