Market Talk – Thursday, Nov. 7

ASIA:

China announced that the US has agreed to incrementally lift tariffs once a trade deal is reached. “If China, US reach a phase-one deal, both sides should roll back existing additional tariffs in the same proportion simultaneously based on the content of the agreement,” stated ministry spokesman Gao Feng. Feng pointed to positive progressive talks over the past two weeks between top negotiators. Until an official deal is signed, speculation will remain. “The trade war started with tariffs, and should end with the cancellation of tariffs,” Feng told Reuters.

Russia is seeking to move away from the USD in a move many are calling “de-dollarization.” An anonymous source from the Russian National Wealth Fund told the press this Thursday that the fund intends to diversify their foreign currency holdings next year. “We will lower the dollar share to levels close to the structure of the central bank’s reserves. We will add reserves currencies as the central bank,” the source told Reuters. Russia’s finance ministry has yet to comment on whether the “de-dollarization” program will be implemented at the state level.

Sam Rainsy, a self-exiled Cambodian opposition leader, was prevented from boarding a Thai Airways flight from Paris to Bangkok. The Cambodia National Rescue Party (CNRP) leader has lived in France since 2015 after fleeing his home country with other CNRP members. Thailand’s PM announced on Wednesday that he would not permit CNRP members to travel through his country and urged neighboring countries to follow suit. Earlier in the day, CRNP Deputy, Mu Sochua was detained at a Malaysian airport. Malaysian authorities say they are bound by the Association of Southeast Asian Nations (ASEAN) agreement that insists on a policy of non-interference with neighboring countries.

The major Asian stock markets had a green day today:

  • Shanghai increased 0.12 points or 0.00% to 2,978.71
  • Kospi increased 0.14 points or 0.01% to 2,144.29
  • ASX 200 increased 66.40 points or 1.00% to 6,726.60
  • NIKKEI 225 increased 26.50 points or 0.11% to 23,330.32
  • Hang Seng increased 158.59 points or 0.57% to 27,847.23
  • SENSEX increased 183.96 points or 0.45% to 40,653.74

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.0016 or 0.24% to 0.6898
  • NZDUSD increased 0.0001 or 0.01% to 0.6368
  • USDJPY increased 0.2470 or 0.23% to 109.2070
  • USDCNY decreased 0.0369 or 0.53% to 6.9742

Precious Metals:

  • Gold decreased 20.76 USD/t oz. or -1.39% to 1,472.54
  • Silver decreased 0.4861 USD/t. oz or -2.76%% to 17.1593
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