GLOBAL MARKETS DJIA* 33203.93 176.44 0.53% Nasdaq* 10497.86 21.74 0.21% S&P 500* 3844.82 22.43 0.59% FTSE 100* 7473.01 3.73 0.05% Nikkei Stock 26541.62 135.75 0.51% Hang Seng Closed Kospi 2330.03 12.89 0.56% SGX Nifty# 18084.00 55.0 0.31% #Dec contract USD/JPY 132.83-84 -0.03% Range 133.17 132.64 EUR/USD 1.0647-50 +0.11% Range 1.0662 1.0631 CBOT Wheat March* $7.760 per bushel Spot Gold $1,800.91/oz up 0.2% Nymex Crude (NY)* $79.65 $2.16 *Markets in the U.S. and Europe were closed Monday for the Christmas holiday. US STOCKS
U.S. and European markets were closed Monday in observance of Christmas.
ASIAN STOCKS
Japanese stocks were higher, led by gains in retail and railway stocks, on hopes for a continuing recovery from the Covid-19 pandemic despite uncertainty over the global economic outlook. Railway and airline stocks were higher on Chinese health authorities' plan to lift Covid-19 quarantine requirements on international arrivals early next month. Bond yields were closely watched, as they have remained volatile following the Bank of Japan's loosening of its yield control last week. The Nikkei Stock Average was up 0.4% at 26520.35.
South Korea's benchmark Kospi rose 0.4% to 2326.63 in early trade, supported by gains in airline and travel stocks. China's planned lifting of Covid-19 quarantine for international arrivals starting early next month was boosting shares of airlines, duty-free-shop operators and cosmetics companies with big business presence in China.
Chinese shares advanced in early trade, extending Monday's gains after news of the country's planned reopening of borders boosted investor sentiment. The Shanghai Composite Index rose 0.4% to 3077.75, the Shenzhen Composite Index was up 0.3% and the ChiNext Price Index advanced 0.2%. Consumption-related companies and financials lead gains. Some travel-related stocks retreated, as the market has likely priced in gains before the announcement by Chinese health authorities Monday night.
Markets in Hong Kong are closed for a holiday today.
FOREX
Most Asian currencies strengthened against the dollar in the Asian morning session amid risk-on sentiment prompted by news that China will open its borders, analysts say. From Jan. 8, China will scrap all quarantine measures for Covid-19, including requirements for inbound visitors, according to the National Health Commission. The revision means people traveling to China from abroad will need to have only a negative Covid-19 test within 48 hours to be allowed into the country, the NHC said. USD/CNH fell 0.2% to 6.9620, USD/KRW dropped 7% to 1,265.93 and AUD/USD rose 0.4% to 0.6752.
METALS
Gold edged higher in the early Asian session, as the precious metal remained supported by seasonal trends and central bank buying. Apart from the institutional buying, individual investors are also recalibrating their 2023 portfolios, as investment confidence tapers, buying gold as part of a diversification strategy, said Stephen Innes, managing partner at SPI Asset Management. Spot gold was up 0.2% at $1,800.91/oz.
OIL SUMMARY
Oil rose in the Asian morning session, boosted by news that China will open its borders via its lifting of Covid-19 quarantine requirements on international arrivals early next month. The reopening of China, the world's second-largest consumer of oil, should help offset weaker demand in the U.S. and Europe, leading to a modest rise in global oil demand, said Stephen Innes, managing partner of SPI Asset Management, in an email. Front-month WTI crude oil futures were 0.9% higher at $80.27/bbl; front-month Brent crude oil futures were up 0.8% at $84.60/bbl.
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(END) Dow Jones Newswires
12-26-22 2215ET
