Market Talk – Thursday, March 26

ASIA:

India announced an economic stimulus package worth $22.5 billion on Thursday to help millions of low-income households cope with a 21-day lockdown due to the coronavirus outbreak. The package will be disbursed through food security measures for poor households and through direct cash transfers to the beneficiaries’ bank accounts directly.

India banned exports of a malaria drug backed by US President Donald Trump amid a run on supplies globally, even as preliminary findings emerge that the medication is not better than regular care in the treatment of the coronavirus. Exports of hydroxychloroquine will be limited to fulfilling existing contracts, while certain shipments on humanitarian grounds may also be allowed on a case-by-case basis, according to a statement issued Wednesday by the Directorate General of Foreign Trade. The ban also does not apply to factories in its special export zones.

A survey conducted by the Beijing-based American Chamber of Commerce in China on 119 companies from March 13 to 18 found that American companies in China are still betting on the local consumer, even if business disruptions from the coronavirus are dragging down revenues. Many companies who participated in the survey reported they are experiencing significant revenue declines increased to 50% — that’s up from 28% last month.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 882.03 points or -4.51% to 18,664.60
  • Shanghai decreased 16.68 points or -0.60% to 2,764.91
  • Hang Seng decreased 174.85 points or -0.74% to 23,352.34
  • ASX 200 increased 115.20 points or 2.30% to 5,113.30
  • Kospi decreased 18.52 points or -1.09% to 1,686.24
  • SENSEX increased 1,410.99 points or 4.94% to 29,946.77

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.01471 or 2.49% to 0.60471
  • NZDUSD increased 0.015 or 2.59% to 0.59500
  • USDJPY decreased 1.32 or -1.19% to 109.59
  • USDCNY decreased 0.03468 or -0.49% to 7.09312

Precious Metals:

  • Gold increased 22.05 USD/t oz. or 1.37% to 1,630.60
  • Silver increased 0.198 USD/t. oz or 1.38% to 14.5450

Some economic news from last night:

Japan:

Corporate Services Price Index (CSPI) (YoY) decreased from 2.3% to 2.1%

Foreign Bonds Buying increased from -590.9B to -65.7B

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