Market Talk – Thursday, March 11

ASIA:

China’s parliament on Thursday overwhelmingly endorsed a proposal on “improving the electoral system” of Hong Kong, further restricting the ability of people in the city to elect their leaders freely. Members of the National People’s Congress in Beijing voted 2,895 in favor of the proposal, with no votes against and one abstention. The decision includes a plan to alter the size and composition of the city’s legislature, increasing the number of seats from 70 to 90, therefore reducing the overall percentage of democratically elected officials.

India’s economy should come roaring back to life in 2021 after a recession-induced by COVID-19 and allow the country to reclaim its status as the fastest-growing major economy if the OECD projection of 12.6 percent expansion in GDP is realized, according to a report published by CNN Business It said India’s GDP is projected to expand by 12.6 percent during the country’s fiscal year starting in April, according to a forecast released Tuesday by the Organization for Economic Cooperation and Development.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 increased 175.08 points or 0.60% to 29,211.64
  • Shanghai increased 79.09 points or 2.36% to 3,436.83
  • Hang Seng increased 478.09 points or 1.65% to 29,385.61
  • ASX 200 decreased 0.20 points or -0.00% to 6,713.90
  • Kospi increased 55.58 points or 1.88% to 3,013.70
  • SENSEX closed
  • Nifty50 closed

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.00385 or 0.50% to 0.77731
  • NZDUSD increased 0.00257 or 0.36% to 0.72160
  • USDJPY increased 0.04 or 0.03% to 108.47
  • USDCNY decreased 0.01411 or -0.22% to 6.48511

Precious Metals:

  • Gold increased 1.17 USD/t oz. or 0.07% to 1,727.22
  • Silver increased 0.03 USD/t. oz or 0.10% to 26.190

Some economic news from last night:

Japan:

Foreign Bonds Buying increased from -1,719.6B to 98.9B

Foreign Investments in Japanese Stocks increased from -453.8B to -136.9B

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