Market Talk – Tuesday, Feb. 9

ASIA:

International experts investigating the origins of Covid-19 have all but dismissed a theory that the virus came from a laboratory in China. Peter Ben Embarek, the head of the World Health Organization (WHO) mission (Mission to China), said it was “extremely unlikely” that the virus leaked from a lab in the city of Wuhan. The WHO team currently at the end of their investigation mission said more work was needed to identify the source of the virus. The investigation could now focus on South East Asia, one expert said

Indian government reaffirmed its decision to obtain funds for its massive 2021/22 borrowing program at below 6.0%, as the central bank has given assurances that it will provide ample liquidity, Reuters reported. Bond yields surged on Friday following the central bank’s policy meeting amid investor concerns about market liquidity and the government’s 12.06 trillion Indian rupees ($165.56 billion) borrowing program. India’s central bank governor, Shaktikanta Das said that the government’s long-term average borrowing cost is expected to be between 5.8%-5.9% in the fiscal year starting April.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 increased 117.43 points or 0.40% to 29,505.93
  • Shanghai increased 71.04 points or 2.01% to 3,603.49
  • Hang Seng increased 156.72 points or 0.53% to 29,476.19
  • ASX 200 decreased 59.50 points or -0.86% to 6,821.20
  • Kospi decreased 6.57 points or -0.21% to 3,084.67
  • SENSEX decreased 19.69 points or -0.04% to 51,329.08
  • Nifty50 decreased 6.50 points or -0.04% to 15,109.30

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.00337 or 0.44% to 0.77374
  • NZDUSD increased 0.00151 or 0.21% to 0.72389
  • USDJPY decreased 0.6520 or -0.62% to 104.58
  • USDCNY decreased 0.02679 or -0.42% to 6.41898

Precious Metals:

Gold increased 7.91 USD/t oz. or 0.43% to 1,838.07

Silver increased 0.028 USD/t. oz or 0.10%% to 27.280

Some economic news from last night:

Japan:

Average Cash Earnings (YoY) decreased from -1.8% to -3.2%

Overall wage income of employees (Dec) decreased from -1.8% to -3.2%

Overtime Pay (YoY) (Dec) increased from -10.80% to -8.90%

M2 Money Stock (YoY) increased from 9.1% to 9.4%

M3 Money Supply (Jan) increased from 1,929.1T to 1,939.3T

Australia:

NAB Business Confidence (Jan) increased from 4 to 10

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