Market Talk - Tuesday, Dec. 1

ASIA:

India on Monday didn’t join other members of the Shanghai Cooperation Organization (SCO) in backing China’s Belt and Road Initiative (BRI), which New Delhi has consistently opposed as a key part of it passes through Pakistan-occupied Kashmir (PoK).

India’s central bank monetary policy committee is expected to leave interest rates unchanged when it meets on Friday, after data showing the economy contracting less than expected and persistently high inflation. Economists and market participants are closely watching the commentary from the RBI around liquidity. The overnight call money rate has fallen below the reverse repo rate on days on account of the excess liquidity in the banking system. Inflation has remained consistently above the upper end of RBI’s mandated 2%-6% target range every month barring March this year while core inflation has also remained sticky.

The major Asian stock markets had a green day today:

  • NIKKEI 225 increased 353.92 points or 1.34% to 26,787.54
  • Shanghai increased 60.18 points or 1.77% to 3,451.94
  • Hang Seng increased 226.19 points or 0.86% to 26,567.68
  • ASX 200 increased 70.70 points or 1.08% to 6,588.50
  • Kospi increased 42.91 points or 1.66% to 2,634.25
  • SENSEX increased 505.72 points or 1.15% to 44,655.44
  • Nifty50 increased 140.10 points or 1.08% to 13,109.05

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.00073 or 0.10% to 0.73650
  • NZDUSD increased 0.00434 or 0.62% to 0.70621
  • USDJPY increased 0.03 or 0.03% to 104.34
  • USDCNY decreased 0.02706 or -0.41% to 6.55355

Precious Metals:

  • Gold increased 37.68 USD/t oz. or 2.12% to 1,814.70
  • Silver increased 1.352 USD/t. oz or 5.98% to 23.956

Some economic news from last night:

China:

Caixin Manufacturing PMI (Nov) increased from 53.6 to 54.9

Japan:

Manufacturing PMI (Nov) increased from 48.3 to 49.0

Jobs/applications ratio (Oct) increased from 1.03 to 1.04

Unemployment Rate (Oct) increased from 3.0% to 3.1%

Capital Spending (YoY) (Q3) increased from -11.3% to -10.6%

South Korea:

GDP (YoY) (Q3) increased from -2.7% to -1.1%

GDP (QoQ) (Q3) increased from -3.2% to 2.1%

Exports (YoY) (Nov) increased from -3.8% to 4.0%

Imports (YoY) (Nov) increased from -5.6% to -2.1%

Trade Balance (Nov) increased from 5.80B to 5.93B

Nikkei Manufacturing PMI (Nov) increased from 51.2 to 52.9

Australia:

AIG Manufacturing Index (Nov) decreased from 56.3 to 52.1

Manufacturing PMI increased from 54.2 to 55.8

Building Approvals (MoM) (Oct) decreased from 16.2% to 3.8%

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