Market Talk – Friday, August 23

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ASIA:

The US-Chinese trade war took another turn for the worse today as China unveiled another round of tariffs on about 75 billion USD worth of US goods. The tariffs will go ahead on the 1st of September and will consist of 5 to 10% additions on imports of US goods. The Chinese also plans to place tariffs on the automotive industry targeting the likes of Tesla and Ford, with tariffs as high as 25% on new vehicles and 5% on parts, which should take place in December.

US President Trump tweeted after the announcement, that he will be responding to China this afternoon and tweeted “We don’t need China and, frankly, would be far better off without them,” and asked for US companies “to immediately start looking for an alternative to China.” The US markets expectedly took a decline following the tariffs.

The major Asian stock markets had a mixed day today:

  • Shanghai increased 13.99 points or 0.49% to 2,897.43
  • Kospi decreased 2.71 points or -0.14% to 1,948.30
  • ASX 200 increased 21.30 points or 0.33% to 6,523.10
  • NIKKEI 225 increased 82.90 points or 0.40% to 20,710.91
  • Hang Seng increased 130.61 points or 0.50% to 26,179.33
  • SENSEX increased 228.23 points or 0.63% to 36,701.16

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.0006 or -0.08% to 0.6751
  • NZDUSD increased 0.0028 or 0.44% to 0.6391
  • USDJPY decreased 1.1120 or -1.04% to 105.3080
  • USDCNY increased 0.04446 or 0.63% to 7.13326

Precious Metals:

  • Gold increased 29.75 USD/t oz. or 1.99% to 1,527.54
  • Silver increased 0.456 USD/t. oz or 2.68%% to 17.4743

Some economic news from last night:

New Zealand:

  • Core Retail Sales (QoQ) decreased from 0.7% to 0.2%
  • Retail Sales (QoQ) (Q2) decreased from 0.7% to 0.2%
  • Retail Sales Quarterly Vs. Year Ago (Q2) decreased from 3.3% to 2.9%

Japan:

  • CPI, n.s.a (MoM) (Jul) increased from -0.2% to 0.0%
  • National Core CPI (YoY) (Jul) remain the same at 0.6%
  • National CPI (MoM) increased from 0.0% to 0.1%
  • National CPI (YoY) (Jul) decreased from 0.7% to 0.5%
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