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Indian Morning Briefing: Asian Markets Higher; China Inflation Eased in Nov

GLOBAL MARKETS 
DJIA         33781.48   183.56   0.55% 
Nasdaq       11082.00   123.45   1.13% 
S&P 500       3963.51    29.59   0.75% 
FTSE 100      7472.17   -17.02  -0.23% 
Nikkei Stock 27908.40   333.97   1.21% 
Hang Seng    19441.51    -8.72  -0.04% 
Kospi         2384.47    13.39   0.56% 
SGX Nifty*   18810.50    83      0.44% 
*Dec contract 
 
USD/JPY  136.23-24  -0.34% 
Range    136.86   136.04 
EUR/USD  1.0570-73  +0.16% 
Range    1.0587   1.0552 
 
CBOT Wheat Dec $7.242 per bushel 
Spot Gold  $1,788.50/oz   Unch 
Nymex Crude (NY) $71.43  -$0.58 
 
 
U.S. STOCKS 

U.S. stocks rose, with the S&P 500 regaining some ground after five consecutive sessions of losses triggered by worries about how severe an economic downturn might be.

The S&P 500 advanced 29.59 points, or 0.8%, to 3963.51 on Thursday. The Dow Jones Industrial Average gained 183.56 points, or 0.5%, to 33781.48. The Nasdaq Composite added 123.45 points, or 1.1%, to 11082.00.

Even with Thursday's gains, investors remain focused on coming inflation reports-producer prices on Friday and consumer prices on Tuesday-and next week's Fed meeting, said Louis Navellier, founder of Navellier & Associates. The expectation is for tame inflation reports and a dovish Fed statement.

"We're just treading water, waiting to get all the good news," he said.

 
 
ASIAN STOCKS 

Japanese stocks were higher in early trade, led by gains in electronics and trading company stocks, as crude-oil prices fell overnight. Investors were focusing on crude-oil prices and economic data. The Nikkei Stock Average was up 0.9% at 27825.39.

South Korea's benchmark Kospi rose 0.3% to 2377.63 in early trade, led by tech and internet stocks. Wall Street's overnight rebound driven by the rally in semiconductor and tech stocks was buoying investor sentiment, which was being weighed by the country's downbeat current account data for October and caution ahead of China's inflation data for November. Institutional and retail investors were net buyers.

Hong Kong's Hang Seng Index rose 1.4% to 19718.39 in early trade, extending Thursday's rally and tracking gains on Wall Street overnight. Chinese tech and property sectors advanced amid continued optimism about loosening of Covid-19 curbs and supportive policy measures in the country. Sunshine Insurance fell 1.5%, in its market debut, after raising HK$6.42 billion in net proceeds from the IPO.

Mainland China stocks were little changed in early trade as the worsening Covid-19 situation across the country offsets optimism over China's reopening. The consumption sector and the retail industry weighed on the market. Property stocks extended Thursday gains amid hopes that Beijing will provide further support for the sector next year. The Shanghai Composite Index, the Shenzhen Composite Index and the ChiNext Price Index all opened flat.

FOREX 

The U.S. dollar weakened 0.4% against the euro and by a hair against the yen, and the WSJ Dollar Index fell 0.3%. "Unemployment claims were up, and in the continuing saga of bad news being good news, equities reacted positively," Daniel Berkowitz, senior investment office for Prudent Management Associates, said. He added that "a gradually cooling jobs market offers insight into more far-reaching impacts on the economy." If upcoming consumer-price index and producer-price index readings show moderating inflation, "there's a case to be made that inflation truly has peaked," he said. The dollar and Treasury yields have risen this year as the Fed raised rates to fight inflation, and have often fallen this year when economic data suggested cooling inflation.

METALS 

Gold prices were trading sideways ahead of the release of key U.S. inflation data. The price of the precious metal was likely to remain around the $1,800/oz level ahead of the release of inflation expectations by the University of Michigan, Oanda said. Investors were also likely watching for any further comment from the FOMC on when interest rates are expected to peak, it added. Spot gold was flat at $1,788.50/oz.

OIL SUMMARY 

Crude-oil prices were higher in early Asian trade amid a mixed outlook for the commodity. While optimism for China's eventual reopening was helping to support prices, oil was unlikely to move sharply higher due to looming fears of slowing global economic growth, IG said. Reactions to the Russian oil price cap and a pipeline closure in Keystone have been largely muted or short-lived, it added. The front-month contract for WTI futures was up 0.7% at $72.15/bbl, while Brent crude futures also rose 0.7% to $76.71/bbl.

 
 
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(END) Dow Jones Newswires

December 08, 2022 22:15 ET (03:15 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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