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GLOBAL MARKETS DJIA 33274.15 415.12 1.26% Nasdaq 12221.91 208.44 1.74% S&P 500 4109.31 58.48 1.44% FTSE 100 7631.74 11.31 0.15% Nikkei Stock 28145.96 104.48 0.37% Hang Seng 20357.10 -43.01 -0.21% Kospi 2475.90 -0.96 -0.04% SGX Nifty* 17446.50 29 0.17% *April contract USD/JPY 133.14-15 +0.29% Range 133.57 132.78 EUR/USD 1.0803-06 -0.35% Range 1.0873 1.0800 CBOT Wheat May $6.922 per bushel Spot Gold $1,961.79/oz 0.3% Nymex Crude (NY) $75.52 $1.15 U.S. STOCKS
Stocks ended the quarter on a positive note, after a stormy three months in which markets were whipsawed by strains in the banking system as well as shifting outlooks for inflation and interest rates.
Government data early Friday showed the Federal Reserve's preferred measure of inflation, known as the core personal-consumption expenditures price index, slowed in February, lifting hopes the central bank could limit its campaign to curb inflation sooner than originally expected.
The S&P 500 ended the day 58.48 points higher, or 1.4%, at 4109.31. The Dow Jones Industrial Average closed up 415.12 points, or 1.3%, at 33274.15. The tech-heavy Nasdaq Composite increased 208.44 points, or 1.7%, to 12221.91.
Still, the major indexes ended the quarter higher. The S&P 500 is up 7% since the start of the year, its second straight quarterly gain. The Nasdaq Composite Index is up 17%, its largest quarterly gain since 2020.
"The market seems intent on closing the book on the banking problems that caused the market to expect the end of the Fed's rate hike campaign," said Quincy Krosby, chief global strategist at LPL Financial.
ASIAN STOCKS
Japanese stocks were higher in early trade, led by gains in tech stocks as concerns eased about U.S. inflation and policy tightening by central banks. Inpex was up 5.6% and Japan Petroleum Exploration added 4.8% after a group of large oil producers led by Saudi Arabia said Sunday that they would cut output starting next month. Investors were focusing on economic data for policy implications. The Nikkei Stock Average was up 0.5% at 28188.38.
South Korea's benchmark Kospi was 0.2% lower at 2471.12 in early trade as electronics and battery stocks retreated. Foreign and institutional investors were net sellers of local equities, as the country recording a trade deficit for the 13th straight month in March weakened the won against the greenback. USD/KRW was 0.3% higher at 1,306.20.
Hong Kong's benchmark Hang Seng Index was down 0.1% in morning trade, falling to 20379.50 as investors go into wait-and-see mode after last week's rally, fueled by Chinese manufacturing growth. Tech shares were lower, retreating from gains last week sparked by Alibaba's planned reorganization. The Hang Seng Tech Index fell 0.6%, with Meituan down 2.0% and Baidu 1.5% lower. Pharma companies were also weighing on the market. Sino Biopharmaceutical dropped 6.4% and Wuxi Biologics fell 3.1%. Among the gainers were energy stocks, which rose in line with sharp gains in crude prices.
Chinese shares were higher, extending their Friday rally, when strong PMI data boosted investor confidence in the country's economic rebound momentum. The benchmark Shanghai Composite Index rose 0.4% to 3286.38. The Shenzhen Composite Index was also up by 0.4% while the ChiNext Price Index advanced 0.7%. Citic Securities analysts reckoned April could be a "key buying window" for investors, as the anticipated release of strong earnings numbers for the first quarter would boost a valuation recovery.
FOREX
Most Asian currencies weakened against USD in the morning session as a Saudi Arabia-led group of large oil producers' plan to cut output damped market sentiment. The surge in oil prices in early Asian trade this morning was likely to weigh on Asian currencies in general, including KRW, TWD, and INR, given that most countries in Asia are net oil importers, Commerzbank analysts said in a research report. USD/KRW rose 0.7% to 1,315.09, USD/SGD rose 0.2% to 1.3334 while AUD/USD was down 0.3% at 0.6671.
METALS
Gold prices were lower in early Asian trade. Analysts broadly point to potential for further pull back in the precious metal on recent hawkish signals from the Fed and after crude prices jumped on Saudi-led oil producers' decision to lower output which could push up inflation in the U.S. and lead to more aggressive monetary tightening. Galaxy Futures analysts advised investors to keep monitoring global interest rate trends and macroeconomic data, especially from the U.S. Spot gold was down 0.3% at $1,961.79/oz.
OIL SUMMARY
Oil futures jumped in early Asian trade after a group of producers led by Saudi Arabia said Sunday that they would cut output by more than 1 million barrels a day starting next month. OPEC+ members delivered the surprise cut, with several countries committing to voluntary curtailments, in an effort to support oil prices, said TD Securities. This decision signals a strong intent to buoy prices even as the West heads toward a recession, it added. Front-month WTI and Brent crude futures were both 6.3% higher at $80.47/bbl and $84.95/bbl, respectively.
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(END) Dow Jones Newswires
04-02-23 2315ET
