Indian morning briefing: Asian markets up; Focus on the Fed Minutes

DJIA         34098.10   397.82   1.18% 
Nasdaq       11174.41   149.90   1.36% 
S&P 500       4003.58    53.64   1.36% 
FTSE 100      7452.84    75.99   1.03% 
Nikkei Stock CLOSED 
Hang Seng    17524.80   100.39   0.58% 
Kospi         2416.16    10.89   0.45% 
SGX Nifty*   18454.50    69.5    0.38% 
*Dec contract 
USD/JPY 141.31-32  +0.07% 
Range   141.44   140.93 
EUR/USD 1.0317-20  +0.13% 
Range   1.0322   1.0302 
CBOT Wheat Dec $7.914 per bushel 
Spot Gold    $1,742.04/oz  0.1% 
Nymex Crude (NY) $81.17   $1.13 

U.S. stocks rose in pre-holiday trading lows on Tuesday as investors remained focused on the path of Federal Reserve interest rate hikes.

The S&P 500 climbed 53.64 points, or 1.4%, to 4003.58, after falling 0.4% in the previous session. The Dow Jones Industrial Average gained 397.82 points, or 1.2%, to 34,098.10, and the Nasdaq Composite added 149.90 points, or 1.4%, to 11,174.41.


Markets in Japan are closed on Wednesday for a public holiday.

South Korea’s benchmark Kospi rose 0.6% to 2419.95 in early trade, led by financials, electronics and internet stocks. Sentiment was supported by gains in U.S. tech stocks overnight and hopes of seasonal year-end buying demand for electronics. Meritz Financial Group jumped 10%, rallying for a second straight session on its business integration plan. Mobile payments company Kakaopay and digital lender KakaoBank rose 4.3% and 4.0% respectively, their parent company Kakao Corp. having gained 5.2%.

Hong Kong’s benchmark Hang Seng index was up 0.4% at 17499.40, on a mixed outlook for the market. As investors were likely concerned about the rising number of Covid-19 cases in China, with property support measures from the People’s Bank of China and several Fed officials signaling support for a slower pace of rise rates could help boost investor morale, KGI Securities said.

Chinese stocks fell in early trading, led by the pharmaceutical and telecom sectors, as the country’s Covid-19 cases continued to climb. Shanghai tightened rules for people entering the financial hub as the country’s daily infections neared 29,000. Amid weakening sentiment, pharmaceutical stocks gave up recent gains. Telecommunications service providers weakened after strong gains on Tuesday. The Shanghai Composite Index was flat at 3089.48, the Shenzhen Composite Index fell 0.8% and the ChiNext Price Index fell 0.6%.


Asian currencies consolidated against the USD at the start of Asian trading ahead of the FOMC meeting minutes scheduled for later in the day. These minutes are a potential key driver for market sentiment, IG said. Any sign of deepening concerns about the U.S. economy from FOMC members would likely be seen as a basis for moderating rate hikes, which could further support risk sentiment for now, he said. he adds. USD/KRW fell 0.2% to 1350.20 while USD/SGD was little changed at 1.3781 and AUD/USD was flat at 0.6643.


Gold edged higher in the early morning Asian session amid mild USD weakness. The precious metal received a slight boost from a weaker dollar, but that appears to be fading, Oanda said. Gold may struggle to rally as the USD looks set to find support, Onada added, noting that the Fed is likely to stick to its hawkish stance for some time. Spot gold rose 0.1% to $1,742.04 an ounce.


Oil rose in the Asian morning session, boosted by data released overnight by the American Petroleum Institute that showed lower U.S. trading inventories of crude oil, analysts said. API data showed U.S. crude oil inventories fell 4.8 million barrels, more than the drawdown of about 2.6 million barrels the market had been expecting, officials said. ING strategists. First-month WTI crude oil futures rose 0.4% to $81.29/bbl; First-month Brent crude oil futures rose 0.3% to $88.60/barrel.

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(END) Dow Jones Newswire

November 22, 2022 10:15 p.m. ET (03:15 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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