Market Talk – Thursday, May 6

ASIA:

China has “indefinitely” suspended key economic dialogue with Australia, the latest in a growing diplomatic rift between both countries. The relations between two countries have been on the decline since Australia called for a probe into the origins of the virus and banned Huawei from building its 5G network. In a statement on Thursday, a Chinese government commission accused Australia of having a “Cold War mindset”. Last year, China imposed sanctions on Australian goods like wine and beef.

Growth in India’s dominant services sector eased to a three-month low in April but remained unexpectedly resilient even as the COVID-19 crisis intensified and cost pressures rose at the fastest pace in over nine years, a private survey showed. The Nikkei/IHS Markit Services Purchasing Managers’ Index fell to 54.0 last month from 54.6 in March, its lowest since January but still well above the 50-mark separating growth from contraction. A Reuters poll expected the index to fall to 51.1.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 increased 518.74 points or 1.80% to 29,331.37
  • Shanghai decreased 5.57 points or -0.16% to 3,441.28
  • Hang Seng increased 219.48 points or 0.77% to 28,637.46
  • ASX 200 decreased 34.10 points or -0.48% to 7,061.70
  • Kospi increased 31.37 points or 1.00% to 3,178.74
  • SENSEX increased 272.21 points or 0.56% to 48,949.76
  • Nifty50 increased 106.95 points or 0.73% to 14,724.80

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.00042 or 0.05% to 0.77535
  • NZDUSD decreased 0.00158 or -0.22% to 0.72012
  • USDJPY decreased 0.09 or -0.09% to 109.15
  • USDCNY decreased 0.01545 or -0.24% to 6.46985

Precious Metals:

  • Gold increased 26.84 USD/t oz. or 1.50% to 1,813.28
  • Silver increased 0.794 USD/t. oz or 3.00% to 27.294

Some economic news from last night:

South Korea:

FX Reserves – USD (Apr) increased from 446.13B to 452.31B

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