GLOBAL MARKETS DJIA 34194.06 95.96 0.28% Nasdaq 11285.32 110.91 0.99% S&P 500 4027.26 23.68 0.59% FTSE 100 7465.24 12.40 0.17% Nikkei Stock 28450.62 334.88 1.19% Hang Seng 17626.64 102.83 0.59% Kospi 2432.14 14.13 0.58% SGX Nifty* 18480.00 103 0.56% *Dec contract USD/JPY 138.88-89 -0.51% Range 139.66 138.76 EUR/USD 1.0430-33 +0.36% Range 1.0435 1.0393 CBOT Wheat Dec $7.934 per bushel Spot Gold $1,754.05/oz 0.3% Nymex Crude (NY) $77.48 -$3.47 U.S. STOCKS
US stocks moved higher Wednesday as minutes from the latest Federal Reserve meeting showed most officials were in favor of a slowdown in short-term interest rate hikes.
The S&P 500 gained 23.68 points, or 0.6%, to 4027.26. The Dow Jones Industrial Average added 95.96 points, or 0.3%, to 34194.06. The Nasdaq Composite jumped 110.91 points, or 1%, to 11285.32.
Japan’s Nikkei Stock Average rose 1.3% to 28477.45 in early trading, on a recovery rally with Wall Street after the benchmark index closed on Wednesday for a holiday. Local equities also got support from the latest FOMC meeting minutes, which showed most officials were in favor of a slower pace of rate hikes, analysts said. Top performers include NEXON Co. rising 4.7%, Lasertec gaining 4.6% and Z Holdings gaining 4.3%.
South Korea’s benchmark Kospi rose 0.7% to 2435.39 in early trading, led by internet, batteries and chemicals stocks. Sentiment was buoyed by Wall Street overnight gains after the latest Federal Reserve meeting minutes signaled a slower pace of rate hikes in the coming months. USD/KRW fell 1.1% to 1,337.50. Internet giants Naver and Kakao Corp. rose 2.8% and 2.9%, respectively. Battery maker LG Energy Solutions gained 1.8%. Posco Chemical added 1.8%.
Hong Kong’s Hang Seng Index rose 1.0% to 17699.95 as investor sentiment strengthened. Sentiment likely improved after the FOMC minutes, as several US Fed officials showed support for easing the pace of interest rate hikes, SPI Asset Management said. Positive global risk sentiment is also likely to persist if November’s US inflation reading improves, he added.
Chinese shares rose in early trading, buoyed by property developers after Beijing signaled further support to the economy. The State Council said at its meeting this week that policy makers “will adopt monetary policy instruments such as [reserve requirement ratio] cuts where appropriate to keep liquidity at reasonable levels,” economists at Goldman Sachs said. The real estate sector was also boosted by news that some state-owned banks would provide financial support to the sector. The Shanghai Composite Index rose by 0 .4% to 3108.18 , the Shenzhen Composite Index rose 0.5% and the ChiNext Price Index rose 0.4%
Asian currencies were mixed against the dollar during the morning Asian session but could rally in the minutes of the latest FOMC meeting, analysts said. There were perceptions of a more accommodative FOMC, said Jeff Ng, a senior currency analyst at MUFG Bank, noting that Fed officials argued for the need to moderate the pace of rate hikes. Bank MUFG said it expects some tailwinds for most regional currencies in Thursday’s session in response to the minutes. USD/JPY fell 0.5% to 138.94, while USD/SGD changed slightly to 1.3764 and USD/THB rose 0.1% to 36.03.
Gold edged higher in early Asian trade, but the gains could be short-lived, analysts said. There appear to be signs of buying fatigue from commodity trading advisors, TD Securities said. The recent rally in gold prices appears to have spurred long positions by discretionary fund managers, which have added vulnerability to downward price consolidation, he added. Spot gold rose 0.3% to $1,754.05 an ounce.
Oil fell in the morning Asian session, weighed by EU talks on a cap on Russian oil prices. These discussions have put pressure on the oil market with a suggested level higher than many expected, ING strategists said, noting reports that the price ceiling could be set as high as $70 a barrel. This was above previous reports of about $60/bbl, and around the levels Russia was already receiving, the strategists said. Talks in the EU were to continue on Thursday, they added. First-month WTI crude oil futures fell 0.3% to $77.71/bbl; First-month Brent crude oil futures fell 0.3% to $85.13 a barrel.
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(END) Dow Jones Newswires
November 23, 2022 10:15 PM ET (03:15 GMT)
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