Asia Morning Call-Global Markets | Reuters

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SHARES

GLOBAL – Global stocks rallied on Friday as investors looked to corporate earnings and shrugged off geopolitical unrest and concerns over Federal Reserve tightening.

MSCI’s 50-country main world index (.MIWD00000PUS) rose 1.49% but remained on the brink of its worst January since the 2008 global financial crisis after losing around $7 trillion in value .

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NEW YORK – Wall Street surged on Friday, marking its best day so far in 2022 after another zigzagging session, ending a tumultuous week marked by mixed corporate earnings, geopolitical unrest and an increasingly Federal Reserve. more aggressive.

The Dow Jones Industrial Average (.DJI) rose 564.69 points, or 1.65%, to 34,725.47, the S&P 500 (.SPX) gained 105.34 points, or 2.43%, to 4,431.85 and the Nasdaq Composite (.IXIC) added 417.79 points, or 3.13%, to 13,770.57.

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LONDON — European stocks fell on Friday, with the STOXX 600 index down for the fourth straight week as auto and tech stocks led declines on the prospect of higher interest rates and concerns over the situation. in Russia and Ukraine.

The pan-European index (.STOXX) lost 1.0%, erasing some losses after falling 2% earlier in the day. The index lost 1.8% this week, marking its worst performance in more than two months.

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TOKYO — Japan’s Nikkei rebounded on Friday from a 14-week closing low, buoyed by strong earnings from Apple Inc, but still posted its biggest weekly decline in two months.

The Nikkei (.N225) held gains since morning, fluctuating very little after the lunch break, to end the day up 2.09% at 26,717.34.

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SHANGHAI (Reuters) – Chinese stocks fell to 16-month closing lows on Friday, extending losses even after newspapers and state-backed fund firms tried to calm investors’ nerves after a sharp sell-off massive last session due to concerns about a more rapid tightening of US monetary policy.

The blue-chip CSI300 index (.CSI300) fell 1.2% to 4,563.77, while the Shanghai Composite index .SSEC lost 1% to 3,361.44.

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AUSTRALIA – Australian stocks ended a four-game losing streak on Friday, after the market entered correction territory a day earlier when the US Federal Reserve signaled a more hawkish stance on interest rates and signaled inflationary risks.

The S&P/ASX 200 Index (.AXJO) closed up 2.2% at 6,988.1, but posted a third weekly loss of nearly 3%. The benchmark, however, has slipped out of correction territory with the index down more than 8% from its August 2021 peak.

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SEOUL — South Korean stocks closed higher on Friday but posted the biggest monthly decline since the start of the pandemic as investors rattled by a resurgence in local COVID-19 cases and the U.S. Federal Reserve’s pivot towards a tightening of the policy.

The benchmark KOSPI (.KS11) closed up 48.85 points, or 1.87%, at 2,663.34. For the week, the index fell 6.03%, the biggest loss since mid-March 2020.

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EXCHANGE

NEW YORK – The dollar consolidated gains on Friday and posted its biggest weekly gain in seven months as markets priced in a year ahead of aggressive U.S. interest rate hikes.

The dollar index rose just 0.04%. The index, which measures the value of the dollar against other major currencies, rose about 1.7% for the week to mark its biggest weekly gains since June. It topped 97 for the first time since July 2020.

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SHANGHAI (Reuters) – The Chinese yuan recovered some lost ground against the dollar on Friday after its biggest one-day weakening in more than seven months, although trading was subdued ahead of the New Year holiday. lunar.

After Thursday’s sharp drop, the PBOC pegged the daily midpoint of the yuan at 6.3746 per dollar ahead of market open, its lowest level since Jan. 5 after Thursday’s sharp drop.

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AUSTRALIA – The Australian and New Zealand dollars neared multi-month lows on Friday as global risk flight combined with aggressive pricing for U.S. rate hikes to to push up the US dollar overall.

The Aussie was pinned at $0.7036, after losing 1.1% overnight to hit a two-month low at $0.7024. That took losses for the week to 1.9%, the biggest drop since last August, and suggested a test of the 2021 low at $0.6993 was only a matter of time.

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SEOUL – The Korean won weakened on Friday as the benchmark bond yield fell.

The won was quoted at 1,205.5 to the dollar on the onshore settlement platform, down 0.22% from its previous close at 1,202.8.

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TREASURY

NEW YORK — U.S. Treasury yields fell on the curve on Friday amid month-end buying by investors to rebalance their portfolios.

The benchmark 10-year yield fell 3.7 basis points to 1.7712%, while 30-year yields slipped 1.4 basis points to 2.0769%.

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LONDON — Eurozone bond yields rose on Friday as markets continued to digest the results of this week’s Federal Reserve policy meeting, but Southern European bonds found some relief as data Americans eased the pain in stock markets.

German 10-year yields, which previously hit a one-week high of -0.008%, rose 4 basis points to -0.02% at 1427 GMT and set for their biggest daily rise in two weeks.

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TOKYO — Yields on Japanese government bonds edged higher on Friday, with those on 10-, 20- and 30-year securities hitting 11-month highs as investors worried about the effects of a faster pace of market tightening. US monetary policy.

The 10-year JGB yield rose 1 basis point to 0.165%, the 20-year yield rose 0.5 basis points to 0.550% and the 30-year yield added 1.5 basis points to 0.755. %, all reaching the highest since February 26. .

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BASIC PRODUCTS

GOLD – Gold extended its declines on Friday and was poised for its worst week since late November as rising expectations of higher U.S. interest rates pushed the dollar to a multi-month high, making bullion less attractive for foreign buyers.

Spot gold fell 0.6% to $1,785.71 an ounce at 2:02 p.m. ET (1902 GMT). It hit a six-week low at $1,779.20 earlier in the session and was heading down around 2.5% for the week.

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IRON ORE – Dalian iron ore soared more than 7% on Friday and was on course to post its biggest weekly gain since mid-December, buoyed by a combination of hopes that accelerated monetary easing from China would drive demand and fears over the tight supply outlook.

The steel ingredient’s most-traded May contract on China’s Dalian Commodity Exchange ended the day’s session up 7.6% at 829 yuan a tonne, after hitting an earlier high of 830 yuan. level since August 31.

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BASE METALS – Copper prices headed for their biggest weekly decline since October on Friday as the prospect of central bank tightening reduced investors’ appetite for risky assets and boosted the dollar.

Benchmark copper on the London Metal Exchange (LME) was down 2.8% at $9,508 a tonne at 4.55pm GMT and around 4.5% this week.

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OIL – Oil prices hit a more than seven-year high on Friday and posted their sixth consecutive weekly gain as geopolitical unrest heightened concerns about limited energy supplies.

Brent crude futures rose 69 cents to settle at $90.03 a barrel, after hitting $91.70, the highest level since October 2014.

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PALM OIL – Malaysian palm oil futures hit a new all-time high and a sixth weekly gain on Friday, as Indonesia’s top producer limited exports amid lingering low production fears.

The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange closed at 5,633 ringgit ($1,345.03) a tonne, up 3.47% for the day.

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RUBBER – Japanese rubber futures rose on Friday as the yen’s fall against the US dollar prompted buying, with support also coming from a rebound in Shanghai futures from 2-year lows month and a half on position adjustments ahead of the China holiday week.

The Osaka Exchange rubber contract for July delivery ended at 2.9 yen, or 1.2%, up at 239.4 yen ($2.07) per kg after dropping earlier to its low. level in four and a half weeks to 232.0 yen.

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