Market Talk – Tuesday, April 7

ASIA:

A group of Indian government ministers advised Prime Minister Narendra Modi to partially lift the lockdown imposed on March 25 for 21 days to sustain the livelihood of millions who have little to eat and to control the unemployment rate in the nation which has climbed to more than 20%. The panel has recommended cities open markets on alternate days after the three-week period ends. States can allow harvesting of crops across the country, they added.

The Indian benchmark equity indices, Sensex and Nifty, rallied almost nine percent on Tuesday, registering their best trading day since 2009. Sensex ended 2,476.26 points or 8.97 percent higher at 30,067.21 and the Nifty rallied 708.40 points or 8.76 percent to close at 8,792.20. Asian stock markets rallied for a second day on Tuesday buoyed by tentative signs the coronavirus crisis may be leveling off in New York and receding in Europe.

Chinese equities had alternated between positive and negative finishes through the last seven trading days since the end of the two-day winning streak in which it had risen more than 120 points or 4.5 percent. The global forecast for the Asian markets is broadly positive on optimism that the COVID-19 curve may finally be flattening.

More than 460,000 Chinese firms closed permanently in the first quarter as the coronavirus pandemic pummeled the world’s second-largest economy, with more than half of them having operated for under three years, corporate registration data shows. At the same time, the pace of new firms being established slowed significantly. From January to March, around 3.2 million businesses were set up, a 29 percent drop from a year earlier.

Japan has declared a coronavirus emergency after reaching 3,906 confirmed cases on Tuesday, exactly double the number from a week earlier. Medical experts said that for months, Japan has confounded the world by reporting a relatively low rate of coronavirus infections without imposing the kind of stringent measures used by other nations.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 increased 373.88 points or 2.01% to 18,950.18
  • Shanghai increased from 56.78 points or 2.05% to 2,820.76
  • Hang Seng increased 504.17 points or 2.12% to 24,253.29
  • ASX 200 decreased 34.50 points or -0.65% to 5,252.30
  • Kospi increased 31.72 points or 1.77% to 1,823.60
  • SENSEX increased 2,476.26 points or 8.97% to 30,067.21

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.0084 or 1.37% to 0.61940
  • NZDUSD increased 0.0042 or 0.71% to 0.59870
  • USDJPY decreased 0.2080 or -0.19% to 108.98
  • USDCNY decreased 0.0453 or -0.64% to 7.05708

Precious Metals:

  • Gold decreased 16.15 USD/t oz. or -0.97% to 1,644.80
  • Silver decreased 0.142 USD/t. oz or -0.94% to 15.0280
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