Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Indian Morning Briefing : Asian Markets Lower After Wall Street Decline

09/08/2021 | 11:16pm EDT
SUBSCRIBER NOTICE: This newsletter will resume at 0300 GMT Monday. Markets in India are closed on Friday, Sept. 10, in 
observance of Ganesh Chaturthi. 
 
GLOBAL MARKETS 
DJIA            35031.07    -68.93    -0.20% 
Nasdaq          15286.64    -87.69    -0.57% 
S&P 500          4514.07     -5.96    -0.13% 
FTSE 100         7095.53    -53.84    -0.75% 
Nikkei Stock    30043.70   -137.51    -0.46% 
Hang Seng       26007.54   -313.39    -1.19% 
Kospi            3137.84    -25.15    -0.80% 
SGX Nifty*      17332.50     -50.0    -0.29% 
*Sep contract 
 
USD/JPY    110.15-16   -0.11 
Range      110.30   110.10 
EUR/USD    1.1821-24   +0.04 
Range      1.1828   1.1813 
 
CBOT Wheat Sep $6,982 per bushel 
Spot Gold   $1,789.64/oz 0.1% 
Nymex Crude (NY)$69.34 $0.99 
 
 
US STOCKS 

U.S. stocks fell on investors' concerns that Covid-19 cases remain elevated and uncertainty about when central banks may dial back easy-money policies.

The S&P 500 was down 0.1% as of the 4 p.m. close of trading in New York. The Dow Jones Industrial Average retreated 0.2%. Meanwhile, the tech-heavy Nasdaq Composite fell 0.6% as large technology stocks fell.

Stocks have lost steam in recent days as investors assessed the rise in coronavirus cases and a weaker-than-expected jobs report on Friday. Money managers are awaiting fresh cues from the Federal Reserve and the European Central Bank about how signs of a slowing economic recovery and high inflation levels may influence their plans to taper monetary stimulus.

 
ASIAN STOCKS 

Japanese stocks were lower, dragged by falls in pharmaceutical and tech stocks, as some profit-taking kicked in following the benchmark Nikkei Stock Average's rise on Wednesday to its highest level in nearly six months. Any developments over the ruling Liberal Democratic Party's leadership election are being closely watched. The Nikkei Stock Average was 0.5% lower at 30028.88.

South Korea's Kospi was 0.3% lower at 3153.96 in early trade, tracking U.S. stocks that declined overnight on coronavirus concerns and uncertainties over when central banks might tighten policy. Internet services providers Kakao Corp. and Naver Corp. extended losses from Wednesday's session amid regulatory concerns. Car maker Hyundai Motor declined following news that it will, together with General Motors and Jaguar, voluntarily recall about 500 vehicles to fix faulty components.

Hong Kong's Hang Seng Index was 1.0% lower at 26059.81 in early trade, tracking a decline in Wall Street overnight. The index was being weighed by a selloff in tech shares after Chinese authorities called on online-game companies to ensure they implement stricter rules for minors in the sector, KGI Securities said. The Hang Seng Tech Index was trading 2.5% lower at 6701.84.

Chinese stocks were mixed, amid broad declines among other Asian equities. The Shanghai Composite Index was 0.2% lower at 3668.46. The Shenzhen Composite Index edged down 0.1% to 2491.18 and the ChiNext Price Index--a measure for emerging industries and startups--rose 0.4% to 3231.31. Market reactions to China's inflation figures for August will be in focus, IG said, adding that the divergence between CPI and PPI appears to be persistent. This may suggest that companies are facing challenges in passing on some costs to consumers, IG added.

 
FOREX 

AUD/USD was trading heavy near 0.7370. The outlook for FOMC tapering and concerns about the global economic impact of the Delta variant can continue to drive AUD in the near term, said CBA. Chinese economic activity is also worth monitoring closely because slowing Chinese growth is a major downside risk to AUD. CBA said it is watching closely whether the expected increase in China's local government bonds to finance infrastructure spending comes through. RBA Deputy Governor Guy Debelle also speaks at 0830 GMT.

 
METALS 

Gold was little changed in early Asian trade after declining overnight on pressure by further strength of the greenback. The precious metal's upward momentum appeared to have waned significantly as a severe bout of USD strength set a downward correction in motion, Oanda said. It put support for gold at $1,780.00 an ounce. Spot gold was last up 0.1% at $1,789.64/oz.

 
OIL SUMMARY 

Oil declined in early Asia trade, reversing some overnight gains spurred by a sluggish energy output recovery in the Gulf of Mexico after Hurricane Ida. The global oil demand recovery is facing setbacks with the growing number of Covid-19 Delta cases in Asia, Commonwealth Bank said. Although OECD commercial stockpiles of crude oil and other liquids are expected to fall to a 61-day low by November, oil demand still remains uncertain due to the pandemic. "It's difficult to have conviction that demand will be strong enough to drive shortages in coming months." Front-month WTI crude oil futures were 0.2% lower at $69.19/bbl, while Brent crude fell 0.1% to $72.53/bbl.

 
 
TOP HEADLINES 
China's Producer Prices Rose at Faster-Than-Expected Pace in August 
U.S. Economic Growth Slowed Over the Summer Due to Delta Variant 
Stocks Decline as Nasdaq Fades From Record 
Oxford Economics Expects 10-Year Treasury Yield to Start Modest March Higher 
Democrats Jockey Over Taxes, Healthcare in $3.5 Trillion Plan 
Fed's John Williams: Economy Appears on Track for Fed Taper This Year 
Democrats' Split Deepens Over Powell Fed Reappointment 
Coinbase Says SEC Is Investigating Its Crypto Lending Program 
Yellen Says Treasury Could Exhaust Cash-Conservation Measures in October 
Afghanistan Evacuation Efforts Snarled by New Taliban Rules 
Biden Administration Seeks New Law to Ease Afghan Refugees' Path to Green Cards 
Boston Beer Pulls Guidance as Hard Seltzer Demand Fizzles 
United Gives Staff More Time To Get Covid-19 Vaccines 
Energy Vault Reaches $1.6 Billion SPAC Deal to Go Public 
Goldman Hires Former McKinsey Chief to Help Run Asia Business 
Perrigo to Buy Héra for $2.1 Billion, Furthering Nonprescription Focus 
Boeing Board to Face 737 MAX Lawsuit 
 
 

(END) Dow Jones Newswires

09-08-21 2315ET

Latest news "Economy & Forex"
05:57pUK says substantial differences remain with EU over Northern Ireland trade
RE
05:47pTesla increases model 3 standard range plus price by $2,000 to $43,990 – company website
RE
05:47pTesla increases model y long range by $2,000 to $56,990 – company website
RE
05:47pTesla increases model s long range price by $5000 to $94,990 – company website
RE
05:46pTesla increases model x long range price by $5000 to $104,990 – company website
RE
05:30pUk says talks with eu on northern ireland protocol have been constructive, but substantial gaps remain
RE
05:24pMCX MULTI COMMODITY EXCHANGE OF INDIA : reports Net Profit of 32.66 cr. in Q2 FY21-22
PU
02:55pU.S. CDC Reports Total Deaths Of 733,834 Due To Coronavirus As Of Yesterday Versus 731,931 In Previous Report On Oct 22
RE
02:55pU.s. cdc reports total novel coronavirus cases of 45,316,210 as of yesterday versus 45,235,796 in previous report on oct 22
RE
02:54pU.s. cdc reports total deaths of 733,834 due to coronavirus as of yesterday versus 731,931 in previous report on oct 22
RE
Latest news "Economy & Forex"