Asia Morning Call-Global Markets | Reuters


January 10 (Reuters) – ——————————————– ——————————————–

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ACTIONS

WORLD – US stocks and Treasury yields were mixed on Friday as investors digested payroll data and its potential impact on Federal Reserve policy in the final session of a first week of trading already in roller coaster of the year.

The MSCI All Country stock index (.MIWD00000PUS) remained stable at 743.52 points, down almost 2% from Tuesday’s record. In Europe, the STOXX index (.STOXX) lost 0.4% to 486.3 points, also around 1.6% from Tuesday’s record.

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NEW YORK – Wall Street closed the first week of the new year on Friday with daily and weekly losses as investors worried about looming U.S. interest rate hikes and Omicron news.

The Dow Jones Industrial Average (.DJI) lost 4.81 points, or 0.01%, to 36,231.66, the S&P 500 (.SPX) lost 19.02 points, or 0.41%, to 4 677.03 and the Nasdaq Composite (.IXIC) lost 144.96 points, or 0.96%, to 14,935.90.

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LONDON – European stocks fell on Friday amid concerns over rising inflation and soaring coronavirus infections, while investors were unsure how much US wage data would influence the Federal Reserve’s plans for policy tightening.

The pan-European STOXX 600 (.STOXX) closed 0.4% lower and lost 0.3% this week.

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TOKYO – The Nikkei stock average recouped most of its morning losses to finish almost flat on Friday as investors avoided making big bets ahead of a key US jobs report and a weekend of three days in Japan.

The Nikkei (.N225) closed 0.03% lower at 28,478.56, while the wider Topix (.TOPX) slipped 0.07%. For the week, the Nikkei fell 1% after four straight weeks of gains, while the Topix rose about 0.2% in its fifth consecutive weekly rise.

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SHANGHAI – China’s benchmarks were roughly flat on Friday, with weakness in tech stocks offsetting the rebound in real estate stocks in hopes of policy easing.

The blue chip CSI300 (.CSI300) was flat at 4,822.37 points, while the Shanghai Composite Index (.SSEC) lost 0.2% to 3,579.54 points.

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AUSTRALIA – Australian stocks rebounded on Friday after the technology sell off in the previous session, with financials and energy stocks leading the gains, while James Hardie slumped after the world’s largest fiber cement maker ousted its chief for violating the code of conduct.

The S & P / ASX 200 Index (.AXJO) closed 1.3% higher at 7,453.3, but was broadly flat this week. The benchmark index fell 2.7% on Thursday.

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SEOUL – South Korean stocks posted the largest daily gain in more than a month on Friday, while ending the week lower, with investors focusing on US employment data later in the month. day, which could reinforce the need to raise US interest rates faster than expected. .

The benchmark KOSPI (.KS11) rose 34.36 points, or 1.18%, to 2,954.89 at 6:30 am.

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EXTERNAL CHANGE

NEW YORK – The dollar was on track for its biggest daily percentage drop in six weeks on Friday on the heels of the December U.S. jobs report that missed expectations, but was still seen as strong enough to maintain the Federal Reserve’s tightening trajectory intact.

The dollar index fell 0.546% to 95.734 and was on the verge of its biggest drop since November 26, when concerns over the Omicron COVID-19 variant began to rock the markets. Even with Friday’s weakness, the dollar was still on track for a slight weekly gain, its first in three weeks.

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SHANGHAI – The Chinese Yuan rebounded to a nearly three-week low on Friday, but remains poised for its biggest weekly decline since mid-September as the US dollar strengthened across the board amid expectations an anticipated hike in interest rates from the Federal Reserve.

In the spot market, the onshore Yuan rebounded from a nearly three-week low at 6.3832 to the dollar and changed hands to 6.3760 by noon, 70 pips from the previous session’s close.

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AUSTRALIA – The Australian and New Zealand dollars were under pressure on Friday as the sour global appetite for risk weighed on leveraged growth assets, causing both currencies to fall through the major ramparts of the graphic.

