GLOBAL MARKETS DJIA 33592.92 56.22 0.17% Nasdaq 11358.41 162.19 1.45% S&P 500 3991.73 34.48 0.87% FTSE 100 7369.44 -15.73 -0.21% Nikkei Stock 27868.16 -122.01 -0.44% Hang Seng 18206.99 -136.13 -0.74% Kospi 2466.60 -13.73 -0.55% SGX Nifty* 18465.00 -29.5 -0.16% *Nov contract USD/JPY 139.95-96 +0.47% Range 140.00 138.75 EUR/USD 1.0375-78 +0.26% Range 1.0387 1.0332 CBOT Wheat Dec $8.282 per bushel Spot Gold $1,778.85/oz Unch Nymex Crude (NY) $86.77 $0.90 U.S. STOCKS
U.S. stocks rallied Tuesday after slowing increases in supplier prices offered more evidence that inflationary pressures could be easing.
The gains were broad-based, with nine of the S&P 500’s 11 sectors advancing. Stocks from technology to energy to consumer staples ended the day higher.
The S&P 500 rose 34.48 points, or 0.9%, to 3991.73. The Dow Jones Industrial Average added 56.22 points, or 0.2%, to 33592.92. The Nasdaq Composite jumped 162.19 points, or 1.4%, to 11358.41 as tech stocks extended their recent run.
Japanese stocks were flat in early trade, as investors continued to assess data showing that Japan’s economy contracted for the first time in a year in 3Q, and signs that inflationary pressures could be easing after U.S. producer prices rose less than expected. Investors may also focus on renewed geopolitical tensions after a missile attack on Poland. Apparel retailers were mixed. The Nikkei Stock Average was flat at 27978.01.
South Korea’s benchmark Kospi fell 0.9% to 2457.02 in early trade, led by losses in chemical and steel stocks. The index opened higher start after Wall Street’s gains overnight on more signs of easing U.S. inflation. But caution quickly kicked in to reverse the gains, as investors were looking to see if the war in Ukraine might spill over into a larger conflict after a missile hit a Polish village. USD/KRW was 0.3% higher at 1,321.60.
Hong Kong stocks were lower in morning trade, retreating from the rally since last Friday, when China partly relaxed quarantine requirement. The benchmark Hang Seng Index shed 1.0% to 18159.24. Chinese developers led the downturn. Agile was among the top decliners with a 12% drop, after it unveiled plans to place shares at a discount to its last closing price. Central China International Securities analysts warned of continued uncertainties on whether HSI can sustain its rebound momentum in the longer run, as global economic recession risk remained.
Chinese shares were lower in early trade as liquor stocks weighed and the mood was dimmed by concerns over renewed geopolitical tensions and China’s economy. Commerzbank analysts said the country’s economy could remain under pressure, after activity data on Tuesday pointed to weakness in consumption and services. “While the recent relaxation in Covid restrictions signals more easing could come, we think a meaningful shift away from zero-Covid will only take place after March 2023,” they added. Abroad, tensions were being fueled by reports of a possible missile strike in Poland.
Most Asian currencies weakened against USD in the morning Asian session on risk aversion spurred by reports of a missile strike in Poland. There were unconfirmed reports of an explosion in Poland close to the Ukraine border, which was alleged to have been caused by a Russian missile, ING economists said. USD/KRW rose 0.5% to 1,323.72 and USD/THB gained 0.3% to 35.67 while AUD/USD fell 0.2% to 0.6745.
Gold prices were little changed in early Asian trade. “Gold prices are steadying as Wall Street appears set on waiting to see if inflation continues to come down,” Oanda said. Though the precious metal’s major resistance was at around $1,800, it “might prove to be difficult to reach unless we see a major move lower with the dollar,” it added. Renewed geopolitical tensions following a missile attack on Poland, meanwhile, could possibly spur haven seeking. Spot gold was flat at $1,778.85/oz.
Oil prices were slightly higher in early Asian trade. Renewed geopolitical tensions following a missile attack on Poland would likely be in focus. A key pipeline bringing Russian oil to Eastern Europe was also halted after power was cut, affecting flows to Hungary, Czech Republic and Slovakia, ANZ analysts said. This came ahead of European sanctions on Russian crude oil imports on Dec. 5, they added. Front-month WTI futures and Brent were each 0.1% higher at $87.01/bbl and $93.94/bbl, respectively.
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(END) Dow Jones Newswires
November 15, 2022 22:15 ET (03:15 GMT)
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