Asia Morning Call-Global Markets

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Jan 21 (Reuters) - ----------------------------------------------------------------------------------------

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All prices as of 18:04 GMT

EQUITIES

GLOBAL - Bond yields backed off their rapid rise this week and Wall Street rebounded on Thursday as investors in Big Tech licked their wounds after Nasdaq's slide into correction territory.

Strong earnings reports helped lift all 11 sectors of the S&P 500 into the black in a broad rally while the major stock indices in Europe also gained. MSCI's U.S.-centric all-country world index (.MIWD00000PUS) rose 1.14%.

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NEW YORK - U.S. stock indexes rose on Thursday on strong earnings reports, while bargain hunting boosted mega-cap growth companies after the Nasdaq index plunged into correction territory in the previous session.

At 11:40 a.m. ET, the Dow Jones Industrial Average (.DJI) was up 425.53 points, or 1.21%, at 35,454.18, the S&P 500 (.SPX) was up 61.57 points, or 1.36%, at 4,594.33 and the Nasdaq Composite (.IXIC) was up 256.71 points, or 1.79%, at 14,596.97.

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LONDON - European shares ended higher on Thursday with travel stocks leading gains after Ryanair RYA.I expressed confidence in a recovery this year, while bond yields retreated from recent peaks, taking some pressure off equities.

The pan-European STOXX 600 (.STOXX) closed up 0.5%, overcoming early losses and extending a recovery into a second consecutive session.

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TOKYO - Japan's Nikkei share average rebounded from a five-month low on Thursday, led by Sony and other video-game makers, after China ramped up its monetary easing measures to shore up a slowing economy by lowering a set of key policy rates.

The Nikkei (.N225) ended up 1.11% at 27,772.93, extending the morning's gains in the afternoon. About three stocks gained for every one that fell.

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SHANGHAI - China's blue-chip stocks closed higher on Thursday after a set of key policy rates and lending benchmarks were cut to prop up a slowing economy, with investors pinning hopes on further easing in policies by Beijing.

The CSI300 index (.CSI300) ended 0.9% higher at 4,823.51, while the Shanghai Composite Index (.SSEC) edged down 0.1% to 3,555.06 points.

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AUSTRALIA - Australian shares closed higher on Thursday as upbeat results and firm bullion prices helped the gold sub-index surge 7%, although the gains were capped by banks following earnings reports from their U.S. peers.

The S&P/ASX 200 index (.AXJO) ended 0.1% higher at 7,342.40, snapping a two-day losing streak but still hovering near a one-month low hit in the previous session.

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SEOUL - The S&P/ASX 200 index .AXJO ended 0.1% higher at 7,342.40, snapping a two-day losing streak but still hovering near a one-month low hit in the previous session.

The benchmark KOSPI (.KS11) closed up 20.40 points, or 0.72%, at 2,862.68, marking its first gain in six sessions.

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FOREIGN EXCHANGE

NEW YORK - The dollar pared earlier gains on Thursday as this week's upward trajectory of U.S. Treasury yields took a breather.

The greenback edged lower after weekly applications for unemployment insurance unexpectedly jumped to a three-month high.

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SHANGHAI - China's yuan held steady against the dollar on Thursday on persistent seasonal corporate demand and a much strengthened official midpoint fixing, with only a muted impact from cuts to the country's benchmark lending rates.

In the spot market, the onshore yuan opened at 6.3450 per dollar and was changing hands at 6.3435 at midday, 12 pips firmer than the previous late session close.

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AUSTRALIA - The Australian dollar got a much-needed lift on Thursday after a resoundingly strong set of jobs data reinforced market wagers on an early rise in interest rates, keeping short-term bond yields up at three-month highs.

The Aussie rose 0.3% to $0.7234 and away from a $0.7170 low hit early in the week. The next stops are resistance at $0.7277 and $0.7314.

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SEOUL - The won ended at 1,192.4 per dollar on the onshore settlement platform KRW=KFTC, 0.06% lower than its previous close.

In offshore trading, the won was quoted at 1,191.8 per dollar, down 0.3% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,192.2.

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TREASURIES

NEW YORK - U.S. Treasury yields were steady on Thursday, after dropping from two-year highs on Wednesday, following a rapid sell-off sparked by anticipation of a more hawkish Federal Reserve drew new buying interest.

Benchmark 10-year note yields were last at 1.825%, after reaching 1.902% in overnight trading on Wednesday, which was the highest since January 2020.

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LONDON - Benchmark German bond yields fell for the first time in five sessions and moved below 0% on Thursday as money markets slightly pulled back their bets on rate hikes and the European Central Bank appeared divided on the inflation outlook.

After rising as high as 0.025% on Wednesday, Germany's 10-year yield was down nearly 2 basis points (bps) to -0.03% by 1600 GMT.

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TOKYO - Japanese government bond yields edged higher on Thursday, led by longer-dated tenors, after U.S. Treasury and German bund yields extended gains overnight amid expectations the Federal Reserve would tighten monetary policy faster than previously expected.

The 10-year JGB yield rose 0.5 basis point to 0.140%, after similar-dated Treasury yields climbed to a fresh two-year high and Bund yields topped 0% for the first time since May 2019.

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COMMODITIES

GOLD - Gold and silver touched two-month highs on Thursday lifted by worries surrounding inflation and Russia-Ukraine tensions, while autocatalysts platinum and palladium extended the previous session's rally.

Spot gold rose 0.2% to $1,842.87 per ounce by 12:13 a.m. ET (1713 GMT), its highest since Nov. 22. U.S. gold futures were unchanged at $1,842.60.

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IRON ORE - Iron ore pushed higher on Thursday on expectations of further monetary easing measures in top steel producer China, while stainless steel futures jumped to a three-month peak, buoyed by record-high prices of key ingredient nickel.

Iron ore's most-traded May contract on China's Dalian Commodity Exchange ended daytime trading 1.3% higher at 742 yuan ($116.97) a tonne, after touching a one-week high of 747.50 a tonne earlier in the session.

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BASE METALS - Low inventories propelled prices for nickel to their highest since 2011 on Thursday, with future demand expected to rocket thanks to higher electric vehicle battery consumption.

Benchmark three-month nickel on the London Metal Exchange (LME) climbed 1.8% to $23,565 per tonne by 1721 GMT, after touching their highest since August 2011 at $24,435.

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OIL - Oil rose modestly on Thursday, as bulls remain in charge, with benchmark Brent nearing $90 a barrel, bolstered by strong demand and concerns about short-term supply disruptions.

Brent crude futures were up 67 cents, or 0.7%, at $89.07 a barrel at 11:32 a.m. EST (1632 GMT) after falling more than $1 in earlier trade. The global benchmark rose to $89.17 on Wednesday, its highest level since October 2014.

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PALM OIL - Malaysian palm oil futures hit an all-time high of 5,228 ringgit a tonne on Thursday, as traders shrugged off weak exports to focus on tight supply and news of Indonesia's plan to restrict exports of the edible oil.

The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange closed up 66 ringgit, or 1.29%, to 5,190 ringgit ($1,239.55), rising for a second consecutive session.

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RUBBER - Japanese rubber futures rose for a second session on Thursday, as oil prices climbed on the back of strong demand for commodities.

The Osaka Exchange rubber contract for June delivery , finished 0.2% higher at 250.5 yen ($2.19) per kg The benchmark reached its highest in nearly two months on Wednesday.

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