Market Talk – Monday, August 24

ASIA:

China’s e-commerce and food delivery giants are reaping the benefits of an increasing number of consumers shopping online and businesses trying to digitize, trends accelerated by the coronavirus outbreak. Chinese players have recently reported strong earnings for the second quarter as lockdown rules in the world’s second-largest economy relaxed.

India is likely to see a surge in populist politics as it battles the world’s third-highest number of coronavirus cases, posing a key risk for companies whose fortunes are closely tied to the economy, according to JPMorgan Chase & Co published online report. The S&P BSE Sensex’s 12-month price-to-earnings ratio hit a record earlier this month after the gauge rebounded 45% from its March lows. That leaves little room for economic missteps and entails greater risk for cyclical stocks, particularly those whose fortunes track the wider economy.

The major Asian stock markets had a green day today:

  • NIKKEI 225 increased 65.21 points or 0.28% to 22,985.51
  • Shanghai increased 4.96 points or 0.15% to 3,385.64
  • Hang Seng increased 437.74 points or 1.74% to 25,551.58
  • ASX 200 increased 18.40 points or 0.30% to 6,129.60
  • Kospi increased 25.24 points or 1.10% to 2,329.83
  • SENSEX increased 364.36 points or 0.95% to 38,799.08
  • Nifty50 increased 94.85 points or 0.83% to 11,466.45

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.00013 or 0.02% to 0.71617
  • NZDUSD decreased 0.00121 or -0.19% to 0.65268
  • USDJPY increased 0.1770 or 0.17% to 105.99
  • USDCNY decreased 0.0073 or -0.11% to 6.91303

Precious Metals:

  • Gold decreased 13.75 USD/t oz. or -0.71% to 1,925.65
  • Silver decreased 0.16 USD/t. oz or -0.61% to 26.525

Some economic news from last night:

New Zealand:

Core Retail Sales (QoQ) decreased from 0.6% to -13.7%

Retail Sales (QoQ) (Q2) decreased from -1.2% to -14.6%

Retail Sales Quarterly Vs. Year Ago (Q2) decreased from 2.3% to -14.2%

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