Market Talk – Thursday, Jan. 14

ASIA:

Chinese exports grew more than expected in December, customs data showed on Thursday, as coronavirus disruptions around the world fuelled demand for Chinese goods even as a stronger yuan made shipments more expensive for overseas buyers, Reuters reported. While Chinese exports are likely to benefit from solid global demand at the start of this year, some analysts say a stronger yuan and rising raw materials costs could temper the momentum over coming months. Exports rose 18.1% in December from a year earlier, slowing from a 21.1% jump in November but beating expectations for a 15% rise. Imports increased 6.5% year-on-year last month, topping a 5% forecast and picking up pace from November’s 4.5% growth.

China’s trade surplus with the United States narrowed to $29.92 billion in December from $37.42 billion in November, as Chinese imports grew faster than its exports to the United States. The data points to “Beijing’s continued effort to fulfill its commitments on the Phase One trade deal with the US,” said Nomura in a research note.

India’s central bank, the Reserve Bank of India, said on Wednesday it had formed a working group to look into digital lending practices, following reports of policy violations and borrower harassment by several digital lending apps in India. The recent spurt of popularity of online and mobile lending platforms “has raised certain serious concerns which have wider systemic implications,” the RBI said in its release.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 increased 241.67 points or 0.85% to 28,698.26
  • Shanghai decreased 32.75 points or -0.91% to 3,565.90
  • Hang Seng increased 261.26 points or 0.93% to 28,496.86
  • ASX 200 increased 28.70 points or 0.43% to 6,715.30
  • Kospi increased 1.64 points or 0.05% to 3,149.93
  • SENSEX increased 91.84 points or 0.19% to 49,584.16
  • Nifty50 increased 30.75 points or 0.21% to 14,595.60

The major Asian currency markets had a green day today:

  • AUDUSD increased 0.00261 or 0.34% to 0.77682
  • NZDUSD increased 0.00166 or 0.23% to 0.72022
  • USDJPY increased 0.03 or 0.03% to 103.85
  • USDCNY increased 0.00662 or 0.10% to 6.47173

Precious Metals:

  • Gold increased 5.56 USD/t oz. or 0.30% to 1,848.97
  • Silver increased 0.46 USD/t. oz or 1.83% to 25.601

Some economic news from last night:

China:

Exports (YoY) (Dec) decreased from 21.1% to 18.1%

Imports (YoY) (Dec) increased from 4.5% to 6.5%

Trade Balance (USD) (Dec) increased from 75.40B to 78.17B

Japan:

Core Machinery Orders (YoY) (Nov) decreased from 2.8% to -11.3%

Core Machinery Orders (MoM) (Nov) decreased from 17.1% to 1.5%

PPI (YoY) (Dec) increased from -2.3% to -2.0%

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