Market Talk – Friday, March 19

ASIA:

India’s central bank may have to delay the start of monetary policy normalization by three months amid rising COVID-19 cases, but barring the return of stringent lockdowns, there is no significant threat to the economy’s recovery, analysts say. Though analysts are unlikely to rush to review their long-term growth forecasts, several believe policy normalization on interest rates and liquidity may now take a backseat.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 424.70 points or -1.41% to 29,792.05
  • Shanghai decreased 58.40 points or -1.69% to 3,404.66
  • Hang Seng decreased 414.78 points or -1.41% to 28,990.94
  • ASX 200 decreased 37.70 points or -0.56% to 6,708.20
  • Kospi decreased 26.48 points or -0.86% to 3,039.53
  • SENSEX increased 641.72 points or 1.30% to 49,858.24
  • Nifty50 increased 186.15 points or 1.28% to 14,744.00

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00079 or -0.10% to 0.77478
  • NZDUSD decreased 0.0001 or -0.02% to 0.71672
  • USDJPY decreased 0.1 or -0.09% to 108.84
  • USDCNY increased 0.00346 or 0.05% to 6.51134

Precious Metals:

  • Gold increased 3.92 USD/t oz. or 0.23% to 1,740.33
  • Silver increased 0.16 USD/t. oz or 0.60% to 26.207

Some economic news from last night:

Japan:

BoJ Interest Rate Decision remain the same at -0.10%

CPI, n.s.a (MoM) (Feb) decreased from 0.5% to 0.0%

National Core CPI (YoY) (Feb) increased from -0.6% to -0.4%

National CPI (YoY) (Feb) increased from -0.6% to -0.4%

Australia:

Retail Sales (MoM) decreased from 0.3% to -1.1%

Some economic news from today:

India:

FX Reserves, USD increased from 580.30B to 582.04B

EUROPE/EMEA:

Government borrowing costs hit a one-year high as markets repriced for recovery and inflation after the Bank of England said the economic rebound was ahead of schedule and kept monetary policy on hold yesterday. Ten-year gilt yields rose 0.04 percentage points to 0.9 percent after the bank said that the news on near-term economic activity had been positive since last month. The break-even inflation rate, a market proxy for inflation expectations, rose to its highest level since early 2019.

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