Market Talk – Monday, March 29

ASIA:

Chinese officials on Monday said Sweden’s H&M and other foreign brands should not make rash moves or step into politics after the companies raised concerns about forced labor in Xinjiang, sparking a furious online backlash and boycotts. H&M, Burberry, Nike, Adidas, and other Western brands have been hit by consumer boycotts in China since last week over comments about their sourcing of cotton in Xinjiang. The growing rift comes as the United States and other Western governments increase pressure on China over suspected human rights abuses in the Chinese province.

In the midst of rising economic uncertainty due to a sharp rise in Covid-19 cases across the country, economists and analysts believe that the India’s central bank will maintain a status quo on policy rates during its next monetary policy meeting. The Monetary Policy Committee is scheduled to meet for its bi-monthly policy meeting starting April 7. UBS Securities India also expects the RBI to maintain comfortable liquidity levels in the near term to ensure the least disruption to the government’s borrowing program. “We continue to expect the central bank to pursue policy normalisation [sic] in the second half of FY22 to keep inflationary pressures contained and preserve financial stability, UBS said in a statement.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 increased 207.82 points or 0.71% to 29,384.52
  • Shanghai increased 16.97 points or 0.50% to 3,435.30
  • Hang Seng increased 1.87 points or 0.01% to 28,338.30
  • ASX 200 decreased 24.70 points or -0.36% to 6,799.50
  • Kospi decreased 4.97 points or -0.16% to 3,036.04
  • SENSEX closed
  • Nifty50 closed

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00008 or -0.01% to 0.76424
  • NZDUSD increased 0.00467 or 0.67% to 0.70133
  • USDJPY increased 0.09 or 0.08% to 109.76
  • USDCNY increased 0.02529 or 0.39% to 6.57116

Precious Metals:

  • Gold decreased 18.12 USD/t oz. or -1.05% to 1,713.85
  • Silver decreased 0.29 USD/t. oz or -1.17% to 24.752
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