Market Talk – Tuesday, March 30


Chinese government bonds will be added to the FTSE World Government Bond Index (WGBI) over three years from the end of October, FTSE Russell said in a statement. Chinese government bonds were previously included in index suites from JPMorgan and Bloomberg Barclays, but FTSE WGBI inclusion is expected to have a larger effect due to the size of passive flows tracking it. HSBC said that with roughly $2.5 trillion tracking the WGBI, some $130 billion in inflows could be expected, given China’s eventual 5.25% weighting — about $3.6 billion a month.

India’s 2021 economic output is expected to remain below the 2019 level, the annual survey by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) has said. Based on data available up to 9 March, this year’s survey report released Tuesday made the observation about India’s economic output while comparing the country’s coronavirus pandemic response with that of China. It said India entered the pandemic with “subdued” GDP growth and investments after which a stringent lockdown caused economic disruptions that mounted in the second quarter of 2020. Though India had an “impressive economic turnaround” in the third quarter of 2020, the pace of recovery moderated in the fourth quarter with estimated year-on-year growth was still close to zero, the report said.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 increased 48.18 points or 0.16% to 29,432.70
  • Shanghai increased 21.38 points or 0.62% to 3,456.68
  • Hang Seng increased 239.20 points or 0.84% to 28,577.50
  • ASX 200 decreased 61.10 points or -0.90% to 6,738.40
  • Kospi increased 33.96 points or 1.12% to 3,070.00
  • SENSEX increased 1,128.08 points or 2.30% to 50,136.58
  • Nifty50 increased 337.80 points or 2.33% to 14,845.10

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00454 or -0.59% to 0.75919
  • NZDUSD decreased 0.00249 or -0.36% to 0.69796
  • USDJPY increased 0.43 or 0.39% to 110.27
  • USDCNY decreased 0.00128 or -0.02% to 6.57491

Precious Metals:

  • Gold decreased 26.94 USD/t oz. or -1.57% to 1,685.05
  • Silver decreased 0.59 USD/t. oz or -2.40% to 24.079

Some economic news from last night:

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