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Indian Morning Briefing: Asian Markets Mostly Higher as Earnings Start Trickling In

GLOBAL MARKETS 
DJIA         34798.00    286.01     0.83% 
Nasdaq       14631.95    133.08     0.92% 
S&P 500       4358.69     35.63     0.82% 
FTSE 100      6998.28    117.15     1.70% 
Nikkei Stock  Closed 
Hang Seng    27589.33    364.75     1.34% 
Kospi         3247.63     31.72     0.99% 
SGX Nifty*   15748.00    138.00     0.88% 
*July contract 
 
USD/JPY   110.13-14   -0.14% 
Range      110.31   110.09 
EUR/USD   1.1796-99   +0.02% 
Range      1.1801   1.1787 
 
CBOT Wheat Sept $7.106 per bushel 
Spot Gold $1,801.50/oz -0.1% 
Nymex Crude (NY) $70.22  $3.02 
 
 
US STOCKS 

U.S. stocks rose, extending the previous session's rebound, as investors turned their focus to the banner start to corporate earnings season.

The S&P 500 climbed 0.8%, a day after the broad market gauge posted its biggest one-day gain since late March. The Dow Jones Industrial Average rose 0.8% and the Nasdaq Composite added 0.9%.

Earnings season has helped buoy sentiment. Through Tuesday, 85% of S&P 500 companies that had filed quarterly results topped analysts' expectations, according to FactSet.

 
 
ASIAN STOCKS 

Markets in Japan are closed for a holiday today.

South Korea's Kospi was up 0.8% at 3242.65 in early trading, led by energy, steel and shipbuilding stocks. The benchmark was gaining ground after a four-session losing streak. Renewed hopes for economic recovery are supporting sentiment, as investors shift their focus from Covid-19 worries to 2Q corporate earnings results that start trickling out this week.

Hong Kong stocks were higher in morning trade, showing signs of recovery after the market suffered a three-session losing streak. The benchmark Hang Seng Index was up 1.8% at 27712.65. KGI Securities said the upturn was in part driven by ADR strength in the U.S. overnight. However, the brokerage expected limited upside in Hong Kong equities because of continued investor worries over a resurgence in global Covid-19 infections. It pegged HSI's resistance level at 27574.

Chinese stocks were mixed in morning trade despite gains in most regional equities after a rebound in the U.S. market overnight. The benchmark Shanghai Composite Index added 0.2% to 3569.78 and the Shenzhen Composite Index was up 0.2% at 2498.30. The ChiNext Price Index shed 0.3% to 3549.73 after posting its biggest percentage increase in a week on Wednesday. China Fortune Securities reckoned the market's recovery outlook remains uncertain. While Wednesday's gains showed signs of improvement from recent rangebound trading patterns, several individual stocks plummeted toward the end of the session, indicating downside risks, the brokerage noted.

 
 
FOREX 

The WSJ Dollar Index fell 0.20% to 87.49 Wednesday, snapping a four-day winning streak, but still notching its sixth highest closing value for the year.

The dollar is getting a boost from investors' worries about global growth rather than cheer over U.S. prospects.

Investors are now growing more concerned that the U.S. recovery is reaching a plateau. The infrastructure bill that promised the next big wave of government stimulus could also take longer to be signed into law and may be smaller than expected. At the same time, China's economy is slowing and the highly transmissible Delta variant of the coronavirus looks likely to force some countries to reverse, or at least slow, their reopening plans.

 
 
METALS 

Gold prices were a tad lower in early Asian trading. The precious metal could hover around $1,800 as improving risk appetite and higher U.S. yields weigh on demand for safe-haven assets, Oanda said. However, a slightly weaker U.S. dollar could support prices, it added. Spot gold was down 0.1% at $1,801.50/oz.

 
 
OIL SUMMARY 

Oil prices slipped in early trade after strong gains overnight. U.S. September WTI oil prices closed 4.6% higher at $70.20/bbl on Wednesday, which left prices of the commodity around $1 below where they began the week. The sharp gains were fueled by U.S. inventory data showing that supplies at Cushing, Okla., had fallen to the lowest level since January 2020, ANZ said. Front-month WTI futures were 0.2% lower at $70.13/bbl, while front-month Brent crude futures were down 0.3% at $72.03/bbl.

 
 
TOP HEADLINES 
U.S. Stocks Rise as Dow Extends Rebound 
Delta Variant Isn't Expected to Dent Robust U.S. Recovery 
House Committee to Weigh Corporate Bankruptcy 'Abuses' 
Dollar Gets Boost From Global Fear, Not U.S. Cheer 
Australia Posts Record Trade Surplus in June on Commodity Exports 
Republicans Block Infrastructure Bill but Talks to Continue 
Bank of Canada Appoints Sharon Kozicki as Deputy Governor 
Justice Department Underscores Independence From White House 
Assassinated Haitian President Clashed With Some Business Magnates 
U.S. Reaches Deal With Germany Over Russian Nord Stream 2 Pipeline 
U.S. Government Could Run Out of Cash This Fall Unless Debt Ceiling Is Lifted, CBO Says 
States Reach $26 Billion Pact to Settle Opioid Lawsuits 
Biden to Nominate Comcast Executive David Cohen as U.S. Ambassador to Canada 
Pelosi Rejects Two GOP Picks for Jan. 6 Panel 
PG&E to Bury Power Lines in Fire-Prone Areas 
BHP Inks Nickel Supply Deal With Tesla 
Chipotle Stock Hits a Record as Customers Return to Dining 
JPMorgan Awards Jamie Dimon Surprise Retention Bonus 
Whirlpool sales rise 32% in Q2, appliances maker raises guidance 
Posco's Second-Quarter Net Profit Rose Sharply, Beating Consensus 
 
 

(END) Dow Jones Newswires

July 21, 2021 23:15 ET (03:15 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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