GLOBAL MARKETS DJIA 34098.10 397.82 1.18% Nasdaq 11174.41 149.90 1.36% S&P 500 4003.58 53.64 1.36% FTSE 100 7452.84 75.99 1.03% Nikkei Stock CLOSED Hang Seng 17524.80 100.39 0.58% Kospi 2416.16 10.89 0.45% SGX Nifty* 18454.50 69.5 0.38% *Dec contract USD/JPY 141.31-32 +0.07% Range 141.44 140.93 EUR/USD 1.0317-20 +0.13% Range 1.0322 1.0302 CBOT Wheat Dec $7.914 per bushel Spot Gold $1,742.04/oz 0.1% Nymex Crude (NY) $81.17 $1.13 U.S. STOCKS
US stocks rose during sluggish pre-holiday trading on Tuesday, with investors remaining focused on the path of the Federal Reserve’s interest rate hikes.
The S&P 500 rose 53.64 points, or 1.4%, to 4003.58, after falling 0.4% in the previous session. The Dow Jones Industrial Average gained 397.82 points, or 1.2%, to 34098.10, and the Nasdaq Composite added 149.90 points, or 1.4%, to 11174.41.
Markets in Japan are closed on Wednesday for holidays.
South Korea’s benchmark Kospi rose 0.6% to 2419.95 in early trading, led by financials, electronics and internet stocks. Sentiment was supported by overnight gains in US tech stocks and hopes for year-end seasonal shopping demand for electronics. Meritz Financial Group jumped 10%, recovering for the second consecutive session on its business integration plan. Mobile payments company Kakaopay and digital lender KakaoBank rose 4.3% and 4.0%, respectively, while their parent company Kakao Corp. gained 5.2%.
Hong Kong’s benchmark Hang Seng index rose 0.4% to 17499.40, with a mixed outlook for the market. While investors were likely concerned about the rise in the number of Covid-19 cases in China, property support measures by the People’s Bank of China and several Fed officials signaling support for a slower pace of increases rate hikes could help brighten investor sentiment, KGI Securities said.
Chinese stocks fell in early trading, led by the pharmaceutical and telecom sectors, as the country’s Covid-19 cases continued to rise. Shanghai has tightened rules for people entering the financial center as the country’s daily infections approached 29,000 cases. Due to the weaker sentiment, pharmaceutical stocks were giving up on recent gains. Telecom providers weakened after Tuesday’s strong gains. The Shanghai Composite Index remained flat at 3089.48, the Shenzhen Composite Index fell 0.8% and the ChiNext Price Index fell 0.6%.
Asian currencies consolidated against the USD in early Asian trading ahead of the FOMC meeting minutes expected later today. These minutes are a potential key driver for market sentiment, IG said. Any signs of deepening concerns about the US economy from FOMC members would likely be seen as a basis for moderating rate hikes, which could further support risk appetite for now, he added. USD/KRW fell 0.2% to 1350.20, while USD/SGD changed slightly to 1.3781 and AUD/USD was stable at 0.6643.
Gold rallied to the upside in the morning Asian session as the USD was slightly weak. The precious metal got a slight boost from a weaker dollar, but that seems to be fading, Oanda said. Gold may struggle to rally as the USD looks poised to find support, Onada added, noting that the Fed should maintain its hawkish stance for a while. Spot gold rose 0.1% to $1,742.04/ounce.
Oil moved higher in the morning Asian session, boosted by data released overnight by the American Petroleum Institute that showed a decline in US commercial inventories of crude oil, analysts said. API data showed U.S. crude oil inventories fell by 4.8 million barrels, which was more than the roughly 2.6 million barrel draw the market had been expecting, ING strategists said . First-month WTI crude oil futures rose 0.4% to $81.29/bbl; First-month Brent crude oil futures rose 0.3% to $88.60 a barrel.
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(END) Dow Jones Newswires
November 22, 2022 10:15 PM ET (03:15 GMT)
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