Market Talk – Tuesday, March 16


India’s trade deficit in goods widened to $12.62 billion in February from $10.16 billion during the same period a year earlier, revised data released by the government on Monday showed. Merchandise exports rose 0.67% in February from a year earlier to $27.93 billion, while imports were up 6.96% to $40.54 billion, the data showed.

The United States overtook Saudi Arabia as India’s second-biggest oil supplier after Iraq last month, as refiners boosted cheaper U.S. crude purchases to record levels to offset OPEC+ supply cuts, Reuters reported. India’s imports from the United States — the world’s top producer — rose 48% to a record 545,300 bpd in February from the prior month, accounting for 14% of India’s overall imports last month, the data obtained by Reuters showed. In contrast, February imports from Saudi Arabia fell by 42% from January to a decade low of 445,200 bpd, the data showed. Saudi Arabia, which has consistently been one of India’s top two suppliers, slipped to No. 4 for the first time since at least January 2006. The switch in supplies, triggered by lower US crude demand, coincided with Saudi Arabia’s voluntary extra 1 million barrel per day (bpd) output cut, on top of an agreement by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to maintain lower production.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 increased 154.12 points or 0.52% to 29,921.09
  • Shanghai increased 26.79 points or 0.78% to 3,446.73
  • Hang Seng increased 193.93 points or 0.67% to 29,027.69
  • ASX 200 increased 54.10 points or 0.80% to 6,827.10
  • Kospi increased 21.46 points or 0.70% to 3,067.17
  • SENSEX decreased 31.12 points or -0.06% to 50,363.96
  • Nifty50 decreased 19.05 points or -0.13% to 14,910.45

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.00003 or 0.00% to 0.77462
  • NZDUSD decreased 0.00079 or -0.11% to 0.71922
  • USDJPY decreased 0.14 or -0.13% to 108.99
  • USDCNY increased 0.0029 or 0.04% to 6.50125
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