GLOBAL MARKETS DJIA 32798.40 -58.06 -0.18% Nasdaq 11576.00 45.67 0.40% S&P 500 3992.01 5.64 0.14% FTSE 100 7929.92 10.44 0.13% Nikkei Stock 28623.22 179.03 0.63% Hang Seng 20120.16 68.91 0.34% Kospi 2426.01 -5.90 -0.24% SGX Nifty* 17811.00 11.0 0.06% *March contract USD/JPY 137.02-03 -0.24% Range 137.38 136.80 EUR/USD 1.0546-49 +0.04% Range 1.0556 1.0539 CBOT Wheat March $6.744 per bushel Spot Gold $1,815.41/oz 0.1% Nymex Crude (NY) $76.53 -$1.05 US STOCKS
U.S. stocks ended mixed as investors parsed a second day of congressional testimony from Federal Reserve Chairman Jerome Powell and considered another signal of a hot labor market.
The S&P 500 closed up 0.1%, while the Dow Jones Industrial Average slipped 0.2%. The Nasdaq Composite Index increased 0.4%.
In his second session of testimony to Congress, Powell said the central bank was keeping its options open about future rate increases and that coming economic data would strongly influence the rate decision at the Fed's March 21-22 meeting.
Also, the U.S. private sector added 242,000 jobs in February, according to the ADP employment report -- above economists' forecasts.
ASIAN STOCKS
Japanese stocks were broadly higher in early trade, led by gains in electronics stocks, following the decline in crude oil prices overnight and the yen's recent weakness. Investors were focusing on economic data amid continuing uncertainty over the extent of policy tightening by central banks. The Nikkei Stock Average was up 0.9% at 28699.77.
South Korea's benchmark Kospi edged 0.2% higher to 2437.61 in early trade, as internet, auto and electronics stocks advanced. A correction is kicking in after the prior session's decent fall caused by hawkish remarks from Fed Chair Jerome Powell, with the focus shifting to coming U.S. jobs and inflation data ahead of the Fed's March 21-22 policy meeting. USD/KRW was 0.4% lower at 1,316.20.
Hong Kong's Hang Seng Index was flat around Wednesday's close of 20051.25, fluctuating between mild gains and losses, as investors digested U.S. Fed Chairman Powell's comments overnight. Powell appeared to have a less committal and more data-dependent stance, emphasizing several times that no decision has been made on faster rate increases yet, Yeap Jun Rong, market analyst at IG, said in an email. The Hang Seng Tech Index was down 0.4% at 3973.33.
Chinese shares edged higher in early trade, with investors in wait-and-see mode after digesting Fed Powell's hawkish comments and Beijing's move to consolidate financial regulation under one entity. Transportation and pharmaceutical companies were leading gains. The benchmark Shanghai Composite Index was 0.1% higher at 3285.94, the Shenzhen Composite Index was also up 0.1% while the ChiNext Price Index was nearly flat.
FOREX
Yuan weakened against the USD in the offshore and onshore markets in the Asian morning session. Official data released earlier showed China's CPI rose 1.0% on year in February, undershooting economists' estimate for a 1.7% increase. Benign inflation readings could allow more scope for monetary policy easing and liquidity injections, such as the RRR cut that markets have been speculating about, said Maybank analysts in a FX Research & Strategy report before the CPI data release. USD/CNH edged 0.1% higher to 6.9759; USD/CNH rose 0.2% to 6.9684.
METALS
Gold prices edged higher in early Asian trade, as investors were in wait-and-see mode before the release of the U.S. jobs report on Friday. "Gold remained anchored after day two of Powell and economic data that supports a tight labor market," said Oanda senior market analyst Edward Moya in a note. The market is likely to see some major repositioning after the Friday data, he added. Spot gold was 0.1% higher at $1,815.41/oz.
OIL SUMMARY
Crude-oil prices edged lower in early Asian trade on interest rate increase concerns. Although data from the Energy Information Administration showed that U.S. crude-oil inventories declined last week, this failed to offset any concerns that upcoming rate increases could weigh on demand, ANZ analysts said in a report. This is also magnified by U.S. data showing that labor data remains strong, they added. The front-month WTI contract fell 0.1% to $76.55/bbl, while front-month Brent crude was down 0.1% at $82.57/bbl.
TOP HEADLINES Fed's Jerome Powell Says Data Will Determine Size of Next Rate Increase China's Consumer Inflation Eased in February Japan Economy Grew at Slower Pace Than Initially Estimated U.S. Job Openings Fell, Layoffs Rose in January U.S. Imports, Exports Grew in January, Adding to Signs of Solid Global Economy U.S., EU to Start Trade Negotiations on Minerals Australia to Buy U.S. Nuclear-Powered Submarines in Naval Expansion Biden Budget Seeks Savings by Curbing Fraud, Drug Prices JPMorgan Sues Former Executive Jes Staley Over Jeffrey Epstein Ties Eli Lilly Drug Fails to Prevent Alzheimer's in Study Crypto Bank Silvergate to Shut Down, Repay Deposits Ernst & Young Pauses on Spinoff of Consulting Arm GTCR Seeks $1 Billion to Extend Ownership of TerSera Therapeutics
(END) Dow Jones Newswires
03-08-23 2215ET
