Market Talk - Tuesday, June 8

ASIA:

China on Tuesday warned the United States against pursuing a trade deal with Taiwan after the US said it would start negotiations with the self-ruled island. Beijing sees democratic Taiwan as part of its territory. On Tuesday, China’s foreign ministry spokesman Zhao Lijian urged Washington to “stop any form of official exchanges with Taiwan, handle the Taiwan issue cautiously, and refrain from sending any wrong signals to Taiwan independence forces.” Chinese social media erupted with fury at the weekend over a visit by US senators to Taipei where they announced that Washington would donate 750,000 COVID-19 vaccine doses to the island. US Secretary of State Antony Blinken told a congressional hearing in Washington that discussions would begin on a trade deal.

India’s market regulator on Monday barred Franklin Templeton Mutual Fund from launching any new debt schemes for two years, after a probe into its sudden closure of six credit funds last year found “serious lapses and violations.” The decision by the Securities and Exchange Board of India (SEBI) is a major setback for Franklin Templeton, one of India’s most prominent fund houses in fixed income with assets under management of over 825 billion rupees as of the end of March. SEBI ordered the fund house to refund investment and advisory fees along with interest of more than 5 billion rupees, and fined the global giant another 50 million rupees

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 55.68 points or -0.19% to 28,963.56
  • Shanghai decreased 19.43 points or -0.54% to 3,580.11
  • Hang Seng decreased 5.90 points or -0.02% to 28,781.38
  • ASX 200 increased 10.70 points or 0.15% to 7,292.60
  • Kospi decreased 4.29 points or -0.13% to 3,247.83
  • SENSEX decreased 52.94 points or -0.10% to 52,275.57
  • Nifty50 decreased 11.55 points or -0.07% to 15,740.10

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00161 or -0.21% to 0.77396
  • NZDUSD decreased 0.00276 or -0.38% to 0.71966
  • USDJPY increased 0.18 or 0.17% to 109.46
  • USDCNY increased 0.01188 or 0.19% to 6.39942

Precious Metals:

  • Gold decreased 5.56 USD/t oz. or -0.29% to 1,893.44
  • Silver decreased 0.248 USD/t. oz or -0.89% to 27.627

Some economic news from last night:

Japan:

Average Cash Earnings (YoY) increased from 0.2% to 1.6%

Overall wage income of employees (Apr) increased from 0.6% to 1.6%

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