Asia Morning Call-Global Markets
Sept 20 (Reuters) -
Stock Markets | Net Chng | Stock Markets | Net Chng | ||
S&P/ASX 200** | 8191.9 | 49.8 | NZX 50** | 12665 | 78.02 |
DJIA** | 42025.19 | 522.09 | NIKKEI** | 37155.33 | 775.16 |
Nasdaq** | 18013.981 | 440.68 | FTSE** | 8328.72 | 75.04 |
S&P 500** | 5713.64 | 95.38 | Hang Seng** | 18013.16 | 353.14 |
SPI 200 Fut | 8284 | 34 | STI** | 3633.18 | 40.76 |
SSEC** | 2736.0222 | 18.7409 | KOSPI** | 2580.8 | 5.39 |
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Bonds | Net Chng | Bonds | Net Chng | ||
JP 10 YR Bond | 0.85 | 0.03 | KR 10 YR Bond | 10538.17 | -28.46 |
AU 10 YR Bond | 98.498 | -0.031 | US 10 YR Bond | 101.3125 | -0.234375 |
NZ 10 YR Bond | 100.31 | 0 | US 30 YR Bond | 103.4375 | -0.75 |
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Currencies | Net Chng | Net Chng | |||
SGD US$ | 1.2914 | -0.0038 | KRW US$ | 1,326.25 | 7.16 |
AUD US$ | 0.6811 | 0.0048 | NZD US$ | 0.6240 | 0.0034 |
EUR US$ | 1.1163 | 0.0045 | Yen US$ | 142.58 | 0.31 |
THB US$ | 33.13 | -0.14 | PHP US$ | 55.52 | -0.195 |
IDR US$ | 15,230 | -100 | INR US$ | 83.62 | -0.03 |
MYR US$ | 4.2050 | -0.0370 | TWD US$ | 31.919 | -0.079 |
CNY US$ | 7.0675 | -0.0137 | HKD US$ | 7.7950 | 0.0021 |
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Commodities | Net Chng | Net Chng | |||
Spot Gold | 2588.7939 | 29.8946 | Silver (Lon) | 30.8089 | 0.7489 |
U.S. Gold Fut | 2614 | 15.3 | Brent Crude | 74.76 | 1.11 |
Iron Ore | CNY693 | 18 | TRJCRB Index | - | - |
TOCOM Rubber | 375.5 | 2.1 | LME Copper | 9539 | 138.5 |
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** indicates closing price
All prices as of 2016 GMT
EQUITIES
GLOBAL - Wall Street indexes marched past previous record highs after global counterparts booked gains and longer-dated Treasury yields rose on Thursday as the start of the Federal Reserve's first interest rate cutting cycle in more than four years whet investors' risk appetite.
Gains were not limited to Wall Street. MSCI's 47-country world stocks index .MIWD00000PUS gained 1.78%, to 840.96.
For a full report, click on MKTS/GLOB
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NEW YORK - The S&P 500 surged to a record high close on Thursday, the day after the Federal Reserve cut interest rates by 50 basis points and indicated more rate cuts were on the horizon.
According to preliminary data, the S&P 500 .SPX gained 94.95 points, or 1.69%, to end at 5,713.21 points, while the Nasdaq Composite .IXIC gained 440.68 points, or 2.49%, to 18,011.51. The Dow Jones Industrial Average .DJI rose 526.98 points, or 1.27%, to 42,028.54.
For a full report, click on .N
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LONDON - European stocks jumped on Thursday after the U.S. Federal Reserve delivered a 50-basis-point rate cut and flagged that further easing would be measured, raising hopes of a soft landing for the American economy.
The continent-wide STOXX 600 index .STOXX closed 1.4% up, its highest closing level in more than two weeks.
For a full report, click on .EU
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TOKYO - Japan's Nikkei share average posted its highest closing level in more than two weeks on Thursday, led by exporters as the yen weakened against the dollar on prospects of slower-than-expected future rate cuts by the U.S. Federal Reserve.
The Nikkei .N225 rose 2.13% to end at 37,155.33, its highest close since Sept. 3.
For a full report, click on .T
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SHANGHAI - China shares rebounded from modest early losses on Thursday, led by gains in real estate developers and consumer goods, as the start of long-awaited U.S. rate cuts raised hopes that Beijing will have more latitude to stimulate the ailing Chinese economy.
China's blue-chip CSI300 Index .CSI300 and Shanghai Composite Index .SSEC rose 0.8% and 0.7%, respectively.
For a full report, click on .SS
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AUSTRALIA - Australian shares were set to open higher on Friday, likely driven by commodity stocks as the U.S. Federal Reserve's deep interest rate cut buoyed underlying prices, while investors awaited the local central bank's policy decision next week.
The local share price index futures YAPcm1 rose 0.4%, a 93.1-point premium to the underlying S&P/ASX 200 index .AXJO close. The benchmark rose 0.6% on Thursday.
For a full report, click on .AX
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SEOUL - South Korean shares ended higher on Thursday as trading resumed after a long holiday weekend, fuelled by bets of a resilient U.S. economy after traders found comfort in the Federal Reserve's half-percentage-point interest rate cut.
The benchmark KOSPI .KS11 closed up 5.39 points, or 0.21%, at 2,580.80.
