TOKYO, Nov 2 (Reuters) – Key TOCOM rubber futures slipped 0.6 percent, snapping two days of gains, on caution over the strength of the global economy ahead of U.S. nonfarm payroll figures later on Friday.
FUNDAMENTALS
* The key Tokyo Commodity Exchange rubber contract for April delivery <0#2JRU:> fell 1.5 yen at 257.5 yen as of 0038 GMT, after two days of gains.
The benchmark contract, which is coming under pressure from worries about debt-laden Greece and the euro-zone economies, is set to end the week with a near 1 percent decline.
* The U.S. Labor Department will release the October jobs report later in the day. A Reuters poll puts the increase in U.S. jobs at 125,000 in October, up from 114,000 in September and the jobless rate to tick up to 7.9 percent from a near four-year low of 7.8 percent.
Separately, payrolls processor Automatic Data Processing data showed on Thursday that U.S. companies added jobs in October at the fastest pace in eight months, a sign of modest healing in the labor market just days before a presidential election that could hinge on the economy.
MARKET NEWS
* The S&P 500 scored its best day in seven weeks on Thursday as bullish consumer confidence and private-sector jobs data gave investors reason to cheer following superstorm Sandy’s devastating sweep through the U.S. Northeast.
* The safe-haven yen stayed under pressure on Friday, while commodity currencies held solid gains as investors bet on an upbeat U.S. payrolls report after private employers added jobs at the fastest pace in eight months.
* Brent crude prices fell on Thursday on returning North Sea supply and euro-zone concerns, while U.S. gasoline edged higher as support from supply disruptions after super storm Sandy countered any pressure from data showing rising inventories.
* Japan’s Nikkei share average rose to a one-week high in early trade on Friday as upbeat U.S. consumer confidence and private-sector jobs data lifted sentiment ahead of key U.S. nonfarm payroll figures later in the day.
DATA EVENTS
* The following data is expected on day: (Time in GMT)
– 0843 Italy Markit/ADACI Mfg PMI Oct
– 0853 Germany Markit/BME Mfg PMI Oct
– 0858 Euro zone Markit Mfg PMI Oct
– 1230 U.S. Non-farm payrolls Oct
– 1400 U.S. Durable goods orders Sep
– 1930 U.S. CFTC commitment of traders data
(Reporting by Osamu Tsukimori; Editing by Ed Davies)
Source: Reuters
