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PAX DOLLAR (USDP/USD)

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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
GLOBAL MARKETS 
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 
 
 
US STOCKS 

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.

 
 
ASIAN STOCKS 

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.

FOREX 

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.

METALS 

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.

OIL SUMMARY 

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)

 
 
TOP HEADLINES 
Fed Likely to Want More Evidence of Tamer Inflation 
U.S. Inflation Eased Slightly in July 
Lower Gasoline Prices Portend Higher Consumer Confidence, Affect Inflation 
Federal Deficit Narrowed in July 
Singapore Cuts 2022 GDP Forecast 
U.S. Oil Inventories Surge But Gasoline Stockpiles Plunge 
Federal Trade Commission Expected to Launch Effort to Expand Online Privacy Protection 
Regulators Weigh Asking Hedge Funds to Report Crypto Exposure 
Ukraine Wins Investor Approval to Pause Payments on Foreign Debts 
FBI's Trump Search Stirs Talk, Except by Those Who Conducted It 
Donald Trump Declines to Answer Questions in New York Attorney General's Probe 
John Bolton Was Target of Assassination Plot by Iranian National 
Polio Vaccine Booster to Be Offered to Children in London 
Iran Has Begun Training Russia to Use Its Advanced Drones, U.S. Says 
Air New Zealand Cuts Flights for Six Months 
China Ends Taiwan Drills 
Ex-JPMorgan Traders Convicted in Federal Fraud Trial 
Walgreens Helped Fuel San Francisco Opioid Epidemic, Judge Rules 
Disney Posts Profit Surge, Cuts Forecast on Streaming Users 
Bumble Sales Rise on Higher User Spending 
SpaceX Loses Starlink Rural Broadband Subsidies 
Crypto Exchange CoinFLEX Files for Restructuring 
Biotech Startup Cerevance Strikes Alzheimer's Research Deal With Merck 
 
 

(END) Dow Jones Newswires

08-10-22 2315ET

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