Market Talk – Thursday, April 29

ASIA:

President Joe Biden proposed a sweeping new $1.8 trillion plan in a speech to a joint session of Congress on Wednesday, pleading with Republican lawmakers to work with him on divisive issues and to meet the stiff competition posed by China. He said, “China and other countries are closing in fast,” adding that he has spent a lot of time talking to Chinese President Xi Jinping.

Indian food delivery startup Zomato, backed by China’s Ant Group, filed for an IPO of up to 82.5 billion rupees ($1.11 billion) on Wednesday to cash in on a pandemic-led surge in online ordering. Indian food delivery market is estimated to be worth 4.2 billion USD which currently has three players Zomato and Accel backed Swiggy and Amazon. While Swiggy and Zomato dominate the Indian food delivery market, Amazon remains a relatively new and smaller player. Zomato logged a 98.4% jump in revenue from operations for the year ending March 2020, while its loss widened to 23.67 billion rupees from 9.65 billion rupees a year earlier.

Samsung Electronics Co Ltd said on Thursday it expects chip profits to rise in the second quarter as customers seek to secure stock amid a global chip shortage, that will likely hit device production and mobile profits that same quarter. Samsung, which reported its highest first-quarter operating profit in three years, said it expected memory chip earnings to improve “significantly” in the second quarter, as “market conditions improve on the back of strong server demand”.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 closed
  • Shanghai increased 17.83 points or 0.52% to 3,474.90
  • Hang Seng increased 231.92 points or 0.80% to 29,303.26
  • ASX 200 increased 17.60 points or 0.25% to 7,082.30
  • Kospi decreased 7.40 points or -0.23% to 3,174.07
  • SENSEX increased 32.10 points or 0.06% to 49,765.94
  • Nifty50 increased 30.35 points or 0.20% to 14,894.90

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00307 or -0.39% to 0.77682
  • NZDUSD decreased 0.00279 or -0.38% to 0.72384
  • USDJPY increased 0.39 or 0.36% to 108.92
  • USDCNY decreased 0.00723 or -0.11% to 6.46619

Precious Metals:

  • Gold decreased 13.56 USD/t oz. or -0.76% to 1,767.76
  • Silver decreased 0.23 USD/t. oz or -0.88% to 25.940

Some economic news from last night:

South Korea:

Manufacturing BSI Index (May) increased from 91 to 95

Australia:

Export Price Index (QoQ) (Q1) increased from 5.5% to 11.2%

Import Price Index (QoQ) (Q1) increased from -1.0% to 0.2%

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Disclosure: None.

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