Market Talk - Wednesday, July 28

ASIA:

The International Monetary Fund (IMF) on Tuesday cut its economic growth forecast for China this year because of the patchy recovery from new coronavirus variants, as Beijing focuses on reducing debt and public investment. The Washington-based organization trimmed China’s gross domestic product (GDP) growth estimate to 8.1 per cent, down from April’s projection of 8.4 per cent. But the country’s growth forecast for next year edged up 0.1 percentage points from April to 5.7 per cent. The IMF also scaled back its forecast for emerging Asia and developing economies to 7.5 per cent this year from 8.6 per cent in April. By contrast, it upgraded its estimate for the United States to 7 per cent this year from 6.4 per cent in its previous forecast. Emerging markets and developing economies could face a double hit from the worsening health crisis as new variants spread and tighter external financial conditions, the IMF said.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 388.56 points or -1.39% to 27,581.66
  • Shanghai decreased 19.59 points or -0.58% to 3,361.59
  • Hang Seng increased 387.45 or 1.54% to 25,473.88
  • ASX 200 decreased 52.10 points or -0.70% to 7,379.30
  • Kospi increased 4.33 points or 0.13% to 3,236.86
  • SENSEX decreased 135.05 points or -0.26% to 52,443.71
  • Nifty50 decreased 37.05 points or -0.24% to 15,709.40

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00176 or -0.24% to 0.73492
  • NZDUSD decreased 0.0027 or -0.39% to 0.69350
  • USDJPY increased 0.27 or 0.25% to 110.04
  • USDCNY decreased 0.02335 or -0.36% to 6.49950

Precious Metals:

  • Gold increased 2.4 USD/t oz. or 0.13% to 1,801.13
  • Silver increased 0.175 USD/t. oz or 0.71% to 24.850

Some economic news from last night:

South Korea:

Consumer Confidence (Jul) decreased from 110.3 to 103.2

Australia:

CPI (QoQ) (Q2) increased from 0.6% to 0.8%

CPI (YoY) (Q2) increased from 1.1% to 3.8%

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