TOKYO, Sept 24 (Reuters) – Benchmark TOCOM rubber futures fell on Thursday after long holidays in Japan and dragged down by slowing demand in China after data showed the biggest fall in China’s factory activity since the financial crisis. Japanese financial markets were closed between Monday and Wednesday due to national holiday.
- The Tokyo Commodity Exchange rubber contract for February delivery had fallen 2.2 yen per kg, or 1.3 percent, by 0059 GMT, after booking a weekly loss of 3.7 percent last week.
- Activity in China’s factory sector unexpectedly shrank to a 6-1/2 year low in September, a private survey showed, raising fears of a sharper slowdown in the world’s second-largest economy that could spell more turmoil for financial markets.
- Growth in the U.S.manufacturing sector showed no month-over-month change during September, staying at August’s sluggish pace which was the weakest in almost two years, according to an industry report released on Wednesday.
- Germany’s Lanxess sold 50 percent of its synthetic-rubber business, the world’s largest, to Saudi Aramco SDABO.UL , partnering with the leading oil firm to gain better access to petrochemical raw materials.
- The U.S. dollar was little changed on the yen at 120.19 JPY= early on Thursday, continuing to trade around the 120.00 level as it has for much of this month.
- Japan’s benchmark Nikkei stock average was down 1.9 percent in Thursday trade, after Wall Street stock prices slid the previous day.
- Global oil markets tumbled on Wednesday, with U.S.crude futures settling down 4 percent after bullish impact from lower crude inventories was offset by large gasoline builds that raised concerns about high autumn fuel supplies.
The following data is expected on Thursday: (Time in GMT)
- 1230 U.S. Durable goods Aug
(Reporting by Yuka Obayashi; Editing by Michael Perry)