Market Talk – Tuesday, June 30

ASIA:

China has passed a wide-reaching national security law for Hong Kong, which many fear could be used to override existing legal processes and further erode the city’s civil and political freedoms. Beijing’s top lawmaking body, the National People’s Congress (NPC), passed the law unanimously on Tuesday morning local time, bypassing Hong Kong’s legislature, Chinese state-run Xinhua news agency reported. China says the law is needed to tackle unrest and instability linked to a broadening pro-democracy movement.

India’s first COVID-19 vaccine candidate COVAXIN has been granted permission for advancing to human trials. Bharat Biotech developed this medicine in collaboration with the Indian Council of Medical Research (ICMR) and National Institute of Virology (NIV). There are no details on how long the next steps are likely to take and when the vaccine is likely to be launched in the market.

India’s federal fiscal deficit in the first two months through May stood at $61.67 billion, or 58.6% of the budgeted target for the current fiscal year, government data showed on Tuesday. Net tax receipts during April-May period were USD 4.48 billion, while total expenditure was approx. 66.5 billion USD, the data showed, indicating the government was front-loading its budgeted spending to combat the impact of the pandemic.

The European Union’s aviation safety agency announced on Tuesday that Pakistan’s national airline would not be allowed to fly into Europe for at least six months after the country’s aviation minister revealed that nearly a third of Pakistani pilots had cheated during their pilot’s exams. An inquiry into a 22 May Airbus A320 crash that killed 97 people at the southern port city of Karachi resulted in the revelation that 260 of 860 pilots in Pakistan had cheated during their exams, but were still given licenses by the Civil Aviation Authority.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 increased 293.10 points or 1.33% to 22,288.14
  • Shanghai increased 23.16 points or 0.78% to 2,984.67
  • Hang Seng increased 125.91 points or 0.52% to 24,427.19
  • ASX 200 increased 82.90 points or 1.43% to 5,897.90
  • Kospi increased 14.85 points or 0.71% to 2,108.33
  • SENSEX decreased 45.72 points or -0.13% to 34,915.80
  • Nifty50 decreased 10.3 points or -0.10% to 10,302.10

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.0020 or 0.29% to 0.68961
  • NZDUSD increased 0.0018 or 0.28% to 0.64479
  • USDJPY increased 0.1830 or 0.17% to 107.80
  • USDCNY decreased 0.0059 or -0.08% to 7.06857

Precious Metals:

  • Gold increased 9.1 USD/t oz. or 0.51% to 1,782.30
  • Silver increased 0.338 USD/t. oz or 1.89% to 18.1900

Some economic news from last night:

China:

Chinese Composite PMI (Jun) increased from 53.4 to 54.2

Manufacturing PMI (Jun) increased from 50.6 to 50.9

Non-Manufacturing PMI (Jun) increased from 53.6 to 54.4

Japan:

Jobs/applications ratio (May) decreased from 1.32 to 1.20

Unemployment Rate (May) increased from 2.6% to 2.9%

Industrial Production (MoM) (May) increased from -9.8% to -8.4%

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