Market Talk – Tueday, April 6

ASIA:

China’s factory activity in March expanded at the slowest pace in almost a year on softer overall domestic demand, but underlying economic conditions remained positive even as input and output inflationary pressures intensified for manufacturers. The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) dropped to 50.6 last month — the lowest level since April 2020 — from February’s 50.9, missing analyst expectations for an uptick to 51.3. The findings contrast with those in an official survey, which showed manufacturing activity grew at a stronger pace as large firms ramped up production after a brief lull during the Lunar New Year holidays. The Caixin survey focuses on small, private, and export-oriented firms, while the official survey typically polls large and state-owned manufacturers.

The Indian government and central bank have agreed to retain the bank’s inflation target of 2%-6% for the next five years, India’s finance ministry said. The monetary policy framework, signed by Prime Minister Narendra Modi’s government with the Reserve Bank of India in 2015, set up a monetary policy committee with a mandate to achieve 2%-6% headline retail inflation. India’s retail inflation accelerated to 5.03% year-on-year, a three-month high, in February on higher fuel prices. After cutting the repo rate by 115 basis points to sustain the economy during the coronavirus crisis, the central bank has kept the policy rate unchanged since May 2020.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 392.62 points or -1.30% to 29,696.63
  • Shanghai decreased 1.42 points or -0.04% to 3,482.97
  • Hang Seng closed
  • ASX 200 increased 57.20 points or 0.84% to 6,885.90
  • Kospi increased 6.25 points or 0.20% to 3,127.08
  • SENSEX increased 42.07 points or 0.09% to 49,201.39
  • Nifty50 increased 45.70 points or 0.31% to 14,683.50

The major Asian currency markets had a negative day today:

  • AUDUSD decreased 0.00017 or -0.02% to 0.76563
  • NZDUSD decreased 0.00206 or -0.29% to 0.70458
  • USDJPY decreased 0.37 or -0.33% to 109.81
  • USDCNY decreased 0.01487 or -0.23% to 6.54098

Precious Metals:

  • Gold increased 16.19 USD/t oz. or 0.94% to 1,744.63
  • Silver increased 0.33 USD/t. oz or 1.32% to 25.229
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