For a full report, click on KRW/
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FOREIGN EXCHANGE
NEW YORK - The U.S. dollar slipped in choppy trading on Wednesday as markets grappled with the supersized 50 basis point interest rate cut, as well as the switch to an easing monetary policy stance delivered by the Federal Reserve.
The dollar index =USD, which measures the greenback against a basket of six peers, was down 0.38% to 100.64 after reversing gains made in early trading. It slid to its lowest in more than a year of 100.21 in the previous session.
For a full report, click on USD/
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SHANGHAI - China's yuan recovered all intraday losses on Thursday to close near a 16-month high against the dollar, underpinned by rising market expectations that Federal Reserve's easing offered Beijing leeway on its own monetary policy.
The onshore yuan CNY=CFXS ended the domestic trading session at 7.0660 per dollar at 0830 GMT, the strongest close since May 26, 2023.
For a full report, click on CNY/
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AUSTRALIA - The Australian dollar recouped early losses on Thursday as an upbeat jobs report helped offset broad gains in its U.S. counterpart, while news on the New Zealand economy proved slightly less dire than feared.
The Aussie was back at $0.6765 AUD=D3, off a low of $0.6738.
For a full report, click on AUD/
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SEOUL - The won strengthened, while the benchmark bond yield rose.
In offshore trading, the won KRW= was quoted at 1,328.7 per dollar, down 0.7% on the day
For a full report, click on KRW/
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TREASURIES
NEW YORK - U.S. Treasury yields advanced on Thursday, in line with gains in stocks, as better-than-expected jobless claims data further stoked global risk appetite, a day after the Federal Reserve announced a jumbo interest rate cut.
The benchmark U.S. 10-year Treasury yield US10YT=RR hit its highest level in about two weeks at 3.768% and was last up 5.1 bps at 3.738%.
For a full report, click on US/
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LONDON - Euro zone government bond yields remained steady on Thursday, a day after the Federal Reserve kicked off its easing cycle with a larger-than-usual interest rate cut but signalled policy moves would be measured through the end of the year.
Germany's 10-year yield DE10YT=RR, the euro zone's benchmark, was little changed at 2.193%, a 1-1/2-week high.
For a full report, click on GVD/EUR
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TOKYO - Japanese government bond (JGB) yields rose on Thursday, tracking their U.S. peers higher, after the Federal Reserve delivered a larger-than-usual reduction in interest rates at the conclusion of its two-day meeting.
The 10-year JGB yield JP10YTN=JBTC was up 3 basis points (bps) at 0.85%, after briefly hitting 0.855% following an overnight rise in U.S. Treasury yields.
For a full report, click on JP/
COMMODITIES
GOLD - Gold prices rose over 1% on Thursday as the U.S. Federal Reserve launched its monetary easing cycle with a half percentage point move, boosting bullion to an all-time high and just a few cents shy of the key $2,600 ceiling in the previous session.
Spot gold XAU= rose 1.2% to $2,590.47 per ounce by 2:02 p.m. ET (1802 GMT). U.S. gold futures GCcv1 settled 0.6% higher at $2,614.60.
For a full report, click on GOL/
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IRON ORE - Prices of iron ore futures gained ground on Thursday, as prospects of fresh Chinese monetary stimulus and lower inventories overshadowed concerns of the top consumer's weakening domestic demand.
The most-traded January iron ore contract on China's Dalian Commodity Exchange (DCE) DCIOcv1 ended daytime trade 1.69% higher at 693.0 yuan ($98.10) a metric ton.
For a full report, click on IRONORE/
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BASE METALS - Copper prices hit their highest levels in two months and aluminium the highest in three on Thursday after a long-awaited interest rate cut by the U.S. Federal Reserve weakened the dollar and gave support to growth-dependent metals.
Three-month copper on the London Metal Exchange CMCU3 was up 1.3% to $9,518.50 per metric ton by 1549 GMT after hitting $9,586.5, its highest price since July 18, and stumbling upon resistance from the 100-day moving average.
For a full report, click on MET/L
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OIL - Oil prices rose by nearly 2% on Thursday after the Federal Reserve's large cut in U.S. interest rates helped global benchmark Brent crude recover from its lowest in nearly three years hit last week.
Brent futures LCOc1 rose to $74.79 a barrel by 2:06 p.m. ET (1806 GMT), up by $1.17, or 1.6%, and rebounding from last week's levels below $69 a barrel. U.S. crude CLc1 gained $1.17, or 1.7%, to $72.08 a barrel.
For a full report, click on O/R
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PALM OIL - Malaysian palm oil futures extended gains to a second consecutive session on Thursday, underpinned by firmer soyoil prices and production concerns in the world's second-biggest producer.
The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange closed 34 ringgit, or 0.88%, higher at 3,879 ringgit ($921.82) a metric ton.
For a full report, click on POI/
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RUBBER - Japanese rubber futures ticked lower on Thursday, giving up earlier gains driven by prospects of strong demand from top consumer China, which also limited declines.
The Osaka Exchange (OSE) rubber contract for February delivery JRUc6, 0#2JRU: closed down 1.5 yen or 0.4% at 373.4 yen ($2.62) per kg, after climbing to $381.6 earlier in the session, its highest since Aug. 30.
For a full report, click on RUB/T
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(Bengaluru Bureau; +91 80 6749 1130)
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