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Indian Morning Briefing : Asian Markets Mixed; China’s Manufacturing Sector Rebounded in

DJIA               36585.06    246.76     0.68% 
Nasdaq             15832.80    187.83     1.20% 
S&P 500             4796.56     30.38     0.64% 
FTSE 100            7384.54    -18.47    -0.25% 
Nikkei Stock       29201.60    409.89     1.42% 
Hang Seng          23254.23    -20.52    -0.09% 
Kospi               2976.45    -12.32    -0.41% 
SGX Nifty*         17670.00     -27.5    -0.16% 
*Jan contract 
USD/JPY    115.48-49  +0.14% 
Range      115.49   115.28 
EUR/USD    1.1308-11  +0.10% 
Range      1.1311   1.1294 
CBOT Wheat March $7.580 per bushel 
Spot Gold  $1,803.50/oz 0.1% 
Nymex Crude (NY) $76.01 $0.80 

U.S. stocks rose in the first session of 2022 and Apple briefly touched a $3 trillion market capitalization, though investors were also monitoring cases of the Omicron variant of Covid-19.

The S&P 500 gained 0.6%, closing at a record after a year where it rose 27% and notched 70 record highs along the way. The tech-focused Nasdaq Composite Index rose 1.2%, while the Dow Jones Industrial Average rose 0.7% — also ending at a new high.


Japanese stocks were higher, led by gains in auto, electronics and financial stocks, on the first trading day of 2022 following solid gains in U.S. stocks overnight. Dai-ichi Life Holdings was up 2.2% and Daiwa Securities Group was 1.5% higher after U.S. Treasury yields rose sharply overnight. Covid-19 infection trends and the government’s countermeasures are in focus. The Nikkei Stock Average was 0.8% higher at 29030.62.

South Korea’s Kospi edged 0.1% lower to 2985.88 in early trade. Biotech and internet stocks retreated, while auto and home-appliance shares advanced. Trading was thin as the index flitted between tiny gains and losses. USD/KRW was 0.4% higher at 1,196.20, weighing on local equities.

Hong Kong stocks were higher in morning trade, tracking a solid ADR performance by Chinese companies in the U.S. market overnight. The benchmark Hang Seng Index added 0.4% to 23372.85, led by car makers. KGI Securities warned the momentum may be limited by rising U.S. Treasury yields and the dollar, whose higher returns typically draw funds away from Asia.

Chinese stocks were lower at the start of 2022 trading after opening higher. The benchmark Shanghai Composite Index and Shenzhen Composite Index were both down 0.1%, at 3635.10 and 2527.93, respectively. The ChiNext Price Index, a measure for emerging industries and startups, lost 1.3% to 3278.68. New-energy equipment makers led the downturn, as the sector weakened from its strength last week. Huafu Securities pointed out that the A-share market is currently at a relative high level, and may experience some volatility in the near term. It expected key resistance at 3700 for the Shanghai Composite.


USD/JPY hit the highest level in more than one month following sharp gains in U.S. Treasury yields overnight. The pair was reacting to a widening U.S.-Japan bond yield gap, Citi said, adding it may break above the 2021 high of around 115.50. USD/JPY rose to 115.48, the highest since Nov. 24. It was at 115.32 as of Monday 5 p.m. Eastern Time. The Institute for Supply Management’s U.S. manufacturing activity data due later in the day will be closely watched for any signs of U.S. economic strength.


Gold edged higher in the Asian morning session on a likely technical adjustment, after prices of gold futures settled overnight at their lowest level in nearly two weeks. From a technical-analysis perspective, the benchmark February gold contract hasn’t been able to garner strength to follow through after breaking above resistance at the $1,830.00/oz level, Phillip Futures said. In the absence of market-moving fundamentals, gold prices are expected to continue to form a strong base before moving higher on haven demand, Phillip Futures added. Spot gold was up 0.1% at $1,803.50/oz.


Oil rose ahead of the OPEC+ meeting later in the day to decide on whether to increase production levels in February. Benchmark crude tested the $80/bbl handle in the last days of trading in 2021, but it has so far failed to return to that range, OCBC said. However, the oil rally is expected to persist in 2022 on recovering Asian demand and persistent inventory tightness globally, it said. Front-month WTI crude oil futures were 0.5% higher at $76.47/bbl, while Brent crude oil futures gained 0.6% to $79.42/bbl.

U.S. Stocks Close Higher to Start 2022 
China's Manufacturing Sector Rebounded in December, Caixin PMI Shows 
New Year Sends Treasury Yields Higher 
OPEC Names Veteran Kuwaiti Executive as Next Chief 
Covid-19 Cases Soar to New Records in U.S. 
Omicron Surge Stymies Public-Transit Systems 
New EU Rules Spark Fight Over What Is 'Green' Energy 
U.S., European Factories See Easing Supply Strains, but Omicron Threatens Setbacks 
The Elizabeth Holmes Verdict: Theranos Founder Is Guilty on Four of 11 Charges in Fraud Trial 
Biden Promotes Plan Aimed at Tackling Meat Prices 
Attacks on U.S. Allies Raise Tensions on Anniversary of Killing of Iran's Soleimani 
Erdogan Says He Will Visit Saudi Arabia in February 
FDA Authorizes Pfizer-BioNTech Booster for 12- to 15-Year-Olds 
Grammys Mull Postponement as Omicron Spread Disrupts Rebound in Entertainment 
Airbnb Settles With U.S. on Alleged Violations of Cuba Sanctions 
Starbucks Imposes Vaccine, Testing Requirements for U.S. Workers 
Thousands of Additional Flights Canceled as Winter Storm, Omicron Surge Hurt Airlines 
Apple Briefly Tops $3 Trillion Market Cap 

(END) Dow Jones Newswires

01-03-22 2215ET

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