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Indian Morning Briefing: Asian Markets Gain on Wall Street Highs

06/24/2021 | 11:16pm EDT
GLOBAL MARKETS 
DJIA         34196.82   322.58   0.95% 
Nasdaq       14369.71    97.98   0.69% 
S&P 500       4266.49    24.65   0.58% 
FTSE 100      7109.97    35.91   0.51% 
Nikkei Stock 29064.13   188.90   0.65% 
Hang Seng    29055.05   172.59   0.60% 
Kospi         3311.65    25.55   0.78% 
SGX Nifty*   15845.00     7.5    0.05% 
*July contract 
 
USD/JPY 110.88-89    0.00% 
Range   110.98   110.84 
EUR/USD 1.1941-44   +0.10% 
Range   1.1947   1.1927 
 
CBOT Wheat July $6.512 per bushel 
Spot Gold     $1,778.20    0.2% 
Nymex Crude (NY) $73.26   $0.18 
 
 
U.S. STOCKS 

The S&P 500 on Thursday jumped to a fresh high after President Biden and a group of senators agreed on a $1 trillion infrastructure plan.

The S&P 500 added 24.65 points, or 0.6%, to 4266.49. The Dow Jones Industrial Average added 322.58 points, or 1%, to 34196.82. The tech-heavy Nasdaq Composite rose 97.98 points, or 0.7%, to 14369.71, also a record.

 
 
ASIAN STOCKS 

Japanese shares were broadly higher, led by strong gains in steel and electronics stocks, on renewed hopes for U.S. economic growth and easing of fears about higher borrowing costs. Biggest gainers included Nippon Steel, which was up 3.5%, and TDK which was 2.6% higher. Panasonic was up 3.1% following a report that it has sold its entire stake in Tesla. Meanwhile, Eisai was down 4.2% on news that FDA has designated Eli Lilly's Alzheimer's drug candidate for an expedited review. Investors were focusing on the pace of Covid-19 vaccinations in Japan. The Nikkei Stock Average was up 0.7% at 29077.47.

South Korea's benchmark Kospi was up 0.5% at 3302.52 in early trading, rising above the 3300 level for the first time. Retail and construction-equipment stocks were leading the gains. The rally in U.S. stocks overnight following a bipartisan deal on infrastructure spending was boosting investor sentiment. USD/KRW was 0.5% lower amid the risk-on sentiment. Retailer E-mart gained 3.2% following a stake purchase deal with eBay after Thursday's market close. Its sister company Shinsegae Co. added 1.4%.

Hong Kong stocks rose in morning trade, tracking gains on Wall Street overnight after data showed a drop in jobless claims. Tech shares are leading the early gains. Video-sharing company Bilibili jumps 6.1%, Meituan gains 1.3% and JD.com adds 1.7%. The Hang Seng TECH index climbs 1.2%. Chinese telecom companies are also charging higher. China Telecom advances 4.0% and China Mobile adds 1.2%. Laggards on the benchmark Hang Seng Index include Anta Sports, Sunny Optical and Haidilao, each losing more than 1%. The HSI rises 0.4% to 29001.73, extending an uptrend after two days of gains.

China shares rose in early trade, regaining the recent upward momentum after a weak performance Thursday. Petrochemical and new-energy-related stocks were marching forward. Sinopec was 1.1% higher, Hengli Petrochemical jumped 10% and Rongsheng Petro Chemical gained 6.2%. The Shanghai Composite Index added 0.3% to 3576.89, the Shenzhen Composite Index was 0.2% higher and the ChiNext Price Index climbed 0.6%, all on track to close the week higher.

FOREX 

CBA said it expected the RBA to be one of the first central banks to raise interest rates, adding that an earlier-than-expected rate increase will support a recovery of AUD. But, more near term, financial markets were more interested in other aspects of monetary policy, namely the yield curve control and bond-buying programs. On bond buying, CBA still expected the RBA to announce a scaling back of its asset purchases to $A50 billion from A$100 billion at its July 6 meeting. If the RBA does announce some tapering, AUD could recover some of its recent losses, CBA added.

METALS 

Gold bounced back in early Asian trading after declining overnight amid strength in the U.S. stock market. OCBC expected some bearish pressure on the precious metal in the short term on some risk-on sentiment, after U.S. equities touched record highs last night, shrugging off hot-and-cold comments from U.S. Fed officials on monetary policy through this week. Spot gold was recently 0.2% higher at $1,778.20 an ounce.

OIL SUMMARY 

Oil rose in early Asian trade, as investors kept taking heart from expectations that OPEC and its allies would soon raise output and from a bullish EIA report overnight showing drops in U.S. crude inventories. Oil demand in 2H was likely to be supported by overall improvements in pandemic containment efforts globally as well as seasonal summer demand, Care Ratings said. In the Asian market, China and India would likely be key demand drivers due to a rise in industrial fuel demand, it said. Focus would continue to be on next week's OPEC+ meeting and further signs of strengthening demand. Front-month WTI and Brent crude were both 0.4% higher at $73.56/bbl and $75.84/bbl, respectively.

