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Indian Morning Briefing: Asian Markets Lower; China PMI Contracted in Nov

11/29/2022 | 10:16pm EST
DJIA         33852.53     3.07   0.01% 
Nasdaq       10983.78   -65.72  -0.59% 
S&P 500       3957.63    -6.31  -0.16% 
FTSE 100      7512.00    37.98   0.51% 
Nikkei Stock 27843.24  -184.60  -0.66% 
Hang Seng    18165.94   -38.74  -0.21% 
Kospi         2442.28     8.89   0.37% 
SGX Nifty*   18743.50   -15     -0.08% 
*Dec contract 
USD/JPY 138.66-67   -0.03% 
Range   138.96   138.45 
EUR/USD 1.0343-46   +0.14% 
Range   1.0355   1.0320 
CBOT Wheat Dec $7.576 per bushel 
Spot Gold   $1,749.71/oz  Unch 
Nymex Crude (NY) $78.41  $1.17 

U.S. stocks closed mostly lower Tuesday as investors eyed protests in China and pondered what Federal Reserve Chairman Jerome Powell might say in a coming speech.

The S&P 500 slipped 6.31 points, or 0.2%, to 3957.63 and the Nasdaq Composite lost 65.72 points, or 0.6%, to 10983.78. The Dow Jones Industrial Average added 3.07 points, or 0.01%, to 33852.53.

Mr. Powell is set to speak Wednesday at the Brookings Institution, the last major scheduled speech for Fed officials before the next rate-setting meeting on Dec. 13-14.


Japanese stocks were lower in early trade, dragged by falls in electronics stocks, as caution continued over the pace of Fed's tightening. Fed Chairman Jerome Powell's speech later in the day was in focus, as well as U.S. economic data. Investors were also closely watching China's Covid measures. The Nikkei Stock Average was down 0.5% at 27883.78.

South Korea's benchmark Kospi edged 0.2% lower at 2429.26 in early trade as machinery and chemicals stocks retreated. Trading was thin as investors exercised caution ahead of a speech by Fed Chairman Jerome Powell later in the day. Any hawkish comments on the future path of rate increases from the U.S. central bank chief could undo recent gains in the equities market. The Kospi index was heading for a second monthly gain in November.

Hong Kong's Hang Seng Index was 0.6% lower at 18092.18. Investors were likely focusing on an upcoming speech from U.S. Fed Chairman Powell at a Brookings Institution event while keeping an eye on the progress of China's eventual reopening, SPI Asset Management said. China's government has said it would prioritize increasing vaccination rates among the elderly, which was being seen as a sign that the country is slowly progressing towards reopening, it said.

Mainland Chinese stocks were slightly lower in early trade, retreating from Tuesday's jump driven by Beijing officials' latest reiteration of targeted pandemic control and avoiding protracted movement curbs. The benchmark Shanghai Composite Index was down 0.2% to 3143.86, the Shenzhen Composite Index was 0.1 point lower at 2016.09, while the tech-heavy ChiNext Price Index declined 0.3% to 2332.85. While the market has likely hit a bottom, overall volatility was likely to remain high due to a lack of clear catalysts and drivers, Yintai Securities analysts said. The brokerage expected major indices to extend an oscillating and fluctuating trend in the near future.


The NZD/USD traded at 0.6198 early Wednesday, but was well off overnight highs as FX volatility ratcheted up a notch ahead of Fed Chair Powell's speech and key U.S. data later in the week, ANZ said. "Optimism that China may be inching away from Covid-zero has lifted too, but the path is likely to be a gradual one, and US stocks came off overnight despite China's strong showing yesterday," ANZ said. It added that today is the end of the month, and for local investors in U.S. or Australian equities, which have outperformed NZ stocks, rebalancing implied NZD buying, especially against AUD.


Gold was little changed in early Asian trade, after rising overnight as the USD stabilized. The precious metal may be supported in the near term, if China's health authority offers some clear signals that the country is close to tweaking the zero-Covid policy, Oanda said. "Gold needs a strong China as it drives risk appetite and could bolster demand jewelry," it added. Spot gold was flat at $1,749.71/oz.


Oil prices were higher in early Asian trade, extending overnight gains amid hopes that China, the world's largest oil importer, might loosen its Covid-19 restrictions. "The hope stems from the conciliatory tone taken by China's National Health Commission, particularly the concession that there was an excessive implementation of Covid controls," CBA said. Market focus will also be on the OPEC+ meeting on Dec. 4, where members will decide on oil-production levels. "We think the group will keep output levels unchanged, particularly given the group is set to meet virtually," it said. Front-month WTI and Brent futures were both 1.0% higher at $78.91/bbl and $85.06/bbl, respectively.

