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Indian Morning Briefing: Asian Markets Mostly Higher

GLOBAL MARKETS 
DJIA             34377.81     -0.53     0.00% 
Nasdaq           14571.64    105.71     0.73% 
S&P 500           4363.80     13.15     0.30% 
FTSE 100          7141.82     11.59     0.16% 
Nikkei Stock     28401.62    261.34     0.93% 
Hang Seng         Closed 
Kospi             2975.34     30.93     1.05% 
SGX Nifty*       18256.50      76.5     0.42% 
*Oct contract 
 
USD/JPY    113.49-50  +0.21% 
Range      113.54   113.21 
EUR/USD    1.1591-94  -0.03% 
Range      1.1603   1.1589 
 
CBOT Wheat Dec $7.186 per bushel 
Spot Gold  $1,790.72/oz -0.1% 
Nymex Crude (NY) $80.53 -$0.11 
 
 
US STOCKS 

The S&P 500 rose in choppy trading, with the broad U.S. stock index snapping a three-session losing streak.

The S&P 500 added 0.3%, while the Dow Jones Industrial Average was flat. The tech-heavy Nasdaq Composite gained 0.7%. Traders seemed to shrug off a hotter-than-expected inflation reading and confirmation of the Federal Reserve's plans to begin reducing its bond-buying stimulus program. Several household-name companies reported earnings. BlackRock shares rose 3.8% after the money-management company reported revenue and profit that beat analysts' expectations. JPMorgan's earnings per share came in above Wall Street's projections but the bank's shares fell 2.8%.

 
 
ASIAN STOCKS 

Japanese stocks were higher, led by gains in electronics stocks, thanks partly to continuing hopes for fiscal stimulus and economic reopening. Investors were focusing on any economic initiatives from new Prime Minister Fumio Kishida and earnings from Fast Retailing due later in the day. The Nikkei Stock Average was up 1.0% at 28416.41.

South Korea's Kospi was 0.7% higher at 2965.01 in early trade, led by gains in chemical, steel and retail stocks. Easing concerns about global supply-chain bottlenecks--after the U.S. decision overnight to expand operations at the Port of Los Angeles to around the clock--supported sentiment.

Markets in Hong Kong are closed Thursday for a holiday.

Chinese stocks were mixed in early trade, with losses led by coal producers and the utilities sector and airline stocks gaining. The Shanghai Composite Index dropped 0.2% to 3555.66, the Shenzhen Composite Index was flat and the ChiNext Price Index gained 0.8%.

 
FOREX 

Asian currencies consolidated against USD amid ongoing inflation concerns. Although the market shrugged off higher-than-expected U.S. CPI reading released overnight, inflation fears haven't gone away, DBS said, noting U.S. data due today may show PPI surged 8.7% on year in September. FOMC minutes also reaffirmed the Fed's intention to taper asset purchases from November 2021 to July 2022, DBS said, adding there is still room for the USD Index to rise further toward 96.00 in the coming months. The ICE USD Index was little changed at 94.07. USD/KRW rose 0.2% to 1,188.81, USD/MYR was down 0.1% at 4.1545, while AUD/USD was steady at 0.7377.

 
METALS 

Gold was slightly lower on a likely technical correction in the early Asian session after gold futures surged 2% on Wednesday. Gold has tentative resistance at $1,800/oz, but that might not prove to be too difficult to break if risk aversion runs wild, Oanda said. Safe-haven flows are beginning to come gold's way, whether it is speculation of a tariff announcement from the Biden administration or rising interest rates that will destabilize the recovery of many emerging markets, Oanda added. Spot gold was 0.1% lower at $1,790.72/oz.

 
OIL SUMMARY 

Oil rose after American Petroleum Institute data showed Cushing crude oil inventories fell 2.3 million barrels in the latest week. The market appeared more focused on the fairly large draws seen in Cushing as well as on the product side, ING said. Front-month WTI crude oil futures were 0.2% higher at $80.62/bbl; front-month Brent crude oil futures were 0.3% higher at $83.42/bbl.

 
 
TOP HEADLINES 
China's September Producer Prices Rose at Fastest Pace in Over 20 Years 
Fed Official Sees Risks of More Persistent Inflation 
Stocks Waver After Inflation Data, Major Earnings 
Singapore Central Bank Surprises With Policy Tightening 
Australia Faces Rising Divestment Risk Without Action on Climate, Says RBA 
Global Economy Falters Due to Inflation and Supply-Chain Woes 
U.S.-Canada Border's Full Opening in November Spurs Travel Plans 
Biden Administration Seeks to Expand Wind Farms in Coastal Waters 
WHO Creates New Team to Study Covid-19 Origins 
Giuliani Associate Lev Parnas Funneled Foreign Money Into U.S. Elections, Prosecutors Say 
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Auto-Safety Regulator Questions Tesla Over Driver-Assistance Software 
South32 to Acquire 45% Stake in Chile's Sierra Gorda 
J&J Booster Dose Bolsters Protection Against Covid, FDA Says 
 
 

(END) Dow Jones Newswires

October 13, 2021 23:15 ET (03:15 GMT)

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