Market Talk – November 23, 2021

by nyljaouadi1
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ASIA:

Liu Shijin, an adviser to the People’s Bank of China and member of the monetary policy committee said China’s economy could enter a period of relatively slow growth and excessively high producer-price inflation. Speaking online at the China Macroeconomy Forum over the weekend Liu said the “quasi-stagflation” is “very likely” if demand remains weak, PPI stays high, corporate profits get squeezed, and existing risks in the economy are “released too quickly”.

 

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 closed
  • Shanghai increased 7.01 or 0.20% to 3,589.09
  • Hang Seng decreased 299.76 points or -1.20% to 24,651.58
  • ASX 200 increased 57.50 points or 0.78 to 7,410.60
  • Kospi decreased 15.92 points or -0.53% to 2,997.33
  • SENSEX increased 198.44 points or 0.34% to 58,664.33
  • Nifty50 increased 86.80 points or 0.50% to 17,503.35

 

 

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00176 or -0.24% to 0.72104
  • NZDUSD decreased 0.00118 or -0.17% to 0.69404
  • USDJPY increased 0.2 or 0.17% to 115.00
  • USDCNY increased 0.00474 or 0.07% to 6.39356

 

Precious Metals:

  • Gold decreased 21.18 USD/t oz. or -1.17% to 1,783.86
  • Silver decreased 0.854 USD/t. oz or -3.54% to 23.312

 

Some economic news from last night:

South Korea:

Consumer Confidence (Nov) increased from 106.8 to 107.6

Australia:

Manufacturing PMI increased from 58.2 to 58.5

Services PMI increased from 51.8 to 55.0

New Zealand:

Core Retail Sales (QoQ) decreased from 3.4% to -6.7%

Retail Sales (QoQ) (Q3) decreased from 3.3% to -8.1%

Retail Sales Quarterly Vs. Year Ago (Q3) decreased from 33.3% to -5.2%

Indonesia:

M2 Money Supply (YoY) (Oct) increased from 8.00% to 10.40%

 

Some economic news from today:

Singapore:

CPI (YoY) (Oct) increased from 2.5% to 3.2%

 

 

EUROPE/EMEA:

The United Kingdom’s economic recovery from the coronavirus pandemic slowed between July and September and is expected to be weaker than previously predicted in the coming months, largely because of supply-chain problems

and higher energy costs. Official figures from the Office for National Statistics, or ONS, show consumer spending increased as the UK emerged from pandemic-battling lockdowns, but other sectors of the economy shrank disappointingly. Overall, growth during the three-month period stood at 1.3 percent, which was well down on the 5.5 percent recorded between April and June. The slowdown leaves the UK economy 2.1 percent smaller today than in the final quarter of 2019.

 

The major Europe stock markets had a mixed day:

  • CAC 40 decreased 60.38 points or -0.85% to 7,044.62
  • FTSE 100 increased 11.23 points or 0.15% to 7,266.69
  • DAX 30 decreased 178.69 points or -1.11% to 15,937.00

 

 

The major Europe currency markets had a mixed day today:

  • EURUSD increased 0.00248 or 0.22% to 1.12651
  • GBPUSD decreased 0.0027 or -0.20% to 1.33702
  • USDCHF increased 0.00034 or 0.04% to 0.93294

 

Some economic news from Europe today:

UK:

Composite PMI (Oct) decreased from 57.8 to 57.7

Manufacturing PMI (Oct) increased from 57.8 to 58.2

Services PMI (Oct) decreased from 59.1 to 58.6

France:

French Manufacturing PMI (Nov) increased from 53.6 to 54.6

French Markit Composite PMI (Nov) increased from 54.7 to 56.3

French Services PMI (Nov) increased from 56.6 to 58.2

Germany:

German Composite PMI (Nov) increased from 52.0 to 52.8

German Manufacturing PMI (Nov) decreased from 57.8 to 57.6

German Services PMI (Nov) increased from 52.4 to 53.4

Euro Zone:

Manufacturing PMI (Nov) increased from 58.3 to 58.6

Markit Composite PMI (Nov) increased from 54.2 to 55.8

Services PMI (Nov) increased from 54.6 to 56.6

US/AMERICAS:

In response to Austria undergoing a full lockdown, the US announced that they have no plans to lock down the nation. White House coronavirus response coordinator Jeff Zients noted that over 80% of Americans are partially vaccinated. “We can curb the spread of the virus without having to in any way shut down our economy,” Zients stated.

After consumer prices in the US rose 6.2% last month, many are questioning whether the White House or Federal Reserve has the tools to control continually increasing prices. “We will use our tools both to support the economy and a strong labor market and to prevent higher inflation from becoming entrenched,” said Powell on Monday. However, no one from the central bank has offered a specific plan to reduce inflation. Well above the 2% target, the Fed has stated numerous times that they would implement additional tools if inflation reached an unsustainable level. Now the markets will wait as the Fed determines what they consider unsustainable.

An increasing number of Canadians are searching for jobs, according to Indeed Canada. Coincidentally, this times up with the cent of Canadian Recovery Benefits (CRB). The survey shows a 30% uptick in job searches in October, up 5% from September. Among those seeking work, 39% of Canadians surveyed said their situation was “urgent.” Prime Minister Justin Trudeau eliminated the CRB program last month after intense scrutiny.

US Market Closings:

  • Dow
  • S&P 500
  • Nasdaq
  • Russell 2000

 

Canada Market Closings:

 

Brazil Market Closing:

 

ENERGY:

 

The oil markets had a mixed day today:

 

  • Crude Oil increased 1.47 USD/BBL or 1.92% to 78.2200
  • Brent increased 2.06 USD/BBL or 2.58% to 81.7400
  • Natural gas increased 0.22 USD/MMBtu or 4.59% to 5.0090
  • Gasoline increased 0.0328 USD/GAL or 1.45% to 2.2930
  • Heating oil decreased 0.0020 USD/GAL or -0.09% to 2.3234

 

The above data was collected around 11:26 EST on Tuesday

 

  • Top commodity gainers: Natural Gas (4.59%) and Brent (2.58%), Crude Oil (1.92%) and Coffee (4.11%)
  • Top commodity losers: Silver (-3.54%), Palladium (-4.65%), Platinum (-5.10%), and Palm Oil (-2.24%)

 

The above data was collected around 11:35 EST on Tuesday

 

 

BONDS:

 

Japan 0.073%(+0.3bp), US 2’s 0.6142% (+0.02%), US 10’s 1.6668%(+3.46bps); US 30’s

« Market Talk – November 22, 2021



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