Market Talk – Friday, Oct. 16


Chinese cotton mills have been told to stop using Australian cotton, deepening fears that Australian produce is being specifically targeted by the Chinese government. Chinese processors set import quotas each year by the Chinese Communist Party but have been verbally warned by the National Development Reform Commission that they will have their intake cut next year if they continue to import Australian product. China buys about two-thirds of Australia’s annual cotton exports, which can be worth more than $2 billion a year. Australia’s Trade Minister Simon Birmingham condemned the move on Friday, issuing his strongest statement on China’s actions since diplomatic tensions with Beijing started deteriorating in 2018.

India has decided not to mandate secondary listings for domestic firms that float shares on a foreign stock exchange as it prepares to announce a new policy within weeks, government sources told Reuters. India is close to drawing up rules for companies to directly float overseas without first having to list shares at home, as a way to help startups attain higher valuations and access capital more easily.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 96.60 points or -0.41% to 23,410.63
  • Shanghai increased 4.18 points or 0.13% to 3,336.36
  • Hang Seng increased 228.25 points or 0.94% to 24,386.79
  • ASX 200 decreased 33.50 points or -0.54% to 6,176.80
  • Kospi decreased 19.68 points or -0.83% to 2,341.53
  • SENSEX increased 254.57 points or 0.64% to 39,982.98
  • Nifty50 increased 82.10 points or 0.70% to 11,762.45

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00029 or -0.04% to 0.70863
  • NZDUSD increased 0.00099 or 0.15% to 0.66112
  • USDJPY increased 0.03 or 0.03% to 105.41
  • USDCNY decreased 0.01653 or -0.25% to 6.69517

Precious Metals:

  • Gold decreased 4.97 USD/t oz. or -0.26% to 1,902.85
  • Silver decreased 0.043 USD/t. oz or -0.18% to 24.267

Some economic news from last night:


China Thomson Reuters IPSOS PCSI (Oct) increased from 66.69 to 78.79


Thomson Reuters IPSOS PCSI (Oct) increased from 36.72 to 39.54

South Korea:

Export Price Index (YoY) (Sep) increased from -6.7% to -6.2%

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. Users' ratings are only visible to themselves.


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