Market Talk – Wednesday, Feb. 24

ASIA:

New home prices in China grew at a faster pace in January, driven by red-hot demand in the country’s mega cities despite the government’s cooling measures. Average new home prices in 70 major cities increased 0.3% in January from a month earlier, versus a 0.1% gain in December, according to Reuters calculations based on data released by the National Bureau of Statistics. On a year-on-year basis, new home prices rose 3.9%, quickening from a 3.8% rise in December.

India’s central bank governor said The Reserve Bank of India (RBI) is concerned that cryptocurrencies may impact financial stability in Asia’s third-largest economy. These major concerns have been conveyed to the government. Prime Minister Narendra Modi’s administration is proposing to prohibit all private cryptocurrencies in the country and create a framework for an official digital currency.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 484.33 points or -1.61% to 29,671.70
  • Shanghai decreased 72.28 points or -1.99% to 3,564.08
  • Hang Seng decreased 914.40 points or -2.99% to 29,718.24
  • ASX 200 decreased 61.40 points or -0.90% to 6,777.80
  • Kospi decreased 75.11 points or -2.45% to 2,994.98
  • SENSEX increased 1,030.28 points or 2.07% to 50,781.69
  • Nifty50 increased 274.20 points or 1.86% to 14,982.00

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.00295 or 0.37% to 0.79410
  • NZDUSD increased 0.00626 or 0.85% to 0.74040
  • USDJPY increased 0.68 or 0.65% to 105.95
  • USDCNY decreased 0.00798 or -0.12% to 6.45068

Precious Metals:

  • Gold decreased 7.69 USD/t oz. or -0.43% to 1,797.37
  • Silver increased 0.20 USD/t. oz or 0.72% to 27.820

Some economic news from last night:

South Korea:

Manufacturing BSI Index (Mar) decreased from 84 to 83

Australia:

Construction Work Done (QoQ) (Q4) increased from -2.6% to -0.9%

Wage Price Index (QoQ) (Q4) increased from 0.1% to 0.6%

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