GLOBAL MARKETS DJIA 34416.99 102.32 0.30% Nasdaq 14501.91 68.08 0.47% S&P 500 4363.55 17.83 0.41% FTSE 100 6995.87 -81.23 -1.15% Nikkei Stock 27980.50 451.63 1.64% Hang Seng 24492.33 525.84 2.19% Kospi 2953.40 45.09 1.55% SGX Nifty* 17769.00 140.5 0.80% *Oct contract USD/JPY 111.46-47 +0.05% Range 111.51 111.31 EUR/USD 1.1554-57 -0.03% Range 1.1563 1.1552 CBOT Wheat Dec $7.460 per bushel Spot Gold $1,759.60/oz -0.2% Nymex Crude (NY) $77.07 -$1.86 US STOCKS
U.S. stocks rose, erasing losses after a morning marked by broad pullbacks across sectors.
The S&P 500 rose 0.4% as of the 4 p.m. close of trading in New York. The Dow Jones Industrial Average gained about 0.3%. The tech-focused Nasdaq Composite Index advanced 0.5%.
Stock trading has been bumpy lately as investors have grappled with soaring energy prices and a general shift higher in government bond yields. On Tuesday, the S&P 500 logged its 25th gain of at least 1% for the year. The market's momentum looked like it was fading earlier in the day when stocks opened lower, but major indexes managed to break into positive territory in the final few hours of trading.
ASIAN STOCKS
Japanese stocks were higher, led by gains in tech and electronics stocks, as U.S. debt ceiling concerns ease. Any policy-related developments from the new Prime Minister Fumio Kishida's government were being closely watched. The Nikkei Stock Average was up 0.7% at 27723.50.
South Korea's benchmark Kospi rose 1.4% to 2948.75 in early trade, led by internet, auto and shipbuilding stocks. Easing concerns over the U.S. government debt ceiling and Wall Street's overnight recovery from early losses was supporting investor sentiment. Solid South Korean current-account data for August also contributed to the upbeat mood.
Hong Kong shares rose amid gains from property-related stocks, as investors seem to have shrugged off the sector's liquidity issues. Chinese energy majors were lower, weighed by falling oil prices after Russia and the U.S. said they would help ease the energy crunch. The benchmark Hang Seng Index was 2.1% higher at 24455.40 and the Hang Seng Tech Index rose 3.3% to 6059.46.
Markets in mainland China are closed Thursday for a holiday.
FOREX
JPY weakened against G-10 and Asian currencies amid risk-on sentiment. An intensification of risks has been averted, Mizuho Bank said, noting the Republicans' proposal to extend the U.S. debt ceiling into December, and assurances from Russia and the U.S. that they can provide energy supply to assuage the power crunch threatening to hamper the global economy. USD/JPY edged 0.1% higher to 111.48, SGD/JPY gained 0.1% to 82.05 and AUD/JPY rose 0.2% to 81.18.
METALS
Gold was little changed in early Asian trade, after rising overnight as U.S. Treasury yields slipped. Investor demand for the precious metal was likely to be driven by growing concerns of higher inflation, ANZ said. The U.S. debt-ceiling debate could support some safe-haven buying in the near term, it added. Oanda put support for gold at $1,750/oz and resistance at $1,785/oz. Spot gold was down 0.2% at $1,759.60/oz.
OIL SUMMARY
Oil was lower in early Asian trade, taking a cue from natural gas prices which fell overnight, following comments by Russia and the U.S. that they would ease the ongoing energy crunch. Russian President Vladimir Putin said the country was willing to boost gas supplies to Europe, while U.S. Energy Secretary Jennifer Granholm raised the possibility of a release of oil from the government's Strategic Petroleum Reserve. Rising U.S. oil inventories, according to EIA data, also pressured prices. Front-month Brent was 0.1% lower at $81.01/bbl, while WTI fell 0.3% to $77.18/bbl.
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(END) Dow Jones Newswires
10-06-21 2315ET
