GLOBAL MARKETS 
DJIA         33949.41  205.57   0.61% 
Nasdaq       11512.41  199.06   1.76% 
S&P 500       4060.43   44.21   1.10% 
FTSE 100      7761.11   16.24   0.21% 
Nikkei Stock 27388.20   25.45   0.09% 
Hang Seng    22605.09   38.31   0.17% 
Kospi         2485.43   16.78   0.68% 
SGX Nifty*   18023.50   70      0.39% 
*Feb contract 
 
USD/JPY 129.71-72  -0.39% 
Range   130.25   129.51 
EUR/USD 1.0880-83  -0.09% 
Range   1.0902   1.0881 
 
CBOT Wheat March $7.524 per bushel 
Spot Gold     $1,930.70/oz 0.1% 
Nymex Crude (NY) $81.05   $0.90 
 
 
U.S. STOCKS

U.S. stocks rose Thursday after a fresh slate of economic-data and corporate earnings reports continued to paint a mixed picture of the economy's direction.

The S&P 500 added 44.21 points, or 1.1%, to 4060.43, while the tech-heavy Nasdaq Composite gained 199.06 points, or 1.8%, to 11512.41. The Dow Jones Industrial Average edged up 205.57 points, or 0.6%, to 33949.41, rising for five consecutive trading days.

All three indexes are up for the year so far, though their rally has been choppy and tentative. On Wednesday, the major indexes had closed nearly flat after a slew of earnings reports. 


 
 
ASIAN STOCKS

The Nikkei Stock Average was up 0.1% at 27396.73 in early trade as gains in financial and electronics stocks helped offset losses in shipping and pharmaceutical stocks. Dai-ichi Life Holdings was up 1.0% and Sumitomo Mitsui Financial Group was 1.1% higher as the newest 10-year Japanese government bond yield rose 1.5 basis points to 0.475%. Earnings remained in focus, with Fanuc set to report its results later in the day.

South Korea's benchmark Kospi edged 0.1% lower to 2466.11 in early mixed trade, as investors sift through a batch of corporate earnings. Foreigners were net buyers while institutional and retail investors were net sellers. USD/KRW was 0.2% lower at 1,228.10. Steelmaker Posco Holdings was 0.6% lower ahead of its 4Q earnings reports later in the day.

Hong Kong's Hang Seng Index was 0.3% higher at 22640.75, as investors digested local and U.S. economic data. "While the Covid reopening in mainland China will benefit Hong Kong's exports, overall external demand will be feeble due to global slowdown and the electronic down-cycle," Commerzbank analysts said. Consumer-related stocks were higher, likely supported by holiday-driven demand.

Markets in China are closed for the Lunar New Year. 


FOREX

JPY strengthened against most G-10 and regional currencies in the morning Asian session. JPY looks like it's responding to growing market expectations for a BOJ policy shift due to a higher-than-expected inflation outcome, said ING economists, noting this morning's Tokyo January CPI data. The upcoming salary negotiations in Japan were key to monitor as wage growth is a pre-requisite for sustainable inflation, the economists added. USD/JPY fell 0.4% to 129.75, AUD/JPY edged 0.1% lower to 92.42 and EUR/JPY dropped 0.4% to 141.28.

MYR strengthened against USD and SGD amid some tailwinds. There were expectations for an increase in Chinese visitors to Malaysia, which could fuel the country's tourism and services sectors, as well as capital inflows by investors who continue to flock to Asian markets, SPI Asset Management said. For next week, USD/MYR could trade within a 4.2175-4.2375 range, but this depends on regional risk sentiment in the wake of the Lunar New Year holidays, it added. USD/MYR was 0.4% lower at 4.2295 after earlier touching 4.2240, its lowest intraday level since April 2022, according to FactSet. SGD/MYR was down 0.6% at 3.2232. 


-0- 
METALS

Gold was a tad higher in early Asian trade, supported by continued haven demand. Oanda said the precious metal softened a bit as stronger-than-expected U.S. GDP figures lent support to the view that the Federal Reserve might be able to deliver a soft landing, but he reckoned that safe-haven demand would continue as consumer spending was clearly weakening. "We will probably need to wait a little longer for GDP and claims data to catch up." Focus would be on the Fed's rate decision next week, which typically influences the price of the metal. Spot gold was up 0.1% at $1,930.70/oz. 


OIL SUMMARY

Crude oil was up in early trade in Asia, buoyed by signs of rising demand from China, ANZ analysts said. Traders were likely focusing on the outcome of the OPEC+ review meeting due next week, where delegates are expecting an advisory committee of ministers to recommend keeping crude-oil production unchanged, the analysts added. The front-month WTI futures contract was up 0.3% to $81.28/bbl while the front-month Brent futures contract rose 0.3% to $87.75/bbl. 


 
 
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(END) Dow Jones Newswires

01-26-23 2215ET