GLOBAL MARKETS DJIA 34347.03 152.97 0.45% Nasdaq 11226.36 -58.96 -0.52% S&P 500 4026.12 -1.14 -0.03% FTSE 100 7486.67 20.07 0.27% Nikkei Stock 28066.67 -216.36 -0.76% Hang Seng 16912.27 -661.31 -3.76% Kospi 2410.25 -27.61 -1.13% SGX Nifty* 18575.00 -86 -0.46% *Dec contract USD/JPY 138.51-52 -0.48% Range 139.43 138.36 EUR/USD 1.0361-64 -0.36% Range 1.0415 1.0341 CBOT Wheat Dec $7.754 per bushel Spot Gold $1,751.87/oz -0.1% Nymex Crude (NY) $76.55 -$1.39 U.S. STOCKS
U.S. stocks ended mixed in a shortened trading session Friday, with markets subdued following Thursday's Thanksgiving holiday.
The S&P 500 fell 1.14 points, or less than 0.1%, to 4026.12. The tech-heavy Nasdaq Composite Index dropped 58.96 points, or 0.5%, to 11226.36.
The Dow Jones Industrial Average rose 152.97 points, or 0.4%, to 34347.03.
ASIAN STOCKS
Japanese stocks were lower in early trade on worries over how the protests in major cities in China could affect sentiment in other regional markets. Political developments in Japan may also be in focus after a Nikkei poll Sunday showed support for Prime Minister Fumio Kishida's cabinet fell to a new low of 37%. Energy-related stocks were lower. The Nikkei Stock Average was 0.3% lower at 28193.43.
South Korea's benchmark Kospi fell 1.1% to 2411.13 in early trade, led by losses in semiconductor and shipbuilding stocks. Foreign and institutional investors were net sellers on risk aversion, partly fueled by protests in Shanghai and some other Chinese cities against Covid lockdowns. USD/KRW was 1.2% higher at 1,339.80 on renewed risk-off sentiment.
Hong Kong's Hang Seng Index fell 4.0% to 16874.57 in morning trade amid reports of protests in China due to the country's strict zero-Covid policy. "Mass protests would deeply tilt the scales in favor of an even weaker economy and likely be accompanied by a massive surge in Covid cases, leaving policy makers with a considerable dilemma," SPI Asset Management said. Decliners included Country Garden Services, which fell 8.7%, JD.com, which shed 7.0% and Li Ning, which dropped 5.1%. Bucking the declines were casino stocks, which rose after the Macau government approved license extensions for all six registered casino operators.
Mainland Chinese stocks were lower in morning trade, after expanding outbreaks and partial lockdowns led to protests across several cities over the weekend. The benchmark Shanghai Composite Index shed 1.9% to 3042.88, the Shenzhen Composite Index was down 1.6% at 1951.89 and the tech-heavy ChiNext Price Index declined 1.8% to 2268.10. The rising social dissatisfaction with China's tight Covid curbs "may provide a headwind for risk sentiments to start the week," IG said. "A inaction from the authorities to budge from its Covid-19 policy [is] potentially a catalyst for more downbeat mood." Most sectors were down, with e-commerce companies, medical services providers and beverage makers leading the declines.
FOREX
AUD/USD could weaken early in the week because of unrest in China, said Commonwealth Bank of Australia. Covid-19 restrictions on Friday became the focus of protests in Urumqi, the capital of China's remote Xinjiang region, after a deadly fire enraged city residents who have struggled with lockdowns of more than 100 days. Still, CBA said that the AUD/USD could also track higher toward 0.6935 if the USD keeps falling against the major currencies. The AUD/USD was at 0.6717 early Monday. A heavy slate of U.S. data releases loom, headlined by non-farm payrolls on Friday, while FOMC chair Powell is due to speak on Thursday.
METALS
Gold prices were lower in early Asian trade, weighed by a slightly stronger USD. The precious metal appeared to be "trading roughly in the middle of what may be a newly established range between $1,730 and $1,780, potentially now awaiting the next catalyst ahead of the December Fed meeting," Oanda said. Spot gold was 0.1% lower at $1,751.87/oz.
OIL SUMMARY
Oil prices were lower in early Asian trade as protests over China's zero-Covid policy fueled worries over demand. Markets would also likely focus on the upcoming meeting of OPEC and its allies, at which they are due to make a big call on oil production, which would bring greater clarity to the supply-demand oil outlook, IG market said. "Any indications of output talks on the table over the coming months may aid to lift sentiment for prices, but the greater driving force for prices could revolve around the Covid-19 situation in China, which may likely put a cap on upside until a clear peak in cases is seen," it added. Front-month WTI futures were 2.7% lower at $74.18/bbl; front-month Brent futures were 2.5% lower at $81.56/bbl.
TOP HEADLINES Oil Prices Face Fresh Volatility on New Russia Sanctions, OPEC Decision Globalized Supply Chain Brings More-Turbulent Food Prices Chinese Protests Spread Over Government's Covid Restrictions Canada Calls China Disruptive Global Actor Taiwan's President Steps Down as Leader of Ruling Party After Drubbing in Local Elections U.S. Effort to Arm Taiwan Faces New Challenge With Ukraine Conflict Vatican Says China Broke Agreement on Bishops Iran's Top Paramilitary Commander Warns Protesters in Eastern Province Against Unrest Most Power Is Restored in Kyiv as Russian Strikes Hit Southern Ukraine Local Governments, Many on Wall Street Line Up Against Muni-Data Bill Thousands of Bottles, Cups for Toddlers Recalled Over Lead Poisoning Risk Bahamian Attorney General Defends Handling of FTX Collapse Disney's Robert Iger Faces Troubled Animation Market Adidas Top Executives Discussed Risk of Staff's 'Direct Exposure' to Kanye West Years Ago Venezuelan Oil Will Take a Long Time to Reach Markets, Despite New Chevron License Taylor Swift Concert-Ticket Mess Draws Scrutiny of the Live Nation-Ticketmaster Tie Up Congress Returns to Tackle Government Funding, Same-Sex Marriage, Railroad Strife Puerto Rico's Power Failures Worsen After Private Takeover
(END) Dow Jones Newswires
11-27-22 2215ET
