Asia Morning Call-Global Markets

----------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------

** indicates closing price

All prices as of 18:31 GMT

EQUITIES

GLOBAL - U.S. Treasury yields were lower and Wall Street's benchmark S&P 500 ended down but well above the day's lows on Friday as investors digested a stronger than expected jobs report, which had raised concerns about the Federal Reserve's ability to slow rate hikes.

MSCI's gauge of stocks across the globe EURONEXT:IACWI shed 0.15% on the day but added 1.5% for the week.

For a full report, click on

- - - -

NEW YORK - The S&P 500 closed slightly lower on Friday, although major indexes rallied off their worst levels of the day, as the November payrolls report fueled expectations the Federal Reserve would maintain its path of interest rate hikes to combat inflation.

The Dow Jones Industrial Average DJI rose 34.87 points, or 0.1%, to 34,429.88, the S&P 500 SPX lost 4.87 points, or 0.12%, to 4,071.7 and the Nasdaq Composite IXIC dropped 20.95 points, or 0.18%, to 11,461.50.

For a full report, click on

- - - -

LONDON - European shares fell back on Friday after two days of strong gains that helped the STOXX 600 index notch up its seventh straight week of rises amid signs of China re-opening its economy and easing worries about interest-rate hikes.

The pan-European index SXXP closed 0.2% lower after rallying 1.5% in the last two sessions. The index gained 0.6% over the week, and registered its longest weekly winning streak since April 2021.

For a full report, click on

- - - -

TOKYO - Japan's Nikkei index closed at its lowest in three weeks on Friday, led by declines in technology stocks, while the yen's sharp gains hurt automakers.

The Nikkei NI225 fell 1.59% to 27,777.90, its lowest close since Nov. 10, and posted a 1.59% weekly fall.

For a full report, click on

- - - -

SHANGHAI - China stocks closed down on Friday on concerns that the country's property sector is facing a prolonged downturn even with recent government support measures, while a reopening from years of strict COVID measures will be bumpy and uncertain.

The blue-chip CSI 300 Index 3399300 lost 0.6% at close, and the Shanghai Composite Index 000001 slipped 0.3%.

For a full report, click on

- - - -

AUSTRALIA - Australian shares snapped three consecutive sessions of gains on Friday, as a contraction in U.S. manufacturing activity deepened concerns about a global economic slowdown and heavyweight local banks dropped on fears of a slowing housing market.

The S&P/ASX 200 index XJO closed 0.7%, or 52.9 points, lower at 7,301.5. The benchmark rose 0.6% for the week in its second straight weekly gain.

For a full report, click on

- - - -

SEOUL - South Korean shares dropped on Friday, posting their third straight weekly loss, on caution ahead of key U.S. employment data due later in the day.

The benchmark KOSPI KOSPI fell 45.51 points, or 1.84%, to close at 2,434.33, dragged down by heavyweight chipmakers.

For a full report, click on

- - - -

FOREIGN EXCHANGE

NEW YORK - The dollar dipped on Friday as a Federal Reserve official said rate hikes are likely to slow and as investors took profits from earlier gains after jobs data and wage inflation were surprisingly strong in November and muddied the outlook for how hawkish the U.S. central bank will be.

The dollar index DXY was last down 0.13% on the day against a basket of currencies at 104.50, and the euro EURUSD gained 0.10% to $1.0537, the highest since June 28.

For a full report, click on

- - - -

SHANGHAI - China's yuan edged lower against the dollar on Friday but is on track to post its biggest weekly gain in two years, buoyed by expectations of a slower pace in U.S. rate hikes and China's gradual exit from its zero-COVID-19 policy.

The onshore yuan USDCNY was changing hands around 7.0580 per dollar in late morning trade, a tad weaker than the previous late session close.

For a full report, click on

- - - -

AUSTRALIA - The Australian and New Zealand dollars held hefty weekly gains on Friday as drastic dive in Treasury yields dragged on their U.S. counterpart, while signs of an easing in China's zero COVID policy boosted risk sentiment.

The Aussie was resting at $0.6815 AUDUSD, having reached a three-month high of $0.6847 overnight. That left it 0.9% firmer for the week so far, while gaining 6.1% for November as a whole.

