GLOBAL MARKETS DJIA* 34451.23 -113.36 -0.33% Nasdaq* 13351.08 -292.51 -2.14% S&P 500* 4392.59 -54.00 -1.21% FTSE 100* 7616.38 35.58 0.47% Nikkei Stock 26636.63 -456.56 -1.69% Hang Seng CLOSED Kospi 2693.88 -2.18 -0.08% SGX Nifty# 17261.50 -67.5 -0.39% #April contract USD/JPY 126.52-53 +0.06% Range 126.78 126.26 EUR/USD 1.0799-802 -0.12% Range 1.0823 1.0794 CBOT Wheat* May $10.964 per bushel Spot Gold $1,985.49/oz 0.6% Nymex Crude (NY)* $106.19 $1.94 *Markets in the U.S. and U.K were closed Friday for a holiday. U.S. STOCKS
U.S. stocks are set for a lower open on Monday. On Sunday night, Dow Jones Industrial Average futures fell 150 points, or 0.5%, while S&P 500 futures sank 0.7% and Nasdaq-100 futures tumbled 1.1%.
U.S. stock markets and others world-wide were closed Friday to finish a trading week shortened by Good Friday and other holidays.
The Dow industrials fell 269.89 points, or 0.8%, to 34451.23 last week. The S&P 500 lost 95.69 points, or 2.1%, to 4392.59. The technology-focused Nasdaq Composite dropped 359.92 points, or 2.6%, to 13351.08.
Japanese stocks were lower, dragged by weakness in food and tech stocks, as uncertainty continues about higher costs for borrowing and raw materials. Food company Ajinomoto was down 2.7% and chip-testing equipment maker Advantest was 1.7% lower. Investors remain focused on the war in Ukraine, Covid-19 lockdowns in China and their implications for global trade, ahead of the earnings season set to start later this week. The Nikkei Stock Average was down 1.2% at 26768.01.
South Korea’s Kospi was 0.1% lower at 2693.96 in early trade as financial and tech stocks retreat. The war in Ukraine, Covid-19 lockdowns in China and inflation fears continued to sap investors’ appetite for riskier assets such as local equities. Foreign and institutional investors were net sellers. USD/KRW is higher at 1,231.10, versus Friday’s Seoul close of 1,229.60. KB Financial Group shed 0.8% while internet group Kakao Corp. lost 0.7%. Index heavyweight Samsung Electronics was 0.3% higher.
Chinese stocks were mixed amid concerns over the country’s ongoing lockdowns. The Shanghai Composite Index fell 1.0% to 3178.42, the Shenzhen Composite Index was up 0.1% at 2015.19 and the ChiNext Price Index was 0.2% higher at 2465.79. Auto stocks declined, with BYD Co. slipping 2.1% and SAIC Motor off 0.5%. The smaller-than-expected move from the PBOC last week to cut the reserve requirement ratio for most banks by 25 basis point may put a cap on upside in the near term, IG market strategist Yeap Jun Rong said in a note.
Markets in Hong Kong are closed Monday for a holiday.
USD/JPY was likely to rise this week as higher commodity prices raise the prospects of Japan’s worsening current account, IG market analyst Junichi Ishikawa said in a note. Any comments from Fed officials supporting aggressive tightening in a bid to control inflation may also drive USD/JPY higher, Ishikawa said. The G-20 meeting among finance ministers scheduled for Wednesday would be closely watched, he said. USD/JPY was at 126.60 after rising to 126.78 earlier, its highest level since May 2002, compared with 126.45 late Friday in North America.
The Malaysian ringgit was expected to remain weak against the U.S. dollar this week, but the downside risk was likely to be limited given positive prospects for the economy, Kenanga Research said in a note. The greenback was expected to stay strong against the ringgit amid heightened geopolitical concerns, Kenanga said. On top of a strengthening U.S. dollar, the ringgit also faced pressure from China’s stringent zero-Covid-19 policy and volatile crude oil prices, the research house said. It expected the USD/MYR pair to remain above 4.2300, but any weakness should be limited near 4.2400. USD/MYR was 0.1% higher at 4.2390.
Gold was higher in early Asian trading, with concerns of elevated U.S. inflation driving demand for the safe-haven asset, DailyFX.com analyst Thomas Westwater said in a note. However, “while inflation is at more than 40-year highs, forward expectations are beginning to ease. This will likely weigh on bullion prices,” he said. Central banks making moves to tighten monetary policy and raising interest rates were also bearish for gold, given it is a noninterest-bearing asset, Westwater added. Spot gold was 0.6% higher at $1,985.49 a troy ounce.
Oil prices were higher in early Asian trade, with weak crude production from OPEC supporting prices, Oanda market analyst Ed Moya said in a note. Although the IEA’s oil-reserve release was weighing on sentiment, Moya said this already looked priced in. So “that leaves the risks heavily tilted to the upside as OPEC remains…unable to hit the quotas” it had earlier set. “That could leave Brent prices ranging between $100 and $120 for now, with WTI more like $95-115,” he added. Front-month Brent was 1.3% higher at $113.18/bbl and WTI was 0.9% higher at $107.94/bbl.
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(END) Dow Jones Newswires
April 17, 2022 23:15 ET (03:15 GMT)
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