UPDATE 1-Asia Morning Call-Global Markets

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** indicates closing price

All prices as of 20:12 GMT

EQUITIES

GLOBAL - World stocks rose and oil prices initially rebounded on Thursday on hopes that China's easing of its anti-COVID measures will help restore global supply chains and curb inflation.

MSCI's gauge of stock performance across the globe EURONEXT:IACWI gained 0.58%, while on Wall Street the Dow Jones Industrial Average DJI rose 0.32%, the S&P 500 SPX advanced 0.60% and the Nasdaq Composite IXIC added 0.98%.

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NEW YORK - The S&P 500 index .SPX rose on Thursday, looking on course to snap a five-session losing streak, as technology shares led a broad-based recovery with investors seeing a rise in weekly jobless claims as a sign the pace of interest rate hikes could soon slow.

By 1:46 p.m. ET, the Dow Jones Industrial Average DJI rose 256.92 points, or 0.76%, to 33,854.84; the S&P 500 SPX gained 38.46 points, or 0.98%, at 3,972.38; and the Nasdaq Composite IXIC added 158.93 points, or 1.45%, at 11,117.48.

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LONDON - European shares fell for the fifth straight session on Thursday, bogged down by weakness in banks and consumer staples amid growing fears of an impending recession.

The region-wide STOXX 600 SXXP slipped 0.2%, with investors jittery ahead of a slew of interest rate decisions from major central banks, including from the U.S. Federal Reserve and the European Central Bank next week.

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TOKYO - Japan's Nikkei index closed at near one-month low Thursday, weighed down by Wall Street's weak finish on economic concerns as well as corporate earnings.

The Nikkei NI225 share average fell 0.4% to close at 27,574.43, its lowest close since Nov. 10.

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SHANGHAI - Hong Kong stocks jumped on Thursday while China shares remained subdued, after public broadcaster RTHK reported that the Hong Kong government may loosen its COVID-19 curbs further.

Meanwhile, China's blue-chip CSI 300 Index 3399300 and the Shanghai Composite Index 000001 ended almost flat.

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AUSTRALIA - Australian shares set to open higher on Friday in line strength in the global markets on hopes that easing of stringent COVID-19 policies in China will restore global supply chains and curb inflation.

The local share price index futures (YAPcm1) rose 0.3%, a 24.5-point premium to the underlying S&P/ASX 200 index XJO close. The benchmark fell 0.7% on Thursday.

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SEOUL - South Korean shares fell for a fifth straight session on Thursday, weighed down by Wall Street's overnight weakness and battery makers' sharp losses.

The benchmark KOSPI KOSPI ended down 11.73 points, or 0.49%, at 2,371.08.

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FOREIGN EXCHANGE

NEW YORK - The dollar edged lower on Thursday against the euro as investors weighed the outlook for U.S. Federal Reserve policy against the chances that higher interest rates could lead to a recession.

The dollar was down 0.37% at $1.05435 against the euro EURUSD at 9:45 a.m. EST (1545 GMT), and up 0.13% at $1.2228 versus the pound GBPUSD.

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SHANGHAI - China's yuan weakened on Thursday despite the government loosening rigid COVID-19 rules, with the moves seen largely priced in by a market increasingly worried that the road to economic recovery would be bumpy.

The onshore yuan USDCNY was slightly softer than the previous late session close, trading around 6.9770 per dollar around midday, despite the central bank setting a firmer guidance rate USDCNY prior to market open.

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AUSTRALIA - The Australian and New Zealand dollars failed on Thursday to sustain overnight rallies as the prospect of higher rates driving the global economy into recession unnerved investors who had been cheered by China's relaxation of COVID-19 rules.

The Aussie fell 0.3% to $0.6703 AUDUSD, after gaining 0.6% overnight to as high as $0.6740. It faces resistance around $0.6850, while having support at $0.6670.

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SEOUL - The Korean won strengthened on Thursday, while the benchmark bond yield was flat.

The won ended onshore trade USDKRW at 1,318.0 per dollar, 0.28% higher than its previous close at 1,321.7.

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TREASURIES

NEW YORK - U.S. Treasury yields advanced on Thursday, in a week that has seen rates veer between gains and losses and trading lacking conviction as investors await reports on inflation and the Federal Reserve's monetary policy meeting next week.

In mid-morning trading, the yield on 10-year Treasury notes US10Y was up 7 bps at 3.478%.

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LONDON - Euro zone government bond yields held steady near their lowest levels in months on Thursday as investors looked toward the European Central Bank's (ECB) policy meeting next week.

Germany's 10-year bond yield (DE10YT=RR), seen as the benchmark for the bloc, rose one basis point (bps) to 1.80% by 1613 GMT, above a two-month low of 1.753% hit the previous day.

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TOKYO - Global investors are short-selling Japanese bonds and driving its other market yields higher, reviving bets that the Bank of Japan will need to tweak its ultra-easy monetary policy sooner rather than later.

The bets have kept yields on benchmark 10-year bonds (JP10YT=RR) at 0.25% — the top end of the BOJ's target band — for days, even as the central bank continues to offer to buy unlimited amounts of bonds with that maturity. Front-end swaps (JPYOIS3X6=FMD) show 3-month rates turning positive by February.

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COMMODITIES

GOLD - Gold prices edged higher on Thursday as the dollar eased, while investors positioned themselves ahead of key U.S. inflation data and the Federal Reserve's policy meeting due next week.

Spot gold GOLD was up 0.2% at $1,789.42 per ounce, as of 1901 GMT, after rising more than 1% on Wednesday.

U.S. gold futures GOLD settled 0.2% higher at $1,801.50.

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IRON ORE - Iron ore futures rebounded on Thursday as higher imports into China suggested improving demand, with easing COVID restrictions in the country boosting hopes for a rise in consumption.

The most-traded May iron ore contract on China's Dalian Commodity Exchange TIO1! advanced 1.4% to 790 yuan ($113.37) a tonne.

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BASE METALS - Copper rose on Thursday on hopes that an easing of coronavirus controls in top consumer China will increase demand, with Goldman Sachs predicting prices could reach a record high of $11,000 in a year.

Benchmark copper HG1! on the London Metal Exchange (LME) was up 0.9% at $8,529.50 a tonne at 1720 GMT.

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OIL - Oil prices edged lower on Thursday on the prospect of a major crude pipeline that shut after a leak resuming service, which would return a hefty amount of crude to the market at a time when global economic slowdowns are raising fuel demand fears.

Brent crude BRN1! lost 50 cents, or 0.7%, to $76.67 a barrel by 1:37 p.m. EST (1837 GMT), while U.S. West Texas Intermediate (WTI) crude CL1! shed 16 cents, or 0.2%, to $71.85.

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PALM OIL - Malaysian palm oil futures gave up early gains to log a second straight session of declines on Thursday, weighed down by losses in rival Dalian oils and Indonesia's smaller biodiesel blend plan.

The benchmark palm oil contract FCPO1! for February delivery on the Bursa Malaysia Derivatives Exchange fell 0.48% to end the afternoon trade at 3,950 ringgit ($898.75) per tonne. It had risen rose as much as 2.19% earlier in the day.

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RUBBER - Japanese rubber futures extended their rally to a fourth consecutive session on Thursday, tracking gains in the Shanghai market as the recent easing of some COVID curbs in top buyer China continued to lift demand sentiment.

Osaka Exchange's rubber contract for May delivery TRB1!, TRB1! finished 3.2 yen, or 1.4%, higher at 227.7 yen ($1.67) per kg.

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