 
 
TOP HEADLINES 
 
Biden, Senators Agree to Roughly $1 Trillion Infrastructure Plan 
Fed Gives Big Banks Clean Bill of Health in Latest Stress Test 
Fed's Williams Says More Progress Needed Before Rate-Hike Shift 
FedEx to Ramp Up Spending to Ease Delivery Delays 
Nike Posts Highest Quarterly Sales in Its 50-Year History 
Twilio, Asana to List on Long-Term Stock Exchange as ESG Push Continues 
Teamsters Union Votes to Help Organize Amazon Workers 
Bank of Mexico Raises Interest Rates in Split Decision 
U.K. Car Manufacturing Suffers from Global Supply Shortages 
U.K. Consumer Confidence Stabilizes in June 
Google Delays Cookie Removal to Late 2023 
Deutsche Bank Overhauls Anti-Financial Crime Operations 
Seven Group Returns With Improved All-Cash Offer for Boral 
Didi Sets Valuation Target of $62 Billion to $67 Billion in IPO 
Nike Posts Highest Quarterly Sales in Its 50-Year History 
Twilio, Asana to List on Long-Term Stock Exchange as ESG Push Continues 
Air Force One Supplier GDC Heads Off Liquidation Threat From Creditors 
Teamsters Union Votes to Help Organize Amazon Workers 
Eli Lilly to Seek FDA Approval for Alzheimer's Drug 
 
 

(END) Dow Jones Newswires

06-24-21 2315ET

Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 0.15% 2827.36 Delayed Quote.61.32%
ANTA SPORTS PRODUCTS LIMITED -1.22% 121.4 End-of-day quote.-1.22%
ASANA, INC. -0.12% 116.1 Delayed Quote.292.89%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.10% 0.7421 Delayed Quote.-3.64%
BILIBILI INC. 0.82% 70.09 Delayed Quote.-18.23%
BORAL LIMITED 0.64% 6.31 End-of-day quote.27.47%
BRITISH POUND / US DOLLAR (GBP/USD) 0.59% 1.3749 Delayed Quote.-0.06%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.01% 0.8079 Delayed Quote.2.90%
CHINA MOBILE LIMITED 0.41% 48.65 End-of-day quote.10.07%
CHINA TELECOM CORPORATION LIMITED -0.36% 2.79 End-of-day quote.29.77%
DEUTSCHE BANK AG 3.16% 11.412 Delayed Quote.27.52%
DIDI GLOBAL INC. -0.12% 8.26 Delayed Quote.0.00%
DJ INDUSTRIAL 1.09% 35294.76 Delayed Quote.14.07%
EBAY INC. 0.29% 74.9 Delayed Quote.48.62%
EURO / US DOLLAR (EUR/USD) 0.09% 1.16 Delayed Quote.-5.12%
FEDEX CORPORATION 0.73% 229.12 Delayed Quote.-11.75%
FTSE 100 0.37% 7234.03 Delayed Quote.11.97%
HANG SENG 1.38% 25288.76 Real-time Quote.-7.13%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.06% 0.013331 Delayed Quote.-2.58%
KOSPI COMPOSITE INDEX 1.15% 3018.22 Real-time Quote.3.95%
LONDON BRENT OIL 0.72% 84.89 Delayed Quote.62.65%
MEITUAN 4.39% 280.8 End-of-day quote.-4.68%
NASDAQ COMP. 0.50% 14897.33971 Real-time Quote.15.01%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.53% 0.70722 Delayed Quote.-2.01%
NIKE, INC. 0.55% 158.01 Delayed Quote.11.69%
NIKKEI 225 1.81% 29068.63 Real-time Quote.5.92%
NIPPON STEEL CORPORATION 0.74% 1961.5 End-of-day quote.47.70%
PANASONIC CORPORATION 2.03% 1404.5 End-of-day quote.17.98%
S&P 500 0.75% 4471.37 Delayed Quote.18.16%
S&P GSCI BRENT CRUDE INDEX -0.08% 716.171 Delayed Quote.62.45%
S&P GSCI CRUDE OIL INDEX 0.25% 447.9336 Delayed Quote.68.03%
S&P/CITIC 300 INDEX 0.03% 4464.36 Delayed Quote.-2.81%
S&P/CITIC 50 INDEX 0.03% 4251.81 Delayed Quote.-8.84%
SEVEN GROUP HOLDINGS LIMITED 0.42% 21.55 End-of-day quote.-7.71%
SHINSEGAE INC. 4.11% 266000 End-of-day quote.11.06%
TESLA, INC. 3.02% 843.03 Delayed Quote.19.47%
TWILIO INC. -1.16% 353.31 Delayed Quote.4.38%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 1.28% 734 End-of-day quote.14.60%
WTI 1.09% 82.468 Delayed Quote.69.35%
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