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%.
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%.
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.
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 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.
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(END) Dow Jones Newswires
October 13, 2021 11:15 p.m. ET (3:15 a.m. GMT)
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