Market Talk – Wednesday, March 24

ASIA:

Chinese internet giant Tencent on Wednesday reported a 28 percent year-on-year growth in revenue for 2020, raking in around 482 billion yuan (about $73.9 billion). The company’s net profit, calculated on a non-IFRS basis in order to reflect its core earnings by excluding certain one-time or non-cash items, rose 30 percent year on year to reach about 123 billion yuan during the period, according to its financial statement.

India’s Supreme Court on Tuesday rejected an attempt to extend a six-month moratorium on loan repayments to banks, but ruled that no borrowers can be charged any extra interest incurred on loans during that period, which ended in August last year. India’s top court rejected pleas to extend the moratorium, and said the government and central bank rather than the judiciary decide on economic policy based on expert opinion. India’s Nifty PSU bank index, which tracks state-run banks, rose as much as 3.93%, while the Nifty Bank index rose as much as 2.07% following the verdict.

Bank of America (Bofa) Securities in a report said India is set to overtake Japan as the world’s third-largest economy behind the U.S. and China by 2031. The investment banking division of Bank of America previously predicted it would happen in 2028 but said Monday the economic shock from Covid-19 will push back the timeline by three years. The researchers noted India should reach Japan’s nominal GDP in dollar terms in 2031 if it grows at 9% annually — assuming real GDP growth of around 6%, an average inflation rate of 5% and 2% depreciation. If growth touches 10%, then India can potentially top Japan by 2030, the report said.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 590.40 points or -2.04% to 28,405.52
  • Shanghai decreased 44.45 points or -1.30% to 3,367.06
  • Hang Seng decreased 579.24 points or -2.03% to 27,918.14
  • ASX 200 increased 33.40 points or 0.50% to 6,778.80
  • Kospi decreased 8.39 points or -0.28% to 2,996.35
  • SENSEX decreased 871.13 points or -1.74% to 49,180.31
  • Nifty50 decreased 265.35 points or -1.79% to 14,549.40

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00078 or -0.10% to 0.76017
  • NZDUSD decreased 0.00149 or -0.21% to 0.69768
  • USDJPY increased 0.22 or 0.20% to 108.73
  • USDCNY increased 0.00604 or 0.09% to 6.52666
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