GLOBAL MARKETS DJIA 34194.06 95.96 0.28% Nasdaq 11285.32 110.91 0.99% S&P 500 4027.26 23.68 0.59% FTSE 100 7465.24 12.40 0.17% Nikkei Stock 28450.62 334.88 1.19% Hang Seng 17626.64 102.83 0.59% Kospi 2432.14 14.13 0.58% SGX Nifty* 18480.00 103 0.56% *Dec contract USD/JPY 138.88-89 -0.51% Range 139.66 138.76 EUR/USD 1.0430-33 +0.36% Range 1.0435 1.0393 CBOT Wheat Dec $7.934 per bushel Spot Gold $1,754.05/oz 0.3% Nymex Crude (NY) $77.48 -$3.47 U.S. STOCKS
U.S. stocks rose on Wednesday as minutes from the Federal Reserve’s latest meeting showed most officials favored a rapid slowdown in interest rate hikes.
The S&P 500 gained 23.68 points, or 0.6%, to 4,027.26. The Dow Jones Industrial Average added 95.96 points, or 0.3%, to 34,194.06. The Nasdaq Composite jumped 110.91 points, or 1%, to 11,285.32.
Japan’s Nikkei Stock Average rose 1.3% to 28,477.45 in early trading, in a catch-up rally with Wall Street after the benchmark closed on Wednesday for a public holiday. Local equities were also supported by the latest FOMC meeting minutes which showed most officials favored a slower pace of rate hikes, analysts said. Top performers include NEXON Co. up 4.7%, Lasertec up 4.6% and Z Holdings up 4.3%.
South Korea’s benchmark Kospi rose 0.7% to 2435.39 in early trade, led by internet, battery and chemical stocks. Sentiment was supported by Wall Street’s gains overnight after the latest Federal Reserve meeting minutes signaled a slower pace of rate hikes in the coming months. USD/KRW was down 1.1% at 1,337.50. Internet giants Naver and Kakao Corp. increased by 2.8% and 2.9% respectively. Battery maker LG Energy Solution gained 1.8%. Posco Chemical added 1.8%.
Hong Kong’s Hang Seng Index rose 1.0% to 17699.95 on stronger investor sentiment. Sentiment likely improved after the FOMC minutes, as several U.S. Fed officials expressed support for a slower pace of interest rate hikes, SPI Asset Management said. Positive global risk sentiment should also persist if the reading of U.S. inflation in November improves, he added.
Chinese stocks rose in early trading, buoyed by property developers after Beijing signaled further support for the economy. The Council of State said at this week’s meeting that policymakers “will adopt monetary policy tools such as [reserve requirement ratio] cuts when necessary to keep liquidity at reasonable levels,” Goldman Sachs economists said. The real estate sector was also boosted by the news that some public banks would provide financial support to the industry. The Shanghai Composite Index added 0.4% to 3108.18, the Shenzhen Composite Index climbed 0.5% and the ChiNext Price Index rose 0.4%.
Asian currencies were mixed against the USD in the Asian morning session, but could strengthen based on the minutes from the latest FOMC meeting, analysts said. There were perceptions of a more dovish FOMC, said MUFG Bank senior currency analyst Jeff Ng, noting that Fed officials supported the need to moderate the pace of rate hikes. MUFG Bank said it expected tailwinds for most regional currencies in Thursday’s session in response to the minutes. USD/JPY fell 0.5% to 138.94 while USD/SGD was little changed at 1.3764 and USD/THB edged up 0.1% to 36.03.
Gold edged higher in early Asian trading, but the gains could be short-lived, analysts said. There appear to be signs of buying fatigue on the part of commodity trading advisers, TD Securities said. The recent rally in gold prices appears to have boosted discretionary fund managers’ long positions, increasing vulnerability to a downward price consolidation, he added. Spot gold rose 0.3% to $1,754.05 an ounce.
Oil fell slightly in the Asian morning session, weighed by EU talks of a Russian oil price cap. Those talks pressured the oil market with a suggested level higher than many expected, ING strategists said, noting reports that the price cap could be set at $70/barrel. . That was above previous reports of around $60/barrel, and around levels Russia was already receiving, the strategists said. Talks within the EU were due to continue on Thursday, they added. First-month WTI crude oil futures fell 0.3% to $77.71/bbl; First-month Brent crude oil futures fell 0.3% to $85.13/barrel.
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(END) Dow Jones Newswire
November 23, 2022 10:15 p.m. ET (03:15 GMT)
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