DailyBubble News
DailyBubble News

Indian Morning Briefing: Asian Markets Mixed; Focus on Earnings


Subscribers Note: This newsletter will resume on Friday, Jan. 27. Markets in India are closed on Thursday for Republic Day.

 
 
GLOBAL MARKETS 
DJIA         33733.96   104.40   0.31% 
Nasdaq       11334.27   -30.14  -0.27% 
S&P 500       4016.95    -2.86  -0.07% 
FTSE 100      7757.36   -27.31  -0.35% 
Nikkei Stock 27333.71    34.52   0.13% 
Hang Seng    CLOSED 
Kospi         2428.36    33.10   1.38% 
SGX Nifty*   18173.00   -31.5   -0.17% 
*Feb contract 
 
USD/JPY 130.27-28  +0.08% 
Range   130.47   130.05 
EUR/USD 1.0895-98  +0.08% 
Range   1.0903   1.0881 
 
CBOT Wheat March $7.344 per bushel 
Spot Gold  $1,937.00/oz  Unch 
Nymex Crude (NY) $80.17  -$1.45 
 
 
U.S. STOCKS 

U.S. stock indexes finished mixed Tuesday, as a series of major companies reported earnings.

The Dow Jones Industrial Average added 104.40 points, or 0.3%, to 33733.96, after sliding earlier in the morning. The S&P 500 fell 2.86 points, or 0.1%, to 4016.95, and the Nasdaq Composite was down 30.14 points, or 0.3%, to 11334.27.

The S&P 500 had gained a decisive 1.2% the day before, to close at its highest since early December. Stocks had also rallied Friday as investors bet that easing inflation would allow the Federal Reserve to slow the pace of its interest-rate rises and potentially even cut rates later this year.

Earnings season is in full swing.

“The biggest thing this week would be earnings,” said John Roe, head of multiasset funds at Legal & General Investment Management.

 
 
ASIAN STOCKS 

Japanese stocks were slightly down in morning trade, dragged by falls in electronics and tech stocks amid continued uncertainty over the economic and earnings outlook. Earnings remained in focus. The Nikkei Stock Average was down 0.1% at 27265.61.

South Korea’s benchmark Kospi rose 1.5% to 2431.86 as trading resumed after the Lunar New Year holiday break. Semiconductor and battery stocks were leading the advance. Foreign investors were net buyers as risk-on sentiment and a weaker U.S. dollar sent USD/KRW 0.2% lower at 1,233.00. Car maker Hyundai Motor gained 1.1% ahead of 4Q earnings later this week.

Markets in China and Hong Kong are closed for the Lunar New Year holiday.

FOREX 

Most Asian currencies consolidated in the early Asian session amid trading thinned by the Lunar New Year holidays in parts of the region, although they may be weighed by faltering risk sentiment, analysts said. A cautious tone has permeated risk assets in Asia, said SPI Asset Management, noting losses in U.S. stock futures. USD/SGD edged 0.1% lower to 1.3183 and USD/MYR fell 0.3% to 4.2725 while USD/JPY was up 0.1% at 130.29.

METALS 

Gold prices were flat early Asian trade. The price of the precious metal could trade sideways ahead of the release of U.S. 4Q GDP data and the upcoming Federal Reserve interest-rate decision, Oanda said. Traders would be watching for signs of the U.S.’s future rate path, which tends to influence the direction of gold prices. Company earnings also remained in focus. Results so far have been coming in soft, and signs of a weaker economy could keep demand for gold stable due to its safe-haven status, it added. Spot gold was flat at $1,937.00/oz.

OIL SUMMARY 

Crude oil prices rose slightly in early Asian trade. Oil prices fell in the previous trading day, but the selloff remained constrained by expectations of a strong rebound in demand from China, ANZ analysts said. Uncertainty around Chinese demand and a lack of clarity of the impact of sanctions on Russian crude oil supplies could remain the key issues in focus for the OPEC+ alliance, the analysts added. The front-month contract for WTI futures rose 0.1% to $80.18/bbl, while the front-month Brent crude contract added 0.2% to $86.28/bbl.

 
 
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New Zealand 4Q Inflation Slightly Above Expectations 
U.S. Poised to Provide Abrams Tanks to Ukraine 
U.S. Economy Slows, as Europe's Picks Up 
Bank of Canada Expected to Issue One Final Rate Rise 
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Turkey...



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