Indian morning briefing: Asian markets are generally higher

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GLOBAL MARKETS 
DJIA             34377.81     -0.53     0.00% 
Nasdaq           14571.64    105.71     0.73% 
S&P 500           4363.80     13.15     0.30% 
FTSE 100          7141.82     11.59     0.16% 
Nikkei Stock     28401.62    261.34     0.93% 
Hang Seng         Closed 
Kospi             2975.34     30.93     1.05% 
SGX Nifty*       18256.50      76.5     0.42% 
*Oct contract 
 
USD/JPY    113.49-50  +0.21% 
Range      113.54   113.21 
EUR/USD    1.1591-94  -0.03% 
Range      1.1603   1.1589 
 
CBOT Wheat Dec $7.186 per bushel 
Spot Gold  $1,790.72/oz -0.1% 
Nymex Crude (NY) $80.53 -$0.11 
 
 
US STOCKS 

The S&P 500 rose in choppy trading as the large US stock index ended a three-session losing streak.

The S&P 500 added 0.3%, while the Dow Jones Industrial Average was flat. The technology-rich Nasdaq Composite gained 0.7%. Traders appeared to ignore a higher-than-expected inflation reading and confirmation of the Federal Reserve’s plans to start scaling back its bond-buying stimulus program. Several well-known companies have declared profits. BlackRock shares rose 3.8% after the fund management company reported revenue and earnings above analysts’ expectations. JPMorgan’s earnings per share beat Wall Street expectations, but the bank’s shares fell 2.8%.

 
 
ASIAN STOCKS 

Japanese stocks were higher, driven by gains in electronic stocks, in part thanks to lingering hopes of a fiscal stimulus and economic reopening. Investors focused on the economic initiatives of new Prime Minister Fumio Kishida and the profits from Fast Retailing expected later today. The Nikkei Stock Average rose 1.0% to 28,416.41.

South Korea’s Kospi was up 0.7% to 2,965.01 at the start of trade, led by gains in chemicals, steel and retail inventories. The easing of concerns about bottlenecks in the global supply chain – following the overnight U.S. decision to expand Port of Los Angeles operations to 24 hours a day – supported sentiment.

Hong Kong markets are closed on Thursday for a public holiday.

Chinese stocks were mixed at the start of trading, with losses driven by coal producers and the utilities sector and airline shares rising. The Shanghai Composite Index fell 0.2% to 3,555.66, the Shenzhen Composite Index remained stable, and the ChiNext Price Index gained 0.8%.

 
FOREX 

Asian currencies consolidated against the USD amid continued inflation concerns. Although the market ignored a higher-than-expected US CPI released overnight, inflation fears have not subsided, DBS said, noting that US data expected today could show the PPI has jumped 8 , 7% over one year in September. The FOMC minutes also reaffirmed the Fed’s intention to reduce asset purchases from November 2021 to July 2022, DBS said, adding that there was still a possibility that the USD index could rise further towards 96.00 in the coming months. The ICE USD index was little changed at 94.07. USD / KRW rose 0.2% to 1,188.81, USD / MYR fell 0.1% to 4.1545, while AUD / USD was flat at 0.7377.

 
METALS 

Gold was slightly lower on a likely technical correction early in the Asian session after gold futures jumped 2% on Wednesday. Gold has provisional resistance at $ 1,800 / oz, but that might not prove too difficult to break if risk aversion breaks out, Oanda said. Safe-haven flows are starting to come into gold, whether it’s speculation about a tariff announcement by the Biden administration or a rise in interest rates that will destabilize the recovery of many emerging markets, a added Oanda. Spot gold was down 0.1% at $ 1,790.72 / oz.

 
OIL SUMMARY 

Oil rose after data from the American Petroleum Institute showed Cushing’s crude oil inventories fell 2.3 million barrels in the past week. The market seemed more focused on the fairly large drawdowns seen at Cushing as well as on the commodity side, ING said. First-month WTI crude oil futures were up 0.2% to $ 80.62 / bbl; First month Brent crude oil futures rose 0.3% to $ 83.42 / bbl.

 
 
TOP HEADLINES 
China's September Producer Prices Rose at Fastest Pace in Over 20 Years 
Fed Official Sees Risks of More Persistent Inflation 
Stocks Waver After Inflation Data, Major Earnings 
Singapore Central Bank Surprises With Policy Tightening 
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Global Economy Falters Due to Inflation and Supply-Chain Woes 
U.S.-Canada Border's Full Opening in November Spurs Travel Plans 
Biden Administration Seeks to Expand Wind Farms in Coastal Waters 
WHO Creates New Team to Study Covid-19 Origins 
Giuliani Associate Lev Parnas Funneled Foreign Money Into U.S. Elections, Prosecutors Say 
Facebook Limits Employee Access to Some Internal Discussion Groups 
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Netflix Employee Group Calls for Walkout Over Dave Chappelle Show 
Analysis: JPMorgan Shows Why Bank Stocks Are Stuck in Neutral 
Auto-Safety Regulator Questions Tesla Over Driver-Assistance Software 
South32 to Acquire 45% Stake in Chile's Sierra Gorda 
J&J Booster Dose Bolsters Protection Against Covid, FDA Says 
 
 

(END) Dow Jones Newswires

October 13, 2021 11:15 p.m. ET (3:15 a.m. GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.


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