Market Talk – Friday, March 26


China is slapping massive duties on wine from Australia for the next five years, a move that threatens to deprive the country’s winemakers of their top export market and escalate a trade dispute. The duties, which range from 116% to 218%, were announced Friday and come after an investigation by Chinese authorities found instances of “dumping and [market] damage.” They take effect on Sunday. Australian Grape & Wine Chief Executive Tony Battaglene told Bloomberg Friday that the industry group will likely recommend making a complaint to the World Trade Organization. China was, until recently, the largest market for exports of Australian wine.

India’s central bank governor said that country’s economic activity should continue “unabated” despite a recent surge in coronavirus infections in many areas. Central bank governor Shaktikanta Das called the increase a “matter of concern” but said India was better prepared to tackle the situation. With a vaccination drive underway, he added, the stringent lockdowns imposed last year might not be needed. Das said he did not foresee any downward revision in the growth forecast of 10.5% for the fiscal year 2021/22, based on preliminary data, but final projections are to be published on April 7 after a review by the monetary policy committee.

The major Asian stock markets had a green day today:

  • NIKKEI 225 increased 446.82 points or 1.56% to 29,176.70
  • Shanghai increased 54.74 points or 1.63% to 3,418.33
  • Hang Seng increased 436.82 points or 1.57% to 28,336.43
  • ASX 200 increased 33.60 points or 0.49% to 6,824.20
  • Kospi increased 32.68 points or 1.09% to 3,041.01
  • SENSEX increased 568.38 points or 1.17% to 49,008.50
  • Nifty50 increased 182.40 points or 1.27% to 14,507.30

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.00398 or 0.52% to 0.76332
  • NZDUSD increased 0.0001 or 0.01% to 0.69666
  • USDJPY increased 0.42 or 0.38% to 109.63
  • USDCNY decreased 0.00603 or -0.09% to 6.54076
1 2 3 4
View single page >> |

Disclosure: None.

How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.