GLOBAL MARKETS 
DJIA             33849.46   -497.57    -1.45% 
Nasdaq           11049.50   -176.86    -1.58% 
S&P 500           3963.94    -62.18    -1.54% 
FTSE 100          7474.02    -12.65    -0.17% 
Nikkei Stock     28017.17   -145.66    -0.52% 
Hang Seng        17760.94    463.00     2.68% 
Kospi             2415.88      7.61     0.32% 
SGX Nifty*       18667.00     -62.0    -0.33% 
*Dec contract 
 
USD/JPY     138.76-77      -0.12% 
Range       139.36   138.55 
EUR/USD     1.0351-54      +0.13% 
Range       1.0364   1.0334 
 
CBOT Wheat Dec $7.566 per bushel 
Spot Gold  $1,742.24/oz 0.1% 
Nymex Crude (NY)  $76.85  $0.57 
 
 
US STOCKS 

U.S. stocks pulled back as widespread protests across China against the country's zero-Covid policy sparked worries among investors about the outlook for global growth.

The S&P 500 fell 1.5% and the Dow Jones Industrial Average lost almost 1.5%. The Nasdaq Composite declined 1.6%.

Stocks opened in the red. But the selloff accelerated in the afternoon after comments from Federal Reserve officials indicating interest rates could be higher for longer as inflationary pressure persists. New York Fed President John Williams said "there is still more work to do" to bring down prices. St. Louis Fed President James Bullard also discussed elevated rates moving forward.

"After those Fed comments with a greater-than-anticipated hawkish sentiment, it's not surprising that we're seeing even more red than we did earlier," said Greg Bassuk, chief executive of AXS Investments.


 
 
ASIAN STOCKS 

Japanese stocks were lower in early trade, weighed down by worries about the global growth outlook amid continued protests across China against the country's zero-Covid policy. Sony declined 0.9% despite a Nikkei report saying it will supply Apple with its latest art-image sensor, which is expected to be featured in the next iPhone series. The Nikkei Stock Average was 0.7% lower at 27955.63.

South Korea's benchmark Kospi edged 0.2% higher to 2413.03 in early, mixed trading. Airline and defense stocks advanced while electronics and energy shares retreated. Protests across China against Covid lockdowns were continuing to weigh on investor sentiment. Asiana Airlines jumped 19% and Korean Air Lines rose 3.7% after U.K. antitrust regulators said they are considering accepting a revised merger plan by Korean Air to address competition concerns about their proposed merger.

Hong Kong's Hang Seng Index rose 1.9% to 17623.15. Tighter security in China and the absence of any further escalation in widespread protests is likely to bring some calm to markets, said IG market strategist Yeap Jun Rong in a note. Property stocks led gains after the China Securities Regulatory Commission on Monday announced support measures to facilitate real-estate equity financing. The regulator said it will allow the resumption of mergers and acquisitions and refinancing for eligible property firms.

Chinese stocks were higher in morning trade, as the market recovered from Monday's downturn, when growing outbreaks and partial city lockdowns led to protests across the country. The tighter security in China Monday has aided in restraining large-scale protests from materializing, said IG market strategist Yeap Jun Rong. "The absence of any clear escalation in protests could aid to bring some calm to markets." The benchmark Shanghai Composite Index gained 1.0% to 3109.97, while the Shenzhen Composite was up 0.8% at 1990.75. The tech-heavy ChiNext Price Index rose 0.5% to 2310.21.


FOREX 

Commonwealth Bank of Australia considers safe-haven demand for JPY will be most apparent in AUD/JPY, given it is very sensitive to changes in global growth expectations. "AUD/JPY plunged by nearly 2% toward 92.0 yesterday and can weaken further if concerns about the global economic outlook intensify," CBA said in a note. AUD/JPY was at 92.374 this morning.


METALS 

Gold prices edged higher in early Asian trade, ahead of this week's U.S. economic data which would offer clues on the Fed's next move on interest rates. "Interest rate speculation in the U.S. may play a bigger role on the metals market this week than most other fundamental currents," said DailyFX chief strategist John Kicklighter in a note. Oanda's senior market analyst Craig Erlam sees support for the precious metal at $1,730 and resistance at $1,780. Spot gold was 0.1% higher at $1,742.24/oz.


OIL SUMMARY 

Oil prices were lower in early Asian trade on worries over ongoing protests in China over its Covid-zero policy. "The country's commitment to zero-Covid has seriously damaged growth in the world's second-largest economy and by extension, crude demand," Oanda's senior market analyst Craig Erlam said in a note. Meanwhile, Russia's meeting with members of the Opec+ group to discuss production policy early next month will also be in focus. This sets up "a crucial week for the oil market as headline risk is bound to keep traders hopping," said Stephen Innes, managing partner at SPI Asset Management. Front-month WTI futures were down 0.5% at $76.85/bbl; front-month Brent futures fell 0.4% to $82.82/bbl.


 
 
TOP HEADLINES 
Fed's Williams Says Inflation Fight Could Last Into 2024 
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Biden Calls on Congress to Pass Legislation to Avert Rail Shutdown 
China Clamps Down on Protesters Against Zero-Covid Policies 
Mike Pence Says Donald Trump Should Apologize for Dinner With Nick Fuentes, Kanye West 
Russia Cancels Arms-Control Talks, U.S. Says 
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Bridgepoint Weighs Acquisition of Energy Capital Partners 
 
 

(END) Dow Jones Newswires

11-28-22 2217ET