TOKYO, Jan 8 (Reuters) – Key TOCOM rubber futures edged up early on Tuesday after drifting lower the previous session as investors remained cautious over the index’s recent rapid pace of gains in the past two months.
FUNDAMENTALS
* The Tokyo Commodity Exchange rubber contract for June delivery <0#2JRU:> rose 0.3 percent, or 0.8 yen, to 304.5 yen per kg as of 0055 GMT. The benchmark contract has risen about 25 percent in the past two months.
* China’s annual economic growth may have quickened to 7.8 percent in the fourth quarter, a Reuters poll showed, snapping seven straight quarters of weaker expansion, but the recovery is likely to be tepid and the economy may need continued policy support. The data is due out on Jan. 18.
Related Post
* Toyota Motor Corp is still dogged by a sales crisis Japanese carmakers are suffering in China as a result of a territorial row between the two countries but December sales proved “surprisingly resilient”, a senior Toyota executive said.
MARKET NEWS
* Asian shares steadied on Tuesday but prices were capped by investor caution ahead of the corporate earnings season for the last quarter of 2012 and the European Central Bank’s policy meeting later in the week.
* Japan’s benchmark Nikkei stock average opened 0.5 percent lower, after snapping a five-session winning streak on Monday when a pause in the yen’s weakness triggered profit-taking on exporters.
* The dollar was down 0.5 percent to 87.32 after having scaled its highest since July 2010 at 88.48 on Friday, up about 7 percent over the past month.
* U.S. crude inched up 0.1 percent to $93.28 a barrel.
DATA EVENTS
* The following data is expected on Tuesday:
– 0700 Germany Exports/imports Nov
– 1000 Euro zone Business climate Dec
– 1000 Euro zone Economic sentiment Dec
– 1000 Euro zone Retail sales Nov
– 1000 Euro zone Unemployment rate Nov
– 1100 Germany Industrial orders Nov
– 1245 U.S. ICSC weekly chain store sales
– 2000 U.S. Consumer credit Nov
(Reporting by Yuko Inoue; Editing by Michael Urquhart)
Reuters
