Market Talk – Thursday, Oct. 15

ASIA:

China’s consumer inflation slowed in September, driven by a moderation in food price gains. The consumer price index rose 1.7% last month from a year earlier, following a 2.4% gain in August, the National Bureau of Statistics said Thursday. The median forecast was for a 1.9% increase. The producer price index registered a 2.1% decline, after a 2% drop in August.

The US State Department has submitted a proposal for the Trump administration to add China’s Ant Group to a trade blacklist before the financial technology firm is slated to go public, Reuters reported. The move comes as China hardliners in the Trump administration are seeking to send a message to deter U.S. investors from taking part in the initial public offering for Ant. The dual listing in Shanghai and Hong Kong could be worth up to a record $35 billion. It was not immediately clear when the U.S. government agencies that decide whether to add a company to the so-called Entity List would review the matter. The entity list, which makes it more difficult for U.S. firms to sell high-tech items to blacklisted companies, has become the tool of choice for the Trump administration to punish Chinese companies, though its real-world impact is sometimes questionable.

The Indian cabinet on Wednesday allowed Abu Dhabi National Oil Co (ADNOC)to export oil from its Mangalore strategic petroleum reserve (SPR), a government official said, marking a policy shift that could enhance foreign participation as India seeks to expand its storage capacity. ADNOC had been seeking permission from the Indian government for the export of its oil from the cavern as it was finding it difficult to sell to Indian refiners, some of which have cut crude processing due to falling demand. Indian companies will have the first right of refusal in case of any re-exports by ADNOC, a government source said.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 119.50 points or -0.51% to 23,507.23
  • Shanghai decreased 8.60 points or -0.26% to 3,332.18
  • Hang Seng decreased 508.55 points or -2.06% to 24,158.54
  • ASX 200 increased 31.10 points or 0.50% to 6,210.30
  • Kospi decreased 19.27 points or -0.81% to 2,361.21
  • SENSEX decreased 1,066.33 points or -2.61% to 39,728.41
  • Nifty50 decreased 290.7 points or -2.43% to 11,680.35

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00447 or -0.63% to 0.70923
  • NZDUSD decreased 0.00592 or -0.89% to 0.65960
  • USDJPY increased 0.2750 or 0.26% to 105.43
  • USDCNY decreased 0.00368 or -0.05% to 6.71253
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