Market Talk - Friday, May 28

ASIA:

Despite a reasonable economic recovery, the giant Chinese economy will be bedeviled by serious problems, says a top corporate survey specializing in China. This 2021 China Corporate Payment Survey, made available to IANS, was conducted between February and April this year by COFACE, which surveyed over 600 companies across 13 broad sectors located in mainland China. The Chinese economy expanded by 2.3% in 2020, being the only major economy to record growth, and Coface expects the GDP to accelerate to 7.5 percent growth in 2021.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 increased 600.40 points or 2.10% to 29,149.41
  • Shanghai decreased 8.07 points or -0.22% to 3,600.78
  • Hang Seng increased 11.21 points or 0.04% to 29,124.41
  • ASX 200 increased 84.60 points or 1.19% to 7,179.50
  • Kospi increased 23.22 points or 0.73% to 3,188.73
  • SENSEX increased 307.66 points or 0.60% to 51,422.88
  • Nifty50 increased 97.80 points or 0.64% to 15,435.65

The major Asian currency markets had a negative day today:

  • AUDUSD decreased 0.00280 or -0.36% to 0.77123
  • NZDUSD decreased 0.00240 or -0.32% to 0.72605
  • USDJPY decreased 0.07400 or -0.07% to 109.77
  • USDCNY decreased 0.01670 or -0.26% to 6.36065

Precious Metals:

  • Gold increased 5.90 USD/t oz. or 0.31% to 1,901.98
  • Silver increased 0.02 USD/t. oz or 0.09% to 27.884

Some economic news from last night:

Japan:

Jobs/applications ratio (Apr) decreased from 1.10 to 1.09

Tokyo Core CPI (YoY) (May) remain the same at -0.2%

Tokyo CPI (YoY) (May) increased from -0.6% to -0.4%

CPI Tokyo Ex Food and Energy (MoM) (May) increased from -0.4% to 0.0%

Unemployment Rate (Apr) increased from 2.6% to 2.8%

Some economic news from today:

India:

FX Reserves, USD increased from 590.03B to 592.89B

Indonesia:

Motorbike Sales (YoY) (Apr) increased from -7.20% to 282.00%

EUROPE/EMEA:

The slump in business travel due to Covid-19 cost the UK economy £5.4 billion last week, a new study tracking the sector has estimated. The Business Travel Association (BTA) said there were 90% or 131,449 fewer trips than the same week of May 2019 across ten international and domestic air routes. It believes the weekly hit to UK GDP from international business travel is £4.4 billion, led by France at £778 million. A further £1 billion has been lost from domestic trips. The BTA describes business travel as a crucial economic enabler for the UK, contributing over £220 billion to UK GDP every year.

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