GLOBAL MARKETS 
DJIA         29210.85   -28.34  -0.10% 
Nasdaq       10417.10    -9.09  -0.09% 
S&P 500       3577.03   -11.81  -0.33% 
FTSE 100      6826.15   -59.08  -0.86% 
Nikkei Stock 26294.71  -102.12  -0.39% 
Hang Seng    16584.40  -116.63  -0.70% 
Kospi         2182.10   -20.37  -0.92% 
SGX Nifty*   17043.00   -62     -0.36% 
*Oct contract 
 
USD/JPY  146.84-85  -0.03% 
Range    146.92   146.68 
EUR/USD  0.9696-99  -0.05% 
Range    0.9724   0.9697 
 
CBOT Wheat Dec $8.822 per bushel 
Spot Gold    $1,673.51/oz Unch 
Nymex Crude (NY) $87.05  -$2.30 
 
 
U.S. STOCKS 

U.S. stocks slipped Wednesday in the wake of new inflation data and the release of the minutes of the September meeting of the Federal Reserve’s rate-setting board.

The S&P 500 edged down 11.81 points, or 0.3%, to 3577.03, a nearly two-year low. The Dow Jones Industrial Average lost 28.34 points, or 0.1%, closing at 29210.85. The Nasdaq Composite dropped 9.09 points, or 0.1%, to 10417.10, a day after the tech-heavy index entered its second bear market of 2022, marking a drop of more than 20% from its recent high on Aug. 15.

U.S. suppliers increased the prices they charge customers by 0.4% in September from a month earlier, according to data released Wednesday. Economists polled by The Wall Street Journal had expected a 0.2% increase.

 
 
ASIAN STOCKS 

Japanese stocks were slightly lower, dragged by tech and real-estate stocks, as concerns continue about policy tightening by central banks and the global economic outlook. Toshiba Corp. was up 8.6% following a Kyodo report that a group-led by Japan Industrial Partners ws aiming to buy the industrial company for Y2.8 trillion. Fast Retailing’s results due later in the day would be closely watched. The Nikkei Stock Average was down 0.2% at 26342.79.

South Korea’s benchmark Kospi fell 0.5% to 2190.80 in early trade, as defense and internet stocks retreated. Wall Street’s fall overnight and minutes from the Fed’s September meeting, which deepened investor concerns about inflation and aggressive monetary-policy tightening, were weighing on sentiment. Investors were largely cautious ahead of U.S. consumer inflation data due later today.

Hong Kong’s Hang Seng Index fell 0.1% to 16685.62 in early trade, tracking losses on Wall Street overnight as investors digested the Fed’s September meeting minutes and remain concerned about the economic impact of monetary tightening. Chinese tech stocks dragged on the market amid a dim outlook for Chinese consumer spending as Covid-19 restrictions bite.

Chinese shares were lower in early trade, amid worries over the rising number of Covid-19 cases in the country. The benchmark Shanghai Composite Index slipped 0.5% to 3009.81, the Shenzhen Composite Index fell 0.6% to 1917.38 and the ChiNext Price Index was 0.7% lower at 2327.08. The 20th National Congress due later this week remained in focus, as the meeting decides on the country’s top leaders over the next five years and set major policies, UOB said. “Intensifying geopolitical tensions will be one of the most important concerns on the agenda,” it added.

FOREX 

Asian currencies consolidated against the USD in the Asian morning session ahead of the U.S. inflation report due out later today. The lead-up to the key data was likely to spur a more cautious mood around the region, with a wait-and-see mode being seen in Treasury yields and USD movements as well, said IG. USD/KRW edged 0.1% higher to 1,425.76, while USD/SGD was little changed at 1.4348 and AUD/USD was up 0.1% at 0.6285.

METALS 

Gold was steady in the early Asian session ahead of the U.S. inflation report later today. This report might raise risks of even more Fed tightening, Oanda said, noting the September producer-price index showed inflation wasn’t easing at all. The precious metal was unlikely to do much of anything until the inflation report, which means prices should move between $1,670/oz and $1,690/oz, Oanda added. Spot gold was little changed at $1,673.51/oz.

OIL SUMMARY 

Oil prices were mixed in the Asian early morning session, but could be weighed by demand concerns. On Wednesday, OPEC lowered its 2022 and 2023 forecasts for demand growth, while the EIA reduced its 2022 and 2023 price projections for WTI, Brent and U.S. benchmark natural-gas prices. There were worries of a slowdown in global economic growth, particularly the deteriorated demand outlook in China, CMC Markets said. Front-month WTI crude oil futures were 0.1% lower at $87.18/bbl; front-month Brent crude oil futures were steady at $92.45/bbl.

 
 
TOP HEADLINES 
 
Fed Minutes Show Concerns of More Persistent High Inflation 
EU Readies New Proposals to Drive Down Energy Costs 
Bank of England Ultimatum Puts New Pressure on U.K. Markets 
ECB's Lagarde Calls for More International 'Cooperation' in Tackling Inflation 
Ukraine Appeals for More Support From West as Russia Resumes Strikes 
U.S. to Issue Maximum Number of Visas Allowed for Seasonal Workers 
Amid U.S.-Saudi Tensions, Officials Say Military Ties Will Endure 
Toshiba Corp. Shares Jump After Report That Group Is Mulling Y2.8T Buyout 
Sony Honda Mobility: First EV to Be Delivered to North America in Spring 2026 
Qantas Says Strong Travel Demand Accelerates Recovery 
Medibank Hit With Cyber Incident, But Says No Sensitive Data Compromised 
Steelworkers Union Approves Contract With Cleveland-Cliffs 
SpaceX Plans to Take Dennis Tito Around the Moon on Starship Flight 
TikTok Parent Sets Sights on Spotify With Expanded Music Service 
Activist Investor Urges Kohl's to Replace Board Members 
Supplier Prices Increased in September 
OPEC Slashes Oil-Demand Forecasts After Supply Cuts 
IMF Urges Governments Restrain Spending to Fight Inflation 
Squarespace, a Website-Development Firm, Names Amazon Executive as CFO 
North Korea's Kim Guides Missile Test in Latest Show of Military Might 
 

(END) Dow Jones Newswires

October 12, 2022 23:15 ET (03:15 GMT)

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