Market Talk – Thursday, Sept. 24

ASIA:

ByteDance has applied for a tech export license in China as it races to seal a deal with Oracle Corp and Walmart Inc with hopes will end the US’ government plans to ban its TikTok video-streaming app on security grounds, Reuters reported. The Beijing-based firm submitted the application to Beijing’s municipal commerce bureau and is awaiting a decision, it said on its Toutiao online news platform on Thursday, without referring to ongoing talks over its US operations.

India’s central bank on Thursday declined to accept any bids to purchase government bonds under open market operations (OMO). Last week, the central bank had offered to go for an outright purchase of government bonds worth INR 100 billion as part of the planned OMO. While it received bids worth only INR 66.5 billion, the central bank accepted none of the bids. The central bank had offered to purchase long-term securities maturing between 2026 and 2031.

Harley-Davidson Inc said on Thursday it would discontinue its sales and manufacturing operations in India, effectively abandoning the world’s biggest motorcycle market after a decade of unsuccessful efforts to gain a foothold. The move involves $75 million in restructuring costs, some 70 redundancies, and the closure of its Bawal plant, walking away from a market worth about 17 million bike and scooter sales a year. (bit.ly/3mPHZnx) It will retain only a scaled-down sales office in Gurgaon, south of New Delhi. The departure is also the latest setback for Prime Minister Narendra Modi’s strategy to encourage domestic manufacturing that would keep more of the fruits of a gigantic home consumer market in India.

The major Asian stock markets had a negative day today:

  • NIKKEI 225 decreased 258.67 points or -1.11% to 23,087.82
  • Shanghai decreased 56.53 points or -1.72% to 3,223.18
  • Hang Seng decreased 431.44 points or -1.82% to 23,311.07
  • ASX 200 decreased 48.00 points or -0.81% to 5,875.90
  • Kospi decreased 60.54 points or -2.59% to 2,272.70
  • SENSEX decreased 1,114.82 points or -2.96% to 36,553.60
  • Nifty50 decreased 326.3 points or -2.93% to 10,805.55

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00163 or -0.23% to 0.70496
  • NZDUSD increased 0.0006 or 0.10% to 0.65505
  • USDJPY increased 0.03 or 0.03% to 105.40
  • USDCNY decreased 0.00184 or -0.03% to 6.82525
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