Market Talk – Thursday, Sept. 19

ASIA:

US President Trump has warned China that they will face a tough trade war. “It’ll be the toughest deal anybody’s ever had to make from the standpoint of China”, Trump said. His warning comes around if China waits to make a deal until after the US general election in November 2020. Today is the first day the vice ministers are meeting to create some headwind and lay the foundation for the trade talks which resume early October. This will be the first time the two countries are meeting in nearly two months as China would like to make the incoming tariffs on 250bn worth of goods disappear.

India has decided not to open their economic issue at the next UN general assembly, instead of looking to focus more on the development, peace, and security fronts the Ministry of External Affairs said today. An Indian union minister has told reporters that there is no financial crisis in India and that the central government was taking all necessary steps to strengthen the economy. “To make the economy stronger, the government has taken all measures and I want to say that the fundamentals of the country’s economy are strong. We are not in any crisis. Some reactions from non-banking financial companies (NBFCs) are there. But we are addressing all issues”

The major Asian stock markets had a mixed day today:

  • Shanghai increased 13.62 points or 0.46% to 2,999.28
  • Kospi increased 9.62 or 0.46% to 2080.35
  • ASX 200 increased 35.90 points or 0.54% to 6,717.50
  • NIKKEI 225 increased 83.74 points or 0.38% to 22,044.45
  • Hang Seng decreased 285.17 points or -1.07% to 26,468.95
  • SENSEX decreased 470.41 points or -1.29% to 36,093.47

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.0021 or 0.30% to 0.6806
  • NZDUSD decreased 0.0009 or 0.13% to 0.6312
  • USDJPY decreased 0.5070 or 0.47% to 107.9330
  • USDCNY increased 0.0163 or 0.23% to 7.0989

Precious Metals:

  • Gold increased 5.95 USD/t oz. or 0.40% to 1,497.64
  • Silver increased 0.081 USD/t. oz or 0.46%% to 17.7866

Some economic news from last night:

Australia:

  • Employment Change (Aug) decreased from 41.1K to 34.7K
  • Full Employment Change (Aug) decreased from 34.5K to -15.5K
  • Participation Rate (Aug) increased from 66.1% to 66.2%
  • Unemployment Rate (Aug) increased from 5.2% to 5.3%

New Zealand:

  • GDP (QoQ) (Q2) decreased from 0.6% to 0.5%
  • GDP (YoY) (Q2) decreased from 2.5% to 2.1%
  • GDP Annual Average (Q2) decreased from 2.7% to 2.4%
  • GDP Expenditure (QoQ) (Q2) decreased from 0.9% to 0.7%

Japan:

  • BoJ Interest Rate Decision remain the same at -0.10%

South Korea:

  • M2 Money supply (Jul) increased from 7.10% to 7.20%
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