Market Talk - Tuesday, May 18

ASIA:

China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions and warned investors against speculative crypto trading. Under the ban, such institutions, including banks and online payments channels, must not offer clients any service involving cryptocurrencies, such as registration, trading, clearing, and settlement, three industry bodies said in a joint statement on Tuesday. China has banned crypto exchanges and initial coin offerings but has not barred individuals from holding cryptocurrencies.

Domestic sales of gasoline and diesel by Indian state refiners plunged by a fifth in the first half of May from a month earlier as lockdowns to curb coronavirus infections hit industrial activities and consumption, preliminary data showed on Monday. Indian fuel demand had recovered to near pre-COVID levels in March but has been declining since April given restrictions amid a staggering spike in infections to record highs.

Singapore’s non-oil domestic exports (Nodx) expanded at a slower pace in April, with growth supported by non-electronics such as petrochemicals and specialized machinery. Shipments grew 6 percent year on year last month, continuing the positive growth trend since December, according to data released by Enterprise Singapore (ESG) on Monday (May 17). But April’s export growth was lower than the revised 11.9 percent expansion recorded in March and below the 11.5 percent growth forecast by analysts polled by Bloomberg. On a month-on-month seasonally adjusted basis, exports declined 8.8 percent from March.

The major Asian stock markets had a green day today:

  • NIKKEI 225 increased 582.01 points or 2.09% to 28,406.84
  • Shanghai increased 11.40 points or 0.32% to 3,529.01
  • Hang Seng increased 399.72 points or 1.42% to 28,593.81
  • ASX 200 increased 42.40 points or 0.60% to 7,066.00
  • Kospi increased 38.53 points or 1.23% to 3,173.05
  • SENSEX increased 612.60 points or 1.24% to 50,193.33
  • Nifty50 increased 184.95 points or 1.24% to 15,108.10

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.00241 or 0.31% to 0.77964
  • NZDUSD increased 0.00297 or 0.41% to 0.72479
  • USDJPY decreased 0.2280 or -0.21% to 108.94
  • USDCNY decreased 0.01794 or -0.28% to 6.42304

Precious Metals:

  • Gold increased 1.85 USD/t oz. or 0.10% to 1,867.98
  • Silver increased 0.07 USD/t. oz or 0.24% to 28.239
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