Market Talk - Tuesday, May 25


Cryptocurrency miners, including HashCow and BTC.TOP, have halted all or part of their China operations after Beijing intensified a crackdown on bitcoin mining and trading, hammering digital currencies amid heightened global regulatory scrutiny. Cryptocurrency exchange Huobi on Monday suspended both crypto-mining and some trading services to new clients from mainland China, adding it will instead focus on overseas businesses. A State Council committee led by Vice Premier Liu He announced the crackdown late on Friday as part of efforts to fend off financial risks. It was the first time China’s cabinet has targeted virtual currency mining, a sizable business in the world’s second-biggest economy that some estimates say accounts for as much as 70% of the global crypto supply. The crackdown is also part of China’s stepped-up drive to curb speculative crypto trading.

Automakers Renault, its alliance partner Nissan Motor Co and Hyundai Motor Co face temporary factory closures in India due to growing unrest among workers concerned about rising COVID-19 infections. Workers at Renault-Nissan’s car plant in the southern state of Tamil Nadu will go on strike on Wednesday because their COVID-related safety demands have not been met, a union representing the workers told the company in a letter on Monday. Hyundai said it would suspend operations at its plant, also in Tamil Nadu, for five days starting Tuesday, after several workers staged a brief, sit-in protest on Monday amid rising cases in the state.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 increased 189.37 points or 0.67% to 28,553.98
  • Shanghai increased 84.06 points or 2.40% to 3,581.34
  • Hang Seng increased 498.60 points or 1.75% to 28,910.86
  • ASX 200 increased 69.30 points or 0.98% to 7,115.20
  • Kospi increased 27.02 points or 0.86% to 3,171.32
  • SENSEX decreased 14.37 points or -0.03% to 50,637.53
  • Nifty50 increased 10.75 points or 0.07% to 15,208.45

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.0013 or -0.17% to 0.77390
  • NZDUSD decreased 0.00001 or 0.00% to 0.72149
  • USDJPY increased 0.13 or 0.12% to 108.96
  • USDCNY decreased 0.00428 or -0.07% to 6.40846

Precious Metals:

  • Gold increased 11.38 USD/t oz. or 0.60% to 1,892.45
  • Silver increased 0.08 USD/t. oz or 0.28% to 27.878

Some economic news from last night:

South Korea:

Consumer Confidence (May) increased from 102.2 to 105.2

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Disclosure: None.

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