Market Talk - Tuesday, May 4

ASIA:

China urged the Philippines on Tuesday to observe “basic etiquette,” and eschew megaphone diplomacy after the southeast Asian nation’s foreign minister used an expletive-laced Twitter message to demand that China’s vessels leave disputed waters. In a statement, China’s foreign ministry urged the Philippines to respect the nation’s sovereignty and jurisdiction and stop taking actions that complicate the situation. The Chinese ministry cited Philippine President Rodrigo Duterte that differences between the countries on individual issues should not affect friendship and cooperation.

India and UK announced 1 billion pounds ($1.39 billion) of private-sector investment and committed to seek a free trade deal. Prime Minister Modi and Prime Minister Boris held a virtual meeting to discuss the bilateral talks of two nations. The British government set out 533 million pounds of Indian investment into Britain, including 240 million by the Serum Institute for its vaccines and sales business, and 446 million pounds of export deals for British businesses. The investment announcement came alongside an “Enhanced Trade Partnership” agreement, and both sides committed to begin full trade talks in the autumn with the ambition to double existing bilateral trade by 2030. The two countries also announced agreements on climate change, technology and pharmaceuticals.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 closed
  • Shanghai closed
  • Hang Seng increased 199.60 points or 0.70% to 28,557.14
  • ASX 200 increased 39.10 points or 0.56% to 7,067.90
  • Kospi increased 20.17 points or 0.64% to 3,147.37
  • SENSEX decreased 465.01 points or -0.95% to 48,253.51
  • Nifty50 decreased 137.65 points or -0.94% to 14,496.50

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00642 or -0.83% to 0.76943
  • NZDUSD decreased 0.0063 or -0.88% to 0.71334
  • USDJPY increased 0.23 or 0.21% to 109.33
  • USDCNY increased 0.01584 or 0.24% to 6.48653

Precious Metals:

  • Gold decreased 7.78 USD/t oz. or -0.43% to 1,784.58
  • Silver decreased 0.36 USD/t. oz or -1.34% to 26.510
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Disclosure: None.

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