Market Talk – Tuesday, April 13

ASIA:

China’s exports rose sharply in March while imports growth surged to the highest in four years in yet another boost to the nation’s economic recovery, signaling improving global demand amid progress in worldwide COVID-19 vaccination. The data suggests the world’s second-largest economy will continue to gather momentum as it emerges from the COVID-19-led slump in early 2020, though a lagging consumer rebound, a resurgence in COVID-19 cases in many countries, and Sino-U.S. tensions have raised risks for the outlook. The data showed total Chinese imports jumped 38.1% year-on-year last month, the fastest pace since February 2017 on high commodity prices, beating a 23.3% forecast and compared with 17.3% growth in February.

India’s retail inflation accelerated to a four-month high in March on higher food and transport costs amid rising coronavirus infection numbers and fears of a surge in some commodity prices due to lockdowns in some states. Annual retail inflation rose 5.52% in March, up from 5.03% in February, data released by the Ministry of Statistics showed on Monday. Retail food prices, which account for nearly half of the basket of items used to calculate the inflation rate, increased 4.94% in March on year compared to 3.87% in the previous month.

BlackRock has set up a partnership with Singapore’s government-owned investment arm Temasek to launch a series of massive late-stage venture capital and early-growth private equity investment funds to advance decarbonization efforts on a global level. As Decarbonization Partners, the two investors intend to commit a combined $600m in initial capital to invest in multiple funds launched by the partnership and also raise third-party capital from investors committed to net zero. Decarbonization Partners has a fundraising target of $1bn for its first fund, including capital from Temasek and BlackRock.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 increased 212.88 points or 0.72% to 29,751.61
  • Shanghai decreased 16.48 points or -0.48% to 3,396.47
  • Hang Seng increased 43.97 points or 0.15% to 28,497.25
  • ASX 200 increased 2.90 points or 0.04% to 6,976.90
  • Kospi increased 33.49 points or 1.07% to 3,169.08
  • SENSEX increased 660.68 points or 1.38% to 48,544.06
  • Nifty50 increased 194.00 points or 1.36% to 14,504.80

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.00058 or 0.08% to 0.76355
  • NZDUSD increased 0.00106 or 0.15% to 0.70444
  • USDJPY decreased 0.23 or -0.21% to 109.14
  • USDCNY decreased 0.00239 or -0.04% to 6.54548

Precious Metals:

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