GLOBAL MARKETS DJIA 35089.74 -21.42 -0.06% Nasdaq 14098.01 219.19 1.58% S&P 500 4500.53 23.09 0.52% FTSE 100 7516.40 -12.44 -0.17% Nikkei Stock 27213.91 -226.08 -0.82% Hang Seng 24438.08 -135.21 -0.55% Kospi 2724.43 -25.83 -0.94% SGX Nifty* 17444.50 -45.5 -0.26% *Feb contract USD/JPY 115.27-28 +0.07% Range 115.34 115.15 EUR/USD 1.1427-30 -0.17% Range 1.1469 1.1428 CBOT Wheat March $7.632 per bushel Spot Gold $1,812.14/oz 0.3% Nymex Crude (NY) $92.25 $1.98 U.S. STOCKS
The S&P 500 and Nasdaq Composite rose Friday, pushing major stock indexes to weekly gains, after a better-than-expected January jobs report showed the economy is still growing solidly.
The technology-focused Nasdaq Composite jumped by 219.19 points, or 1.6%, to finish at 14098.01, a day after the index posted its largest loss since September 2020. The S&P 500 climbed 23.09 points, or 0.5%, to end at 4500.53. Both were bolstered by a 14% jump in shares of Amazon.com, which surged after the e-commerce giant said profit nearly doubled in the holiday period.
The Dow Jones Industrial Average slipped by 21.42 points, or 0.1%, to end at 35089.74. The index of blue-chip stocks was down more than 300 points earlier in the day.
ASIAN STOCKS
Japanese stocks were lower in morning trade, dragged by several electronics companies posting disappointing results, as concerns about higher borrowing costs continue. Olympus Corp. slid 8.8% and Minebea Mitsumi slumped 7.8% after their respective third-quarter profits missed expectations. The 10-year Japanese government bond yield was up half a basis point at 0.200%, tracking gains in U.S. Treasury yields on Friday. Earnings results, including those from Nippon Telegraph & Telephone due later in the day, are in focus. The Nikkei Stock Average was down 1.0% at 27165.04.
South Korea's benchmark Kospi fell 0.9% to 2725.96 in early trade, dragged by electronics and transport stocks. Extended Covid-19 business curbs aimed at slowing the local spread of the more contagious Omicron variant were weighing on sentiment. New virus infection cases in the country over the weekend hit daily records of over 30,000. Index heavyweight Samsung Electronics slipped 1.6%. Memory-chip maker SK Hynix fell 2.8%.
Hong Kong's Hang Seng Index rose 0.2% to 24609.43, as technology and sportswear stocks gained. Traders were likely to focus on the performance of mainland Chinese markets today with the resumption of A-share trading following the Lunar New Year break, KGI Securities said. Among sportswear retailers, Anta Sports was up 3.3% and Li Ning was 0.7% higher, thanks to positive sentiment due to the Beijing Winter Olympics. Technology shares also rose, led by Meituan, which added 1.2%, and JD.com, was up 1.1%.
Chinese shares were higher following the week-long Lunar New Year holiday. The Shanghai Composite Index was 1.7% higher at 3419.27, the Shenzhen Composite Index gained 1.5% to 2296.77 and the ChiNext Price Index rose 1.9% to 2964.02. "Chinese investors will digest a strong U.S. non farm payrolls report and intensified bets on Fed rate hikes against the backdrop of mixed earnings," IG said. Oil companies were higher, amid concerns over tight global oil supply. PetroChina advances 3.4% and Sinopec rises 1.4%.
FOREX
Asian currencies consolidated against the USD amid mixed signals. Much higher-than-expected U.S. nonfarm payroll gains underscored strong labor market conditions against a backdrop of surging Omicron cases, DailyFX.com said. This suggested that the economy is weathering the pandemic's impact well and could be strong enough to withstand a few Fed rate increases this year, it said. However, strong U.S. wage gains and rising commodity prices may feed into inflationary pressure, spurring a swifter pace of monetary tightening, it added. USD/KRW was little changed at 1,198.19 and AUD/USD was steady at 0.7078.
Malaysian ringgit may appreciate further this week against U.S. dollar due to short-term weakness in the greenback, said Kenanga Research. The ringgit was also supported by an expected improvement in Malaysia's macroeconomic indicators, and a continuous rise in crude-oil prices given that the country is a net oil exporter, Kenanga said. However, while the ringgit may strengthen ahead of Malaysia's 4Q 2021 GDP data due Friday, the current spike in domestic Covid-19 cases may put downward pressure on the local currency, it added. USD/MYR was flat at 4.1795.
METALS
Gold was higher in early Asian trade. The price of the precious metal gained following a better-than-expected U.S. jobs report and as traders are reassessing whether the Federal Reserve will tighten monetary policy more aggressively, ANZ said. Spot gold rose 0.3% to $1,812.14/oz.
OIL SUMMARY
Oil prices were mixed after last week's rally. Brent rose to its highest level in over seven years amid strong demand outlook. Crude oil prices approached $100 a barrel last week due to falling U.S. production after an arctic blast disrupted operations in Texas, Oanda said. The front-month contract WTI contract was 0.7% lower at $91.69/bbl, while the front-month Brent contact was up 0.2% at $93.44/bbl.
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(END) Dow Jones Newswires
02-06-22 2215ET
