GLOBAL MARKETS DJIA 32237.53 132.28 0.41% Nasdaq 11823.96 36.56 0.31% S&P 500 3970.99 22.27 0.56% FTSE 100 7405.45 -94.15 -1.26% Nikkei Stock 27458.69 73.44 0.27% Hang Seng 19567.70 -347.98 -1.75% Kospi 2400.03 -14.93 -0.62% SGX Nifty* 17011.50 92 0.54% *March contract USD/JPY 130.71-72 0.00% Range 131.05 130.53 EUR/USD 1.0766-69 +0.06% Range 1.0783 1.0758 CBOT Wheat May $6.884 per bushel Spot Gold $1,973.54/oz -0.2% Nymex Crude (NY) $69.18 -$0.78 U.S. STOCKS
A volatile week on Wall Street ended with major stock indexes higher despite lingering fears about the health of the banking system.
Bond yields fell as investors piled into Treasurys, gold traded near record highs and on Friday investors loaded up on safe-haven stocks in sectors such as utilities, healthcare and consumer staples.
"Things are starting to follow the recession playbook," said Bill Callahan, investment strategist at asset manager Schroders.
The S&P 500 gained 22.27 points, or 0.6%, to close at 3970.99 on Friday, while the Dow Jones Industrial Average added 132.28 points, or 0.4%, to end at 32237.53. The Nasdaq Composite increased 36.56 points, or 0.3%, to 11823.96.
For the week, the S&P 500 gained 1.4%, the Dow rose 1.2% and the Nasdaq index climbed 1.7%.
ASIAN STOCKS
Japanese stocks were higher, led by gains in tech and real-estate stocks, as prospects lessen for policy tightening by central banks amid the recent turmoil in the global banking sector. Investors were closely watching bond yields and any signs of weakness in the banking system. USD/JPY was at 130.81, compared with 130.12 as of Friday's Tokyo stock market close. The Nikkei Stock Average was up 0.2% at 27431.63.
South Korea's benchmark Kospi was 0.5% lower at 2402.90 in early trade as financial and shipping stocks retreated. Foreign and institutional investors are net sellers. Lingering concerns about the health of the global banking system were weighing on sentiment despite the easing of fears over troubled U.S. and European leaders. Meanwhile, EV-battery maker LG Energy Solution rose 3.5% after announcing that it would build a $5.6 billion battery complex in Arizona.
Hong Kong's Hang Seng Index was 0.3% lower at 19851.79 in early trade. Market sentiment was weighed by lingering fears about the health of the global banking system and mixed views regarding the level of rebound and sustainability of China's economic recovery. The Hang Seng Tech Index was 0.4% lower at 4209.71.
Chinese shares were lower in early trade, dragged down by liquor makers. Trading was mixed among other regional markets as investors continue to keep a close eye on the impact of the banking sector turmoil sparked by troubles at several lenders in Europe and the U.S. The benchmark Shanghai Composite Index fell 0.5% to 3249.86, the Shenzhen Composite Index dropped 0.3% to 2110.60 and the ChiNext Price Index slipped 0.2% to 2366.88. Liquor stocks were lower. Developments relating to the war in Ukraine would also likely remain in focus, after Russian President Putin said China's peace proposal could be used as the basis for a peaceful settlement of the conflict, OCBC analysts said.
FOREX
Most Asian currencies weakened against their U.S. counterpart in the morning session amid risk aversion, which boosted the safe-haven appeal of the U.S. dollar. Worries about banks' stability continue to be a source of volatility, NAB said, noting that Deutsche Bank experienced selling pressure Friday as investors searched for the next victim in the current turmoil. The heightened volatility, symptomatic of risk aversion, didn't help AUD and NZD at end of last week, it added. USD/KRW rose 0.5% to 1,302.28, USD/SGD edged 0.1% higher to 1.3338 and AUD/USD was little changed at 0.6650.
METALS
Gold was lower in early Asian trade. The price of the precious metal fell following hawkish comments from Fed President James Bullard after better-than-expected flash PMI data, said Oanda. According to the Fed president, the central bank is nowhere near done with its tightening stance, it added. Spot gold was down 0.2% at $1,973.54/oz.
OIL SUMMARY
Crude oil prices were little changed in early Asian trade. Prices could be supported by improved sentiment as U.S. officials have moved to ease concerns over the banking system, although concerns remain on whether China's economic activity has managed to recover, said ANZ analysts. The U.S. government has said it would protect bank deposits, which will help to calm nerves, while hopes rise for a pause in interest-rate increases from the Federal Reserve, the analysts noted. The front-month contract for WTI futures edged up 0.1% to $69.32/bbl, and the front-month Brent crude contract was flat at $75.00/bbl.
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(END) Dow Jones Newswires
03-26-23 2317ET