China's Factory, Construction, Service Activities Contract Further in November 
China Officials Soften Tone on Covid Curbs Amid Protests 
OPEC+ Favors Maintaining Flat Production, Delegates Say 
Japan Oct Indus Output -2.6% on Month; Mkt Expected -1.4% 
Australia CPI +6.9% in 12 Months to Oct vs +7.3% in 12 Months to Sep 
Black Friday Weekend Drew Millions of Shoppers Back to Stores 
Congressional Leaders Commit to Quickly Pass Legislation to Avert Rail Strike 
U.S. Home Prices Fall for Third Straight Month 
Yield Curve Inversion Reaches New Extremes 
U.S. Government to Backstop Mortgages Above $1 Million in High-Cost Areas 
Singapore Airlines to Acquire 25% Stake in Air India 
Twitter's Former Trust & Safety Chief Says He Left When System of Governance Went Away 
Horizon Therapeutics Fields Takeover Interest From Pharma Giants 
HPE's stock rises on record sales, strong revenue guidance 
Rio Tinto Plans $600 Million Investment in Solar, Battery Storage for Australia's Pilbara 
BlockFi Affirms Efforts to Return Customer Funds 
Foot Locker Searches For a New Finance Chief 
AMC Networks to Lay Off 20% of U.S. Workers as CEO Exits 
U.S. Sues Jackson, Miss., for Failing to Provide Safe Drinking Water 
Senate Passes Bill Protecting Same-Sex Marriage 
Severe Storms, Tornadoes Predicted for Parts of South 
China's Latest Rocket Sends New Crew to Finish Tiangong Space Station 
Biden Meets Congressional Leaders to Discuss Lame-Duck Plans 

(END) Dow Jones Newswires

11-29-22 2216ET

Stocks mentioned in the article
ChangeLast1st jan.
AMC NETWORKS INC. 2.97% 19.06 Delayed Quote.21.63%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.04% 0.71501 Delayed Quote.3.48%
BRENT OIL 0.08% 83.13 Delayed Quote.-1.80%
BRITISH POUND / US DOLLAR (GBP/USD) 0.02% 1.23896 Delayed Quote.1.76%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.04% 0.753 Delayed Quote.1.80%
DOW JONES INDUSTRIAL 0.02% 34092.96 Real-time Quote.2.83%
EURO / US DOLLAR (EUR/USD) -0.03% 1.1008 Delayed Quote.1.48%
FLOKI INU (FLOKI/USD) 0.00%End-of-day quote.0.00%
FOOT LOCKER, INC. 3.98% 45.24 Delayed Quote.19.71%
FTSE 100 0.28% 7778.77 Delayed Quote.4.29%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.20% 0.012213 Delayed Quote.1.10%
KOSPI COMPOSITE INDEX 0.78% 2468.88 Real-time Quote.9.54%
MSCI SINGAPORE (GDTR) 0.88% 5922.87 Real-time Quote.5.85%
MSCI UNITED KINGDOM (STRD) -0.10% 1142.76 Real-time Quote.7.24%
NASDAQ COMPOSITE 2.00% 11816.32 Real-time Quote.10.68%
NEUTRINO USD (USDN/USD) 2.62% 0.3249 End-of-day quote.-79.29%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.25% 0.65309 Delayed Quote.1.40%
NIKKEI 225 0.20% 27402.05 Real-time Quote.4.72%
RIO TINTO PLC -0.71% 6162 Delayed Quote.6.97%
S&P GSCI CRUDE OIL INDEX -0.27% 421.3525 Real-time Quote.-2.93%
S&P UNITED KINGDOM (PDS) 0.54% 1584.17 Real-time Quote.3.90%
S&P/CITIC 300 INDEX -0.26% 3826.43 Real-time Quote.8.42%
S&P/CITIC 50 INDEX -0.52% 3695.49 Real-time Quote.8.55%
SINGAPORE AIRLINES LIMITED 0.51% 5.96 Delayed Quote.7.23%
US DOLLAR / EURO (USD/EUR) 0.03% 0.908438 Delayed Quote.-1.46%
US DOLLAR / JAPANESE YEN (USD/JPY) -0.03% 128.573 Delayed Quote.-0.76%
WHEAT FUTURES (ZW) - CBE (ELECTRONIC)/C1 -0.43% 758 End-of-day quote.-4.99%
WTI 0.09% 76.705 Delayed Quote.-3.04%
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