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Indian Morning Briefing: Asian Markets Mixed; Bank of Japan's Policy Decision Closely Watched

01/17/2022 | 10:16pm EDT
DJIA*            35911.81   -201.81    -0.56% 
Nasdaq*          14893.75     86.94     0.59% 
S&P 500*          4662.85      3.82     0.08% 
FTSE 100          7611.23     68.28     0.91% 
Nikkei Stock     28579.35    245.83     0.87% 
Hang Seng        24282.74     64.71     0.27% 
Kospi             2887.62     -2.48    -0.09% 
SGX Nifty*       18329.00     -21.0    -0.11% 
*Jan contract 
USD/JPY    114.70-71  +0.08% 
Range      114.72   114.45 
EUR/USD    1.1416-19  +0.09% 
Range       1.1423   1.1406 
CBOT Wheat March $7.414 per bushel 
Spot Gold $1,820.52/oz 0.1% 
Nymex Crude (NY) $84.21  $2.09 
*Markets in the U.S. were closed Monday for a holiday. 

European stocks closed mostly higher as traders stayed positive despite the lack of U.S. trading due to a U.S. public holiday. The DAX 40 gained 0.32%, the CAC 40 rose 0.825, and the FTSE 100 was up 0.91%. U.S. WTI crude futures were little changed at $84.30 a barrel. "While European markets have been able to edge higher, the gains will be swiftly reversed if U.S. traders come back tomorrow in a similarly bearish mood to that on Friday," IG analyst Chris Beauchamp said. "And with U.S. earnings season still warming up and a key Fed meeting yet to come this month, there's still plenty that might hold back investors from taking on more risk."


Japanese stocks were higher, led by gains in electronics, energy and insurance stocks, as the yen weakened despite economic uncertainty over the Omicron variant. The Bank of Japan's policy decision due later will be closely watched as other central banks have recently moved to reduce policy stimulus. The Nikkei Stock Average was 0.5% higher at 28477.82.

South Korea's Kospi edged down 0.1% to 2887.29 in early mixed trade after opening higher. Shipbuilding and steel stocks were lower, while retail and internet shares gained. Foreign investors were net sellers, weighing on sentiment. Some of them were offloading stocks to bid for battery maker LG Energy Solution's blockbuster initial public offering as bidding opens to retail investors. Profit-taking after a three-session losing streak will likely cap any steep Kospi falls.

Hong Kong stocks rose in early trade, supported by rebounding property and tech shares. The market's short-term momentum doesn't appear strong to KGI Securities, however, given lingering concerns about developers' credit risk and tightening monetary policy in the U.S. The Hang Seng Index strengthened 0.7% to 24385.05.

Chinese shares were mostly flat amid mixed trade. The Shanghai Composite Index was 0.22 point higher at 3541.89, the Shenzhen Composite Index rose 0.88 point to 2473.89 and the ChiNext Price Index was 0.1% lower at 3168.79. While China's economic data released on Monday showed that GDP growth exceeded expectations, retail sales fell short and unemployment rate has ticked higher, Oanda said. "Many challenges remain, not least the crackdown on the property market that has led to firms defaulting on coupon payments and being forced into negotiations with bondholders," Oanda added.


Asian currencies were mixed against USD amid conflicting signals. On the one hand, mild gains in most regional equity markets and U.S. stock futures are supportive of risk appetite. On the other hand, however, Treasury yields are rising slightly, which could underpin the appeal of USD-denominated fixed-income assets. The outcome of the BOJ meeting is today and is worth a look given there has been some chatter that there might be a rare shift in policy, ING said. But, there is relatively little else for the market to take trading direction from, ING added. USD/JPY fell 0.1% to 114.49, while USD/TWD edged 0.1% higher to 27.55 and AUD/USD was up 0.2% at 0.7227.


