Market Talk – Monday, March 15

ASIA:

A Covid-19 vaccine developed by the Institute of Microbiology of Chinese Academy of Sciences (IMCAS) has obtained the green light for emergency use in China, the institute said on Monday, marking the country’s fifth vaccine eligible for some scale of use. The ZF2001 vaccine, being tested in a late-stage clinical trial aiming to recruit 29,000 participants across China, Uzbekistan, Indonesia, Pakistan, and Ecuador has been approved for use in Uzbekistan earlier this month.

India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, Reuters reported. The bill, one of the world’s strictest policies against cryptocurrencies, would criminalize possession, issuance, mining, trading, and transferring crypto-assets, said the official. Officials are confident of getting the bill enacted into law as Prime Minister Narendra Modi’s government holds a comfortable majority in parliament.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 increased 49.14 points or 0.17% to 29,766.97
  • Shanghai decreased 33.13 points or -0.96% to 3,419.95
  • Hang Seng increased 94.04 points or 0.33% to 28,833.76
  • ASX 200 increased 6.20 points or 0.09% to 6,773.00
  • Kospi decreased 8.68 points or -0.28% to 3,045.71
  • SENSEX decreased 397.00 points or -0.78% to 50,395.08
  • Nifty50 decreased 101.45 points or -0.67% to 14,929.50

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00478 or -0.62% to 0.77086
  • NZDUSD decreased 0.00055 or -0.08% to 0.71696
  • USDJPY increased 0.15 or 0.13% to 109.17
  • USDCNY increased 0.00872 or 0.13% to 6.50401

Precious Metals:

  • Gold decreased 0.71 USD/t oz. or -0.04% to 1,725.70
  • Silver increased 0.11 USD/t. oz or 0.43% to 26.025

Some economic news from last night:

China:

House Prices (YoY) (Feb) increased from 3.9% to 4.3%

Fixed Asset Investment (YoY) (Feb) increased from 2.9% to 35.0%

Industrial Production (YoY) (Feb) increased from 7.3% to 35.1%

Chinese Industrial Production YTD (YoY) (Feb) increased from 2.8% to 35.1%

Retail Sales (YoY) (Feb) increased from 4.6% to 33.8%

Chinese Retail Sales YTD (YoY) (Feb) increased from -4.78% to 33.78%

Chinese Unemployment Rate increased from 5.2% to 5.5%

Japan:

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