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Indian Morning Briefing: Asian Markets Mostly Lower

GLOBAL MARKETS 
DJIA         34751.32  -63.07  -0.18% 
Nasdaq       15181.92   20.39   0.13% 
S&P 500       4473.75   -6.95  -0.16% 
FTSE 100      7027.48   10.99   0.16% 
Nikkei Stock 30492.66  169.32   0.56% 
Hang Seng    24751.20   83.35   0.34% 
Kospi         3129.02   -1.07  -0.03% 
SGX Nifty*   17702.00   96.5    0.55% 
*Sept contract 
 
USD/JPY  109.87-88   +0.12% 
Range    109.90   109.67 
EUR/USD  1.1761-64   -0.03% 
Range    1.1772   1.1754 
 
CBOT Wheat Dec $7.130 per bushel 
Spot Gold     $1,756.24/oz  0.1% 
Nymex Crude (NY) $72.62   -$0.01 
 
 
U.S. STOCKS 

U.S. stocks fell Thursday as investors weighed mixed signals in the latest U.S. economic data and a stock-market pullback in China.

The S&P 500 dropped 6.95 points, or 0.2%, to 4473.75. The Dow Jones Industrial Average lost 63.07 points, or 0.2%, to 34751.32. The tech-heavy Nasdaq Composite rose 20.39 points, or 0.1%, to 15181.92.

 
 
ASIAN STOCKS 

The Nikkei Stock Average was 0.2% higher at 30374.59, as gains in tech and shipping stocks offset losses in steel and energy stocks. Broader market index Topix was down 0.1% at 2088.20. Any developments over the ruling-party chief election, set for later this month, were being closely watched.

South Korea's Kospi was 0.4% lower at 3118.07 in early trade, as losses in financial and shipping stocks outweighed gains in aviation stocks. Shipbuilders were lower amid concerns over Typhoon Chanthu, with Korea Shipbuilding & Offshore Engineering declining 4.2% and Hyundai Mipo Dockyard falling 3.2%. Aviation stocks are higher, following local media reports that South Korean airlines would lower fuel surcharges on international routes next month.

Hong Kong shares fell on concerns about China's economic slowdown and its ongoing regulatory crackdown on Internet-related companies, with the Hang Seng Index 1.0% lower at 24429.09. Investors appeared to have these worries, but hopes of more monetary- and fiscal-policy assistance from the Chinese government should support the markets at low levels, KGI Research said. Worst performers on the HSI include Xinyi Glass falling 3.9%, PetroChina dropping 3.2% and China Overseas Land & Investment 3.1% lower. The Hang Seng TECH Index is down 0.2% at 6223.21.

Chinese stocks were broadly lower in early trade, tracking overall declines in other Asian equity markets. Although China's near-term economic prospects appeared to be more challenged, partly due to Covid-19 outbreaks in some provinces, Aberdeen Standard Investments expected to see more support for growth via local government bond issuance and fixed asset investment. The Shanghai Composite Index was 0.1% lower at 3604.84, the Shenzhen Composite Index slipped 0.1% to 2436.02, while the ChiNext Price Index--a measure for emerging industries and startups--was 0.1% higher at 3131.51.

FOREX 

Most Asian currencies weakened against USD in early Asian trade amid a slightly higher 10-year Treasury yield and mildly lower U.S. stock futures. Higher U.S. yields and choppy risk sentiment have led to broad USD strength, ANZ said. Also, markets were looking ahead to the FOMC meeting next week for signs of when tapering was likely to start, ANZ added. USD/KRW rose 0.3% to 1,178.81, USD/SGD edged 0.1% higher to 1.3463, while AUD/USD nudged 0.1% lower to 0.7285.

METALS 

Gold nudged higher in a likely technical rebound after suffering its sharpest daily drop in nearly six weeks overnight. The overnight move in gold was short-term oversold, said Pepperstone. However, the question was whether this gave a signal for trading long gold positions or would rallies be short-lived, where strength of the precious metal could offer entry points for short positions on hopes of a bear-trending market into next week's FOMC meeting, Pepperstone added. Spot gold was up 0.1% at $1,756.24/oz.

OIL SUMMARY 

Oil declined in early Asia trade, pulling back after the global crude benchmark eked out a fresh, roughly seven-week high. The market appeared to be undersupplied now, partly due to still existing OPEC+ production restrictions, Commerzbank said. There were also lingering concerns over supply disruptions in the Gulf of Mexico in the wake of Hurricane Ida. Commerzbank said it expected the tight market situation to remain until year's end, despite planned production increases from OPEC+. It expected Brent crude to end the year at $75/barrel and to fall slightly to $70/barrel next year. Front-month WTI crude oil futures and Brent crude were both 0.1% lower at $72.53/bbl and $75.61/bbl, respectively.

 
 
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(END) Dow Jones Newswires

September 16, 2021 23:15 ET (03:15 GMT)

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