Subscribers: This newsletter will not be published on Monday, January 2, as most markets around the world are closed for the New Year holiday. It will resume on Tuesday, January 3rd at 03:00.
GLOBAL MARKETS DJIA 33220.80 345.09 1.05% Nasdaq 10478.09 264.80 2.59% S&P 500 3849.28 66.06 1.75% FTSE 100 7512.72 15.53 0.21% Nikkei Stock 26161.21 67.54 0.26% Hang Seng 19935.07 193.93 0.98% Kospi Closed SGX Nifty* 18343.50 63.5 0.35% *Jan contract USD/JPY 132.60-61 -0.32% Range 133.10 132.39 EUR/USD 1.0656-59 -0.06% Range 1.0671 1.0655 CBOT Wheat March $7.740 per bushel Spot Gold $1,817.38/oz 0.2% Nymex Crude (NY) $78.51 -$0.45 US STOCKS
The S&P 500 jumped in one of the final trading sessions of the year, but remained on track for its worst year since the 2008 financial crisis.
The S&P 500 added 1.8%, while the technology-focused Nasdaq Composite Index rose 2.6% and the Dow Jones Industrial Average rose about 1%.
Gains were spread across all industry sectors, with all 11 S&P 500 sectors making gains on the day. Tech stocks were among the best performers, with some recent stock market losers outperforming the broader market.
In the latest reading on the health of the US economy, numbers showed that the number of workers who filed for unemployment benefits totaled 225,000 in the week ended Dec. 24, up slightly from 216,000 the previous week.
ASIAN STOCKS
Japanese stocks were higher, led by gains in technology and electronics stocks as concerns over borrowing costs eased amid uncertainty about the global economic outlook. Investors are focusing on domestic bond yields as they remained volatile after the Bank of Japan eased yield controls last week. The Nikkei Stock Average rose 0.7% to 26,279.30.
Hong Kong stocks rallied in the final trading session of the year, following Wall Street’s overnight gains and ending the year down about 14%. The big retreat was largely driven by tech companies and mainland property developers, from the country’s biggest developer Country Garden to smaller firms like Seazen Group, as Beijing vowed to regulate the sector to curb financial risks posed by highly leveraged developers. The benchmark Hang Seng index rose 1.5% to 20,030.85 in early trade.
Chinese stocks rallied in the final session of the year, tracking Wall Street’s overnight gains, and are set to close 2022 about 15% lower. The Shanghai Composite Index rose 2.2% in the fourth quarter as news of the country’s reopening since November boosted investor sentiment and the market expects economic growth to pick up in the coming year. The Shanghai Composite rose 0.4% to 3,084.52, the Shenzhen Composite added 0.4% and the ChiNext price index rose 0.5%.
South Korean markets are closed today.
FOREX
In Asia, the dollar has slightly strengthened. “The focus will remain on terminal interest rates and how strong central banks will be to tame inflation. The Fed in particular has remained very bullish on its interest rates, enough to scare investors a bit this month. A meeting. But that could change quickly in Q1, data permitting,” said Oanda’s Craig Erlam. Traders are also closely watching how global economies respond to China’s departure from zero Covid, but also deal with the rise in new infections.
METALS
Gold was higher in early Asian trade as the market ends 2022 on a positive note. Gold traded in a range in December as traders wait to see how the Fed moves next year as expectations of slower Fed rate hikes “are not quite consistent with the hawkish story coming from the central bank,” Craig Erlam said. Senior Market Analyst at Oanda. Some traders expect the precious metal to be supported in 2023 by a potential economic downturn, persistently high inflation and geopolitical tensions. Spot gold rose 0.2% to $1,817.38 an ounce.
OIL SUMMARY
In the morning Asian session, oil rose on hopes of Chinese demand. The slightest recovery in January’s Chinese mobility data is likely to lead to a significant rally in oil as traders begin to see the “forest from the trees” and look to the data for signals as to whether Chinese demand is finally starting to make headway, Stephen said. Innes, managing partner of SPI Asset Management, e. WTI crude futures for the first month were 0.4% higher at $78.71 a barrel; Brent crude oil futures for the first month rose 0.3% to $83.73/barrel.
TOP HEADLINES Stocks Rally as Year-End Approaches Biden Signs $1.65 Trillion Spending Bill Including Aid to Ukraine U.S. Jobless Claims Edged Higher Last Week U.S. Crude-Oil Inventories Unexpectedly Rise Defensive Stocks Become Hideout for Investors in a Rocky Market Canada Shifts on China to Build Credibility With Allies Beijing Calls for 'Science-Based' Response to Covid Outbreak Keystone Pipeline to Fully Restart After Oil Spill, Repairs Restaurant Group Sues to Block California Fast-Food Wage Law FDA Faulted for Working Improperly With Biogen Before Clearing Alzheimer's Drug Southwest Airlines Gears Up for a Normal Flight Schedule on Friday After Mass Cancellations FTX Customers Want Identities Redacted From Bankruptcy Filings AmerisourceBergen Hit With Federal Lawsuit Over Opioid Crisis U.S. Moves to Appease Allies on EV Subsidies Apple iPhone Output in China Begins to Catch Up Despite Covid-19 Issues
(END) Dow Jones Newswires
December 29, 2022, 10:17 PM ET (03:17 GMT)
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