Market Talk - Wednesday, May 19

ASIA:

The price of Bitcoin fell below $34,000 (£24,030) for the first time in three months on Wednesday, after China imposed fresh curbs on cryptocurrencies. Beijing banned banks and payment firms from providing services related to cryptocurrency transactions. Despite this, a major US-based bank, Wells Fargo, said on Wednesday it would introduce professionally managed funds for its wealthier clients. In a report, its investment institute said the risks associated with digital currencies meant it would favor “qualified investors”.

India is unlikely to resume major exports of COVID-19 vaccines until at least October as it diverts shots for domestic use, three government sources said, a longer-than-expected delay set to worsen supply shortages from the global COVAX initiative. The Serum Institute of India (SII), the world’s biggest vaccine maker producing the AstraZeneca vaccine, responded by saying that it hoped to restart deliveries to COVAX and other countries by the end of this year. The World Health Organization, which co-leads COVAX, on Monday called on vaccine makers outside India to advance supplies to the program given the shortfall from the South Asian country.

The major Asian stock markets had a negative day today:

  • NIKKEI 225 decreased 362.39 points or -1.28% to 28,044.45
  • Shanghai decreased 18.05 points or -0.51% to 3,510.96
  • Hang Seng closed
  • ASX 200 decreased 134.30 points or -1.90% to 6,931.70
  • Kospi closed
  • SENSEX decreased 290.69 points or -0.58% to 49,902.64
  • Nifty50 decreased 77.95 points or -0.52% to 15,030.15

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00799 or -1.03% to 0.77144
  • NZDUSD decreased 0.00922 or -1.27% to 0.71525
  • USDJPY increased 0.41 or 0.38% to 109.27
  • USDCNY increased 0.01571 or 0.24% to 6.43846

Precious Metals:

  • Gold decreased 2.56 USD/t oz. or -0.14% to 1,865.66
  • Silver decreased 0.65 USD/t. oz or -2.30% to 27.556

Some economic news from last night:

Australia:

Westpac Consumer Sentiment (May) decreased from 6.2% to -4.8%

Wage Price Index (YoY) (Q1) increased from 1.4% to 1.5%

Wage Price Index (QoQ) (Q1) remain the same at 0.6%

New Zealand:

PPI Input (QoQ) (Q1) increased from 0.1% to 2.1%

PPI Output (QoQ) (Q1) increased from 0.5% to 1.2%

Some economic news from today:

Japan:

Capacity Utilization (MoM) (Mar) increased from -2.8% to 5.6%

Industrial Production (MoM) (Mar) decreased from 2.2% to 1.7%

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