Market Talk – Friday, Dec. 18

ASIA:

India has decided to put restrictions on some Chinese firms that make telecom equipment. The Narendra Modi government will make a list of trusted companies to buy the equipment from, which means that certain companies will have to face restrictions. So far, Chinese companies have dominated the telecom sector, but they will have to bear a huge loss due to this move of the government. Earlier also, the Modi government had banned many Chinese apps, including TikTok and PUBG, resulting in huge losses to the Chinese developers.

India will have to spend $1.4 billion to $1.8 billion in the first phase of a coronavirus vaccination program, even after getting support under the COVAX global vaccine-sharing scheme, according to estimates by the GAVI vaccines alliance. India, which has the world’s second-highest caseload of coronavirus behind the United States, plans to inoculate 300 million people over the next six to eight months, likely with vaccines from AstraZeneca, Russia’s Sputnik, Zydus Cadila and India’s own Bharat Biotech.

The US has for the third time placed India on its currency manipulator watch list after the Reserve Bank of India’s relentless dollar purchase that resulted in forex reserves rising by $100 billion this fiscal. The move was disclosed in the US Treasury’s semi-annual currency manipulation report. It labeled Switzerland and Vietnam as currency manipulators and added Taiwan, Thailand, and India to the seven others already in the watchlist. Those already under watch are China, Japan, Korea, Germany, Italy, Singapore and Malaysia.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 43.28 points or -0.16% to 26,763.39
  • Shanghai decreased 9.98 points or -0.29% to 3,394.90
  • Hang Seng decreased 179.78 points or -0.67% to 26,498.60
  • ASX 200 decreased 81.20 points or -1.20% to 6,675.50
  • Kospi increased 1.75 points or 0.06% to 2,772.18
  • SENSEX increased 70.35 points or 0.15% to 46,960.69
  • Nifty50 increased 19.85 points or 0.14% to 13,760.55

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00041 or -0.05% to 0.76133
  • NZDUSD decreased 0.00301 or -0.42% to 0.71210
  • USDJPY increased 0.24 or 0.23% to 103.36
  • USDCNY decreased 0.00066 or -0.01% to 6.51673

Precious Metals:

  • Gold decreased 3.22 USD/t oz. or -0.17% to 1,882.65
  • Silver decreased 0.19 USD/t. oz or -0.73% to 25.860
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