GLOBAL MARKETS DJIA 35144.31 82.76 0.24% Nasdaq 14840.71 3.72 0.03% S&P 500 4422.30 10.51 0.24% FTSE 100 7025.43 -2.15 -0.03% Nikkei Stock 28017.44 184.15 0.66% Hang Seng 26137.55 -54.77 -0.21% Kospi 3249.12 24.17 0.75% SGX Nifty* 15844.50 23 0.15% *July contract USD/JPY 110.19-20 -0.17% Range 110.41 110.20 EUR/USD 1.1804-07 +0.03% Range 1.1815 1.1799 CBOT Wheat Sept $6.770 per bushel Spot Gold $1,797.73 Unch Nymex Crude (NY) $72.15 $0.08 U.S. STOCKS
U.S. stocks rose slightly Monday to set closing highs ahead of a busy week of earnings from technology companies.
The Dow Jones Industrial Average added 82.76 points, or 0.2%, to 35144.31, after the blue chip index on Friday closed above the 35000 milestone for the first time. The S&P 500 rose 10.51 points, or 0.2%, to 4422.30 and the Nasdaq Composite added 3.72 points to 14840.71. All three indexes set records for a second consecutive session.
Japanese stocks were up, led by gains in energy and metal stocks, as hopes continued for a recovery in the global economy and Japanese corporate earnings. A number of blue-chip companies would be reporting their results in the coming days with Shin-Etsu Chemical's results scheduled for later in the day. The Nikkei Stock Average was up 0.4% at 27950.08.
South Korea's benchmark Kospi was up 0.8% at 3250.59 in early trading, led by gains in tech and travel stocks. Solid corporate earnings results were buoying investor sentiment despite concerns about a surge in Covid-19 cases that could slow the pace of an economic recovery. Memory-chip maker SK Hynix rose 1.7% after posting 2Q earnings that beat street views.
Hong Kong shares gained slightly in early trade, reversing some losses after the Hang Seng Index on Monday suffered its worst day since May 2020. Chinese tech stocks' weakness continue amid investors' concerns over Beijing's move to tighten regulations on the sector. Chinese oil majors were leading the gains. China Evergrande was 7.6% lower after the company scrapped a special dividend. The HSI was 0.1% higher at 26229.14.
Chinese stocks were mixed in morning trade, as miners and steelmakers gained while consumer-related sectors weakened. Shanxi Securities said investor sentiment was weighed by worries about a Covid-19 outbreak in Nanjing and severe flooding in Henan province, hitting consumer-related sectors especially hard but should benefit commodities sectors as raw-material prices could rise. The Shanghai Composite Index was flat at 3468.84, the Shenzhen Composite Index was 0.2% lower and the ChiNext Price Index was 0.4% higher.
Asian currencies consolidated against USD amid a cautious mood ahead of the FOMC meeting this week. At the upcoming FOMC decision, Fed Chair Powell was unlikely to deviate from his dovish rhetoric amid an uptick in Covid-19 cases linked to the Delta variant and he may downplay rate-increase expectations, though he could keep taper intentions intact for now, OCBC said. USD/KRW was 0.3% lower at 1,149.30, USD/SGD was little changed at 1.3583 and AUD/USD was steady at 0.7379.
Gold consolidated as traders eye this week's Federal Open Market Committee meeting. Market players were waiting to see whether the Fed will signal the start of tapering, for example, by scaling back bond purchases, which would likely be bad news for gold, Commerzbank said. The price of gold is unable to detach itself from the psychologically important $1,800/oz level ahead of the meeting, it added. Spot gold was little changed at $1,797.73/oz.
Oil edged higher in the morning Asian session, but gains could be limited by ongoing concerns over the Covid-19 Delta variant. This variant continues to spread globally and travel restrictions aren't easing, Oanda said. The world is determining how it will live with Covid-19, and it still currently appears that worries over crude demand in the short term may prevent the tight market from sending oil prices much higher, Oanda added. Front-month WTI crude oil futures were up 0.1% at $71.98/bbl; front-month Brent crude oil futures were 0.3% higher at $74.69/bbl.
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(END) Dow Jones Newswires
July 26, 2021 23:15 ET (03:15 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.