Market Talk – Friday, May 7

ASIA:

The International Monetary Fund said on Thursday the recent jump in COVID-19 cases in India posed downside risks to the Fund’s April forecast for 12.5% growth in India’s economic output in fiscal years 2021 and 2022. The IMF will revisit that forecast when it issued a fresh World Economic Outlook in July, IMF spokesman Gerry Rice told reporters at a regular briefing, but gave no further details.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 increased 26.45 points or 0.09% to 29,357.82
  • Shanghai decreased 22.41 points or -0.65% to 3,418.87
  • Hang Seng decreased 26.81 points or -0.09% to 28,610.65
  • ASX 200 increased 19.10 points or 0.27% to 7,080.80
  • Kospi increased 18.46 points or 0.58% to 3,197.20
  • SENSEX increased 256.71 points or 0.52% to 49,206.47
  • Nifty50 increased 98.35 points or 0.67% to 14,823.15

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.0062 or 0.79% to 0.78494
  • NZDUSD increased 0.0050 or 0.69% to 0.72828
  • USDJPY decreased 0.4490 or -0.41% to 108.61
  • USDCNY decreased 0.0471 or -0.73% to 6.41788

Precious Metals:

  • Gold increased 16.22 USD/t oz. or 0.89% to 1,831.40
  • Silver increased 0.14 USD/t. oz or 0.49% to 27.430

Some economic news from last night:

China:

Caixin Services PMI (Apr) increased from 54.3 to 56.3

Japan:

Overall wage income of employees (Mar) increased from -0.4% to 0.2%

Overtime Pay (YoY) (Mar) increased from -9.10% to -6.20%

Average Cash Earnings (YoY) increased from -0.4% to 0.2%

Monetary Base (YoY) increased from 20.8% to 24.3%

Services PMI (Apr) increased from 48.3 to 49.5

South Korea:

Current Account (Mar) decreased from 7.94B to 7.82B

Australia:

AIG Services Index (Apr) increased from 58.7 to 61.0

Some economic news from today:

China:

Exports (YoY) (Apr) increased from 30.6% to 32.3%

FX Reserves (USD) (Apr) increased from 3.170T to 3.198T

Imports (YoY) (Apr) increased from 38.1% to 43.1%

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