Market Talk – Tuesday, March 9


Microsoft has blamed a huge attack on its Exchange email service on a group linked to China, which has affected hundreds of thousands of customers worldwide. The American tech giant revealed last week that a hacking group called Hafnium exploited Microsoft Exchange and was able to gain access to computers. The company said the group is “assessed to be state-sponsored and operating out of China.” The hack puts Microsoft in an uncomfortable spot. While its China sales account for just a fraction of its total revenue, the company has still touted the country as one of its most important “strategic” markets.

Bad loans and credit costs are expected to rise at Indian banks as easy money policies to shore up a pandemic-battered economy may start to tighten, Fitch Ratings said on Monday. The coronavirus lockdowns last year slammed an already struggling financial sector, but recent quarterly reports have shown an improvement in profits and asset quality. Noting that the recent improvement masked underlying pandemic stress, Fitch said banks would increasingly feel the pinch from the continued impact on small businesses and rising unemployment. Fitch added it sees high risk of a “protracted deterioration” in asset quality with more pressure on loans to retail and stressed small and medium-sized enterprises. India’s central bank, The Reserve Bank of India had in January warned here that banks may see bad loans double to 14.8% under a severe stress scenario. The ratings agency estimates state-owned lenders need $15-58 billion in capital, under various stress scenarios.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 increased 284.69 points or 0.99% to 29,027.94
  • Shanghai decreased 62.12 points or -1.82% to 3,359.29
  • Hang Seng increased 232.40 points or 0.81% to 28,773.23
  • ASX 200 increased 31.60 points or 0.47% to 6,771.20
  • Kospi decreased 19.99 points or -0.67% to 2,976.12
  • SENSEX increased 584.41 points or 1.16% to 51,025.48
  • Nifty50 increased 142.20 points or 0.95% to 15,098.40

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.0054 or 0.71% to 0.77107
  • NZDUSD increased 0.00309 or 0.43% to 0.71631
  • USDJPY decreased 0.45 or -0.41% to 108.49
  • USDCNY decreased 0.03531 or -0.54% to 6.51607

Precious Metals:

  • Gold increased 34.64 USD/t oz. or 2.06% to 1,715.88
  • Silver increased 0.89 USD/t. oz or 3.56% to 25.983

Some economic news from last night:


Average Cash Earnings (YoY) increased from -3.2% to -0.8%

Household Spending (YoY) decreased from -0.6% to -6.1%

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Disclosure: None.

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