Market Talk – Thursday, Feb. 26

ASIA:

US Agriculture Secretary Tom Vilsack believes China is making good on promises it made as part of the landmark phase one trade deal it signed with the US last year. Vilsack said that the deal allows for market conditions to dictate how much Beijing is required to purchase from US farmers. The COVID pandemic, he added, would qualify as a material market condition that would impact how much China has to buy.

India’s Prime Minister Narendra Modi announced late Wednesday night that India would privatize 100 state assets, ranging from oil and gas projects to ports and airports and those in the power sector. The investment opportunities are said to total 2.5 trillion Indian rupees ($3.4 trillion), Reuters reported. India has subsequently launched the National Asset Monetization Pipeline to manage the shift.

The major Asian stock markets had a green day today:

  • NIKKEI 225 increased 496.57 points or 1.67% to 30,168.27
  • Shanghai increased 20.97 points or 0.59% to 3,585.05
  • Hang Seng increased 355.93 points or 1.20% to 30,074.17
  • ASX 200 increased 56.20 points or 0.83% to 6,834.00
  • Kospi increased 104.71 points or 3.50% to 3,099.69
  • SENSEX increased 257.62 points or 0.51% to 51,039.31
  • Nifty50 increased 115.35 points or 0.77% to 15,097.35

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00209 or -0.26% to 0.79526
  • NZDUSD decreased 0.00102 or -0.14% to 0.74342
  • USDJPY increased 0.35 or 0.33% to 106.26
  • USDCNY increased 0.01359 or 0.21% to 6.46065

Precious Metals:

  • Gold decreased 28.16 USD/t oz. or -1.56% to 1,776.20
  • Silver decreased 0.265 USD/t. oz or -0.95% to 27.715

Some economic news from last night:

South Korea:

Interest Rate Decision (Feb) remain the same at 0.50%

Australia:

Building Capital Expenditure (MoM) (Q4) increased from -3.7% to 0.7%

Plant/Machinery Capital Expenditure (QoQ) (Q4) increased from -2.2% to 5.7%

Private New Capital Expenditure (QoQ) (Q4) increased from -3.0% to 3.0%

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