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Indian Morning Briefing: Asian Markets Mixed; China Evergrande's Debt Woes in Focus

09/21/2021 | 11:16pm EDT
DJIA          33919.84    -50.63    -0.15% 
Nasdaq        14746.40     32.49     0.22% 
S&P 500        4354.19     -3.54    -0.08% 
FTSE 100       6980.98     77.07     1.12% 
Nikkei Stock  29631.70   -208.01    -0.70% 
Hang Seng      Closed 
Kospi          Closed 
SGX Nifty*    17532.50     -29.0    -0.17% 
*Sep contract 
USD/JPY    109.41-42  +0.18 
Range      109.49   109.12 
EUR/USD    1.1725-28  -0.01 
Range      1.1732   1.1717 
CBOT Wheat Dec $6.902 per bushel 
Spot Gold    $1,775.37/oz   0.1% 
Nymex Crude (NY)  $70.56   $0.27 

U.S. stocks ended mixed in a choppy trading session after fears about China's property sector helped fuel a broad and punishing selloff at the start of the week.

The Dow Jones Industrial Average fell 50.63 points, or 0.1%, to 33919.84, giving up earlier gains. The S&P 500 retreated 3.54 points, or 0.1%, to 4354.19 and the Nasdaq Composite advanced 32.49 points, or 0.2%, to 14746.40. Both indexes had suffered their biggest one-day pullback since May on Monday.


Japanese stocks were lower in morning trade, dragged by falls in trading companies and auto makers amid concerns about the problems in the Chinese property sector. Central bank policy decisions in Japan and the U.S. due later in the day would be closely watched. The Nikkei Stock Average was recently 0.1% lower at 29801.82.

Chinese stocks were broadly lower, as banks and steelmaking companies decline on fears that China Evergrande's debt problems may have a knock-on effect. The Shanghai Composite Index fell 0.5% to 3595.94 and the Shenzhen Composite Index slipped 0.6% to 2431.66. The ChiNext Price Index--a measure for emerging industries and startups--dropped 0.6% to 3174.09.

Markets in Hong Kong and South Korea are closed Wednesday for a holiday.


Asian currencies consolidated ahead of the FOMC meeting's outcome later in the global day. Traders were mostly on hold for the meeting, IG said. Near-term catalysts will be on whether there will be a hawkish stance from the Fed, and if developments in China Evergrande Group will drive further risk-off moves, it said, adding that the USD Index was continuing to consolidate. The ICE USD Index was little changed at 93.22; USD/SGD was steady at 1.3523, AUD/USD rose 0.2% to 0.7248, while USD/CNY was up 0.1% at 6.4717.


Gold rose slightly in early Asian trade as contagion fears stemming from China Evergrande's debt problems support demand for safe-haven assets, ANZ said. Weakness in the U.S. dollar was also supportive of the precious metal, it said. Investors were looking out for signals from the U.S. Federal Reserve on any changes to its asset-purchasing activity when it meets later in the day. "While many uncertainties are still looming, investors would be looking out for cues on timing and duration of Fed tapering to build fresh longs." Spot gold was 0.1% higher at $1,775.37/oz.


Oil gained in early Asian trade, as traders grapple with a slower-than-expected return of U.S. crude supply from the Gulf of Mexico after Hurricane Ida, Rystad Energy said. "Total production loss in the U.S. Gulf of Mexico in September now seems likely to stand at about 790,000 bpd, higher than what we previously estimated," the energy consulting firm said. Prices could be weighed by China Evergrande's debt problems which may have a knock-on bearish effect on commodity prices, but traders think that oil supply news from the U.S. is more significant, Rystad added. Front-month Brent and WTI were each 0.5% higher, at $74.73/bbl and $70.87/bbl, respectively.

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(END) Dow Jones Newswires

09-21-21 2315ET

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