Market Talk – Tuesday, May 11

ASIA:

Moody’s Investors Service on Tuesday slashed India’s growth forecast for the current financial year to 9.3 percent saying that the second wave of coronavirus infections hampers economic recovery and increases risk of longer-term scarring. With this, Moody’s has joined several analysts who revised their GDP forecasts for India in the face of a second wave of COVID-19 infections in the country. Revising its projections for India’s GDP growth, Moody’s said that the second wave of COVID-19 is expected to be less disruptive than the first wave. The rating agency also ruled out any chances of a rating upgrade in the near future. Instead, it warned against self-reinforcing economic and financial risks as they may put more pressure on the rating.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 909.75 points or -3.08% to 28,608.59
  • Shanghai increased 13.85 points or 0.40% to 3,441.85
  • Hang Seng decreased 581.85 points or -2.03% to 28,013.81
  • ASX 200 decreased 75.80 points or -1.06% to 7,097.00
  • Kospi decreased 39.87 points or -1.23% to 3,209.43
  • SENSEX decreased 340.60 points or -0.69% to 49,161.81
  • Nifty50 decreased 91.60 points or -0.61% to 14,850.75

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.00016 or 0.02% to 0.78383
  • NZDUSD increased 0.00019 or 0.03% to 0.72698
  • USDJPY decreased 0.31 or -0.29% to 108.51
  • USDCNY increased 0.00851 or 0.13% to 6.43046

Precious Metals:

  • Gold decreased 0.91 USD/t oz. or -0.05% to 1,834.53
  • Silver increased 0.17 USD/t. oz or 0.62% to 27.480

Some economic news from last night:

China:

CPI (MoM) (Apr) increased from -0.5% to -0.3%

CPI (YoY) (Apr) increased from 0.4% to 0.9%

PPI (YoY) (Apr) increased from 4.4% to 6.8%

Japan:

Household Spending (YoY) (Mar) increased from -6.6% to 6.2%

Household Spending (MoM) (Mar) increased from 2.4% to 7.2%

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