Market Talk – Monday, July 15


China’s released new data today that showed the economy grew at the slowest pace in 27 years, with the trade war with the United States being the prime suspect. China grew 6.2% in the second quarter of 2019, a drop from 6.4% in the first quarter, according to data released by the Chinese government. The pace of growth in the second quarter was at its slowest level since 1992, but still within the target rate set by the government between 6 and 6.5%.

President Donald Trump jumped at the opportunity to use the numbers to his advantage tweeting: “China’s 2nd Quarter growth is the slowest it has been in more than 27 years. The United States Tariffs are having a major effect on companies wanting to leave China for non-tariffed countries. Thousands of companies are leaving. This is why China wants to make a deal….”

There is no clear solution over the Japanese and South Korean issue as Japan steps up its tightening of exports. South Korean business owners are calling for a boycott of Japanese goods.

The major Asian stock markets had a mixed day today:
• Shanghai increased 11.64 points or 0.40% to 2,942.19
• Kospi decreased 4.18 points or -0.20% to 2,082.48
• ASX 200 decreased 43.50 points or -0.65% to 6,653.00
• NIKKEI 225 closed today due to the public holiday in Japan
• Hang Seng increased 83.26 points or 0.29% to 28,554.88
• SENSEX increased 160.48 points or 0.41% to 38,896.71

The major Asian currency markets had a mixed day today:
• AUDUSD increased 0.0020 or 0.29% to 0.7037
• NZDUSD increased 0.0028 or 0.42% to 0.6718
• USDJPY increased 0.0280 or 0.03% to 107.9180
• USDCNY decreased 0.0053 or 0.08% to 6.8730

Precious Metals:
• Gold decreased 1.65 USD/t oz. or -0.12% to 1,416.68
• Silver increased 0.155 USD/t. oz or 1.02% to 15.3892

Some economic news from last night:

New Zealand:
• External Migration & Visitors (May) decreased from 8.30% to -1.20%
• Permanent/Long-Term Migration (May) increased from 3,890 to 4,240
• Visitor Arrivals (MoM) increased from -3.2% to -0.2%

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