Market Talk - Tuesday, June 15

ASIA:

NATO leaders warned on Monday that China presents “systemic challenges,” taking a forceful stance towards Beijing in a communique at Joe Biden’s first summit with an alliance that Donald Trump openly disparaged. The new U.S. president has urged his fellow NATO leaders to stand up to China’s authoritarianism and growing military might, a change of focus for an alliance created to defend Europe from the Soviet Union during the Cold War.

China has accused the United States of trying to sow discord in its relations with Europe and called on European nations not to tie themselves to the US strategy. China also vowed to take action against NATO, which labeled Beijing a challenge to the security alliance.

India’s retail inflation accelerated in May, at its fastest pace in six months as fuel and food prices rose at a higher pace, putting pressure on the central bank to tame prices amid a faltering economic recovery. India’s central bank, The Reserve Bank of India earlier this month warned that high energy prices could stoke inflation while cutting the growth forecast to 9.5% from 10.5% for the current fiscal year beginning April. Annual retail inflation rose 6.30% year-on-year, up from 4.29% in April.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 increased 279.50 points or 0.96% to 29,441.30
  • Shanghai decreased 33.19 points or -0.92% to 3,556.56
  • Hang Seng decreased 203.60 points or -0.71% to 28,638.53
  • ASX 200 increased 67.20 points or 0.92% to 7,379.50
  • Kospi increased 6.50 points or 0.20% to 3,258.63
  • SENSEX increased 221.52 points or 0.42% to 52,773.05
  • Nifty50 increased 57.40 points or 0.36% to 15,869.25

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00299 or -0.39% to 0.76843
  • NZDUSD decreased 0.00279 or -0.39% to 0.71189
  • USDJPY increased 0.06 or 0.05% to 110.11
  • USDCNY decreased 0.00066 or -0.01% to 6.40703

Precious Metals:

  • Gold decreased 9.02 USD/t oz. or -0.48% to 1,856.98
  • Silver decreased 0.193 USD/t. oz or -0.69% to 27.641

Some economic news from last night:

South Korea:

Exports (YoY) (May) remain the same at 45.6%

Imports (YoY) (May) remain the same at 37.9%

Trade Balance (May) increased from 2.93B to 2.94B

M2 Money supply (Apr) increased from 9.60% to 10.70%

Australia:

House Price Index (QoQ) (Q1) increased from 3.0% to 5.4%

New Zealand:

FPI (MoM) (May) decreased from 1.1% to 0.4%

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