Subscribers: This newsletter won’t be published Monday, Jan. 2, as most markets around the world are closed in observance of New Years Day. It will resume around 0300 GMT on Tuesday, Jan. 3.
GLOBAL MARKETS DJIA 33220.80 345.09 1.05% Nasdaq 10478.09 264.80 2.59% S&P 500 3849.28 66.06 1.75% FTSE 100 7512.72 15.53 0.21% Nikkei Stock 26161.21 67.54 0.26% Hang Seng 19935.07 193.93 0.98% Kospi Closed SGX Nifty* 18343.50 63.5 0.35% *Jan contract USD/JPY 132.60-61 -0.32% Range 133.10 132.39 EUR/USD 1.0656-59 -0.06% Range 1.0671 1.0655 CBOT Wheat March $7.740 per bushel Spot Gold $1,817.38/oz 0.2% Nymex Crude (NY) $78.51 -$0.45 US STOCKS
The S&P 500 jumped in one of the last trading sessions of the year but remained on track to close out its worst year since the 2008 financial crisis.
The S&P 500 added 1.8% while the technology-focused Nasdaq Composite Index gained 2.6% and the Dow Jones Industrial Average moved up about 1%.
The gains stretched across industries, with all 11 of the S&P 500’s sectors advancing for the day. Tech stocks were among the best performers, with some recent stock-market losers outperforming the broader market.
In the latest read on the health of the U.S. economy, figures showed the number of workers filing for unemployment benefits in the week ended Dec. 24 stood at 225,000, up slightly from 216,000 the week prior.
ASIAN STOCKS
Japanese stocks were higher, led by gains in tech and electronics stocks, as concerns eased about borrowing costs amid uncertainty over the global economic outlook. Investors are focusing on domestic bond yields as they remained volatile following the Bank of Japan’s loosening of its yield control last week. The Nikkei Stock Average was up 0.7% at 26279.30.
Hong Kong shares rose in the last trading session of the year, tracking Wall Street’s gains overnight and on track to end the year with about a 14% contraction. The big retreat was largely driven by tech companies and mainland property developers, from the country’s biggest developer Country Garden to smaller one like Seazen Group, as Beijing pledged to regulate the sector in order to rein in the financial risks posed by highly leveraged developers. The benchmark Hang Seng Index was up 1.5% at 20030.85 in early trade.
Chinese shares rose in the final session of the year, tracking Wall Street gains overnight, and are on course to close out 2022 about 15% lower. The Shanghai Composite Index is up 2.2% in 4Q, as the country’s reopening news has boosted investor sentiment since November and the market expects economic growth to pick up in the coming year. The Shanghai Composite Index climbed 0.4% to 3084.52, the Shenzhen Composite Index added 0.4% and the ChiNext Price Index was 0.5% higher.
South Korean markets are closed today.
FOREX
The dollar strengthened slightly in Asia. “The focus will remain on terminal rates and just how forceful central banks will be in their bid to defeat inflation. The Fed in particular has remained very bullish on its rate intentions, so much so that it may have spooked investors a little at this month’s meeting. But that could quickly change in Q1 if the data allows,” said Craig Erlam of Oanda. Traders are also closely watching how global economies react to China’s shift away from zero-Covid but also deals with a surge in new infections.
METALS
Gold was higher in early Asian trade as the market ends 2022 on a positive note. Gold has been range-trading in December as traders are holding back to see the Fed’s moves next year as the expectation of slower Fed rate hikes “doesn’t quite align with the hawkish narrative coming from the central bank,” said Craig Erlam, a senior market analyst at Oanda. Some traders expect the precious metal to be supported in 2023 by the potential economic recession, persistently high inflation and geopolitical tensions. Spot gold was 0.2% higher at $1,817.38/oz.
OIL SUMMARY
Oil rose in the morning Asian session amid lingering hopes for Chinese demand. The slightest recovery in Chinese mobility data in January will probably spark a sizable oil rally as traders will begin to see the “forest from the trees,” and look to the data for signals on whether Chinese demand is finally starting to make progress, said Stephen Innes, managing partner of SPI Asset Management, in an email. Front-month WTI crude oil futures were 0.4% higher at $78.71/bbl; front-month Brent crude oil futures rose 0.3% to $83.73/bbl.
TOP HEADLINES Stocks Rally as Year-End Approaches Biden Signs $1.65 Trillion Spending Bill Including Aid to Ukraine U.S. Jobless Claims Edged Higher Last Week U.S. Crude-Oil Inventories Unexpectedly Rise Defensive Stocks Become Hideout for Investors in a Rocky Market Canada Shifts on China to Build Credibility With Allies Beijing Calls for 'Science-Based' Response to Covid Outbreak Keystone Pipeline to Fully Restart After Oil Spill, Repairs Restaurant Group Sues to Block California Fast-Food Wage Law FDA Faulted for Working Improperly With Biogen Before Clearing Alzheimer's Drug Southwest Airlines Gears Up for a Normal Flight Schedule on Friday After Mass Cancellations FTX Customers Want Identities Redacted From Bankruptcy Filings AmerisourceBergen Hit With Federal Lawsuit Over Opioid Crisis U.S. Moves to Appease Allies on EV Subsidies Apple iPhone Output in China Begins to Catch Up Despite Covid-19 Issues
(END) Dow Jones Newswires
December 29, 2022 22:17 ET (03:17 GMT)
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Read More:Indian Morning Briefing: Asian Markets Rise, Tracking Wall Street Gains
2022-12-30 03:17:00
