Market Talk – Friday, Feb. 12

ASIA:

US President Joe Biden and his Chinese counterpart Xi Jinping held their first phone call as leaders and appeared at odds on most issues, even as Xi warned that confrontation would be a “disaster” for both nations. While Biden’s Chinese counterpart Xi has called for “win-win” cooperation, he has called China America’s “most serious competitor” and vowed to “out-compete” Beijing. On Thursday, Biden told a bipartisan group of US senators about the need to upgrade US infrastructure and that the United States must raise its game in the face of the Chinese challenge.

India’s central bank, the Reserve Bank of India, tightened the rules governing investments in non-bank lenders originating from countries that are not compliant with global standards on the prevention of money laundering. “Investments in non-banking financial companies (NBFCs) from FATF non-compliant jurisdictions shall not be treated at par with that from the compliant jurisdictions,” RBI said. FATF, or the Financial Action Task Force, is the inter-governmental watchdog for global money laundering and terrorist financing. According to a report published last October, the central bank said financial companies could not be set up with foreign direct investment from Mauritius or other countries that are non-FATF compliant.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 42.86 points or -0.14% to 29,520.07
  • Shanghai closed
  • Hang Seng closed
  • ASX 200 decreased 43.40 points or -0.63% to 6,806.70
  • Kospi closed
  • SENSEX increased 12.78 points or 0.02% to 51,544.30
  • Nifty50 decreased 10.00 points or -0.07% to 15,163.30

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.00067 or 0.09% to 0.77556
  • NZDUSD decreased 0.00116 or -0.16% to 0.72181
  • USDJPY increased 0.21 or 0.20% to 104.96
  • USDCNY increased 0.00035 or 0.01% to 6.42302

Precious Metals:

  • Gold decreased 5.77 USD/t oz. or -0.32% to 1,819.59
  • Silver increased 0.32 USD/t. oz or 1.19% to 27.267

Some economic news from last night:

China:

China Thomson Reuters IPSOS PCSI (Feb) decreased from 77.74 to 67.37

Japan:

Foreign Bonds Buying increased from 727.7B to 1,027.5B

Foreign Investments in Japanese Stocks increased from -187.6B to 462.5B

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Disclosure: None.

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