Market Talk – Thursday, Jan. 28

ASIA:

A World Health Organization (WHO) team has come out of quarantine and will start on-the-ground investigations into the origins of the coronavirus in the Chinese city of Wuhan. The scientists will begin interviewing people from research institutes, hospitals and the seafood market linked to the initial outbreak. Their research will rely upon evidence provided by Chinese officials.

India’s government plans to announce the sale of a 10% to 15% stake in state-run Life Insurance Corp, the country’s biggest insurer, in next week’s federal budget, as part of a privatization push to improve public finances, Reuters reported. One of the government sources said the government will enact changes to a parliament law governing LIC, which has assets under management amounting to over $400 billion.

Vietnam is likely the top-performing Asian economy in 2020–a feat that was achieved without a single quarter of economic contraction at a time when many economies globally were weighed down by the coronavirus pandemic. The Vietnamese economy grew 2.9% last year from a year ago, according to government estimates released in late December. That’s better than China’s forecast–beating 2.3% growth during the same period.

The major Asian stock markets had a negative day today:

  • NIKKEI 225 decreased 437.79 points or -1.53% to 28,197.42
  • Shanghai decreased 68.17 points or -1.91% to 3,505.18
  • Hang Seng decreased 746.76 points or -2.55% to 28,550.77
  • ASX 200 decreased 130.90 points or -1.93% to 6,649.70
  • Kospi decreased 53.51 points or -1.71% to 3,069.05
  • SENSEX decreased 535.57 points or -1.13% to 46,874.36
  • Nifty50 decreased 149.95 points or -1.07% to 13,817.55

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.0029 or 0.38% to 0.76772
  • NZDUSD increased 0.00354 or 0.50% to 0.71777
  • USDJPY increased 0.12 or 0.11% to 104.28
  • USDCNY decreased 0.02709 or -0.42% to 6.47513

Precious Metals:

  • Gold decreased 2.10 USD/t oz. or -0.11% to 1,841.89
  • Silver increased 0.84 USD/t. oz or 3.34% to 26.083

Some economic news from last night:

Japan:

Foreign Bonds Buying increased from 276.6B to 752.6B

Foreign Investments in Japanese Stocks increased from 177.5B to 209.2B

Retail Sales (YoY) (Dec) decreased from 0.6% to -0.3%

South Korea:

Manufacturing BSI Index (Feb) increased from 76 to 84

Australia:

Export Price Index (QoQ) (Q4) increased from -5.1% to 5.5%

Import Price Index (QoQ) (Q4) increased from -3.5% to -1.0%

New Zealand:

Exports (Dec) increased from 5.21B to 5.35B

Imports (Dec) increased from 4.92B to 5.33B

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