GLOBAL MARKETS DJIA 35228.81 -65.38 -0.19% Nasdaq 14442.27 -177.36 -1.21% S&P 500 4602.45 -29.15 -0.63% FTSE 100 7578.75 41.50 0.55% Nikkei Stock 27985.31 -41.94 -0.15% Hang Seng 21950.06 -281.97 -1.27% Kospi 2759.27 12.53 0.46% SGX Nifty* 17593.50 27.0 0.15% *Apr contract USD/JPY 122.06-07 +0.19% Range 122.46 121.83 EUR/USD 1.1170-73 +0.10% Range 1.1186 1.1157 CBOT Wheat May $10.272 per bushel Spot Gold $1,926.30/oz -0.3% Nymex Crude (NY) $107.30 $3.06 US STOCKS
U.S. stocks fell as concerns about rising commodity prices and uncertain progress in cease-fire talks between Russia and Ukraine weighed on investors.
The S&P 500 fell 0.6% while the tech-focused Nasdaq Composite Index lost 1.2%. The Dow Jones Industrial Average was down 0.2%.
"It just seems like markets are still trying to digest the rally they've seen since Russia invaded Ukraine," said Jake Manoukian, the U.S. head of investment strategy for J.P. Morgan Private Bank.
ASIAN STOCKS
Japanese stocks declined, dragged by falls in financial stocks, as uncertainty persisted over the war in Ukraine. Investors remain focused on the war in Ukraine and its implications on global commerce, as Moscow dismissed a diplomatic overture by Ukraine in peace talks. The Nikkei Stock Average was down 0.8% at 27801.32.
South Korea's Kospi gained 0.3% to 2755.90 in mixed early trade. Electronics and airline stocks retreated while energy and chemical shares were higher. Investor sentiment is damped by concerns about rising commodity prices and uncertainty over Russia-Ukraine peace talks after Moscow played down progress made earlier and dismissed a Ukrainian overture to end the war. USD/KRW was 0.2% higher at 1,212.00.
Hong Kong's Hang Seng Index fell 0.7% to 22083.04 amid worries over the Russia-Ukraine war and U.S.-listed Chinese companies. Optimism about the progress in Russia-Ukraine peace talks has cooled, while U.S. SEC Chairman Gensler is reportedly cautious over whether China and the U.S. can reach agreement on China ADRs' auditing issue, KGI Research said. The Hang Seng TECH Index declined 0.6% to 4595.17.
Chinese stocks were lower in early trade as the market pulled back from a recovery on Wednesday driven by improved confidence in China's real-estate sector. The benchmark Shanghai Composite Index was down 0.1% at 3262.60, while the Shenzhen Composite Index shed 0.4% to 2129.39. The ChiNext Price Index was the worst performer, down 1.4% at 2660.17. Central China Securities said that even though trading sentiment appears on the rise with turnover improving Wednesday, the market is likely still finding its bottom. The brokerage advised investors to wait until clearer policy signals and support emerge.
FOREX
Most Asian currencies consolidated against USD, but may weaken amid risk-off sentiment driven by diminished hopes for progress in the Russia-Ukraine peace talks. Investor optimism over potential de-escalation in the Russia-Ukraine war is unlikely to last for too long as Russia's Kyiv offensive rages on and peace talks have stalled, MUFG Bank said. On balance, risks are tilted toward the downside for most Asia ex-Japan currencies Thursday, MUFG Bank added. USD/KRW was little changed at 1,210.00, AUD/USD was steady at 0.7508 and USD/THB fell 0.2% to 33.24, according to FactSet.
METALS
Gold fell on possible profit-taking after overnight gains, but any losses may be limited by Russia playing down peace-talk progress with Ukraine and by its intensification of attacks in eastern Ukraine. Gold not only offers an excellent wartime hedge, but also provides protection against knock-on inflation and even the possibility of a Fed policy error, SPI Asset Management said. Spot gold was down 0.3% at $1,926.30/oz.
OIL SUMMARY
Oil fell after news that the U.S. considering tapping oil reserves in a bid to tame energy prices. This reversed some of gains overnight amid skepticism on the progress of peace talks between Russia and Ukraine. ANZ said high oil prices may also be hurting demand, with EIA data showing U.S. gasoline demand falling for the third consecutive week. Front-month WTI crude futures were 4.5% lower at $102.98/bbl; front-month Brent futures were 3.9% lower at $109.00/bbl.
TOP HEADLINES Stocks Close Lower as Oil Prices Rise Russia Plays Down Progress in Peace Talks, Intensifies Attacks in Eastern Ukraine China's Manufacturing Activity Contracted in March Amid Covid-19 Lockdowns Fed's Esther George Backs Swift Move to Neutral Monetary Policy Setting U.S. Trade Chief Outlines Policy Shift, Citing Ukraine War and Pandemic Biden Considers Invoking Defense Production Act to Boost Minerals for EV Batteries SEC Proposes New Disclosure Requirements for SPACs U.S. Charges Chinese Agent in Alleged Schemes to Forcibly Repatriate U.S., Canadian Residents Ukraine Proposal for NATO-Style Security Guarantee Greeted With Skepticism Russia 'Singling Out' Americans for Harassment, State Dept. Warns Will Smith Faces Disciplinary Action From Academy for Slapping Chris Rock at Oscars Europe's Expulsion of Russian Officials Aims to Disrupt Alleged Spy Networks Australia Job Vacancies Surge to Record, Signaling Faster Wage Growth Intel Gave CEO Pay Package Worth Nearly $180 Million Amid Turnaround Effort Auto Makers Back EPA's Tougher Tailpipe Standards Bankruptcy Judge Invites Appellate Review of J&J Talc Case Proposal to Sanction Russian Cybersecurity Firm Over Ukraine Invasion Splits Biden Administration Kinross Gold Nears Sale of Russian Business to Local Mining Executive Judge Approves $18 Million Activision Settlement With EEOC CDC Removes Covid-19 Travel Warning for Cruise Ships AerCap Submits $3.5 Billion in Insurance Claims Over Trapped Russia Jets
(END) Dow Jones Newswires
03-30-22 2316ET
