Market Talk - Wednesday, June 9



China has denounced a US Senate bill worth approximately $250bn that aims to boost American technology and manufacturing prowess as an example of the US hyping up “the so-called China threat,” and accused Washington of attempting to hinder its development. The Senate on Tuesday overwhelmingly approved the Innovation and Competition Act. The expansive legislation, passed by 68-32 votes, combines various China-related measures into what analysts have called the biggest piece of US industrial policy legislation in decades. Analysts said the passage of the bill reflected the reality of the US-China bilateral relationship, which has been in a downward trend since Joe Biden’s predecessor, Donald Trump, took power in 2017.

A report by Japanese brokerage firm Nomura reported the Indian government may miss its budgeted fiscal deficit target after Prime Minister Narendra Modi’s review of the vaccination policy and the food scheme extension till November. The tab of vaccination for all the adults, coupled with the extension of the free food scheme till November, will entail an expenditure of up to 800 billion INR (USD 100 billion) or 0.5 percent of the GDP, Nomura said. It added that this can result in the government slipping on the 6.8 percent fiscal deficit target. Such an eventuality could also weigh on the country’s sovereign ratings, which are due for review by the year-end or early next year, it said.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 102.76 points or -0.35% to 28,860.80
  • Shanghai increased 11.29 points or 0.32% to 3,591.40
  • Hang Seng decreased 38.75 points or -0.13% to 28,742.63
  • ASX 200 decreased 22.40 points or -0.31% to 7,270.20
  • Kospi decreased 31.65 points or -0.97% to 3,216.18
  • SENSEX decreased 333.93 points or -0.64% to 51,941.64
  • Nifty50 decreased 104.75 points or -0.67% to 15,635.35

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00102 or -0.13% to 0.77265
  • NZDUSD decreased 0.00185 or -0.26% to 0.71736
  • USDJPY increased 0.16 or 0.15% to 109.63
  • USDCNY decreased 0.01171 or -0.18% to 6.38801

Precious Metals:

  • Gold decreased 1.12 USD/t oz. or -0.06% to 1,891.70
  • Silver increased 0.234 USD/t. oz or 0.85% to 27.869
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Disclosure: None.

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