Market Talk – Monday, Jan. 4

ASIA:

The UK-based Centre for Economics and Business Research (CEBR) said China’s “skillful” management of Covid-19 would boost its relative growth compared to the US and Europe in coming years, and China will overtake the US to become the world’s largest economy by 2028, five years earlier than previously forecast. Meanwhile, India is tipped to become the third-largest economy by 2030. China’s share of the world economy has risen from just 3.6% in 2000 to 17.8% now and the country will become a “high-income economy” by 2023, the report says.

India’s drugs regulator on Sunday approved for emergency use two coronavirus vaccines, one developed by AstraZeneca and Oxford University and the other by local company Bharat Biotech and a state-run institute. The decisions mark the first vaccine approvals in India, which after the United States has recorded the most infections of the novel coronavirus, and could enable the country to source vaccines locally. India is expected to start a massive immunization program within about a week and hopes to inoculate 300 million of its 1.35 billion people free of charge in the first six to eight months of this year.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 185.79 points or -0.68% to 27,258.38
  • Shanghai increased 29.89 points or 0.86% to 3,502.96
  • Hang Seng increased 241.68 points or 0.89% to 27,472.81
  • ASX 200 increased 97.10 points or 1.47% to 6,684.20
  • Kospi increased 70.98 points or 2.47% to 2,944.45
  • SENSEX increased 307.82 points or 0.64% to 48,176.80
  • Nifty50 increased 114.40 points or 0.82% to 14,132.90

The major Asian currency markets had a negative day today:

  • AUDUSD decreased 0.00506 or -0.66% to 0.76576
  • NZDUSD decreased 0.00293 or -0.41% to 0.71654
  • USDJPY decreased 0.07 or -0.07% to 103.18
  • USDCNY decreased 0.04245 or -0.65% to 6.45991

Precious Metals:

  • Gold increased 42.25 USD/t oz. or 2.23% to 1,940.35
  • Silver increased 0.79 USD/t. oz or 3.00% to 27.150

Some economic news from last night:

China:

Caixin Manufacturing PMI (Dec) decreased from 54.9 to 53.0

Japan:

Manufacturing PMI (Dec) increased from 49.7 to 50.0

South Korea:

Nikkei Manufacturing PMI (Dec) remain the same at 52.9

Australia:

Manufacturing PMI decreased from 55.8 to 55.7

Singapore:

GDP (QoQ) (Q4) decreased from 42.3% to 8.7%

GDP (YoY) (Q4) increased from -5.6% to -3.8%

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