Market Talk – Thursday, April 8

ASIA:

According to a study, some 75% of the world’s bitcoin mining is done in China. The reason given for this in the report is cheap electricity and relatively easy access to manufacturers who make specialized hardware. As a result, the nation’s bitcoin carbon footprint is as big as one of its ten largest cities, the report suggests. The research on China’s mining activities — published by peer-reviewed journal Nature Communications on Tuesday — was conducted by academics from the University of the Chinese Academy of Sciences, Tsinghua University, Cornell University and the University of Surrey.

India’s central bank, Reserve Bank of India (RBI) kept interest rates at record lows but committed to a massive government bond purchase program, keeping monetary policy accommodative amid concerns rising COVID-19 cases could derail a nascent economic recovery. The monetary policy committee decided unanimously to leave the RBI’s repo rate, its key lending rate, unchanged at 4%, and the reverse repo rate, its borrowing rate, at 3.35%.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 21.81 points or -0.07% to 29,708.98
  • Shanghai increased 2.93 points or 0.08% to 3,482.55
  • Hang Seng increased 333.27 points or 1.16% to 29,008.07
  • ASX 200 increased 70.80 points or 1.02% to 6,998.80
  • Kospi increased 5.85 points or 0.19% to 3,143.26
  • SENSEX increased 84.45 points or 0.17% to 49,746.21
  • Nifty50 increased 54.75 points or 0.37% to 14,873.80

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.00221 or 0.29% to 0.76358
  • NZDUSD increased 0.0033 or 0.47% to 0.70437
  • USDJPY decreased 0.58 or -0.53% to 109.26
  • USDCNY increased 0.00836 or 0.13% to 6.55886

Precious Metals:

  • Gold increased 18.79 USD/t oz. or 1.08% to 1,756.07
  • Silver increased 0.323 USD/t. oz or 1.29% to 25.443

Some economic news from last night:

Japan:

Adjusted Current Account increased from 1.50T to 1.79T

Current Account n.s.a. (Feb) increased from 0.647T to 2.917T

Foreign Bonds Buying increased from 201.3B to 377.0B

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Disclosure: None.

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