GLOBAL MARKETS 
DJIA*              34302.61    112.64     0.33% 
Nasdaq*            11079.16     78.05     0.71% 
S&P 500*            3999.09     15.92     0.40% 
FTSE 100            7860.07     16.00     0.20% 
Nikkei Stock       26185.71    363.39     1.41% 
Hang Seng          21647.73    -98.99    -0.46% 
Kospi               2389.89     -9.97    -0.42% 
SGX Nifty#         17943.00      -2.0    -0.01% 
#Jan contract 
 
USD/JPY     128.91-92   +0.27% 
Range       129.15   128.23 
EUR/USD     1.0813-16   -0.06% 
Range       1.0835   1.0807 
 
CBOT Wheat March* $7.436 per bushel 
Spot Gold  $1,915.40/oz  -0.1% 
Nymex Crude (NY)* $79.98 $1.59 
 
*Markets in the U.S. were closed Monday in observance of Martin Luther King Jr. Day. 
 
EUROPEAN STOCKS

U.S. markets were closed Monday for the Martin Luther King Jr. Day holiday.

Europe's major stock markets rose as gains for property and construction shares outpaced losses for food-delivery firms and financial stocks. The Stoxx Europe 600, CAC 40 and DAX advanced about 0.2% and the FTSE 100 rose 0.1%. Brent crude dropped 0.4% to $84.96 a barrel. LEG Immobilien, Inmobiliaria Colonial, Segro and Taylor Wimpey were among the biggest pan-European risers, while HelloFresh, Just Eat Takeaway.com, Admiral and DNB Bank were among the biggest fallers in food-delivery, banking and insurance. "Asian stocks held steady as the new week began, but a U.S. holiday means overall market activity will remain circumscribed," IG analysts wrote. 


 
 
ASIAN STOCKS

Japanese stocks were higher in morning trade, led by gains in auto and shipping stocks as the yen's recent strength that clouded the earnings outlook, eased. Investors were focusing on bond yields ahead of the Bank of Japan's two-day policy meeting starting later in the day. USD/JPY was at 128.41, compared with 127.61 as of Monday's Tokyo stock-market close. The Nikkei Stock Average was up 0.9% at 26049.54.

South Korea's benchmark Kospi was 0.2% lower at 2393.99 in early mixed trade. Defense and chemical stocks gained, while financial and internet stocks were lower. The United Arab Emirates' decision to invest $30 billion in South Korea's defense and energy sectors during the weekend summit between their leaders was sending local defense contractors' stocks higher.

Hong Kong's benchmark Hang Seng Index was 0.3% lower at 21678.05 in early trade as pharma and consumption-related stocks dropped. Investors were closely watching China economic data, including 4Q GDP and December retail sales. Economists polled by WSJ expected GDP growth to have slowed sharply in 4Q from a year earlier, and retail sales to have weakened in December as Covid infections surged and stalled business activities.

Chinese shares were mixed ahead of a batch of economic data. The Shanghai Composite Index and the Shenzhen Composite Index were both flat at 3227.30 and 2095.76, respectively, while the ChiNext Price Index rose 0.2% to 2543.90. Market reaction to China's 4Q GDP data release will remain in focus. 


FOREX

Asian currencies consolidated against the dollar in early morning Asian trade ahead of major Chinese economic data. USD has firmed up following a recent losing streak, but today's session will likely be focused on China's December economic indicators and 4Q GDP data, MUFG Bank senior currency analyst Jeff Ng said in a research report. USD/CNH was little changed at 6.7412, while USD/KRW fell 0.2% to 1,238.89 and AUD/USD was up 0.2% at 0.6971. 


METALS

Gold prices inched lower in early Asian trade after holding on to near nine-month highs on Monday, helped by expectations of slower interest-rate increases from the Fed, Phillip Securities Research analysts said in a note. Investors are mostly expecting a 25bp rate increase at the Fed's next policy meeting, the analysts said, adding that lower rates tend to be beneficial for gold as they "decrease the opportunity cost of holding the non-yielding bullion." Spot gold was down 0.1% at $1,915.40/oz. 


OIL SUMMARY

Oil prices declined in early Asian trade, ahead of China GDP data and amid news that Russia and ally Belarus have staged military exercises on Ukraine's border, which may signal a fresh Russian offensive in the coming months. Front-month WTI futures fell 1.3% to $78.79/bbl; front-month Brent declined 0.4% to $84.11/bbl. However, the commodity is likely to be buoyed by improved optimism, amid prospects of fewer rate increases and perhaps even cuts by the Fed before the year is out, which would make headwinds look less fierce, said Oanda senior market analyst Craig Erlam in a note. 


 
 
TOP HEADLINES 
China's Economic Growth Fell to Near-Historic Lows as Covid Took a Bite 
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Shopper Rebellion Against Higher Prices Helps Slow Inflation 
Biden Honors Martin Luther King Jr. Declaring a 'Time for Choosing' 
Scottish Law on Gender Recognition Blocked by U.K. Government 
Some in GOP Seek Ouster of RNC Chair Trump Picked 
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(END) Dow Jones Newswires

01-16-23 2216ET