For a full report, click on

- - - -

SEOUL - The won was last quoted at 1,299.9 per dollar on the onshore settlement platform USDKRW, 0.02% lower than its previous close.

The currency strengthened 1.83% for the week, in its second straight week of gains following 1.25% in the previous week.

For a full report, click on

- - - -

TREASURIES

NEW YORK - Treasury yields pared sharp gains on Friday after a strong U.S. jobs report for November showed a resilient labor market with rising wages, a potential thorn for the Federal Reserve as it moves to slow its hiking of interest rates to tame high inflation.

The two-year (US2YT=RR) Treasury yield, which typically moves in step with interest rate expectations, rose 0.5 basis points at 4.259%, while the yield on 10-year yield US10Y fell 3.5 basis points to 3.492%.

For a full report, click on

- - - -

LONDON - European government bond yields rose after Friday data showed U.S. employers hired more workers than expected in November and raised wages, complicating the Federal Reserve's intention to start slowing the pace of its interest rate hikes this month.

Germany's 10-year bund yield (DE10YT=RR), the benchmark for the euro zone, rose as much as 5 basis points on the day to 1.872%, having earlier traded down as low as 1.76%, its lowest since Sept 19.

For a full report, click on

- - - -

TOKYO - Japanese government bond yields fell on Friday, tracking U.S. Treasury yields lower, amid caution ahead of U.S. non-farm payrolls data and next week's domestic auction.

The 10-year JGB yield (JP10YTN=JBTC) was flat at 0.250%.

For a full report, click on

COMMODITIES

GOLD

Gold prices slipped on Friday, retreating from a near-four month high, after robust U.S. jobs data fanned concerns that the Federal Reserve might stick with its aggressive monetary policy tightening.

Spot gold GOLD fell 0.4% to $1,794.96 per ounce by 2:21 p.m. ET (1921 GMT), after earlier hitting its highest since Aug. 10 at $1,804.46. U.S. gold futures GOLD settled down 0.3% at $1,809.6.

For a full report, click on

- - - -

IRON ORE

Iron ore futures rose on Friday to post weekly gains, buoyed by expectations that top steelmaker China would relax its strict COVID-19 restrictions, lifting demand sentiment.

The most-traded January iron ore on China's Dalian Commodity Exchange TIO1! ended day-time trade 2.2% higher at 787.5 yuan a tonne, rising about 5.2% for the week.

For a full report, click on

- - - -

BASE METALS

Copper prices jumped to their highest in over two weeks on Friday in a volatile session as investors cheered moves by top metals consumer China to ease COVID-19 restrictions.

Three-month copper on the London Metal Exchange HG1! shot up 1.4% to $8,455.50 a tonne by 1730 GMT, the highest since Nov. 15. LME copper has gained 5.5% so far this week.

For a full report, click on

- - - -

OIL

Oil futures slipped 1.5% in choppy trading on Friday ahead of a meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) on Sunday and an EU ban on Russian crude on Monday.

Brent crude futures BRN1! settled down $1.31, a 1.5% drop, at $85.57 per barrel. U.S. West Texas Intermediate (WTI) crude CL1! futures fell $1.24, or 1.5%, to $79.98 per barrel.

For a full report, click on

- - - -

PALM OIL

Malaysian palm oil futures notched weekly losses of more than 4% after falling for a second session on Friday as the ringgit strengthened and related vegetable oils slumped.

The benchmark palm oil contract FCPO1! for February delivery on the Bursa Malaysia Derivatives Exchange fell 2.94% to end the day at 3,958 ringgit ($903.03) per tonne, its lowest close since Nov. 22.

For a full report, click on

- - - -

RUBBER

Japanese rubber futures edged lower on Friday, tracking weaker domestic equities as a stronger yen weighed, although the contract posted weekly gains as top buyer China eased some of its COVID-19 restrictions.

Osaka Exchange's rubber contract for May delivery TRB1!, TRB1! finished down 1.1 yen, or 0.5%, at 216.7 yen ($1.60) per kg. The benchmark contract posted a weekly gain of 2.1%.

For a full report, click on

- - - -