Market Talk – Friday, Sept. 25

ASIA:

Major carmakers are suing the US government over import taxes it has imposed on Chinese parts. Tesla is the latest auto firm to object to customs duties introduced by the Trump administration and is demanding refunds. The US and China have imposed border taxes on each other’s goods and services as part of a trade war. A number of lawsuits were reportedly filed by carmakers in the past few days in the New York-based Court of International Trade. Mercedes Benz, in its filing, accused the US of “prosecution of an unprecedented, unbounded, and unlimited trade war impacting over $500bn in imports from the People’s Republic of China.

Vodafone Group said on Friday it had won an international arbitration case against the Indian government, ending one of the most high-profile disputes in the country involving a $2 billion tax claim. An international arbitration tribunal in The Hague ruled that India’s imposition of a tax liability on Vodafone, as well as interest and penalties, were in a breach of an investment treaty agreement between India and the Netherlands, Reuters reported. India had claimed a total of USD 3.79 billion including about USD 2 billion in tax, as well as interest and penalties. The ruling brings an end to one of the most controversial disputes in India under international treaty agreements that it enters into with countries to protect foreign investments.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 increased 116.80 points or 0.51% to 23,204.62
  • Shanghai decreased 3.76 points or -0.12% to 3,219.42
  • Hang Seng decreased 75.65 points or -0.32% to 23,235.42
  • ASX 200 increased 89.00 points or 1.51% to 5,964.90
  • Kospi increased 6.09 points or 0.27% to 2,278.79
  • SENSEX increased 835.06 points or 2.28% to 37,388.66
  • Nifty50 increased 244.70 points or 2.26% to 11,050.25

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00388 or -0.55% to 0.70174
  • NZDUSD decreased 0.00189 or -0.29% to 0.65330
  • USDJPY increased 0.16 or 0.15% to 105.60
  • USDCNY increased 0.01856 or 0.27% to 6.83285
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