GLOBAL MARKETS DJIA 35609.34 152.03 0.43% Nasdaq 15121.68 -7.41 -0.05% S&P 500 4536.19 16.56 0.37% FTSE 100 7223.10 5.57 0.08% Nikkei Stock 29191.39 -64.16 -0.22% Hang Seng 26161.99 25.97 0.10% Kospi 3020.93 7.80 0.26% SGX Nifty* 18354.00 37.0 0.20% *Oct contract USD/JPY 114.31-32 -0.01% Range 114.42 114.23 EUR/USD 1.1665-68 +0.14% Range 1.1668 1.1649 CBOT Wheat Dec $7.492 per bushel Spot Gold $1,785.24/oz 0.2% Nymex Crude (NY) $83.87 $0.91 US STOCKS
U.S. stocks rose, with the S&P 500 and Dow Jones Industrial Average stopping just short of fresh record highs.
The S&P 500 added 0.4%, a sixth straight session of gains, as of 4 p.m. ET, and the Dow Jones Industrial Average picked up 0.4%. Both were just below records. The tech-heavy Nasdaq Composite Index, however, slipped less than 0.1%.
Stocks have gained in recent days on strong earnings reports. Problems like labor shortages and higher prices for raw materials haven't eaten much into profits.
ASIAN STOCKS
Japanese stocks were lower, dragged by falls in electronics stocks, on continuing concerns about higher costs of borrowing and raw materials. Any policy-related developments were being closely watched ahead of Japan's lower-house election later this month. The Nikkei Stock Average was down 0.6% at 29070.19.
South Korea's Kospi was 0.2% higher at 3017.85 in early trade, supported by transport and financial stocks. Investors were parsing corporate results as third-quarter earnings season begins.
Hong Kong's Hang Seng Index was flat at 26141.85, and could trade sideways during the session as it nears the 26560 resistance level, KGI Securities said. Investor confidence could remain steady after China's Vice Premier Liu He said the contagion risks from indebted property developer China Evergrande are under control, KGI Securities said. In morning trade, China Evergrande Group fell 11% and Evergrande Property Services Group was down 8.0% after the developer's plans to sell one of its units for $2.6 billion to Hopson Development was terminated. Hopson Development's shares rose 0.9%.
Chinese stocks were mixed, as developers gained while renewable-energy companies fell. The Shanghai Composite Index rose 0.1% to 3589.42, while the Shenzhen Composite Index fell 0.2% to 2413.71 and the ChiNext Price Index slid 0.3% to 3272.09. Despite the sale of China Evergrande's property-management arm falling through, the sector is finding support from verbal assurances by government officials and the loosening of rules around home loans at some banks, IG said.
FOREX
JPY weakened against most G-10 and Asian currencies as risk appetite improved following overnight gains in most U.S. stock markets. However, weakness in havens such as JPY and USD may be limited by renewed concerns about China Evergrande Group after the cash-strapped developer called off plans to sell a majority stake in its property-management unit. This has increased pressure on Evergrande to raise cash elsewhere, as the 30-day grace period on some of its interest payments comes to an end this week, IG said. AUD/JPY rose 0.4% to 86.23 and SGD/JPY was up 0.1% at 85.17, while USD/JPY was little changed at 114.31.
METALS
Gold was higher in the early Asian session, but gains may be capped by higher Treasury yields. Gold's latest rise has come as Fed rate-increase expectations may have gotten a bit too aggressive, Oanda said, noting Fed Gov. Waller's comments that rate increases are probably "still some time off." However, gold currently has two headwinds -- rising Treasury yields and bitcoin, which is being used as an inflation hedge instead of the precious metal, Oanda added. Spot gold was up 0.2% at $1,785.24/oz.
OIL SUMMARY
Oil rose in the early Asian session, boosted by a surprise weekly decline in U.S. crude inventories. The Energy Information Administration reported on Wednesday that inventories fell by 431,000 barrels last week, CBA said. Expectations were likely anchored around the American Petroleum Institute's report of a 3.29-million-barrel increase in inventories, CBA added. Front-month WTI crude oil futures were 0.6% higher at $83.90/bbl; front-month Brent crude oil futures were 0.3% higher at $86.07/bbl.
TOP HEADLINES Growth Slowed Amid Elevated Prices, Fed Beige Book Says Fed Official Says Lingering Inflation Could Change Interest-Rate Outlook Dow, S&P Finish Day Near Records Bitcoin Price Surges to Record High China Evergrande Calls Off Plans to Sell Key Unit for $2.6 Billion China's Modern Land Withdraws Debt Extension Request on Liquidity Woes Critics Blast Private Equity at Senate Hearing Trump Organization Faces Another N.Y. Criminal Probe New U.S. Rule Would Limit Sales of Hacking Tools to Russia and China Brazilian Panel Seeks Criminal Charges Against Bolsonaro Microsoft Calls on Governments, Companies to Cooperate to Fight Cybercrime Russia Orders People Not to Go to Work as Covid-19 Deaths Mount IBM's Sales Hit by Slower Client Spending Analysis: PayPal's Vision Board Comes Into Focus With Pinterest Woodside Quarterly Sales Revenue Jumps Amid Energy Price Rally South32 Quarterly Aluminum, Manganese Output Rises; Nickel Output Falls Crown Resorts' Main-Floor Gaming Revenue Declines FDA Authorizes Covid-19 Vaccine Boosters From Moderna, J&J Zayo, Partners Seek to Buy Uniti, Windstream Exxon Debates Abandoning Some Oil, Gas Projects Biogen's New Alzheimer's Drug Meets Slow Rollout
(END) Dow Jones Newswires
10-20-21 2315ET
