Market Talk - Wednesday, June 2


Chinese and US senior trade officials held a virtual meeting to ramp up trade talks. Chinese Vice Premier Liu He held a virtual meeting with US Treasury Secretary Janet Yellen on Wednesday – his second discussion with top economic and trade officials under the Biden administration in less than a week, with both parties underscoring equality and mutual respect as well as the importance of economic ties in bilateral relations, sparking optimism over enhanced communication between the world’s two biggest economies. The increased frequency of talks between senior trade and economic officials signaled that ties are back to the normal trade and economic-talk track.

India’s factory activity growth slowed significantly in May as an escalation in coronavirus cases whacked new orders and output while scarcity of raw materials drove up input costs, a private sector survey showed on Tuesday. The Nikkei Manufacturing Purchasing Managers’ Index, compiled by IHS Markit, fell to 50.8 in May from 55.5 in April, its lowest since July 2020. The output and new orders sub-indexes fell to their lowest levels since July last year.

Australia’s economy raced ahead last quarter as consumers and businesses spent with abandon, lifting output back above where it was last year when pandemic lockdowns tipped the country into its first recession in three decades. The economy expanded by a real 1.8% in the three months to March, data from the Australian Bureau of Statistics (ABS) showed on Wednesday. The solid back-to-back quarterly growth helped annual output climb 1.1% to A$525.7 billion ($408.05 billion), a major turnaround from last year’s recession low of $468.3 billion.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 increased 131.80 points or 0.46% to 28,946.14
  • Shanghai decreased 27.58 points or -0.76% to 3,597.14
  • Hang Seng decreased 170.38 points or -0.58% to 29,297.62
  • ASX 200 increased 75.20 points or 1.05% to 7,217.80
  • Kospi increased 2.36 points or 0.07% to 3,224.23
  • SENSEX decreased 85.40 points or -0.16% to 51,849.48
  • Nifty50 increased 1.35 points or 0.01% to 15,576.20

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00019 or -0.02% to 0.77492
  • NZDUSD decreased 0.00141 or -0.19% to 0.72361
  • USDJPY increased 0.12 or 0.11% to 109.61
  • USDCNY decreased 0.00291 or -0.05% to 6.37933

Precious Metals:

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