GLOBAL MARKETS DJIA 29296.79 -630.15 -2.11% Nasdaq 10652.40 -420.91 -3.80% S&P 500 3639.66 -104.86 -2.80% FTSE 100 6991.09 -6.18 -0.09% Nikkei Stock Closed Hang Seng 17348.30 -391.75 -2.21% Kospi Closed SGX Nifty* 17036.00 -278 -1.61% *Oct contract USD/JPY 145.41-42 +0.07% Range 145.67 145.29 EUR/USD 0.9742-45 +0.04% Range 0.9754 0.9725 CBOT Wheat Dec $8.802 per bushel Spot Gold $1,696.45/oz 0.2% Nymex Crude (NY) $92.52 $4.07 U.S. STOCKS
US stocks slid on Friday after a relatively strong jobs report, capping a roller-coaster week in which investors pinned hopes of looser monetary policy – only to abandon them.
The Dow Jones Industrial Average fell 630.15 points, or 2.1%, to 29296.79. The S&P 500 slipped 104.86 points, or 2.8%, to 3639.66. The Nasdaq Composite lost 420.91 points, or 3.8%, to 10652.40.
All three indices remained higher for the week after three straight weeks of declines. The Dow is up 2% this week, while the S&P 500 is up 1.5% and the Nasdaq is up 0.7%.
Markets in Japan and South Korea are closed on Monday for a public holiday.
Hong Kong’s Hang Seng Index was 2.0% lower at 17386.37, mirroring last Friday’s losses on Wall Street, which were buoyed by a solid US jobs report. The report increased the likelihood that the Fed would proceed with a rate-hiking cycle that many investors fear will push the economy into a recession, Phillip Securities Research said. The US CPI report, due out this week, could provide an important snapshot of the state of inflation, the team added. Losses at HSI were broad-based, with Li Ning down 4.9%, Sunny Optical Technology down 5.4% and Sands China down 4.6%. The Hang Seng Tech Index fell 2.9% to 3437.74.
Chinese stocks were mixed as the market resumed trading after a week-long holiday. The benchmark Shanghai Composite Index rose 0.1% to 3026.70, holding on to opening gains. The Shenzhen Composite Index and ChiNext Price Index both declined, down 0.3% to 1906.69 and 0.6% to 2275.05, respectively. Market conditions likely turned more favorable after the National Day holiday as global stocks rallied in recent sessions, increasing overall risk appetite in the stock market, GF Securities said. Their technical analysis also suggested that A-share valuations were likely to bottom soon.
Asian currencies were mixed against the USD in the morning Asian session but could weaken on heightened expectations of a Fed rate hike spurred by last Friday’s US jobs report, analysts said. Asia ex-Japan currencies would remain under pressure today, analysts at MUFG Bank said in a research note. A stronger USD following the US jobs report combined with risk aversion fueled by China’s Caixin services PMI falling into contractionary territory could weigh on currencies, MUFG Bank added. USD/THB was up 0.2% to 37.67, USD/SGD was little changed at 1.4334 and AUD/USD was up 0.2% to 0.6375.
Gold edged higher in early Asian morning session amid the holiday break in parts of Asia, but gains could be capped by concerns over aggressive Fed tightening following last Friday’s solid US jobs report. The precious metal could be vulnerable ahead of this week’s US inflation data as market participants looked to see a much softer jobs report, Oanda said. Unless inflation data shows surprises of a slowdown, a Fed pivot seems far away, Oanda added. Spot gold rose 0.2% to $1,696.45/oz.
Oil prices fell in the early Asian session after surging last week on OPEC+’s decision to cut production. Oil prices pulled off their highs in early Asian trade, SPI Asset Management said, noting media reports that the US planned to offer eight companies oil that would be released from the Strategic Petroleum Reserve. Front month WTI crude futures were down 0.3% at $92.37/bbl; Front month Brent crude futures were down 0.3% at $97.66/barrel.
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(ENDS) Dow Jones Newswires
Oct 09 2022 23:15 ET (03:15 GMT)
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