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Indian Morning Briefing: Asian Markets Mixed; Bank of Korea Raises Rate

DJIA              35804.38     -9.42    -0.03% 
Nasdaq            15845.23     70.09     0.44% 
S&P 500            4701.46     10.76     0.23% 
FTSE 100           7286.32     19.63     0.27% 
Nikkei Stock      29530.79    228.13     0.78% 
Hang Seng         24586.49    -99.01    -0.40% 
Kospi              2978.39    -15.90    -0.53% 
SGX Nifty*        17431.50      -9.5    -0.05% 
*Dec contract 
USD/JPY    115.37-38   -0.04% 
Range      115.46   115.29 
EUR/USD    1.1207-10   +0.07% 
Range      1.1214   1.1198 
CBOT Wheat Dec $8.366 per bushel 
Spot Gold  $1,792.02/oz  0.2% 
Nymex Crude (NY) $78.25  -$0.25 

A rally in shares of technology companies pushed stocks higher, as investors shrugged off concerns about elevated inflation.

The S&P 500 rose 0.2% in afternoon trading after wobbling throughout the day. The Dow Jones Industrial Average was about flat. The Nasdaq Composite advanced about 0.4%.

U.S. stocks have swung between gains and losses this week as investors have digested a slew of data in a trading week shortened by the Thanksgiving holiday. New figures showed that household spending rose 1.3% in October from a month earlier, while personal income increased 0.5%. Weekly jobless claims, meanwhile, fell sharply to the lowest level in 52 years.


Japan's Nikkei Stock Average rose 0.7% to 29499.31 in morning trade, tracking overnight gains in most U.S. equities markets and boosted by the yen's weakness. Top performers on the Japanese benchmark index included IT companies, such as Mercari, which added 2.7%, and Fanuc, which rose 2.0%, following the tech-heavy Nasdaq's advance overnight. USD/JPY was at 115.43 compared with 114.93 at Wednesday's Tokyo stock market close.

South Korea's Kospi was 0.2% lower at 2987.90 in early trade, as investors largely refrained from big bets ahead of the Bank of Korea's rate decision later in the day. Losses in transport and retail stocks were outweighing gains in internet and gaming shares.

Hong Kong's Hang Seng Index slipped 0.4% to 24589.31 in early trade, weighed by sportswear makers and some tech shares. The latest Fed meeting minutes weren't helping sentiment, since they indicate that the U.S. may accelerate its monetary policy normalization, KGI Securities said. The top loser was Alibaba Health, which fell 3.2% after its interim results missed expectations. Kaisa Group jumped 15% as it resumed trading, following plans to restructure its debt and improve liquidity.

Chinese stocks were lower in morning trade, weighed down by auto stocks. The Shanghai Composite Index fell 0.1% to 3590.49, the Shenzhen Composite Index was 0.1% lower at 2516.78 and the ChiNext Price Index declined 0.2% to 3470.89. Auto stocks were down after Chinese data showed muted domestic demand for automobiles in the first three weeks of November, Commerzbank said, noting that the Chinese economy is still facing strong headwinds. China-U.S. relations will be closely watched after the U.S. government added 12 more Chinese tech companies to its entity list.


Asian currencies consolidated against USD ahead of the U.S. Thanksgiving holiday. There is probably little to expect from financial markets today given U.S. equity and bond markets will be closed, UOB said. However, with USD maintaining a strong backdrop and EUR falling to 1.12 against USD, Asian currencies may remain weak for today, UOB said. USD/KRW rose 0.1% to 1,190.12 while USD/JPY was little changed at 115.38 and AUD/USD was up 0.1% at 0.7204.


Gold rose in early Asian trade amid concerns over how Europe's renewed Covid-19 measures could impact the global economic recovery. The strength of the greenback and U.S. Treasury yields will also be closely watched by investors amid recent rises. Gold typically has an inverse relationship to USD and yields. Oanda expects that the precious metal may be weighed down in the near term should yields remain firm this week. Spot gold was 0.2% higher at $1,792.02/oz.


Oil edged higher in the early Asian session amid hopes that OPEC+ may not increase its planned monthly production in December. There is growing speculation that OPEC+ may not deliver the planned 400,000 bbl a day supply increase in December, in order to offset the releases of strategic reserves by major consuming nations such as the U.S., TD Securities said. Prior to the reserve releases, OPEC+ cautioned that it would respond to coordinated reserve releases, TD Securities noted. Front-month WTI crude oil futures were 0.1% higher at $78.50/bbl, while Brent crude oil futures gained 0.2% to $82.45/bbl.

Fed Officials Debated Inflation Concerns, Taper Pace at Meeting 
Stocks Edge Up as Investors Shake Off Inflation Concerns 
Bank of Korea Raises Rate, Tightens Policy to Curb Inflation 
OPEC Weighs Shift in Oil Policy After Crude Release 
More Chips Will Be Made in U.S. Amid a Global Spending Surge 
Household Spending Up in October, Fueling Recovery 
U.S. Jobless Claims Reach 52-Year Low 
Durable Goods Orders Fall for Second Straight Month 
27 Migrants Drown in the English Channel 
Israel Warns White House Over Striking Partial Nuclear Deal with Iran 
U.S. Invitation to Taiwan for Democracy Summit Tests China Ties 
Covid-19 Vaccination Rate for Federal Workers Is 92%, White House Says 
Europe Health Agency Urges Faster Booster Rollout 
U.N. Leaves Iran Without a Deal on Factory Inspection 
Indebted Chinese Developer Seeks Reprieve on Notes Due in Dec 
Lee Enterprises Enacts Poison Pill to Guard Against Alden Takeover 
Instagram Boss to Testify in Congress on Child Safety 
AT&T, Verizon Propose 5G Limits to Break Air-Safety Standoff 
Dimon Apologizes for Joke About JPMorgan Outlasting China's Communist Party 
Ray Dalio's Bridgewater Raises $1.25 Billion for Its Largest China Fund Yet 
Gap Misses Estimates and Morgan Stanley Slashes Its Price Target. The Stock Is Tanking. 

(END) Dow Jones Newswires

November 24, 2021 22:15 ET (03:15 GMT)

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