Market Talk – Friday, Jan. 29

ASIA:

China has warned Taiwan that any attempt to seek independence “means war.” The warning comes days after China stepped up its military activities and flew warplanes near the island. This reaction from China came after new US President Joe Biden reaffirmed his commitment to Taiwan, and set out his stance in Asia. The US has called China’s latest warning “unfortunate”, adding that tensions did not need to lead to “anything like confrontation.” China sees democratic Taiwan as a breakaway province, but Taiwan sees itself as a sovereign state, with its own constitution, military, and elected leaders.

India’s gold consumption is expected to rebound in 2021 after falling to its lowest in 26 years last year as pent-up demand and higher economic growth are seen boosting sales, the World Gold Council (WGC) said on Thursday. Coronavirus led-lockdowns slashed India’s gold demand by 35% in 2020 to 446.4 tonnes, the lowest since 1994, the WGC said in a report published on Thursday. Higher purchases by the world’s second-biggest bullion consumer could support gold prices, which hit a record high last year, although that could increase India’s trade deficit and weigh on the ailing rupee.

The major Asian stock markets had a negative day today:

  • NIKKEI 225 decreased 534.03 points or -1.89% to 27,663.39
  • Shanghai decreased 22.11 points or -0.63% to 3,483.07
  • Hang Seng decreased 267.06 points or -0.94% to 28,283.71
  • ASX 200 decreased 42.30 points or -0.64% to 6,607.40
  • Kospi decreased 92.84 points or -3.03% to 2,976.21
  • SENSEX decreased 588.59 points or -1.26% to 46,285.77
  • Nifty50 decreased 182.95 points or -1.32% to 13,634.60

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00145 or -0.19% to 0.76618
  • NZDUSD increased 0.00168 or 0.23% to 0.71935
  • USDJPY increased 0.45 or 0.43% to 104.73
  • USDCNY decreased 0.02727 or -0.42% to 6.44503

Precious Metals:

  • Gold increased 11.75 USD/t oz. or 0.64% to 1,852.11
  • Silver increased 0.757 USD/t. oz or 2.87% to 27.127

Some economic news from last night:

Japan:

Jobs/applications ratio (Dec) remain the same at 1.06

Tokyo Core CPI (YoY) (Jan) increased from -0.9% to -0.4%

Tokyo CPI (YoY) (Jan) increased from -1.3% to -0.5%

CPI Tokyo Ex Food and Energy (MoM) (Jan) increased from -0.1% to 0.2%

Unemployment Rate (Dec) remain the same at 2.9%

Industrial Production (MoM) (Dec) decreased from -0.5% to -1.6%

Industrial Production forecast 1m ahead (MoM) (Jan) increased from -1.1% to 8.9%

Industrial Production forecast 2m ahead (MoM) (Feb) decreased from 7.1% to -0.3%

South Korea:

Industrial Production (YoY) (Dec) increased from 0.5% to 3.4%

Industrial Production (MoM) (Dec) increased from 0.3% to 3.7%

Retail Sales (MoM) increased from -0.9% to 0.2%

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