Market Talk – Monday, July 13

ASIA:

Google will pump in $10 billion in India over the next 5-7 years. The money will be used to invest in local companies and build more localized products. It’s the largest commitment by a global technology major to the country. Google CEO Pichai had an interaction with Prime Minister Narendra Modi to announce this fund which was named as Google For India Digitization fund.

China issued sanctions targeted at US Senators Ted Cruz and Marco Rubio, US Representative Chris Smith, Ambassador at Large for International Religious Freedom Sam Brownback, and the US Congressional-Executive Commission.

Foxconn plans to invest up to $1 billion to expand a factory in southern India where the Taiwanese contract manufacturer assembles Apple iPhones, Reuters reported. The move, the scale of which has not previously been reported, is part of a quiet and gradual production shift by Apple away from China as it navigates disruptions from a trade war between Beijing and Washington and the coronavirus crisis.

The major Asian stock markets had a green day today:

  • NIKKEI 225 increased 493.93 points or 2.22% to 22,784.74
  • Shanghai increased 59.96 points or 1.77% to 3,443.29
  • Hang Seng increased 44.71 points or 0.17% to 25,772.12
  • ASX 200 increased 58.30 points or 0.98% to 5,977.50
  • Kospi increased 35.81 points or 1.67% to 2,186.06
  • SENSEX increased 99.36 points or 0.27% to 36,693.69
  • Nifty50 increased 34.65 points or 0.32% to 10,802.70

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00048 or -0.07% to 0.69414
  • NZDUSD decreased 0.00296 or -0.45% to 0.65417
  • USDJPY increased 0.32 or 0.30% to 107.23
  • USDCNY decreased 0.00813 or -0.12% to 7.00087

Precious Metals:

  • Gold increased 4.10 USD/t oz. or 0.23% to 1,803.05
  • Silver increased 0.36 USD/t. oz or 1.94% to 19.0755

Some economic news from last night:

New Zealand:

FPI (MoM) (Jun) increased from -0.8% to 0.5%

Some economic news from today:

Japan:

Tertiary Industry Activity Index (MoM) increased from -7.7% to -2.1%

India:

CPI (YoY) (Jun) increased from 5.84% to 6.09%

EUROPE/EMEA:

Real output in the EU is only expected to return to pre-COVID levels in 2022, according to data from the International Monetary Fund (IMF) on Monday, a pace that could accelerate if a vaccine is found quickly or drag longer in the event of significant new waves of infection, still feared for the winter flu season. Europe’s high-debt countries, which often see debt burdens increase during difficult periods and stabilize but not fall during prosperous years, are likely to bear the brunt of the social impact of unemployment and demand falls that characterize the current crisis, with social distancing likely to dog the pace of recovery until the pandemic ends or is more effectively contained.

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