Indian Morning Briefing: Asian Markets Mixed

GLOBAL MARKETS
DJIA            34378.34   -117.72    -0.34%
Nasdaq          14465.92    -20.28    -0.14%
S&P 500          4350.65    -10.54    -0.24%
FTSE 100         7130.23    -16.62    -0.23%
Nikkei Stock    28192.42    -38.19    -0.14%
Hang Seng       24962.59   -362.50    -1.43%
Kospi            2947.65     31.27     1.07%
SGX Nifty*      18042.00     +37.5     0.21%
*Oct contract

USD/JPY    113.41-42 -0.17%
Range      113.62   113.35
EUR/USD    1.1554-57 +0.21
Range      1.1558   1.1528

CBOT Wheat  Dec $7.340 per bushel
Spot Gold  $1,761.40/oz  0.1%
Nymex Crude (NY)  $80.52  $0.00


US STOCKS

U.S. stocks inched lower amid losses in communications companies.

The Dow Jones Industrial Average lost 0.3%. The S&P 500 ticked down 0.2% while the tech-heavy Nasdaq Composite declined 0.1%. Stock indexes have been dragged lower in choppy trading in recent weeks. Investors are contending with an energy crunch that threatens to add to inflationary pressures just as signs emerge that global economic growth is slowing. Third-quarter earnings season, which begins Wednesday, will provide clues on how companies are faring with price increases.

ASIAN STOCKS

Japanese stocks were weaker, dragged by falls in steel and electronics stocks, as concerns continue about higher costs of raw materials. Any developments over new Prime Minister Fumio Kishida's economic and fiscal policies were being closely watched. The Nikkei Stock Average was down 0.1% at 28193.75.

South Korea's Kospi was 0.4% higher at 2928.93 in early trade, led by gains in auto and travel stocks. Investors hunted for bargains after recent losses. The country's solid jobs data also supported sentiment--jobs increased on year for a seventh straight month in September.

Hong Kong's morning trading session has been canceled Wednesday due to a typhoon alert.

Chinese stocks diverged in early trade, as gains by renewable-energy sectors and auto makers offset losses by miners and electricity providers. The Shanghai Composite Index slipped 0.5% to 3530.66, continuing this week's downtrend, while the Shenzhen Composite Index was flat. The ChiNext Price Index was 0.7% higher. Coal miners have fluctuated in recent days after rallying last month. FOREX

Most Asian currencies strengthened against USD as Treasury yields edged lower, reducing the appeal of USD-denominated fixed-income assets. However, Asian markets may tread water today ahead of events such as U.S. CPI data, China's trade data, FOMC minutes and speeches from some central bank officials, OCBC said. USD/KRW fell 0.3% to 1,194.53 and USD/SGD was down 0.1% at 1.3554, while AUD/USD edged 0.1% lower to 0.7341.

METALS

Gold nudged higher in the Asian morning session on lower Treasury yields, which undermined the allure of U.S. fixed- income assets, as well as a weaker USD. Looking ahead, growing fears of stagflation could offer support for the precious metal and may trigger more aggressive and sustained covering of short gold positions, TD Securities said. Spot gold was up 0.1% at $1,761.40/oz.

OIL SUMMARY

Oil fell in Asian morning trading after a media report of possible Iran nuclear talks. The Bloomberg report suggested that negotiations could start as soon as this week, Oanda said. If progress is made after several weeks of talks, a revival of the Iran nuclear deal could cause Brent crude oil to fall toward the mid-$70s a barrel, Oanda said. Front- month WTI crude oil futures were down 0.3% at $80.43/bbl. Front-month Brent crude oil futures fell 0.3% to $83.19/bbl.

TOP HEADLINES
Stocks Edge Down Amid Energy, Inflation Concerns
Fed's Bank Supervision Committee Will Have No Chairman After Quarles Term Ends Wednesday
Hong Kong Morning Trading Canceled Due to Typhoon
Biden's Covid-19 Vaccine Mandate Moves Closer to Approval
SEC's Lee Calls for More Transparency in Private Markets
House Approves Extension of Debt Ceiling Into December
California to Ban Sales of Gas-Powered Leaf Blowers and Lawn Mowers
Supreme Court Considers Reviving Appeal of Kentucky Abortion Law
Democrats Debate Eligibility for Spending Bill's New Social Programs
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Vaccine-Mandate Fight Between Texas, Biden Has Companies Caught in Middle
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Hasbro CEO Brian Goldner Dies at 58
Former Braskem CEO Sentenced for Bribery Charges in U.S.
TPG to Participate in Fundraising by Tata Motors for EV Business
FDA Authorizes Tobacco-Flavored Vuse E-Cigarette, Rejects Its Fruity Versions
Star Disputes Media Report About Failings in Anti-Money-Laundering Controls



  (END) Dow Jones Newswires
  10-12-21 2314ET
  Copyright (c) 2021 Dow Jones & Company, Inc.

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