Market Talk – Tuesday, July 7

ASIA:

China’s largest semiconductor maker could raise as much as $7.5 billion this year by listing its stock in Shanghai — a move that could deliver the Chinese mainland its largest share sale in a decade, and reduce the country’s reliance on foreign chips, CNN reported. Semiconductor Manufacturing International Corporation (SMIC), which already trades in Hong Kong, said in a stock exchange filing last week that it wants to raise at least $6.6 billion. The company is the largest chipmaker in China, pulling in 22 billion yuan ($3.1 billion) in revenue in 2019.

After a series of military and diplomatic talks, Chinese troops have started removing tents and other structures from a contested Himalayan valley where they fought a deadly battle with Indian soldiers last month. Chinese foreign ministry spokesman Zhao Lijian told reporters in Beijing on Monday that both sides had made positive progress to disengage frontline troops and ease the border situation.

The US has said that it will try and mitigate the impact of new visa rules that discourage international students — a large proportion of whom are Indians — to stay back in the US and continue their ongoing courses via online classes due to the COVID-19 disruption. This matter was discussed during the online meeting, which took place between Foreign Secretary Harsh Vardhan Shringla and US Under Secretary of State for Political Affairs David Hale. The US Immigration and Customs Enforcement (ICE) on Monday night issued a statement saying that Non-immigrant F-1 and M-1 students attending schools operating entirely online may not take a full online course load and remain in the United States.

India on Monday overtook Russia’s record for the world’s third-highest number of coronavirus infections at nearly 700,000, even as its hardest-hit state, Maharashtra, said it will allow hotels to reopen this week. There have been almost 20,000 deaths in India since the first case was detected there in January.

Japan’s household spending has slumped at a record pace as measures to slow the spread of the coronavirus kept people at home. Government figures show household spending dropped by 16.2% in May from a year earlier.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 99.75 points or -0.44% to 22,614.69
  • Shanghai increased 12.46 points or 0.37% to 3,345.34
  • Hang Seng decreased 363.50 points or -1.38% to 25,975.66
  • ASX 200 decreased 1.70 points or -0.03% to 6,012.90
  • Kospi decreased 23.76 points or -1.09% to 2,164.17
  • SENSEX increased 187.24 points or 0.51% to 36,674.52
  • Nifty50 increased 36.00 points or 0.33% to 10,799.65

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00364 or -0.52% to 0.69402
  • NZDUSD decreased 0.00159 or -0.24% to 0.65406
  • USDJPY increased 0.2 or 0.19% to 107.55
  • USDCNY increased 0.00776 or 0.11% to 7.02118
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