Market Talk – Wednesday, Jan. 20

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 110.20 points or -0.38% to 28,523.26
  • Shanghai increased 16.71 points or 0.47% to 3,583.09
  • Hang Seng increased 320.19 points or 1.08% to 29,962.47
  • ASX 200 increased 27.80 points or 0.41% to 6,770.40
  • Kospi increased 21.89 points or 0.71% to 3,114.55
  • SENSEX increased 393.83 points or 0.80% to 49,792.12
  • Nifty50 increased 123.55 points or 0.85% to 14,644.70

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.00342 or 0.44% to 0.77437
  • NZDUSD increased 0.00389 or 0.55% to 0.71656
  • USDJPY decreased 0.32 or -0.31% to 103.56
  • USDCNY decreased 0.01433 or -0.22% to 6.46370

Precious Metals:

  • Gold increased 29.92 USD/t oz. or 1.63% to 1,869.26
  • Silver increased 0.626 USD/t. oz or 2.49% to 25.817

Some economic news from last night:

China:

PBoC Loan Prime Rate remain the same at 3.85%

FDI (Dec) decreased from 6.30% to 6.20%

Australia:

Westpac Consumer Sentiment (Jan) decreased from 4.1% to -4.5%

EUROPE/EMEA:

Prime Minister Boris Johnson has warned there will be “tough weeks to come” as the UK reported another all-time high of daily coronavirus deaths. A further 1,820 people have died within 28 days of a positive Covid test, according to government figures. Mr Johnson said there was now a “race against time” to vaccinate the vulnerable, but he hoped there would be a “real difference” by spring.

UK inflation jumps to 0.6% despite Christmas in lockdown. Consumer Prices Index inflation jumped to 0.6%, from 0.3% in November, pushed higher by rising transport and clothes prices, the Office for National Statistics (ONS) said. Many people rushed to travel and beat Christmas restrictions, forcing up prices. The rise was slightly higher than many economists’ forecasts of 0.5%. ONS deputy national statistician for economic statistics Jonathan Athow said: “Clothing prices put upward pressure on inflation in December, despite some evidence of continued discounting.

The European Central Bank (ECB) is set to leave its policy unchanged in January but may paint a gloomy picture, Fox Street news reported. According to FXStreet’s Analyst Yohay Elam, unless the bank threatens lower rates, EUR/USD may resume its rises, based on dollar weakness. Citi Bank said “Citi analysts do not expect any changes on policy or communication but it is of interest to see what message President Lagarde sends with respect to the near-term outlook and risks surrounding the baseline and current strength in EUR and impact on euro area’s longer-term inflation outlook.”

The major European stock markets had a green day:

  • CAC 40 increased 29.83 points or 0.53% to 5,628.44
  • FTSE 100 increased 27.44 points or 0.41% to 6,740.39
  • DAX 30 increased 106.31 points or 0.77% to 13,921.37
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