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Real-time Crypto  -  08:26 2022-10-06 pm EDT
0.9995 USD   +0.02%
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Indian Morning Briefing : Asian Markets Mostly Higher After U.S. Inflation Eased Slightly in July

08/10/2022 | 11:16pm EDT
DJIA           33309.51    535.10     1.63% 
Nasdaq         12854.80    360.88     2.89% 
S&P 500         4210.24     87.77     2.13% 
FTSE 100        7507.11     18.96     0.25% 
Nikkei Stock   Closed 
Hang Seng      19793.25    182.41     0.93% 
Kospi           2514.29     33.41     1.35% 
SGX Nifty*     17747.50     201.0     1.15% 
*Aug contract 
USD/JPY     133.28-29      +0.30% 
Range       133.31   132.61 
EUR/USD     1.0282-85      -0.16% 
Range       1.0307   1.0282 
CBOT Wheat Sept $7.996 per bushel 
Spot Gold $1,789.40/oz  -0.1% 
Nymex Crude (NY) $91.49   $0.99 

U.S. stock indexes closed at their highest levels since early May, sending the Nasdaq Composite back into bull-market territory after July's headline consumer price index showed inflation slowing, due largely to lower energy prices, and potentially easing the burden on the Fed's monetary policy.

The Dow Jones Industrial Average added 1.6%, the S&P 500 advanced 2.1%. The Nasdaq Composite rallied 2.9%.

"A number of components that people have been flagging as being potentially problematic and keeping inflation persistent at high levels, started to show some easing," Stephen Hoedt, managing director at equity and fixed income research at Key Private Bank, said in an interview. Hoedt cited a slowdown in the rise of the owners' equivalent rent index and medical care index in July.

"I really do think that that opens the possibility to the Fed considering 50 basis point hikes instead of 75," Hoedt said.


Markets in Japan are closed for a holiday today.

South Korea's Kospi rose 1.3% to 2512.54 in early trade, tracking Wall Street's rally overnight after data that showed U.S. inflation eased in July, raising hopes the Fed can slow the pace of interest-rate increases. Risk-on sentiment was back. Tech, energy and internet stocks were among the top gainers. USD/KRW was 0.8% lower at 1,299.70 on renewed risk appetite.

Hong Kong's Hang Seng Index rose 1.2% to 19840.57 in morning trade as investors cheered Wall Street's rally overnight. The index is likely to rebound this session, thanks to the easing of U.S. inflationary pressures, which will cool down expectations of Fed rate hikes, KGI Securities analysts said in a note.

Chinese shares were higher in morning trade, tracking broad gains among other Asian equities following a Wall Street rally overnight. The benchmark Shanghai Composite Index rose 0.4% to 3241.92, the Shenzhen Composite gained 0.4% to 2188.76 and the ChiNext Price Index added 0.1% to 2661.57. China-Taiwan relations will likely be in focus after China's Taiwan Affairs Office issued a white paper with details on how China intends to claim Taiwan through a range of economic incentives and military pressure, UOB analysts said in a note.


Asia currencies were mixed against the USD in Asian trade, but may strengthen on an easing of Fed rate-increase bets. The USD Index fell overnight as a cooler U.S. CPI reading led markets to pare back expectations of policy tightening by the Fed at its Sept. 20-21 meeting, said MUFG Bank's currency analyst Sophia Ng in a research report. The USD Index's drop on Wednesday is likely to be a reprieve for Asia ex-Japan currencies today, the analyst reckoned. USD/KRW rose 0.4% to 1,302.18, while USD/JPY edged 0.1% lower to 132.80 and USD/SGD was up 0.1% at 1.3709.


Gold edged lower in the early Asian morning session, weighed by risk appetite driven by softer-than-expected U.S. inflation data overnight. While the precious metal initially surged after the release, the rally lost steam as some "doom and gloom" traders started piling back into risky assets, Oanda senior market analyst Edward Moya said in an email. Gold's trajectory remains higher, but this might take a little while longer if equities stay bid for a while, Moya added. Spot gold was down 0.1% at $1,789.40/oz.


Crude-oil prices were lower in early Asian trade. The decline in prices was likely due to the easing of global supply concerns as Russian pipeline operator Transneft has resumed supplying to the Druzhba pipeline toward Ukraine, wrote ANZ analysts in a research report. U.S. crude oil inventories also rose by 5.5 million barrels last week, driven by a gain in domestic output, ANZ added. The front-month WTI contract was 0.6% lower at $91.41/bbl, and Brent crude futures were down 0.5% to $96.90/bbl. (yiwei.wong@wsj.com)

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(END) Dow Jones Newswires

08-10-22 2315ET

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