Market Talk – Wednesday, March 3

ASIA:

The Chinese government is set to kick off an annual parliamentary meeting this week for approving national priorities for 2021. The “Two Sessions” parliamentary meeting is slated to begin Thursday with the opening of the Chinese People’s Political Consultative Conference, an advisory body. The National People’s Congress legislature is scheduled to kick off its annual gathering on Friday. Authorities are expected to lay out details on topics ranging from employment targets to management of the semi-autonomous region of Hong Kong.

India is ready to offer incentives to ensure Tesla Inc’s cost of production would be less than in China if the carmaker commits to making its electric vehicles in the south Asian country, Reuters reported. Tesla registered a company in India in a step towards entering the country, possibly as soon as mid-2021. Sources familiar with the matter have said Tesla plans to start by importing and selling its Model 3 electric sedan in India. India wants to boost local manufacturing of electric vehicles (EVs), batteries, and other components to cut costly imports and curb pollution in its major cities.

The major Asian stock markets had a green day today:

  • NIKKEI 225 increased 150.93 points or 0.51% to 29,559.10
  • Shanghai increased 68.31 points or 1.95% to 3,576.90
  • Hang Seng increased 784.56 points or 2.70% to 29,880.42
  • ASX 200 increased 55.70 points or 0.82% to 6,818.00
  • Kospi increased 39.12 points or 1.29% to 3,082.99
  • SENSEX increased 1,147.76 points or 2.28% to 51,444.65
  • Nifty50 increased 326.50 points or 2.19% to 15,245.60

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00164 or -0.21% to 0.78077
  • NZDUSD decreased 0.00253 or -0.35% to 0.72641
  • USDJPY increased 0.15 or 0.14% to 106.91
  • USDCNY decreased 0.00314 or -0.05% to 6.47102

Precious Metals:

  • Gold decreased 21.41 USD/t oz. or -1.23% to 1,716.68
  • Silver decreased 0.43 USD/t. oz or -1.61% to 26.319

Some economic news from last night:

China:

Caixin Services PMI (Feb) decreased from 52.0 to 51.5

Chinese Composite PMI (Feb) decreased from 52.2 to 51.7

Japan:

Services PMI (Feb) increased from 46.1 to 46.3

Hong Kong:

Manufacturing PMI (Feb) increased from 47.8 to 50.2

Australia:

AIG Construction Index (Feb) decreased from 57.6 to 57.4

Services PMI decreased from 55.6 to 53.4

GDP (QoQ) (Q4) decreased from 3.4% to 3.1%

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