GLOBAL MARKETS DJIA 36432.22 104.27 0.29% Nasdaq 15982.36 10.77 0.07% S&P 500 4701.70 4.17 0.09% FTSE 100 7300.40 -3.56 -0.05% Nikkei Stock 29496.05 -11.00 -0.04% Hang Seng 24836.70 72.93 0.29% Kospi 2956.78 -3.42 -0.12% SGX Nifty* 18123.50 -14.0 -0.08% *Nov contract USD/JPY 113.03-04 -0.17% Range 113.29 113.02 EUR/USD 1.1582-85 -0.03% Range 1.1592 1.1574 CBOT Wheat Dec $7.680 per bushel Spot Gold $1,824.75/oz 0.1% Nymex Crude (NY) $82.28 $1.01 US STOCKS
U.S. stocks closed at record highs, while Tesla shares fell after a Twitter poll run by Chief Executive Elon Musk urged him to sell a chunk of his stock.
The S&P 500 was up 0.1% as of 4 p.m. ET trading, hitting a record for the eighth consecutive trading session, a feat it hasn't accomplished since 1997.
The technology-focused Nasdaq Composite also ticked up 0.1%, while the Dow Jones Industrial Average gained 0.3%. Both indexes reached fresh records. Stocks have rallied in recent weeks on strong corporate earnings and signs that the economic recovery remains on track, including data showing a rebound in job growth in October.
The spate of upbeat earnings reports have helped offset concerns that mounting inflation could hurt corporate profits. About 81% of S&P 500 companies that have reported results this season have topped analysts' earnings forecasts, according to Refinitiv.
ASIAN STOCKS
Japan's Nikkei Stock Average was up 0.5% at 29658.02, led by gains in tech and auto stocks, as hopes continued for an earnings recovery and fiscal stimulus. Earnings were in focus. Nissan Motor is set to report its results later in the day.
South Korea's Kospi rose 0.5% to 2974.00 in early trade, led by gains in machinery, financial and shipbuilding stocks. Wall Street's gains overnight on the House passage of a $1 trillion infrastructure bill last Friday were buoying investor sentiment. Construction-equipment makers advanced.
Hong Kong's Hang Seng Index climbed 0.3% to 24831.81 in morning trade, tracking Wall Street gains overnight. Property developers China Resources Land and Country Garden Holdings were both down more than 1.5%, as the sector turmoil sparked by Evergrande's debt woes continued. KGI Securities expects the HSI to trade range-bound, with initial resistance at 25000.
Chinese stocks were higher in early trade, with banks and baijiu makers broadly higher. Optimism about Covid-19 treatment developments and a further economic reopening were supporting sentiment even as China's current Covid-19 resurgence and real-estate industry problems remained in focus, IG said. The Shanghai Compsite Index was 0.2% higher at 3505.54, the Shenzhen Composite Index gained 0.3% to 2425.72 and the ChiNext Price Index rose 0.2% to 3388.08.
FOREX
Most Asian currencies strengthened against USD on optimism that the U.S. economy will continue to recover strongly following the House passage of the $1 trillion infrastructure bill. There was optimism the infrastructure bill will drive new spending into the U.S. economy, boosting economically sensitive sectors, IG said. While markets are leaning toward taking on more risks, there appears to be a lingering sense of caution ahead of U.S. CPI data due Wednesday, IG added. USD/KRW fell 0.3% to 1,177.55 and USD/SGD edged 0.1% lower to 1.3467, while AUD/USD dropped 0.3% to 0.7405.
METALS
Gold was slightly higher in early Asia trade, and according to Goldman Sachs will likely find support from physical demand in emerging markets. Demand from emerging-market economies such as India and China remains strong due to rising inflation and a rebound in consumer purchasing power, the investment bank said. Central banks could also add to demand, with the Russian central bank beginning gold purchases again, Goldman Sachs said. Spot gold was 0.1% higher at $1,824.75 an ounce.
OIL SUMMARY
Oil edged higher in Asian trade amid expectations of a structurally undersupplied market in the face of supply rigidities and dwindling spare OPEC+ capacity, Goldman Sachs said. "The market is cyclically tight with risks to our year-end Brent target of $90/bbl skewed to the upside," the investment bank said. GS added that the U.S. crude oil market looked more balanced than Brent due to rising U.S. production and seasonally weak demand. It thus expects the WTI-Brent spread to widen. Front-month Brent was 0.2% higher at $83.56, while front-month WTI rose 0.1% to $82.05.
TOP HEADLINES Stocks Edge Up; Tesla Shares Fall Fed Officials Flag High Inflation and Some Warn of Rate Rises if Pressure Persists Fed Says U.S. Public Health Among Biggest Near-Term Risks to Financial System UK Retail Sales Rose in October U.S. Seizes $6.1 Million in Cryptocurrency in Ransomware Crackdown Fed's Randal Quarles to Resign at End of Year Covid-19 Rebounds Across Europe Jan. 6 Committee Subpoenas Bill Stepien, Other Trump Allies China Has Built Mock-Up of U.S. Aircraft Carrier, Warships in the Desert Probe of Concert Disaster Looks at Role of Illegal Drugs Supreme Court Hears FBI Claim of State Secrets in Muslim Surveillance Case U.S. and Europe Crack Down on REvil Ransomware Group U.S. Opens Borders to Vaccinated Europeans, Others, After More Than 18 Months Roblox Shares Skyrocket on Better-Than-Expected Earnings AMC Reports Narrower Loss as Moviegoers Return Robinhood Hack Exposes Millions of Customer Names, Email Addresses Tesla Share Price Falls After Musk Promises on Twitter to Sell $21 Billion Stake Newcrest to Acquire Pretium Resources PayPal's Venmo strikes new partnership with Amazon; earnings outlook comes up short Facebook Documents Accelerate EU Push to Regulate Social Media McAfee to Sell Itself to a Private-Equity-Led Group
(END) Dow Jones Newswires
11-08-21 2215ET
