Indian Morning Briefing: Asian Markets Mixed; Focus on Earnings

Subscribers Note: This publication will resume on Friday, Jan. 27. Markets in India are closed on Thursday for Republic Day.

DJIA         33733.96   104.40   0.31% 
Nasdaq       11334.27   -30.14  -0.27% 
S&P 500       4016.95    -2.86  -0.07% 
FTSE 100      7757.36   -27.31  -0.35% 
Nikkei Stock 27333.71    34.52   0.13% 
Hang Seng    CLOSED 
Kospi         2428.36    33.10   1.38% 
SGX Nifty*   18173.00   -31.5   -0.17% 
*Feb contract 
USD/JPY 130.27-28  +0.08% 
Range   130.47   130.05 
EUR/USD 1.0895-98  +0.08% 
Range   1.0903   1.0881 
CBOT Wheat March $7.344 per bushel 
Spot Gold  $1,937.00/oz  Unch 
Nymex Crude (NY) $80.17  -$1.45 

U.S. inventory indexes completed blended Tuesday, as a collection of main corporations reported earnings.

The Dow Jones Industrial Average added 104.40 factors, or 0.3%, to 33733.96, after sliding earlier within the morning. The S&P 500 fell 2.86 factors, or 0.1%, to 4016.95, and the Nasdaq Composite was down 30.14 factors, or 0.3%, to 11334.27.

The S&P 500 had gained a decisive 1.2% the day earlier than, to shut at its highest since early December. Stocks had additionally rallied Friday as buyers wager that easing inflation would permit the Federal Reserve to sluggish the tempo of its interest-rate rises and probably even reduce charges later this yr.

Earnings season is in full swing.

“The greatest factor this week can be earnings,” mentioned John Roe, head of multiasset funds at Legal & General Investment Management.


Japanese shares had been barely down in morning commerce, dragged by falls in electronics and tech shares amid continued uncertainty over the financial and earnings outlook. Earnings remained in focus. The Nikkei Stock Average was down 0.1% at 27265.61.

South Korea’s benchmark Kospi rose 1.5% to 2431.86 as buying and selling resumed after the Lunar New Year vacation break. Semiconductor and battery shares had been main the advance. Foreign buyers had been internet consumers as risk-on sentiment and a weaker U.S. greenback despatched USD/KRW 0.2% decrease at 1,233.00. Car maker Hyundai Motor gained 1.1% forward of 4Q earnings later this week.

Markets in China and Hong Kong are closed for the Lunar New Year vacation.


Most Asian currencies consolidated within the early Asian session amid buying and selling thinned by the Lunar New Year holidays in elements of the area, though they could be weighed by faltering threat sentiment, analysts mentioned. A cautious tone has permeated threat belongings in Asia, mentioned SPI Asset Management, noting losses in U.S. inventory futures. USD/SGD edged 0.1% decrease to 1.3183 and USD/MYR fell 0.3% to 4.2725 whereas USD/JPY was up 0.1% at 130.29.


Gold costs had been flat early Asian commerce. The worth of the valuable steel might commerce sideways forward of the discharge of U.S. 4Q GDP information and the upcoming Federal Reserve interest-rate choice, Oanda mentioned. Traders can be anticipating indicators of the U.S.’s future charge path, which tends to affect the route of gold costs. Company earnings additionally remained in focus. Results to date have been coming in tender, and indicators of a weaker financial system might preserve demand for gold secure attributable to its safe-haven standing, it added. Spot gold was flat at $1,937.00/oz.


Crude oil costs rose barely in early Asian commerce. Oil costs fell within the earlier buying and selling day, however the selloff remained constrained by expectations of a robust rebound in demand from China, ANZ analysts mentioned. Uncertainty round Chinese demand and a scarcity of readability of the affect of sanctions on Russian crude oil provides might stay the important thing points in focus for the OPEC+ alliance, the analysts added. The front-month contract for WTI futures rose 0.1% to $80.18/bbl, whereas the front-month Brent crude contract added 0.2% to $86.28/bbl.

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(END) Dow Jones Newswires

January 24, 2023 22:15 ET (03:15 GMT)

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