Market Talk – Monday, Dec. 7

ASIA:

China’s economy is growing stronger after the country posted a $75.4 billion trade surplus in November. Exports from China have risen 21.1% YoY, and was pushed especially by US consumers (46% increase) despite tariffs and muddled relations.

US Secretary of State Mike Pompeo announced today that the US will sanction 14 top Chinese officials over the nation’s security law imposed in Hong Kong. “Beijing’s unrelenting assault against Hong Kong’s democratic processes has gutted its legislative council, rendering the body a rubber stamp devoid of meaningful opposition,” Pompeo stated. Pompeo further stated that China “effectively neutered the ability of the people of Hong Kong to choose their elected representatives in keeping with the Joint Declaration and Basic Law.” The announcement follows the visa restrictions imposed on top Chinese government officials who are affiliated with the United Front Work Department. China is expected to retaliate with similar sanctions and has previously warned the US not to become involved in their handling of Hong Kong.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 203.80 points or -0.76% to 26,547.44
  • Shanghai decreased 27.98 points or -0.81% to 3,416.60
  • Hang Seng decreased 329.07 points or -1.23% to 26,506.85
  • ASX 200 increased 40.90 points or 0.62% to 6,675.00
  • Kospi increased 13.99 points or 0.51% to 2,745.44
  • SENSEX increased 347.42 points or 0.77% to 45,426.97
  • Nifty50 increased 97.20 points or 0.73% to 13,355.75

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.00191 or 0.26% to 0.74474
  • NZDUSD increased 0.00184 or 0.26% to 0.70586
  • USDJPY decreased 0.2 or -0.19% to 103.99
  • USDCNY increased 0.00056 or 0.01% to 6.51652

Precious Metals:

  • Gold increased 27.28 USD/t oz. or 1.48% to 1,864.89
  • Silver increased 0.50 USD/t. oz or 2.07% to 24.666

Some economic news from last night:

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