Market Talk – Friday, March 12


China denied on Friday it was planning to hit e-commerce giant Alibaba with a record fine of almost $1 billion for allegedly flouting monopoly rules, as authorities turned up the pressure on the country’s vast technology sector. Alibaba, China’s largest online shopping portal, has been in the crosshairs of authorities in recent months over concerns of its reach into the daily finances of ordinary Chinese people. The market’s regulator denied it was planning to fine the company almost $1 billion for anti-competitive behavior, as reported by the Wall Street Journal, who cited unnamed sources “familiar” with the matter.

India is likely to block its mobile carriers from using telecom equipment made by China’s Huawei, Reuters reported. New Delhi is wary about awarding new technology business to Chinese firms both because of security fears and a desire to get Indian manufacturers to produce more telecoms equipment. A U.S. campaign to curb Huawei has triggered bans or limits on the use of its equipment around the world but the situation in India has been amplified by strained relations between New Delhi and Beijing over their shared border. India’s telecoms department said on Wednesday that after June 15 carriers can only buy certain types of equipment from government-approved “trusted sources” and said New Delhi could also create a “no procurement” blacklist. Huawei is likely to feature on this embargoed list, the two officials, who declined to be named, told Reuters.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 increased 506.19 points or 1.73% to 29,717.83
  • Shanghai increased 16.25 points or 0.47% to 3,453.08
  • Hang Seng decreased 645.89 points or -2.20% to 28,739.72
  • ASX 200 increased 52.90 points or 0.79% to 6,766.80
  • Kospi increased 40.69 points or 1.35% to 3,054.39
  • SENSEX decreased 487.43 points or -0.95% to 50,792.08
  • Nifty50 decreased 143.85 points or -0.95% to 15,030.95

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00345 or -0.44% to 0.77545
  • NZDUSD decreased 0.00553 or -0.76% to 0.71741
  • USDJPY increased 0.49 or 0.45% to 109.03
  • USDCNY increased 0.02026 or 0.31% to 6.50122

Precious Metals:

  • Gold decreased 11.22 USD/t oz. or -0.65% to 1,710.19
  • Silver decreased 0.452 USD/t. oz or -1.73% to 25.625
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