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Indian Morning Briefing: Asian Markets Rise, Tracking Wall Street Gains

GLOBAL MARKETS 
DJIA         29490.89  765.38   2.66% 
Nasdaq       10815.43  239.82   2.27% 
S&P 500       3678.43   92.81   2.59% 
FTSE 100      6908.76   14.95   0.22% 
Nikkei Stock 26841.66  625.87   2.39% 
Hang Seng   Closed 
Kospi         2203.31   47.82   2.22% 
SGX Nifty*   17089.00  220.5    1.31% 
*Oct contract 
 
USD/JPY 144.84-85   +0.20% 
Range   144.91   144.42 
EUR/USD 0.9817-20   -0.06% 
Range   0.9839   0.9807 
 
CBOT Wheat Dec $9.120 per bushel 
Spot Gold  $1,697.27/oz  -0.1% 
Nymex Crude (NY) $83.36  $3.87 
 
 
U.S. STOCKS 

U.S. stocks started the new quarter higher, a tentative sign of relief for investors after a long and punishing stretch of down days.

The Dow Jones Industrial Average climbed 765.38 points, or 2.7%, to 29490.89 on Monday. The S&P 500 added 92.81 points, or 2.6%, to 3678.43 and the Nasdaq Composite rose 239.82 points, or 2.3%, to 10815.43. Both the S&P and Nasdaq notched their best first day of any quarter since 2009, according to Dow Jones Market Data.

The broad-based gains came after stocks closed out a losing week, month and quarter on Friday, when all three indexes closed at their lowest levels of the year.

 
 
ASIAN STOCKS 

Japanese stocks were broadly higher, led by sharp gains in trading companies as concerns ease somewhat about the Fed's tightening following signs of cooling in the U.S. economy. Investors were focusing on any developments over the war in Ukraine. The Nikkei Stock Average was up 2.0% at 26738.58.

South Korea's benchmark Kospi rose 2.1% to 2200.13 in early trade, led by gains in index heavyweight Samsung Electronics and other large-cap stocks. Foreign investors were net buyers, driving the strong rebound from a recent selloff. Some were hunting for bargains, Kiwoom Securities analysts said. Samsung Electronics rose 4.3% on its plan to advance its chip-making technology, while internet giant Naver dropped 3.6% after planning to acquire U.S. e-commerce platform Poshmark.

Markets in mainland China and Hong Kong are closed Tuesday for a holiday.

FOREX 

Asian currencies were mixed in the morning Asian session amid mild USD weakness. USD has fallen back moderately as Treasury yields have fallen and risk sentiment has improved, said Alvin T. Tan, head of Asia forex strategy at RBC Capital Markets, in an email. However, caution should continue to prevail in the near term, given that the U.S. nonfarm payrolls report is due Friday, Tan added. USD/KRW was little changed at 1,434.00, AUD/USD fell 0.2% to 0.6504 and USD/SGD was down 0.1% at 1.4308.

METALS 

Gold edged lower in the morning Asian session, but prices were likely to be supported by lower Treasury yields, which enhance the appeal of the non-interest-bearing precious metal, analysts said. The weaker-than-expected ISM's index of U.S. manufacturing activity released overnight pushed Treasury yields lower and has raised the possibility of a lower Fed rate-increase trajectory, which was positive for the precious metal, said Stephen Innes, managing partner of SPI Asset Management. Spot gold was down 0.1% at $1,697.27/oz.

OIL SUMMARY 

Oil prices were higher in the morning Asia session, buoyed by the prospects of a potential output cut by OPEC+ at its meeting Wednesday. Expectations remained high that the group will deliver the biggest reduction in crude-oil production since the beginning of the Covid-19 pandemic, Oanda said. The gathering would be the group's first in-person meeting since 2020, which means they were likely to go big and reduce production by more than 1 million barrels a day, Oanda added. Front-month WTI futures were 0.1% higher at $83.69/bbl; front-month Brent futures were up 0.3% at $89.12/bbl.

 
 
TOP HEADLINES 
 
U.S. Seeks to Further Restrict Cutting-Edge Chip Exports to China 
Samsung Kicks Advanced Chip-Making Race Into High Gear 
Naver to Acquire Poshmark in Deal Valued at $1.2 Billion 
Trump Files Defamation Suit Against CNN 
Bed Bath & Beyond Creditors Organize Ahead of Bond Talks 
Nvidia Closing Offices in Russia 
Prosus Drops $4.2 Billion Takeover of India's BillDesk 
London Heathrow to Drop Passenger Cap After Chaotic Summer 
Australian Consumer Confidence Falls Sharply as Global Markets Shake 
Crypto Could Threaten Financial System, Panel Warns 
Top Fed Official Warns of More Persistent Price Pressures 
U.K. Makes Major U-Turn on Tax Cuts 
U.N. Calls on Fed, Other Central Banks to Halt Rate Rises 
Ukraine Pushes South Into Strategic Kherson Region 
French Prosecutors Open Corruption Probe Into Top Macron Aide 
North Korea Launches Missile Over Japan 
U.S. Warns of Security Threats Ahead of Midterm Elections 
 
 

(END) Dow Jones Newswires

October 03, 2022 23:15 ET (03:15 GMT)

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