Market Talk – Wednesday, Sept. 18

ASIA:

The US and China will resume talks tomorrow in Washington, and China’s Vice Minister of Finance Liao Min will lead the “vice-ministerial” delegation to discuss trade and economic issues. The aim is to remove the upcoming tariffs which are expected to come into play on October 15th on over 250 billion USD worth of Chinese goods.

South Korea followed Japan’s lead and dropped Japan from a list of countries who receive fast-track approvals in trade. This downgrade comes after the South Koreans complained to the WTO about Japan’s move to tighten exports of key chemicals used for semiconductors and displays. These items are of course core to the likes of Samsung which is South Korea’s largest company.

Pakistan today denied India the right to use their airspace as President Modi of India prepares his flight to Germany. Foreign Minister Shah Mahmood Qureshi said that the decision has been made “keeping in view the situation in occupied Kashmir.” “Keeping in view the situation in occupied Kashmir and India’s attitude witnessed in the tyranny and oppression [suffered by Kashmiris] and the violations of rights in the region, we have decided not to grant this request,” he said.

The major Asian stock markets had a mixed day today:

  • Shanghai increased 7.54 points or 0.25% to 2,985.66
  • Kospi increased 8.40 or 0.41% to 2070.73
  • ASX 200 decreased 13.70 points or -0.20% to 6,681.60
  • NIKKEI 225 decreased 40.61 points or -0.18% to 21,960.71
  • Hang Seng decreased 36.12 points or -0.13% to 26,754.12
  • SENSEX increased 82.79 points or 0.23% to 36,563.88

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.0045 or 0.65% to 0.6820
  • NZDUSD decreased 0.0046 or 0.73% to 0.6310
  • USDJPY increased 0.3270 or 0.30% to 108.4470
  • USDCNY increased 0.0027 or 0.04% to 7.0869

Precious Metals:

  • Gold decreased 14.23 USD/t oz. or -0.95% to 1,490.08
  • Silver decreased 0.405 USD/t. oz or -2.25%% to 17.6300

Some economic news from last night:

Australia:

  • MI Leading Index (MoM) decreased from 0.1% to -0.3%

New Zealand:

  • Current Account (YoY) (Q2) increased from -10.62B to -10.23B
  • Current Account (QoQ) (Q2) decreased from 0.68B to -1.11B
  • Current Account % of GDP (Q2) increased from -3.60% to -3.40%

Japan:

  • Exports (YoY) (Aug) decreased from -1.5% to -8.2%
  • Imports (YoY) (Aug) decreased from -1.2% to -12%
  • Trade Balance (Aug) increased from -250.7B to -136.3B

South Korea:

  • Export Price Index (YoY) (Aug) increased from -5.4% to -3.9%
  • Import Price Index (YoY) (Aug) increased from -1.1% to 0.0%

EUROPE/EMEA:

According to the BBC, the Supreme Court ruled against the Scottish legal ruling that the dismissal of Parliament was against the law. The court stated that Boris Johnson’s decision to suspend Parliament was carried out “in bad faith” and was not of “high politics,” but rather “low, dishonest, dirty tricks.” “I am not sure we can assume this of this government,” the court noted.

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