GLOBAL MARKETS 
DJIA         34299.99   -569.38  -1.63% 
Nasdaq       14546.68   -423.29  -2.83% 
S&P 500       4352.63    -90.48  -2.04% 
FTSE 100      7028.10    -35.30  -0.50% 
Nikkei Stock 29417.44   -766.52  -2.54% 
Hang Seng    24324.56   -175.83  -0.72% 
Kospi         3038.99    -58.93  -1.90% 
SGX Nifty*   17668.00    -99.5   -0.56% 
*Oct contract 
 
USD/JPY  111.44-45   -0.05% 
Range    111.68   111.44 
EUR/USD  1.1686-89   +0.03% 
Range    1.1692   1.1679 
 
CBOT Wheat Dec $7.064 per bushel 
Spot Gold     $1,736.25/oz   0.1% 
Nymex Crude (NY)  $74.77   -$0.68 
 
 
U.S. STOCKS 

U.S. stock futures were up modestly, suggesting that American markets could regain some ground in Wednesday trading. Futures tied to the S&P 500, Nasdaq 100 and Dow Jones Industrial Average rose between 0.3% and 0.4%.

U.S. stocks tumbled Tuesday, logging their sharpest pullback since May, as rising bond yields deepened a rout in shares of technology companies.

The S&P 500 fell 90.48 points, or 2%, to 4352.63, marking its second straight day of losses and worst one-day percentage decline since May. The tech-heavy Nasdaq Composite Index slid 423.29 points, or 2.8%, to 14546.68, while the Dow Jones Industrial Average shed 569.38 points, or 1.6%, to 34299.99.

All three major indexes are on course to end the month lower.


 
 
ASIAN STOCKS 

In Wednesday morning trading in Tokyo, Japan's Nikkei 225 index dropped 2.6%, while the Kospi Composite in Seoul fell about 2%. Australia's S&P/ASX 200 dropped 1.5%.

In Hong Kong, the city's flagship Hang Seng Index dropped 0.2%, with Chinese technology stocks following their U.S. peers downward. Sector heavyweight Tencent Holdings Ltd. shed 3%, while food-delivery giant Meituan dropped 3.7%.

Shares in China Evergrande Group gained nearly 5%, after the ailing real-estate giant said it agreed to sell part of its stake in a Chinese regional bank for more than $1.5 billion.

Chinese stocks were lower in morning trading. The benchmark Shanghai Composite Index was down 1.2% at 3561.22, while the Shenzhen Composite Index shed 0.9% to 2381.66. The ChiNext Price Index, a measure of emerging industries, lost 0.8% to 3186.65. Central China Securities said the market would likely remain rangebound before the country's National Day holidays from Friday given prevailing caution among investors. It expected the Shanghai Composite to oscillate around the 3600 level.


FOREX 

GBP/USD has fallen 1.3% to near 1.355 even as the Bank of England is holding the door open for a possible rate liftoff late this year because of elevated inflation. CBA said the recent surge in energy prices likely deepened inflation concerns and could encourage the BoE to hike earlier than its 2023 forecast. BoE Gov. Bailey is scheduled to speak again at 1545 GMT.


METALS 

Gold was slightly higher in Asian trade, as an overnight slide on Wall Street prompted certain market participants to go on risk-off mode and move to the safe-haven asset, said a Kuala Lumpur-based research firm's chief strategist. However, he said the marginal gains indicate that majority of market participants remain indecisive, and expects the trend on gold to be clearer over the next one or two days. Spot gold was 0.1% higher at $1,736.25/oz.


OIL SUMMARY 

Oil fell in early Asian trade due to the sharp losses on Wall Street and an unexpected drop in U.S. consumer confidence, which suggests near-term energy demand could weaken. While the supply backdrop has not changed much, ANZ Research said oil prices hitting $80/bbl would put pressure on OPEC+ nations to increase their production quota at the upcoming meeting on Oct 4. Investors would be keenly watching U.S. inventories data to gauge demand strength, said ANZ. Front-month WTI was down 1.1% at $74.46/bbl and front-month Brent was 1.2% lower at $78.17/bbl.


 
 
TOP HEADLINES 
 
Evergrande Seeks to Raise $1.55B From Shengjing Bank Stake Sale 
Republicans Block Latest Effort by Democrats to Advance Debt-Ceiling Bill 
Janet Yellen Says Treasury Could Exhaust Cash Reserves by Oct. 18 if Debt Limit Isn't Raised 
Progressives Split on Backing Thursday's House Infrastructure Vote 
Hidden Debt Plagues China's Belt and Road Infrastructure Plan, Studies Find 
U.S. and Europeans Parley in Pittsburgh on Tech, Trade and China 
Elizabeth Warren Says She Will Vote Against Second Term for Fed's Jerome Powell 
Citadel Securities Faces New Pressure Over GameStop Frenzy 
Dongguan Rural Commercial Bank, Transcenta Weaken in Hong Kong Debut 
United Airlines Prepares to Fire Employees Who Refuse Covid-19 Vaccinations 
New FAA Technology Aims to Speed Takeoffs of Planes Idling on Runways 
Pfizer's Covid-19 Vaccine for Kids May Not Be FDA Authorized Before November 
Facebook Asks Oversight Board for Guidance on How It Regulates High-Profile Users 
Facebook's Effort to Attract Preteens Goes Beyond Instagram Kids, Documents Show 
Google Faces Possible Regulatory Action in Australia Over Online Ad Fees 
TPG Consortium Makes $1 Billion Offer for Australia's Smartgroup 
Thoma Bravo Sells a Minority Stake in Command Alkon to HeidelbergCement 
UK Retail Price Deflation Slows in September as Cost Pressure Filters Through 
 
 

(END) Dow Jones Newswires

09-28-21 2315ET