Market Talk - Thursday, Oct. 1

ASIA:

Chinese state-owned utility Huanghe Hydropower Development has finished building the world’s largest solar power project in a desert in the northwestern Chinese province of Qinghai. Chinese inverter manufacturer Sungrow, which supplied the inverters, said that the 2.2 GW solar plant was built in five phases. It involved an investment of RMB15.04 billion ($2.2 billion) and includes 202.8 MW/MWh of storage capacity.

India’s current account surplus rose to a record $19.8 billion in April-June as its trade deficit narrowed sharply, the Reserve Bank of India said on Wednesday. The surplus stood at 3.9% of gross domestic product (GDP) in the latest quarter, compared with a deficit of $15 billion or 2.1% in the same period a year ago, RBI data showed.

India will stick to its borrowing plan of 12 trillion rupees for the current fiscal year, economic affairs official said on Wednesday, even as the government expects to fall short of its revenue targets. India will borrow 4.34 trillion rupees via bonds in the second half of the year ending in March 2021, in 16 weekly tranches of 270-280 billion rupees concluding in the last week of January. It borrowed the rest in the April-September period.

Japanese business sentiment improved in July-September from a 11-year low hit three months ago, a key central bank survey showed, in a sign the economy is gradually emerging from the devastating hit from the coronavirus pandemic. The headline index for big manufacturers’ sentiment improved to minus 27 in September versus minus 34 in June, which was the lowest level since June 2009, the Bank of Japan’s closely watched “tankan” quarterly survey showed on Thursday. Manufacturers and non-manufacturers expect business conditions to improve three months ahead, the tankan showed

The major Asian stock markets had a green day today:

  • NIKKEI 225 closed
  • Shanghai closed
  • Hang Seng closed
  • ASX 200 increased 57.00 points or 0.98% to 5,872.90
  • Kospi closed
  • SENSEX increased 629.12 points or 1.65% to 38,697.05
  • Nifty50 increased 169.40 points or 1.51% to 11,416.95

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.00186 or 0.26% to 0.71854
  • NZDUSD increased 0.00265 or 0.40% to 0.66466
  • USDJPY increased 0.12 or 0.12% to 105.55
  • USDCNY decreased 0.03796 or -0.56% to 6.74655

Precious Metals:

  • Gold increased 21.16 USD/t oz. or 1.12% to 1,906.60
  • Silver increased 0.73 USD/t. oz or 3.15% to 23.942

Some economic news from last night:

Japan:

Manufacturing PMI (Sep) increased from 47.3 to 47.7

Foreign Bonds Buying decreased from 281.5B to -64.4B

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Disclosure: None.

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