U.S. stocks are poised to open higher on Monday as investors await the August reading on inflation.
On Sunday night, Dow Jones Industrial Average futures gained 90 points, or 0.3%, while the S&P 500 futures climbed 0.4%, and Nasdaq Composite futures rose 0.5%.
U.S. stocks rose Friday and posted their first weekly gain in a month, offering a reprieve to a market that had been weighed down by fears of tightening monetary policy.
The Dow Jones Industrial Average added 377.19 points, or 1.2%, to 32151.71. The S&P 500 gained 61.18 points, or 1.5%, to 4067.36 and the Nasdaq Composite rose 250.18 points, or 2.1%, to 12112.31.
For the week, the Dow rose 2.7%, while the S&P 500 climbed 3.6% and the Nasdaq gained 4.1%.
Japanese stocks were up, led by gains in airline and electronics stocks, thanks to bargain hunting and hopes for an economic recovery from the Covid-19 pandemic. Japan Airlines gained 3.1% and ANA Holdings was 2.8% higher following reports that the Japanese government was considering easing border restrictions. Investors were focusing on U.S. inflation data due Tuesday and the war in Ukraine and its implications for global trade. The Nikkei Stock Average was 1.2% higher at 28556.79.
Singapore’s FTSE Straits Times Index rose 0.3% to 3272.44 in early trade, tracking Wall Street’s gains on Friday. The new trading week has begun with risk sentiment on the front foot, said Chris Weston, head of Research at Pepperstone, in an email, noting that futures contracts in Asia indicated regional equity markets to move higher. Best performers on the STI included Jardine Cycle & Carriage adding 1.3% and Yangzijiang Shipbuilding gaining 1.6%. Banks were also higher, with DBS gaining 0.7%, OCBC advancing 0.3% and UOB up 0.1%. Meanwhile, SATS Ltd. fell 0.5% and Singapore Airlines was down 0.6%.
Markets in Korea, Hong Kong and mainland China are closed Monday for a holiday.
Asia currencies were mixed against USD in the morning Asian session, but could strengthen amid risk-on sentiment spurred by gains in regional equity markets and a weak USD. Asia ex-Japan currencies will probably extend their gains in view of continued USD weakness, MUFG Bank currency analyst Sophia Ng said in a research report. The U.S. CPI report due out Tuesday was the key data of note this week and would be closely watched for signs of further deceleration in inflationary pressures, Ng added. The ICE USD Index was down 0.2% at 108.74. USD/SGD edged 0.1% higher to 1.3989 while AUD/USD rose 0.1% to 0.6839.
Gold prices were little changed in Asian trade, after rising Friday on the weaker U.S. dollar as the greenback retreated from its strongest levels in 20 years. "Gold is finding a home above the $1,700 level and that could continue if investors continue to look beyond hawkish central bank speak," said Oanda’s senior market analyst Edward Moya in a note. Spot gold was flat at $1,716.60/oz.
Oil prices were lower in early Asia trade, reversing from gains Friday that were driven by a pullback in the U.S. dollar. Demand concerns were likely to persist as investors continue to assess the impact of rising interest rates to combat inflation and the effects of China’s zero-Covid policy, CBA strategist Vivek Dhar said in a note. "Oil consumption [in China] is particularly sensitive to Covid‑19 lockdowns since transportation, the major use of oil, is heavily restricted," he said, adding that China accounted for around 16% of global oil demand in 2021. Front-month WTI futures fell 0.8% to $86.06/bbl and Brent was 0.7% lower at $92.17/bbl.
(END) Dow Jones Newswires
September 11, 2022 23:15 ET (03:15 GMT)
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