GLOBAL MARKETS 
DJIA         33044.56  -252.40  -0.76% 
Nasdaq       10852.27  -104.74  -0.96% 
S&P 500       3898.85   -30.01  -0.76% 
FTSE 100      7747.29   -83.41  -1.07% 
Nikkei Stock 26455.14    49.91   0.19% 
Hang Seng    21787.88   136.90   0.63% 
Kospi         2374.26    -6.08  -0.26% 
SGX Nifty*   18136.00    22.5    0.12% 
*Jan contract 
 
USD/JPY 128.76-77 +0.26% 
Range   128.89   128.36 
EUR/USD 1.0838-41 +0.06% 
Range   1.0846   1.0829 
 
CBOT Wheat March $7.344 per bushel 
Spot Gold   $1,930.50/oz  -0.1% 
Nymex Crude (NY) $80.46   $0.98 
 
 
U.S. STOCKS

U.S. stocks extended a string of losses Thursday as economic data and corporate-earnings reports clouded investors' views of the health of the economy.

After opening lower, the S&P 500 couldn't regain much momentum, falling for a third straight day. It dropped 30.01, or 0.8%, to 3898.85. The Dow Jones Industrial Average declined 252.40, or 0.8%, to 33044.56, sliding into negative territory on the year. The technology-heavy Nasdaq Composite Index lost 104.74, or 1%, to 10852.27.

Losses this week have come alongside weaker-than-expected economic figures. Data on retail sales and producer prices both pointed to growing sluggishness in the U.S. economy, a sign that the Federal Reserve's fight against inflation is working, but not without an economic cost. 


 
 
ASIAN STOCKS

Japanese stocks were slightly lower in early trade, dragged by falls in electronics stocks, as uncertainty continues over earnings and the economic outlook amid policy tightening by central banks. Investors are focusing on economic data and their policy implications, ahead of the earnings season set to start next week. The Nikkei Stock Average is down 0.1% at 26369.97.

South Korea's benchmark Kospi rises 0.3% to 2387.53 in early trade, led by semiconductor and financial stocks. Foreign investors are net buyers of local stocks, as USD/KRW is 0.1% lower at 1,230.85. Trading is thin ahead of the Lunar New Year holidays. Investor hopes that the semiconductor industry downturn could rebound later this year are sending memory-chip makers higher. Samsung Electronics rises 1.1% and SK Hynix climbs 2.6%. Shinhan Financial Group gains 1.1% and digital lender KakaoBank adds 1.7%. Internet platform giant Naver is up 1.0%. Shipbuilder Hyundai Heavy Industries is 0.5% higher after a new contract win.

Hong Kong stocks were higher in early trade, recovering from a slight drop on Thursday to resume the market's recent rally. The benchmark Hang Seng Index was up 0.6% at 21788.13. Ping An Securities analysts said fund flows into the Hong Kong market from international investors have been rising in recent sessions, a sign of improving investor confidence and higher attractiveness of the city's equities amid broad weakness in global stocks. The brokerage reckoned this could support more upside for internet companies, which are poised to significantly benefit from China's reopening and investor sentiment rebound.

Chinese shares were higher ahead of the Lunar New Year holiday next week. China's Covid-19 outbreaks may remain in focus as domestic travel is expected to surge during the coming holiday. The number of scheduled domestic flights is set to climb by more than 40% in late January, ANZ analysts said. Chinese liquor stocks were higher. The benchmark Shanghai Composite Index rose 0.3% to 3251.36, the Shenzhen Composite Index gained 0.5% and the ChiNext Price Index added 0.6%. Markets in China will be closed next week for the Lunar New Year. 


FOREX

Asian currencies consolidate against USD in the morning session ahead of the coming Lunar New Year holidays. China's reopening is an important macroeconomic tailwind for regional currencies in 2023, but broader USD direction shouldn't be ignored, says Alvin T. Tan, head of Asia FX Strategy at RBC Capital Markets, in a research report. For Asian currencies in particular, the chief macro factor for many is expected to remain a broad USD trend, Tan says. THB and KRW are among those which are likely to be supported by China's reopening, Tan adds. USD/KRW rises 0.2% to 1,235.31, USD/SGD edges 0.1% higher to 1.3229 while AUD/USD is up 0.2% at 0.6929. 


METALS

Gold was slightly lower in early Asian trade, after prices overnight climbed to their highest since April amid indications of a slowdown in U.S. inflation. "Gold will look even more attractive if the U.S. is viewed as likely having a recession in the second half of the year, which could mean earnings will contract far worse than markets are pricing," Oanda said. Spot gold was 0.1% lower at $1,930.50/oz. 


OIL SUMMARY

Oil prices rose in early Asian trade, extending overnight gains as traders continued to look ahead to the upcoming EU ban on Russian oil products. Developments relating to OPEC+ will also likely remain in focus. "OPEC+ is maintaining its constraints on output and the ongoing delays to the nuclear deal pose downside risks to Iranian export growth this year," Fitch Solutions analysts said. Meanwhile, Commonwealth Bank of Australia said that China's reopening should continue to put the energy market on more solid footing. Front-month WTI futures advanced 0.6% to $80.83/bbl; front-month Brent rose 0.5% to $86.62/bbl. 


 
 
TOP HEADLINES 
 
China's Central Bank Keeps Benchmark Lending Rates Unchanged 
Japan Consumer Prices Hit 41-Year High 
Top Fed Officials See Progress on Inflation Fight 
U.K. Consumer Confidence Unexpectedly Deteriorated in January 
U.S. housing starts fell in 2022, as the nation builds fewer homes 
U.S. Nears Debt Ceiling, Begins Extraordinary Measures to Avoid Default 
U.S. Oil Inventories Rise on Muted Refinery Activity 
U.S. Jobless Claims Fell by 15,000 Last Week 
FDA Seeks More Data on Lilly's Alzheimer's Drug Candidate 
Boeing 737 MAX Families May Weigh In on DOJ's Criminal Settlement, Judge Rules 
FAA Says Contractor Unintentionally Caused Outage Disrupting Flights 
Nordstrom Holiday Sales Decline as Shoppers Tighten Belts 
T-Mobile Says Hackers Stole Data on About 37 Million Customers 
Jamie Dimon Gets $34.5 Million for 2022 
Netflix Co-Founder Reed Hastings Transitions to Chairman Role 
Wayfair Preparing to Lay Off More Than 1,000 Workers 
Crypto Lender Nexo Agrees to Pay $45 Million to Settle Regulatory Investigations 
Russia's Wagner Unit Claims Control of Ukrainian Town Near Bakhmut 
Joe Biden Says 'There's No There There' About Classified Documents Found at Office, Home

(END) Dow Jones Newswires

01-19-23 2215ET