Indian morning briefing: mixed Asian markets; Evergrande’s debt problems in China in focus

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GLOBAL MARKETS 
DJIA          33919.84    -50.63    -0.15% 
Nasdaq        14746.40     32.49     0.22% 
S&P 500        4354.19     -3.54    -0.08% 
FTSE 100       6980.98     77.07     1.12% 
Nikkei Stock  29631.70   -208.01    -0.70% 
Hang Seng      Closed 
Kospi          Closed 
SGX Nifty*    17532.50     -29.0    -0.17% 
*Sep contract 
 
USD/JPY    109.41-42  +0.18 
Range      109.49   109.12 
EUR/USD    1.1725-28  -0.01 
Range      1.1732   1.1717 
 
CBOT Wheat Dec $6.902 per bushel 
Spot Gold    $1,775.37/oz   0.1% 
Nymex Crude (NY)  $70.56   $0.27 
 
 
U.S. STOCKS 

US stocks ended mixed in a choppy trading session after fears over the Chinese real estate sector helped fuel a massive and punitive selloff earlier in the week.

The Dow Jones Industrial Average lost 50.63 points, or 0.1%, to 33,919.84, abandoning earlier gains. The S&P 500 was down 3.54 points, or 0.1%, to 4,354.19 and the Nasdaq Composite was up 32.49 points, or 0.2%, to 14,746.40. Both indices had suffered their biggest one-day pullback since May Monday.

 
 
ASIAN STOCKS 

Japanese stocks were lower in morning trading, dragged down by trading companies and automakers to fall amid concerns over problems in China’s real estate sector. Policy decisions by central banks in Japan and the United States expected later today would be closely watched. The Nikkei Stock Average was recently down 0.1% to 29801.82.

Chinese stocks were broadly lower, as banks and steel companies retreated, fearing that China Evergrande’s debt problems could have a ripple effect. The Shanghai Composite Index fell 0.5% to 3,595.94 and the Shenzhen Composite Index slipped 0.6% to 2,431.66. The ChiNext price index – a measure for emerging industries and startups – fell 0.6% to 3,174.09.

The markets in Hong Kong and South Korea are closed on Wednesday for a public holiday.

 
FOREX 

Asian currencies consolidated ahead of the results of the FOMC meeting later in the world day. The traders were mostly waiting for the meeting, IG said. The short-term catalysts will be whether there will be a hawkish stance from the Fed, and whether developments in China Evergrande Group will lead to further risk movements, he said, adding that the USD index continues to rise. consolidation. The ICE USD index was little changed at 93.22; USD / SGD held steady at 1.3523, AUD / USD rose 0.2% to 0.7248, while USD / CNY rose 0.1% to 6.4717.

 
METALS 

Gold rose slightly at the start of Asian trading, as contagion fears stemming from China’s Evergrande debt problems support demand for safe-haven assets, ANZ said. The weakness of the US dollar also supported the precious metal, he said. Investors were on the lookout for signals from the US Federal Reserve on any changes in its asset buying activity when it meets later today. “While many uncertainties remain, investors would be looking for clues as to the timing and length of the Fed’s cut to build new long positions.” Spot gold was up 0.1% to $ 1,775.37 / oz.

 
OIL SUMMARY 

Oil gained early in Asian trade, as traders grapple with a slower-than-expected return in U.S. crude supplies from the Gulf of Mexico after Hurricane Ida, Rystad Energy said. “The total loss of production in the Gulf of Mexico in the United States in September now appears to be around 790,000 bpd, more than what we had previously estimated,” the energy consultancy said. Prices could be weighed down by China Evergrande’s debt problems which could have a bearish effect on commodity prices, but traders believe the news on the US oil supply is more important, added Rystad. First-month Brent and WTI were each 0.5% higher, at $ 74.73 / bbl and $ 70.87 / b, respectively.

 
 
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(END) Dow Jones Newswires

September 21, 2021 11:15 p.m. ET (3:15 a.m. GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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