Market Talk - Friday, June 4


China accused the United States of “suppressing” Chinese firms and issued veiled threats of retaliation on Friday after President Joe Biden expanded a blacklist of companies Americans are barred from investing in. Biden on Thursday widened a list to 59 Chinese companies that are off-limits to American investors over their links to Beijing’s “military-industrial complex,” as he maintains a campaign of pressure on the Asian superpower. White House issued a statement saying: “The sanctions target companies involved in Chinese surveillance technology used to facilitate repression or serious human rights abuses, which undermine the democratic values of the United States and our allies.”

Activity in India’s dominant services industry contracted in May for the first time in eight months as strict lockdowns to curb the second wave of COVID-19 dampened demand, prompting firms to cut jobs at the fastest pace since October, a private survey showed. The Nikkei/IHS Markit Services Purchasing Managers’ Index fell to a nine-month low of 46.4 in May from 54.0 in April, sliding below the 50-level that separates growth from contraction for the first time in eight months. Overall demand contracted at the sharpest rate since August, with foreign demand shrinking at the fastest pace since November.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 116.59 points or -0.40% to 28,941.52
  • Shanghai increased 7.63 points or 0.21% to 3,591.84
  • Hang Seng decreased 47.93 points or -0.17% to 28,918.10
  • ASX 200 increased 35.30 points or 0.49% to 7,295.40
  • Kospi decreased 7.35 points or -0.23% to 3,240.08
  • SENSEX decreased 132.38 points or -0.25% to 52,100.05
  • Nifty50 decreased 20.10 points or -0.13% to 15,670.25

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.00762 or 0.99% to 0.77414
  • NZDUSD increased 0.00529 or 0.74% to 0.72025
  • USDJPY decreased 0.8 or -0.72% to 109.46
  • USDCNY decreased 0.00803 or -0.13% to 6.39085
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