Market Talk – Wednesday, Sept. 30

ASIA:

China’s factory activity extended solid growth in September, a private survey showed as the nation’s crucial exports engine revved up on improving overseas demand and underlined a steady economic recovery from the coronavirus shock. The official manufacturing Purchasing Manager’s Index (PMI) rose to 51.5 in September from 51.0 in August, according to data from the National Bureau of Statistics (NBS) on Wednesday, remaining above the 50-point mark that separates growth from contraction for the seventh month. The official PMI, which largely focuses on big and state-owned firms, also showed the sub-index for new export orders stood at 50.8 in September, improving from 49.1 a month earlier and snapping eight months of declines.

Abu Dhabi state fund Mubadala Investment Co is in advanced talks to invest up to $1 billion in the retail division of India’s Reliance Industries Ltd. as investor interest in the Indian company surges, Reuters reported. Reliance Retail is on a fund-raising spree and has secured around $1.8 billion in the past few weeks from KKR & Co and Silver Lake Partners.

Rosneft and Saudi Aramco are unlikely to bid in the privatization of Indian refiner Bharat Petroleum Corp as low oil prices and weak demand curb their investment plans. Russia’s Rosneft had expressed an interest in buying the federal government’s 53.29% stake in Bharat Petroleum (BPCL) when its chief executive Igor Sechin visited New Delhi in February, while India’s trade minister has said that Saudi oil giant Aramco was enthusiastic about the stake sale. India’s government, which is looking to finance welfare schemes and bridge a fiscal deficit that has already topped the annual target, had aimed to raise $8 billion to $10 billion through the sale of its stake in BPCL.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 353.98 points or -1.50% to 23,185.12
  • Shanghai decreased 6.31 points or -0.20% to 3,218.05
  • Hang Seng increased 183.52 points or 0.79% to 23,459.05
  • ASX 200 decreased 136.20 points or -2.29% to 5,815.90
  • Kospi increased 19.81 points or 0.86% to 2,327.89
  • SENSEX increased 94.71 points or 0.25% to 38,067.93
  • Nifty50 increased 25.15 points or 0.22% to 11,247.55

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.00275 or 0.39% to 0.71685
  • NZDUSD increased 0.00221 or 0.33% to 0.66197
  • USDJPY decreased 0.14 or -0.13% to 105.54
  • USDCNY decreased 0.03555 or -0.52% to 6.78178

Precious Metals:

  • Gold decreased 2.49 USD/t oz. or -0.13% to 1,895.20
  • Silver decreased 0.39 USD/t. oz or -1.61% to 23.785

Some economic news from last night:

China:

Caixin Manufacturing PMI (Sep) decreased from 53.1 top 53.0

Chinese Composite PMI (Sep) increased from 54.5 to 55.1

Manufacturing PMI (Sep) increased from 51.0 to 51.5

Non-Manufacturing PMI (Sep) increased from 55.2 to 55.9

Japan:

Industrial Production (MoM) (Aug) decreased from 8.7% to 1.7%

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Disclosure: None.

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