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Indian Morning Briefing : Asian Markets Mostly Higher; Evergrande Shares Rise on Interest Payment Report

10/21/2021 | 11:16pm EST
GLOBAL MARKETS 
DJIA         35603.08    -6.26  -0.02% 
Nasdaq       15215.70    94.02   0.62% 
S&P 500       4549.78    13.59   0.30% 
FTSE 100      7190.30   -32.80  -0.45% 
Nikkei Stock 28904.05   195.47   0.68% 
Hang Seng    26055.14    37.61   0.14% 
Kospi         3007.30    -0.03   0.00% 
SGX Nifty*   18277.00    30.5    0.17% 
*Oct contract 
 
USD/JPY  114.02-03  +0.02% 
Range    114.21   113.82 
EUR/USD  1.1625-28   0.00% 
Range    1.1634   1.1621 
 
CBOT Wheat Dec $7.412 per bushel 
Spot Gold     $1,784.75/oz  0.1% 
Nymex Crude (NY) $82.63   -$0.79 
 
 
U.S. STOCKS 

The S&P 500 inched higher to a record close Thursday, continuing a weekslong upward march driven by strong corporate earnings and optimistic numbers on the labor market.

Thursday's close of 4549.78, up 13.59 points, or 0.3%, eclipsed a September peak in the index, which had stumbled last month on worries about Chinese growth and stubbornly stuck supply chains. Thursday marked seven straight days of gains for the index, and its 55th record close of the year. The tech-focused Nasdaq Composite Index rose 94.02 points, or 0.6%, to 15215.70.

The Dow Jones Industrial Average ticked down 6.26 points, or 0.02%, to 35603.08. Shares of International Business Machines, a Dow component, fell $13.57, or 9.6%, to $128.33. The company reported weaker revenue than analysts had expected in the latest quarter.

 
 
ASIAN STOCKS 

Japan's Nikkei Stock Average turned positive after opening lower, dragged by falls in steel and brokerage stocks, due to continuing concerns that higher costs of raw materials may weigh on economic recovery from the pandemic. Investors were focusing on Japan's lower-house election, scheduled for later this month, and any potential policy shifts. The Nikkei Stock Average was recently 0.2% higher at 28772.75.

South Korea's Kospi was 0.1% lower at 3004.41 in mixed early trade, as investors parse third-quarter corporate earnings. Aerospace and steel shares were down while financial stocks were higher. Hanwha Aerospace and Korea Aerospace Industries retreated 4.0% and 3.8%, respectively, after the country's unsuccessful first homegrown space rocket launch on Thursday. Steelmaker Posco lost 1.9% ahead of its 3Q earnings release early next week.

Hong Kong's Hang Seng Index was up 0.4% to 26114.84, led by gains in property stocks. The property sector was getting a boost after the Chinese government said it would slightly loosen its controls on the property markets and after a senior government official urged banks to provide more support to first-time home buyers, KGI Securities said. Shares of China Evergrande were up 4.3% after state-owned media outlet Securities Times reported that the property developer had fulfilled a $83.5 million bond interest payment.

Chinese stocks were higher amid gains from developers and baijiu makers. The Shanghai Composite Index was flat at 3595.19, while the Shenzhen Composite Index and ChiNext Price Index were up 0.2% each to 2421.54 and 3286.00, respectively. Property developers rose after state-backed Securities Times reported Evergrande had met a $83.5 million bond interest payment. Baijiu makers also rise amid expectations of rising sales over the year-end holiday period, UOB Kay Hian said. Kweichow Moutai added 1.7% and Wuliangye Yibin gained 1.3%.

FOREX 

JPY weakened against G-10 and Asian currencies, as gains in regional equity markets spur a risk-on mood, undermining the safe-haven allure of the Japanese yen. However, some concerns over higher consumer prices may begin to re-emerge, as the five-year U.S. break-even inflation rate surged overnight, suggesting inflation could be more persistent than expected, IG said, adding that this may drive some volatility going into the Fed's next meeting on Nov. 2-3. USD/JPY edged 0.1% higher to 114.16, AUD/JPY rose 0.4% to 85.46 and SGD/JPY gained 0.2% to 84.79.

METALS 

Gold edged higher in the morning Asian session amid mild USD weakness. A softer USD makes the precious metal cheaper for buyers holding other currencies, Phillip Securities Research said, adding gold was holding near the higher end of this week's range of between $1,759/oz and $1,788/oz. Spot gold was up 0.1% at $1,784.75/oz. The ICE USD Index was down 0.1% at 93.71.

OIL SUMMARY 

Oil rose in morning Asian trading on possible dip buying following its first drop in six sessions overnight. Until energy traders know how cold this winter will be, most dips would likely be bought into, Oanda said. Despite all of the moving parts of the demand outlook, underinvestment in the oil industry means the market could be stuck in deficit for at least the next few quarters, it said. Front-month WTI crude oil futures were 0.5% higher at $82.93/bbl; front-month Brent crude oil futures were 0.6% higher at $85.14/bbl.

 
 
TOP HEADLINES 
 
Moderna and J&J Covid-19 Boosters, Mixing and Matching Recommended by CDC 
Biden: Will Consider Using National Guard to Assist With Supply Chain Bottlenecks 
China Evergrande Has Fulfilled $83.5M Bond Interest Payment, Securities Times Reports 
U.S. Issues $100 Billion in Export Licenses to Suppliers of Huawei, SMIC 
U.K. Consumer Confidence Fell in October to Eight-Month Low on Worsening Economic Outlook 
New Zealand Ties Reopening to 90% Vaccination, Restrictions for Unvaccinated 
Democrats Weigh Tax Alternatives to Fund $2 Trillion Package 
Fed Imposes New Restrictions on Officials' Investment Activities 
India Hits One Billion Covid-19 Vaccines Administered 
Xi Jinping Hasn't Left China in 21 Months, Keeping Diplomacy Virtual 
Bitcoin Is Back Near Record Highs, and a Houston Pension Plan Dives In 
Deutsche Bank Whistleblower Gets $200 Million Bounty for Tip on Libor Misconduct 
Chinese Developer Defaults Pile Up as Evergrande Contagion Spreads 
Western Digital-Kioxia Deal Talks Stall 
Aurizon to Buy One Rail Australia for $1.76 Billion 
American, Southwest Say Vaccine Mandate Won't Disrupt Flights 
Whirlpool Doesn't See Appliance Shortage Ending Soon 
Chipotle's Profit More Than Doubles as Chain's Burritos Get Pricier 
J&J Talc Claims May Not Belong in Charlotte Bankruptcy Court, Judge Says 
Vista Prepares Pitch for Next Big Software Fund 
Deere Granted Temporary Injunction Against Striking Union Members 
European Leaders Urge Caution in EU Clash With Poland 
 
 

(END) Dow Jones Newswires

10-21-21 2315ET

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