Market Talk - Thursday, June 3

ASIA:

Chinese businesses are letting go of more workers than they are hiring, even though the economy is seeing some recovery from the pandemic, official data showed Monday. A survey conducted by the National Bureau of Statistics, which polls businesses on how their operations have changed from the prior month and compiles the responses into two Purchasing Managers’ Indexes — one for manufacturing and one for services reported that for both manufacturing and services, the employment index remained below 50 in May. That indicates businesses were laying off more workers than they were hiring.

Tesla is recalling more than 700 units of its Model 3 electric car that were imported into China, the central government’s market regulator said Thursday. Elon Musk’s automaker has also come under increased regulatory scrutiny in China in the last several months after a slew of negative consumer and media reports on brake failures and collisions.

India’s central bank will likely keep interest rates at record lows this week as it assesses the economic fallout of the country’s evolving COVID-19 crisis, but the monetary authority is expected to reiterate its commitment on liquidity. The Reserve Bank of India’s (RBI) monetary policy committee (MPC) will likely keep the key lending rate or the repo rate unchanged at 4% for a sixth straight meeting when it announces its decision after a three-day meeting on Friday.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 increased 111.97 points or 0.39% to 29,058.11
  • Shanghai decreased 12.93 points or -0.36% to 3,584.21
  • Hang Seng decreased 331.59 points or -1.13% to 28,966.03
  • ASX 200 increased 42.30 points or 0.59% to 7,260.10
  • Kospi increased 23.20 points or 0.72% to 3,247.43
  • SENSEX increased 382.95 points or 0.74% to 52,232.43
  • Nifty50 increased 114.15 points or 0.73% to 15,690.35

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00921 or -1.19% to 0.76516
  • NZDUSD decreased 0.00905 or -1.25% to 0.71436
  • USDJPY increased 0.69 or 0.63% to 110.30
  • USDCNY increased 0.01621 or 0.25% to 6.39930

 

Precious Metals:

  • Gold decreased 39.03 USD/t oz. or -2.05% to 1,868.91
  • Silver decreased 0.94 USD/t. oz or -3.33% to 27.260
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