Market Talk - Thursday, July 29

ASIA:

The International Monetary Fund (IMF) on Tuesday cut India’s gross domestic product (GDP) growth to 9.5% for 2021-22, from its earlier estimate of 12.5%, citing the impact of the second wave on the economy and recovery process.In its latest update to the World Economic Outlook, the IMF said growth prospects in India have been downgraded, following the severe second Covid wave during March-May and expected slow recovery in confidence from that setback.

The major Asian stock markets had a green day today:

  • NIKKEI 225 increased 200.76 points or 0.73% to 27,782.42
  • Shanghai increased 50.13 points or 1.49% to 3,411.72
  • Hang Seng increased 841.44 or 3.30% to 26,315.32
  • ASX 200 increased 38.10 points or 0.52% to 7,417.40
  • Kospi increased 5.79 points or 0.18% to 3,242.65
  • SENSEX increased 209.36 points or 0.40% to 52,653.07
  • Nifty50 increased 69.05 points or 0.44% to 15,778.45

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.00190 or 0.25% to 0.73951
  • NZDUSD increased 0.00500 or 0.71% to 0.70077
  • USDJPY decreased 0.30000 or -0.27% to 109.59
  • USDCNY decreased 0.02890 or -0.45% to 6.45968

Precious Metals:

  • Gold increased 25.23 USD/t oz. or 1.40% to 1,832.11
  • Silver increased 0.80 USD/t. oz or 3.22% to 25.730

Some economic news from last night:

Japan:

Foreign Bonds Buying increased from -1,218.0B to -1,087.4B

Foreign Investments in Japanese Stocks decreased from -17.5B to -58.5B

Australia:

Export Price Index (QoQ) (Q2) increased from 11.2% to 13.2%

Import Price Index (QoQ) (Q2) increased from 0.2% to 1.9%

New Zealand:

ANZ Business Confidence (Jul) decreased from -0.6 to -3.8

NBNZ Own Activity (Jul) decreased from 31.6% to 26.3%

Some economic news from today:

India:

M3 Money Supply increased from 10.1% to 10.8%

EUROPE/EMEA:

Britain’s recovery from the pandemic slowed last month as shortages of goods supplied to factories, building sites and shops began to take their toll on growth and increasing numbers of workers across the country were forced to isolate after being pinged by the NHS app. According to the Guardian’s monthly snapshot of economic developments, there was a slowdown in economic growth in June, which could continue if the Delta variant continues to hamper business activity.

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