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GLOBAL MARKETS DJIA 35804.38 -9.42 -0.03% Nasdaq 15845.23 70.09 0.44% S&P 500 4701.46 10.76 0.23% FTSE 100 7286.32 19.63 0.27% Nikkei Stock 29530.79 228.13 0.78% Hang Seng 24586.49 -99.01 -0.40% Kospi 2978.39 -15.90 -0.53% SGX Nifty* 17431.50 -9.5 -0.05% *Dec contract USD/JPY 115.37-38 -0.04% Range 115.46 115.29 EUR/USD 1.1207-10 +0.07% Range 1.1214 1.1198 CBOT Wheat Dec $8.366 per bushel Spot Gold $1,792.02/oz 0.2% Nymex Crude (NY) $78.25 -$0.25 US STOCKS
A rally in shares of tech companies pushed stocks higher as investors ignored concerns about high inflation.
The S&P 500 rose 0.2% in afternoon trading after faltering throughout the day. The Dow Jones Industrial Average was roughly stable. The Nasdaq Composite rose about 0.4%.
US stocks have swung between gains and losses this week as investors digested a wealth of data during a week of trading shortened by the Thanksgiving holiday. New figures showed household spending rose 1.3% in October from the previous month, while personal income rose 0.5%. Weekly jobless claims, meanwhile, fell sharply to their lowest level in 52 years.
ASIAN STOCKS
Japan’s Nikkei Stock Average rose 0.7% to 29499.31 in morning trading, following overnight gains in most US stock markets and boosted by weakness in the yen. The best-performing companies in the Japanese benchmark included IT companies, such as Mercari, which added 2.7%, and Fanuc, which rose 2.0%, following the advance of the Nasdaq. technology intensive overnight. USD / JPY was at 115.43 from 114.93 at the Tokyo Stock Exchange close on Wednesday.
South Korea’s Kospi was down 0.2% to 2,987.90 at the start of trading as investors largely abstained from big bets ahead of the Bank of Korea’s rate decision later in the day . Losses in transportation and retail stocks outpaced gains in internet stocks and games.
Hong Kong’s Hang Seng Index slipped 0.4% to 24,589.31 at the start of trading, weighed down by sportswear makers and some tech stocks. The latest Fed meeting minutes were not helping sentiment, as they indicate the United States may accelerate monetary policy normalization, KGI Securities said. The big loser was Alibaba Health, which fell 3.2% after its interim results fell short of expectations. Kaisa Group jumped 15% when it resumed operations, following plans to restructure its debt and improve liquidity.
Chinese stocks were down in morning trading, weighed down by auto stocks. The Shanghai Composite Index fell 0.1% to 3,590.49, the Shenzhen Composite Index fell 0.1% to 2,516.78, and the ChiNext price index fell 0.2% to 3470.89. Auto stocks were down after Chinese data showed weak domestic demand for automobiles in the first three weeks of November, Commerzbank said, noting that the Chinese economy still faces strong headwinds. Sino-U.S. Relations will be closely watched after the U.S. government added 12 more Chinese tech companies to its list of entities.
FOREX
Asian currencies consolidated against USD ahead of the Thanksgiving holiday in the United States. There is likely little to be expected from the financial markets today as the US stock and bond markets will be closed, UOB said. However, with the USD maintaining a solid backdrop and the EUR falling to 1.12 against the USD, Asian currencies could remain weak for today, UOB said. USD / KRW rose 0.1% to 1,190.12 while USD / JPY was little changed at 115.38 and AUD / USD rose 0.1% to 0.7204.
METALS
Gold rose at the start of Asian trade amid concerns over the impact of Europe’s renewed Covid-19 measures on the global economic recovery. The strength of the greenback and US Treasury yields will also be watched closely by investors in the context of recent increases. Gold generally has an inverse relationship to the USD and yields. Oanda expects the precious metal to be weighed down in the near term if yields remain firm this week. Spot gold was up 0.2% to $ 1,792.02 / oz.
OIL SUMMARY
Oil rose slightly at the start of the Asian session in hopes that OPEC + does not increase its monthly production expected in December. There is growing speculation that OPEC + may not deliver the increase in supply of 400,000 barrels per day expected in December, in order to compensate for releases of strategic reserves by major consuming countries such as the United States, said TD Securities. Ahead of the reserve releases, OPEC + warned it would respond to coordinated reserve releases, TD Securities noted. First month WTI crude oil futures rose 0.1% to $ 78.50 / bbl, while Brent crude oil futures gained 0.2% to $ 82.45 / bbl. b.
TOP HEADLINES Fed Officials Debated Inflation Concerns, Taper Pace at Meeting Stocks Edge Up as Investors Shake Off Inflation Concerns Bank of Korea Raises Rate, Tightens Policy to Curb Inflation OPEC Weighs Shift in Oil Policy After Crude Release More Chips Will Be Made in U.S. Amid a Global Spending Surge Household Spending Up in October, Fueling Recovery U.S. Jobless Claims Reach 52-Year Low Durable Goods Orders Fall for Second Straight Month 27 Migrants Drown in the English Channel Israel Warns White House Over Striking Partial Nuclear Deal with Iran U.S. Invitation to Taiwan for Democracy Summit Tests China Ties Covid-19 Vaccination Rate for Federal Workers Is 92%, White House Says Europe Health Agency Urges Faster Booster Rollout U.N. Leaves Iran Without a Deal on Factory Inspection Indebted Chinese Developer Seeks Reprieve on Notes Due in Dec Lee Enterprises Enacts Poison Pill to Guard Against Alden Takeover Instagram Boss to Testify in Congress on Child Safety AT&T, Verizon Propose 5G Limits to Break Air-Safety Standoff Dimon Apologizes for Joke About JPMorgan Outlasting China's Communist Party Ray Dalio's Bridgewater Raises $1.25 Billion for Its Largest China Fund Yet Gap Misses Estimates and Morgan Stanley Slashes Its Price Target. The Stock Is Tanking.
(END) Dow Jones Newswires
24-11-21 2215ET
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