GLOBAL MARKETS DJIA 34302.61 112.64 0.33% Nasdaq 11079.16 78.05 0.71% S&P 500 3999.09 15.92 0.40% FTSE 100 7844.07 50.03 0.64% Nikkei Stock 25884.84 -234.68 -0.90% Hang Seng 21893.55 154.89 0.71% Kospi 2405.08 18.99 0.80% SGX Nifty* 18067.50 29 0.16% *Jan contract USD/JPY 127.29-30 -0.45% Range 128.21 127.29 EUR/USD 1.0868-71 +0.34% Range 1.0877 1.0821 CBOT Wheat March $7.436 per bushel Spot Gold $1,918.04/oz -0.1% Nymex Crude (NY) $79.98 $1.59 U.S. STOCKS
Stocks rose Friday to cap off a winning week as investors weighed a batch of quarterly earnings results from big banks that shed light on how U.S. companies are holding up in a slowing economy.
The three major stock indexes opened lower but steadily gained through the trading session. The S&P 500 rose 15.92 points, or 0.4%, to 3999.09. The Nasdaq Composite was up 78.05 points, or 0.7%, at 11079.16. The Dow Jones Industrial Average added 112.64 points, or 0.3%, at 34302.61. All three benchmarks finished the week with gains of at least 2%.
ASIAN STOCKS
Japanese stocks fell in morning trade, dragged by falls in auto and electronics stocks, as the yen's strength clouded the earnings outlook for companies and amid caution ahead of the Bank of Japan's two-day policy meeting starting Tuesday. USD/JPY was at 128.06, down from 129.16 as of Friday's Tokyo stock-market close. Investors were focusing on bond yields and any monetary policy-related developments. The Nikkei Stock Average was down 1.1% at 25834.85.
South Korea's benchmark Kospi edged 0.2% higher at 2390.64 in early trade, as financial and online gaming stocks advanced. Risk appetite and a weaker U.S. dollar against the won were luring foreign and retail investors back to the local equity markets, NH Futures said. USD/KRW was down 0.4% at 1,235.90.
Hong Kong's benchmark Hang Seng Index was 0.4% higher at 21818.65 in early trade, on investor optimism fueled by easing inflation in the U.S., China's reopening and pro-growth stance. "If China's stepped-up policy effort drive further improvement in economic fundamentals, we expect an even larger rally to occur in the Hong Kong market," CICC analysts said. The Hang Seng Tech Index was 0.5% higher at 4577.34.
Mainland China shares were higher, supported by optimism over the country's economic recovery as it reopens. UOB analysts in a note said they expect Asia markets overall to track gains from U.S. markets Friday, supported by strong risk-on sentiment. The benchmark Shanghai Composite Index rose 0.3% to 3205.29, the Shenzhen Composite Index gained 0.2% to 2071.96 and the ChiNext Price Index added 0.1% to 2494.91. Chinese liquor stocks were higher.
FOREX
Asian currencies strengthened against USD in the morning Asian session on mild risk appetite. Positive risk sentiment and increasing speculation of an impending Fed pause have driven USD steadily lower, said RBC Capital Markets. Asian currencies have done well amid USD's slump, it added, noting THB continues to lead gains among them on continuing China reopening optimism. USD/THB fell 0.3% to 32.82, USD/SGD dropped 0.2% to 1.3175 while AUD/USD was up 0.3% at 0.6992.
METALS
Gold prices were slightly lower in early Asian trade, pulling back after marking their first settlement above $1,900 an ounce since April on Friday. The precious metal got a boost as cooling U.S. inflation expectations supported hopes of less Fed tightening, which is viewed as broadly positive for gold. The market will likely take a breather initially "until it becomes clearer whose prediction of the future course of U.S. monetary policy is more accurate: the market's or the Fed's," Commerzbank analysts said. Spot gold was 0.1% lower at $1,918.04/oz.
OIL SUMMARY
Oil prices were lower in early Asian trade, pulling back from Friday's gains, which were driven by optimism over stronger demand from China as it reopens. While there is a chance that oil's recent rally could deflate after the Lunar New Year holiday later this month amid expectations of another Covid-19 surge in China, the backdrop still appears very bullish for the commodity as "China mobility is turning, and onshore inventories have been drawn down," SPI Asset Management said. Front-month WTI futures were 0.3% lower at $79.62/bbl; front-month Brent fell 0.4% to $84.96/bbl.
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(END) Dow Jones Newswires
01-15-23 2215ET
