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Indian Morning Briefing: Asian Markets Are Mixed

01/27/2022 | 10:15pm EDT
DJIA         34160.78    -7.31  -0.02% 
Nasdaq       13352.78  -189.34  -1.40% 
S&P 500       4326.51   -23.42  -0.54% 
FTSE 100      7554.31    84.53   1.13% 
Nikkei Stock 26717.87   547.57   2.09% 
Hang Seng    23636.38  -170.62  -0.72% 
Kospi         2638.32    23.83   0.91% 
SGX Nifty*   17147.00   -20.5   -0.12% 
*Feb contract 
USD/JPY  115.43-44  +0.06% 
Range    115.48   115.27 
EUR/USD  1.1151-54  +0.06% 
Range    1.1154   1.1138 
CBOT Wheat March $7.770 per bushel 
Spot Gold    $1,798.75/oz  0.1% 
Nymex Crude (NY) $87.02   -$0.33 

U.S. stocks fell Thursday in another frenzied session as investors try to gauge how monetary policy and the prospects for the economy will affect corporate profits and stock valuations.

The Dow Jones Industrial Average fell 7.31 points, or less than 0.1%, to 34160.78, after rising as many as 600 points in the morning. The S&P 500 lost 23.42 points, or 0.5% to 4326.51, while the Nasdaq Composite fell 189.34 points, or 1.4%, to 13352.78.


Japanese stocks were broadly higher, led by strong gains in chemical and electronics stocks, following Thursday's selloffs. Shin-Etsu Chemical added 6.0% after it raised fiscal-year revenue and net profit views. A weaker yen was also supporting the market. USD/JPY was at 115.45, up from 114.67 as of Thursday's Tokyo stock market close. Meanwhile, Fujitsu Ltd. slipped 7.2% after 3Q operating profit fell 30% on year. Investors were focusing on earnings from Japanese companies while assessing the pace of the Fed's tightening. The Nikkei Stock Average was 1.4% higher at 26536.76.

South Korea's benchmark Kospi fell 0.7% to 2597.40 in early trade, dragged by energy and auto stocks. The Fed's looming interest-rate increases and the local surge of Covid-19 cases continue to sap risk appetite, weighing on sentiment. Foreign investors remained net sellers of equities, with the USD/KRW at 1,205.80, up from Thursday's Seoul close at 1,202.80. Battery maker LG Energy Solution was down 6.6%, losing ground after a strong market debut. Peers Samsung SDI and SK Innovation retreated 6.4% and 6.0%, respectively. Memory-chip maker SK Hynix gained 2.6% after upbeat 4Q earnings.

Hong Kong's Hang Seng Index was up 0.1% at 23818.94 amid a mixed performance in regional markets. IG said there could be an attempt to recoup some losses after an aggressive selloff in the previous session. Investor sentiment could remain cautious ahead of a key inflation reading from the U.S. later today, which would likely be a key market driver, IG added. Gains were led by CSPC Pharmaceutical, up 1.9%, while Wuxi Biologics and Li Ning both advanced 1.7%. Technology stocks were leading declines on the HSI.

Chinese stocks were lower in morning trade, weakening from opening gains to extend Thursday's steep losses. The benchmark Shanghai Composite Index was 0.6% lower at 3374.43, while the Shenzhen Composite Index shed 0.7% to 2247.30. The ChiNext Price Index was down 0.2% at 2900.59. The market's recent downturn has been particularly driven by investor concerns over the Fed's rate raising plans. But Shanxi Securities pointed out that A-share valuations look to have already priced in most potential overseas risk. Beijing was also expected to roll out more economic support measures this year, the brokerage said adding that it expected the A-share market to recover in February, after next week's Lunar New Year holidays in China.


The Japanese yen weakened against G-10 and Asian currencies as risk appetite recovered, undermining its haven appeal. Sentiment was helped by growing confidence that the Fed will get on top of the inflation problem, ANZ said. This would support a durable business expansion while allaying the more extreme market concerns over a 50 bps rate increase in March and immediate end to QE, ANZ added. USD/JPY rose 0.1% to 115.45, AUD/JPY gained 0.2% to 81.27 and SGD/JPY edged 0.1% higher to 85.32.


Gold rose after dropping below the $1,800 an ounce level, after data showed the U.S. economy grew faster than expected in the previous quarter. While gold was vulnerable to further technical selling now that the $1,800 level had been breached, risk aversion should provide price support for the safe-haven asset, Oanda said. It put support for the precious metal at $1,760 an ounce. Spot gold rose 0.1% to $1,798.75 an ounce.


Oil was higher in early Asian trade as market fears of another Covid-induced hit to demand failed to materialize, according to ANZ. "Supply-side constraints then sustained the rally," the bank said. "With spare capacity falling sharply, the market will struggle to handle any more unplanned disruptions." ANZ also pointed out traffic numbers in Europe were rebounding as Omicron case numbers begin declining. Higher demand for vehicle fuels should provide upward price-pressure for oil. "We see the market remaining in deficit in 1Q 2022," it said. Front-month Brent rose 0.2% to $89.50/bbl; front-month WTI gained 0.3% to $86.97/bbl.

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White House Wants Crypto Rules as a Matter of National Security 
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U.S. Seeks to Confront Russia at U.N. Security Council Over Ukraine 
Covid-19 Curbs Eased Further in Europe as New Version of Omicron Spreads in Places 
Beijing Steps Up Covid-19 Control Measures Ahead of Lunar New Year, Winter Olympics 

(END) Dow Jones Newswires

01-27-22 2215ET

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 1.34% 32654.59 Real-time Quote.-11.32%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.83% 63.7184 Delayed Quote.-14.76%
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