TOKYO, Oct 31 (Reuters) –
- Japanese rubber futures rose on Thursday, snapping a 6-day losing streak and rebounding from more thanone-month low hit in the previous session, as investors hoped for further stimulus measuresfrom top consumer China.
- The Osaka Exchange (OSE) rubber contract for Aprildelivery JRUc6, 0#2JRU: was up 0.6 yen, or 0.2%, at 356.6 yen ($2.3) per kg as of 0132 GMT. The benchmark hit its lowest since Sept. 24 on Wednesday.
- The rubber contract on the Shanghai Futures Exchange (SHFE) for Januarydelivery SNRv1 rose 90 yuan, or 0.5%, to 17,885 yuan ($2,514) per metric ton.
- China is considering approving next week the issuance of over 10 trillion yuan ($1.4 trillion) in extra debt in the next few years to revive its fragile economy and thepackage is expected to be further bolstered if Donald Trump wins the U.S. election, said two sources with knowledge of the matter.
- Still, China’s planned fiscal package targets damaged property and local government balance sheets that weigh on the economy and fuel deflationary pressures, acting as a stabiliser rather than as the instant growth booster markets craved.
- China has told its automakers to halt big investments in Europethat supports extra tariffs on Chinese-built electric vehicles, two people briefed about the matter said, a move likely to further divide Europe.
- The Bank of Japan is expected to maintain ultra-low interest rates on Thursday and signal a cautious approach to rolling back its massive monetary stimulus, as political uncertainty and jittery markets cloud the outlook.
- Japan’s Nikkei .N225 was down 0.5% in early trade.
- Oil prices rose, extending Wednesday’s rally, driven by optimism over U.S. fuel demand after an unexpected drop in crude and gasoline inventories, while reports that OPEC+ may delay a planned output increase offered support. O/R
- Singapore Exchange is closed on Thursday for a holiday.
($1 = 7.1150 Chinese yuan renminbi)
($1 = 153.5100 yen)
Reporting by Yuka Obayashi; Editing by Sumana Nandy