Gold edged higher in the morning session, but may struggle to breach key technical resistance around the $1,833/oz level. The precious metal has repeatedly struggled at this level and seems to be having the same experience this time, Oanda said. However, it is impossible to ignore gold as it continues to rally despite more and more rate increases being priced in around the world and yields rising in tandem, Oanda said. There could be an argument that there are safe-haven or inflation-hedge moves owing to current environment, which could become clearer in coming weeks, Oanda added. Spot gold was up 0.1% at $1,820.52/oz.


Oil rose in early Asian trade amid signs of tightness in the market. Reports suggest that Iran-backed Yemeni fighters have launched drone attacks on the international airport and storage facilities of state-run oil group Adnoc, ANZ said. "This comes as Iran is negotiating with world leaders to try and restore Tehran's 2015 nuclear deal," it said. Meanwhile, the market doesn't appear to be too worried about China's coronavirus outbreak's impact on oil demand, ANZ added. Front-month WTI rose 0.5% to $84.29/bbl, while Brent was 0.1% higher at $86.54/bbl.

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Amazon Backs Off Threat to Ban U.K.-Issued Visa Credit Cards 

(END) Dow Jones Newswires

01-17-22 2215ET

Stocks mentioned in the article
ChangeLast1st jan.
ACTIVISION BLIZZARD, INC. 0.27% 78.2 Delayed Quote.17.54%
AUSTRALIAN DOLLAR / JAPANESE YEN (AUD/JPY) 0.90% 91.026 Delayed Quote.7.95%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.87% 0.716 Delayed Quote.-2.23%
BRITISH POUND / JAPANESE YEN (GBP/JPY) 0.14% 160.577 Delayed Quote.2.96%
BRITISH POUND / US DOLLAR (GBP/USD) 0.09% 1.26275 Delayed Quote.-6.75%
CAC 40 1.64% 6515.75 Real-time Quote.-8.91%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) 0.38% 99.861 Delayed Quote.9.25%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.33% 0.7853 Delayed Quote.-1.03%
DAX 1.62% 14462.19 Delayed Quote.-8.96%
DJ INDUSTRIAL 1.76% 33212.96 Real-time Quote.-10.19%
EURO / JAPANESE YEN (EUR/JPY) 0.05% 136.446 Delayed Quote.4.25%
EURO / US DOLLAR (EUR/USD) -0.01% 1.07317 Delayed Quote.-5.61%
FTSE 100 0.27% 7585.46 Delayed Quote.2.72%
HANG SENG 2.89% 20697.36 Delayed Quote.-11.54%
INDIAN RUPEE / JAPANESE YEN (INR/JPY) 0.04% 1.638163 Delayed Quote.5.97%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.05% 0.012892 Delayed Quote.-4.10%
JAPANESE YEN / SWISS FRANC (JPY/CHF) -0.11% 0.7526 Delayed Quote.-4.93%
KOHL'S CORPORATION -3.06% 41.87 Delayed Quote.-12.55%
KOSPI COMPOSITE INDEX 1.23% 2634.8 Real-time Quote.-11.48%
LONDON BRENT OIL 1.52% 119.2 Delayed Quote.50.58%
NEW ZEALAND DOLLAR / JAPANESE YEN (NZD/JPY) 0.87% 83.081 Delayed Quote.4.62%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.83% 0.6534 Delayed Quote.-5.22%
NIKKEI 225 0.66% 26781.68 Real-time Quote.-6.98%
S&P GSCI CRUDE OIL INDEX 0.86% 630.6586 Real-time Quote.53.00%
S&P/CITIC 300 INDEX 0.19% 3650.81 Real-time Quote.-18.70%
S&P/CITIC 50 INDEX 0.59% 3488.64 Real-time Quote.-16.86%
US DOLLAR / JAPANESE YEN (USD/JPY) -0.01% 127.085 Delayed Quote.10.46%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.76% 66.25 Delayed Quote.-14.60%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 12.81% 1177.5 End-of-day quote.52.77%
WTI 0.94% 115.083 Delayed Quote.51.34%
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