Market Talk – Wednesday, Feb. 10

ASIA:

China’s factory gate prices rose in annual terms in January for the first time in a year, as months of strong manufacturing growth in the world’s second-largest economy pushed raw material costs higher, Reuters reported. China’s the national Bureau of Statistics (NBS) said in a statement the producer price index (PPI) rose 0.3% from a year earlier, the fastest pace of increase since May 2019 but slightly lagging a 0.4% gain tipped by a Reuters poll of analysts. PPI declined 0.4% in December. Consumer prices, however, unexpectedly slipped into deflation in January, the first-time upstream prices have risen faster than downstream costs in more than two years. The consumer price index (CPI) fell 0.3% in January from a year earlier, the statistics bureau said in a separate statement.

India will be the main driver of rising demand for energy over the next two decades, accounting for 25% of global growth, and is set to overtake the European Union as the world’s third-biggest energy consumer by 2030, the International Energy Agency (IEA) said. India’s energy consumption is expected to nearly double as the nation’s gross domestic product expands to an estimated $8.6 trillion by 2040 under its current national policy scenario, the IEA said in its India Energy Outlook 2021 released on Tuesday. India’s growing energy needs will make it more reliant on fossil fuel imports as its domestic oil and gas production has been stagnant for years despite government policies to promote petroleum exploration and production and renewable energy.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 increased 57.00 points or 0.19% to 29,562.93
  • Shanghai increased 51.60 points or 1.43% to 3,655.09
  • Hang Seng increased 562.53 points or 1.91% to 30,038.72
  • ASX 200 increased 35.70 points or 0.52% to 6,856.90
  • Kospi increased 15.91 points or 0.52% to 3,100.58
  • SENSEX decreased 19.69 points or -0.04% to 51,309.39
  • Nifty50 decreased 2.80 points or -0.02% to 15,106.50

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.0012 or -0.16% to 0.77291
  • NZDUSD decreased 0.00257 or -0.35% to 0.72167
  • USDJPY increased 0.12 or 0.11% to 104.67
  • USDCNY increased 0.01385 or 0.22% to 6.43233

Precious Metals:

  • Gold increased 4 USD/t oz. or 0.22% to 1,841.06
  • Silver decreased 0.177 USD/t. oz or -0.65% to 27.023

Some economic news from last night:

China:

CPI (MoM) (Jan) increased from 0.7% to 1.0%

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