Market Talk - Tuesday, Aug. 24

ASIA:

China released economic data for July that showed slower-than-expected growth as the world’s second-largest economy battled floods and a resurgence of Covid-19. The slowdown was particularly apparent in individual Chinese consumer spending, despite authorities’ efforts to build up consumption as a driver of economic growth. The data showed consumers cut back on spending across the board, whether it was on big-ticket items like cars or lower-cost products like cosmetics that can be bought through online e-commerce platforms. Retail sales rose by 8.5% in July from a year ago, lower than the forecast 11.5%, according to analysts polled by Reuters. Auto-related sales, the largest component of retail sales by value, was the only category to decline in July, down 1.8% year-on-year.

India’s government launched the National Monetisation Programme (NMP) on Monday, listing out the government’s infrastructure assets to be sold over the next four years. The planned sales are in line with Prime Minister Narendra Modi’s strategic divestment policy, under which the state will retain a presence in only a few identified sectors with the rest privatized. Infra assets worth USD 92 billion across rail, road, power sectors will be monetized over four years.

The major Asian stock markets had a green day today:

  • NIKKEI 225 increased 237.86 points or 0.87% to 27,732.10
  • Shanghai increased 37.34 points or 1.07% to 3,514.47
  • Hang Seng increased 618.33 or 2.46% to 25,727.92
  • ASX 200 increased 13.10 points or 0.17% to 7,503.00
  • Kospi increased 48.09 points or 1.56% to 3,138.30
  • SENSEX increased 403.19 points or 0.73% to 55,958.98
  • Nifty50 increased 128.15 points or 0.78% to 16,624.60

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.00415 or 0.58% to 0.72523
  • NZDUSD increased 0.00476 or 0.69% to 0.69431
  • USDJPY increased 0.03 or 0.03% to 109.70
  • USDCNY decreased 0.00398 or -0.06% to 6.47395
1 2 3 4
View single page >> |

Disclosure: None.

How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.