The Aussie huddled at $ 0.7166, after losing 0.8% on Thursday to hit a two-week low at $ 0.7146. The breakout of support at $ 0.7184 made the technical outlook bearish and risks a return to $ 0.7083 or even $ 0.6994.

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SEOUL – The won was traded at 1,201.5 to the dollar on the onshore settlement platform, down 0.04% from its previous close at 1,201.0.

In offshore trading, the won was listed at 1,202.3 per dollar, up 0.2% from the previous day, while in undeliverable futures trading, its one-month contract was listed at 1,202.9.

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TREASURY

NEW YORK – Bearish net bets by speculators on 5-year and 10-year US Treasuries futures rose last week, Commodity Futures Trading Commission data released Friday, in line with expectations of a rise rates earlier than expected by the Federal Reserve this year.

10-year U.S. Treasury yields climbed to a two-year high of 1.801%, while 2-year and 5-year yields hit their highest level since March and January 2020, respectively.

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LONDON – Eurozone bond yields rose on Friday as December inflation in the bloc unexpectedly rose to a new high and US employment data presented further evidence of ‘a tight labor market.

Following Friday’s data release, the German 10-year yield, the benchmark for the region, was up around 2 basis points on the day to -0.05% at 1402 GMT, still below – 0.031% affected Thursday.

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TOKYO – Japanese government bond yields rose on Friday, supported by higher Treasury yields overnight as traders braced for an earlier than expected tightening of Federal Reserve policy.

The 10-year JGB yield rose 1.5 basis points to 0.130%, while benchmark 10-year JGB futures fell 0.15 points to 150.97, with volume trading of 27,049 lots.

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BASIC PRODUCTS

GOLD

Gold prices edged up from three-week lows on Friday after data showed US job growth slower than expected last month even as the Federal Reserve signaled faster rate hikes, which put the bullion on track for a weekly drop.

Spot gold last rose 0.5% to $ 1,797.10 an ounce at 1:43 p.m. ET (1843 GMT), while US gold futures traded higher. 0.5% to $ 1,797.40.

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IRON-ORE

Dalian iron ore rose on Friday and rose nearly 6% this week as traders returned from the New Year’s holidays, optimistic about a potential recovery in demand in major steel producer China.

May’s most active iron ore contract on China’s Dalian Commodity Exchange closed the day up 1.4% at 719 yuan (112.78) per tonne, rising for a fourth consecutive session to hit 725 , 50 yuan earlier today, its highest level since October 27.

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BASE METALS

Aluminum prices hit their highest level since October 21 on Friday as the amount of metal available in London Metal Exchange warehouses plummeted and traders feared high energy costs would n ‘are forcing more foundries to cut production, exacerbating the supply shortage.

LME copper was up 1.1% to $ 9,638 per tonne, zinc was down 0.6% to $ 3,530, nickel was up 1.7% to $ 20,725, lead was down 1 % to $ 2,283 and tin rose 2.2% to $ 40,000.

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OIL

Oil prices stabilized lower on Friday as the market weighed in over supply concerns over unrest in Kazakhstan and blackouts in Libya compared to a U.S. jobs report that failed met expectations and its potential impact on Federal Reserve policy.

Brent raw

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PALM OIL

Malaysian palm oil futures strengthened on Friday to record their biggest weekly gain in three months, bolstered by concerns over adverse weather conditions that are hurting production from the world’s second-largest producer.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange closed up 11 ringgit, or 0.22%, at 4,996 ringgit ($ 1,187.54) per tonne.

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RUBBER

Japanese rubber futures soared on Friday amid fears that transport bottlenecks from Southeast Asia would limit the availability of supply in the near term and that the spread of the pandemic could lead to a labor shortage in rubber farms.

The Osaka Exchange rubber contract for June delivery ended up 3.4 yen, or 1.4%, at 241.4 yen ($ 2.1) per kg. It recorded a gain of 1.4% for the first week of 2022, marking a second weekly gain.

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