BEIJING, May 22 (Reuters) –
- Japanese rubber futures recouped some losses from the previous session on Wednesday in range trading, with weakness in crude futures weighing on the market.
- The Osaka Exchange (OSE) rubber contract for October delivery JRUc6, 0#2JRU: closed up 0.37%, at 326.2 yen per kg.
- The rubber contract on the Shanghai futures exchange (SHFE) for September delivery SNRv1 was 35 yuan, or 0.24%, lower at 14,835 yuan per metric ton by 0835 GMT.
- New car sales in the European Union rose 13.7% in April on the year for their biggest jump since last October, Europe’s auto industry body said on Wednesday, after registrations fell in March.
- The Japanese yen JPY= fell 0.19% to 156.44 against the dollar.
- Japan’s Nikkei share average .N225 closed down 0.85% on Wednesday as investors awaited earnings from Nvidia, while domestic firms’ cautious outlook amid uncertainties about rate and currency moves weighed on sentiment.
- Japan’s Nikkei share average will rise 4.6% by year end, supported by a firm corporate outlook and a solid global economy, according to equity market strategists in a Reuters poll.
- Japan’s exports rose for a fifth straight month in April, helped by a boost in value from the weak yen, government data showed on Wednesday, but shipment volumes struggled as soft external demand weighed on growth.
- Japan’s 10-year government bond yield rose to an 11-year high of 1% on Wednesday amid mounting bets for further Bank of Japan policy tightening this year, while a weak auction of 40-year debt added to the pressure for higher yields.
- Oil prices fell over 1% on Wednesday, retreating for a third straight day on expectations the Federal Reserve might keep U.S. interest rates higher for longer due to sustained inflation, potentially impacting fuel use in the world’s largest consumer. O/R
- Natural rubber often takes direction from oil prices, as it competes for market share with synthetic rubber, which is made from crude oil.
- The front-month rubber contract on Singapore Exchange’s SICOM platform for July delivery STFc1 last traded at 170.1 U.S. cents per kg, down 0.2%.
Reporting by Mei Mei Chu; Editing by Mrigank Dhaniwala and Janane Venkatraman
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