Market Talk – Tuesday, Sept. 15

ASIA:

China’s industrial output accelerated the most in eight months in August, while retail sales grew for the first time this year, suggesting the economic recovery is gathering pace as demand starts to improve more broadly from the coronavirus crisis. Industrial output growth quickened to 5.6% in August from a year earlier, the fastest in eight months, data from the National Statistics Bureau showed on Tuesday. Retail sales also beat analysts’ forecast with a 0.5% rise on-year, snapping a seven-month downturn and bettering expectations for zero growth. Auto sales rose 11.8% in August year-on-year while sales of telecoms products jumped 25.1%, the data showed.

India’s government sought parliamentary approval to inject USD 2.72 billion in state-run banks in the current fiscal year, to help lenders mitigate the expected surge in bad loans due to the pandemic. The pandemic’s impact is likely to push up the ratio of gross non-performing assets in the Indian banking system to at least 12.5% by March 2021, from 8.5% in March 2020, according to a report by the Reserve Bank of India.

India’s annual retail inflation eased slightly in August as food inflation cooled, but remained above the upper end of the central bank’s medium-term target for the fifth straight month, government data showed on Monday. Retail inflation in August of 6.69% was lower than the 6.85% forecast in a Reuters poll of analysts and the 6.73% registered in July.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 104.41 points or -0.44% to 23,454.89
  • Shanghai increased 16.87 points or 0.51% to 3,295.68
  • Hang Seng increased 92.48 points or 0.38% to 24,732.76
  • ASX 200 decreased 4.70 points or -0.08% to 5,894.80
  • Kospi increased 15.67 points or 0.65% to 2,443.58
  • SENSEX increased 287.72 points or 0.74% to 39,044.35
  • Nifty50 increased 81.75 points or 0.71% to 11,521.80

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.00156 or 0.21% to 0.73008
  • NZDUSD increased 0.00124 or 0.19% to 0.67120
  • USDJPY decreased 0.29 or -0.27% to 105.45
  • USDCNY decreased 0.03039 or -0.45% to 6.77949

Precious Metals:

  • Gold decreased 1.72 USD/t oz. or -0.09% to 1,954.65
  • Silver decreased 0.02 USD/t. oz or -0.06% to 27.140

Some economic news from last night:

China:

Fixed Asset Investment (YoY) (Aug) increased from -1.6% to -0.3%

Industrial Production (YoY) (Aug) increased from 4.8% to 5.6%

Chinese Industrial Production YTD (YoY) (Aug) increased from -0.4% to 0.4%

Retail Sales (YoY) (Aug) increased from -1.1% to 0.5%

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