Market Talk - Monday, June 7


China bought fewer American products in May versus the prior month, while exports to the U.S. rose, according to customs data released Monday. China bought $13.11 billion dollars worth of goods from the U.S. in May, down from $13.94 billion in April, data accessed through Wind Information showed. May’s figure marked the lowest monthly amount since October, the data showed. As a result, China’s trade surplus with the U.S. rose to $31.78 billion in May, up from $28.11 billion in April. The increase comes despite efforts by former U.S. President Donald Trump to reduce that surplus.

India’s central bank, the Reserve Bank of India (RBI), kept interest rates at record lows on Friday and announced additional bond purchases to support the economic recovery, at risk of being derailed by a devastating second wave of COVID-19 infections. The RBI’s monetary policy committee (MPC) voted unanimously to hold the repo rate, its key lending rate, at 4% and kept the reverse repo rate, the borrowing rate, unchanged at 3.35%.

The Japanese government will unveil plans to promote green and digital investment by drawing in private demand, as part of efforts to revitalize the world’s third-largest economy, according to the draft of this year’s blueprint. Japan’s government faces the tricky balance of trying to prop up growth while reining in a huge public debt that has ballooned to twice the size of its economy even before massive pandemic-relief packages were deployed last year.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 increased 77.72 points or 0.27% to 29,019.24
  • Shanghai increased 7.70 points or 0.21% to 3,599.54
  • Hang Seng decreased 130.82 points or -0.45% to 28,787.28
  • ASX 200 decreased 13.50 points or -0.19% to 7,281.90
  • Kospi increased 12.04 points or 0.37% to 3,252.12
  • SENSEX increased 228.46 points or 0.44% to 52,328.51
  • Nifty50 increased 81.40 points or 0.52% to 15,751.65

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.0021 or 0.27% to 0.77631
  • NZDUSD increased 0.00318 or 0.44% to 0.72409
  • USDJPY decreased 0.28 or -0.25% to 109.24
  • USDCNY increased 0.0026 or 0.04% to 6.39212
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