Market Talk – Wednesday, Aug. 5


Senior US and Chinese officials will review the implementation of their Phase 1 trade deal and likely air mutual grievances in an increasingly tense relationship during an August 15 video conference, two people familiar with the plans said. US Trade Representative Robert Lighthizer and Chinese Vice Premier Liu He, the principal negotiators for the two countries, will participate in the meeting, the Wall Street Journal reported.

International banks in Hong Kong are caught in the crossfire of competing laws enacted by the United States and China as the superpowers clash over the city’s future, with analysts warning businesses are being forced to pick a side. Leading banks in Hong Kong are alarmed by two pieces of legislation that came into effect last month that could radically alter how they do business in the semi-autonomous city. The first is a bipartisan US Bill sanctioning Chinese and Hong Kong officials responsible for the current crackdown on political freedoms in the city. The second is a sweeping security law Beijing imposed on the finance hub that includes a ban on businesses complying with foreign sanctions. Beijing’s security law targets secession, subversion, terrorism and colluding with foreign forces.

India on Wednesday told China “not to comment on the internal affairs” of other countries, in response to China describing the dilution of Article 370, on the one-year anniversary of the move, as being “illegal and invalid.” China had “no locus standi” on the matter, the Ministry of External Affairs said.

India’s gold imports in July fell 24 percent from a year earlier as a rally in local prices to a record high curtailed retail purchases amid lockdown in many towns to curb the spread of the coronavirus, a government source said on Tuesday. The world’s second-biggest consumer of the precious metal imported around 30 tonnes of gold in July, down from 39.66 tonnes a year ago, the source said.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 58.81 points or -0.26% to 22,514.85
  • Shanghai increased 5.88 points or 0.17% to 3,377.56
  • Hang Seng increased 155.91 points or 0.62% to 25,102.54
  • ASX 200 decreased 36.30 points or -0.60% to 6,001.30
  • Kospi increased 31.89 points or 1.40% to 2,311.86
  • SENSEX decreased 24.58 points or -0.07% to 37,663.33
  • Nifty50 increased 6.40 points or 0.06% to 11,101.65

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.0027 or 0.38% to 0.71935
  • NZDUSD increased 0.0010 or 0.15% to 0.66478
  • USDJPY decreased 0.1510 or -0.14% to 105.56
  • USDCNY decreased 0.0323 or -0.46% to 6.94133

Precious Metals:

  • Gold increased 10.1 USD/t oz. or 0.50% to 2,036.90
  • Silver increased 0.674 USD/t. oz or 2.58% to 26.801
1 2 3 4
View single page >> |
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.