Market Talk – Friday, Sept. 24

ASIA:

Evergrande’s debt crisis will slow down China’s economic growth, but will likely have minimal spillover on the country’s financial system, Li Daokui, a former advisor to the People’s Bank of China said in an interview to CNBC. He added that a default by Evergrande will have minimal effect on the Chinese financial system because there aren’t derivative instruments built on the company’s debt. The Asian Development Bank said Wednesday that it has maintained its growth forecasts for China at 8.1% for 2021 and 5.5% for 2022. That would be an improvement from the 2.3% expansion last year when China became the only major economy to grow while most global economies were hit hard by the COVID-19 pandemic.

Stock, Trading, Monitor, Business

Image source: Pixabay

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 increased 609.41 or 2.06% to 30,248.81
  • Shanghai decreased 29.15 points or -0.80% to 3,613.07
  • Hang Seng decreased 318.82 or -1.30% to 24,192.16
  • ASX 200 decreased 27.60 points or -0.37% to 7,342.60
  • Kospi decreased 2.34 points or -0.07% to 3,125.24
  • SENSEX increased 163.11 points or 0.27% to 60,048.47
  • Nifty50 increased 30.25 points or 0.17% to 17,853.20

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00428 or -0.59% to 0.72596
  • NZDUSD decreased 0.00537 or -0.76% to 0.70173
  • USDJPY increased 0.46 or 0.42% to 110.75
  • USDCNY increased 0.00098 or 0.02% to 6.46177

Precious Metals:

  • Gold increased 8.54 USD/t oz. or 0.49% to 1,751.11
  • Silver decreased 0.097 USD/t. oz or -0.43% to 22.390

Some economic news from last night:

Japan:

CPI, n.s.a (MoM) (Aug) decreased from 0.2% to 0.0%

National Core CPI (YoY) (Aug) increased from -0.2% to 0.0%

National CPI (MoM) decreased from 0.2% to -0.2%

National CPI (YoY) (Aug) decreased from -0.3% to -0.4%

Manufacturing PMI (Sep) decreased from 52.7 to 51.2

Services PMI (Sep) increased from 42.9 to 47.4

South Korea:

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