GLOBAL MARKETS DJIA 33402.38 -198.77 -0.59% Nasdaq 12126.33 -63.13 -0.52% S&P 500 4100.60 -23.91 -0.58% FTSE 100 7634.52 -38.48 -0.50% Nikkei Stock 27916.67 -370.75 -1.31% Hang Seng Closed Kospi 2485.07 4.56 0.18% SGX Nifty* 17522.00 -53 -0.30% *Apr contract USD/JPY 131.76-77 +0.03% Range 131.82 131.31 EUR/USD 1.0961-64 +0.05% Range 1.0971 1.0949 CBOT Wheat May $6.914 per bushel Spot Gold $2,020.31/oz Unch Nymex Crude (NY) $80.45 $0.03 U.S. STOCKS
U.S. stock indexes edged lower after fresh economic data suggested the labor market is slowing.
The S&P 500 ended down 0.6%, while the Dow Jones Industrial Average dropped 0.6% and the Nasdaq Composite Index shed 0.5%.
The health of the economy, and the resulting future path of interest rates, remains a key focus for investors. Job openings fell to 9.9 million in February, the lowest since 2021, down sharply from January's downwardly revised 10.6 million, Labor Department data showed.
"That drop in job openings is suggesting a cooling off even before any tightening credit conditions from banking stress," said Jake Remley, senior portfolio manager at Income Research and Management.
ASIAN STOCKS
Japanese stocks were lower in early trade, dragged by falls in auto and steel stocks as the yen strengthened amid uncertainty over the economic outlook. USD/JPY was at 131.35, down from 132.88 as of Tuesday's Tokyo stock-market close. Investors are focusing on economic data and their implications for monetary policy. The Nikkei Stock Average was down 0.7% at 28088.91.
South Korea's benchmark Kospi was 0.4% higher at 2489.67 in early trade as auto and financial stocks gained. Institutional investors were net buyers, shrugging off Wall Street's retreat overnight on signs of an economic slowdown in the U.S. USD/KRW was 0.4% lower at 1,310.80. Car makers Hyundai Motor and Kia rose, after reporting solid 1Q vehicle sales growth overnight.
Markets are closed in Hong Kong and China today.
FOREX
Asian currencies consolidated against USD. Market participants may adopt a cautious mood following overnight movements, said MUFG Bank, noting Tuesday's developments such as U.S. equity markets halting a four-session winning streak amid a selloff in banking shares. USD/KRW edged 0.1% lower to 1,310.85 while USD/SGD was little changed at 1.3251 and AUD/USD was up 0.1% at 0.6760.
METALS
Gold prices were little changed in early Asian trade, pulling back slightly from overnight gains triggered by weaker-than-anticipated U.S. economic data. The soft macroeconomic reading could lead the Fed to slow down its monetary tightening pace and help boost buying interest for financial assets like gold. Citi Securities Services analysts pointed out that the precious metal's price strength was likely to sustain in the near term, as risk-averse sentiment appears to remain elevated, given continued uncertainties over the banking sector crisis. Spot gold was flat at $2,020.31/oz.
OIL SUMMARY
Oil rose in the early morning Asian session on a weaker U.S. dollar, which tends to have an inverse relationship with oil. However, gains may be limited amid growing fears that the U.S. economy is headed for a recession, analysts said. If recession fears become more entrenched, more of the OPEC+ members' surprise oil-production-cut gains could be given back, Oanda said. Front-month WTI crude oil futures were 0.4% higher at $81.04/bbl; front-month Brent crude oil futures gained 0.5% to $85.34/bbl.
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(END) Dow Jones Newswires
04-04-23 2315ET
