GLOBAL MARKETS DJIA 33926.01 -127.93 -0.38% Nasdaq 12006.95 -193.86 -1.59% S&P 500 4136.48 -43.28 -1.04% FTSE 100 7901.80 81.64 1.04% Nikkei Stock 27807.46 298.00 1.08% Hang Seng 21255.96 -404.51 -1.87% Kospi 2464.78 -15.62 -0.63% SGX Nifty* 17835.50 -4.5 -0.03% *Feb contract USD/JPY 132.13-14 +0.73% Range 132.38 131.18 EUR/USD 1.0788-91 -0.08% Range 1.0829 1.0782 CBOT Wheat March $7.566 per bushel Spot Gold $1,870.44/oz 0.3% Nymex Crude (NY) $73.28 -$2.60 U.S. STOCKS
Stocks declined to end a busy week after the monthly jobs report beat expectations, stoking fears that interest rate increases may continue longer than expected.
The Nasdaq Composite fell 193.86 points, or 1.6%, to 12006.95 as growth stocks led markets lower. The S&P 500 fell 43.28 points, or 1%, to 4136.48. The Dow Jones Industrial Average lost 127.93 points, or 0.4%, to 33926.01.
The S&P 500 and Nasdaq still notched gains for the week, gaining 1.6% and 3.3%, respectively.
ASIAN STOCKS
Japanese stocks were higher in early trade, led by gains in auto and trading companies as the yen weakened partly on hopes for continued easing in Japan. Friday's strong U.S. jobs data also boosted USD/JPY. The pair was at 132.04, up from 128.61 as of Friday's Tokyo stock-market close. Earnings were in focus. The Nikkei Stock Average was up 1.0% at 27791.47.
South Korea's benchmark Kospi was 1.3% lower at 2447.53 in early trade, as construction, financial and other growth stocks retreat. Foreign and institutional investors were net sellers on renewed risk aversion after a surprisingly strong U.S. jobs report and the heightened possibility for the Fed to deliver additional interest-rate increases going forward. USD/KRW was 1.5% higher at 1,247.50 in morning trade.
Hong Kong's Hang Seng Index fell 1.6% to 21305.10. The surprisingly strong January U.S. nonfarm payrolls headline figure on Friday caught markets off guard and renewed fears of the Federal Reserve continuing on its monetary tightening stance, ING analysts said. The strong payrolls data drove U.S. bond yields and the greenback higher, the analysts noted.
Chinese shares fell in morning trade, dropping in line with some other regional markets after unexpectedly strong U.S. labor market data on Friday ignited investor concerns that the Fed won't slow its pace of interest rate rises. "With the labor market remaining tight, the Fed is likely to remain hawkish with its guidance," ANZ's senior economist Tom Kenny said. Losses were broad-based early in the session, with food-and-beverage makers and insurance companies leading the laggards. ?The Shanghai Composite Index declined 0.6% to 3244.70, the Shenzhen Composite Index was down 0.6% and the ChiNext Price Index was 0.8% lower.
FOREX
The yen weakened against most G-10 and Asian currencies in the Asian morning session after the Nikkei reported Monday that the Japanese government has approached BOJ Deputy Gov. Masayoshi Amamiya as a candidate to succeed current BOJ Gov. Haruhiko Kuroda. The Japanese currency's weakness has been aided by the report of Amamiya, perceived as dovish, being tipped to be the front-runner for the BOJ's top job, Saxo Markets said. USD/JPY rose 0.4% to 132.36, AUD/JPY gained 0.5% to 91.52 and EUR/JPY was up 0.3% at 142.72.
METALS
Gold rose in the morning Asian session in a likely technical rebound after gold futures settled at their lowest level in more than three weeks on Friday. Long-term holders of the precious metal as well as emerging-market central banks may view gold's recent decline as another buying opportunity, given geopolitical uncertainty and ongoing USD diversification, said SPI Asset Management. Spot gold was 0.3% higher at $1,870.44/oz.
OIL SUMMARY
Oil prices were steady in the morning Asian session after swinging between mild gains and losses, but could be weighed by Fed tightening concerns after the stronger-than-expected U.S. economic data released Friday. A strong labor market could complicate what the Fed does on monetary policy and keep risks of more tightening on the table, Oanda said. Front-month WTI crude oil futures were flat at $73.41/bbl; front-month Brent crude oil futures were little changed at $79.97/bbl.
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(END) Dow Jones Newswires
02-05-23 2215ET
