Market Talk – Friday, July 12

ASIA:

White House trade advisor Peter Navarro said that investors should take the news regarding the trade deal with a pinch of salt. “My advice for investors is to be patient with the process and don’t believe anything you read in either the Chinese or the U.S. press about these negotiations unless it comes from the mouth of either the president or advisor Lighthizer,” he told CNN.

China, meanwhile, has vowed to impose sanctions on U.S. companies involved in the potential arms sale worth 2.2bn USD to Taiwan. The Foreign Minister Wang Yi has told the U.S. “not to play with fire.” The foreign minister also spoke with a similar tone signaling such a deal is in violation of international law and relations. “In order to safeguard national interests, China will impose sanctions on U.S. enterprises participating in this sale of weapons to Taiwan,” the foreign minister said.

Thirty-seven countries, including Russia and Saudi Arabia, have written to the UN in favor of China’s policies in its western region of Xinjiang, according to a copy of the letter seen by Reuters on Friday. This is in contrast to strong Western criticism of the way the Chinese have been dealing with the situation. “Faced with the grave challenge of terrorism and extremism, China has undertaken a series of counter-terrorism and deradicalization measures in Xinjiang, including setting up vocational education and training centers,” the letter said.

The major Asian stock markets had a mixed day today:
• Shanghai increased 12.79 points or 0.44% to 2,930.55
• Kospi increased 6.08 points or 0.29% to 2,086.66
• ASX 200 decreased 19.60 points or -0.29% to 6,696.50
• NIKKEI 225 increased 42.37 points or 0.20% to 21,685.90
• Hang Seng increased 39.82 points or 0.14% to 28,471.62
• SENSEX decreased 86.88 points or -0.22% to 38,736.23

The major Asian currency markets had a mixed day today:
• AUDUSD increased 0.0019 or 0.28% to 0.6992
• NZDUSD increased 0.0012 or 0.17% to 0.6671
• USDJPY decreased 0.3640 or 0.34% to 108.1160
• USDCNY increased 0.0078 or 0.11% to 6.8837

Precious Metals:
• Gold increased 2.1 USD/t oz. or 0.15% to 1,408.48
• Silver increased 0.005 USD/t. oz or 0.03% to 15.1385

Some economic news from last night:

South Korea:
• Export Price Index (YoY) (Jun) decreased from 0.4% to -2.5%
• Import Price Index (YoY) (Jun) decreased from 4.6% to -0.4%

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