Market Talk – December 13, 2021

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China, Myanmar, North Korea, and Bangladesh were hit with sanctions by the US on Friday after being accused of abusing human rights. The UK and Canada also imposed sanctions in retaliation for the human rights abuses in Myanmar. China’s Washing embassy called the sanctions a “serious interference in China’s internal affairs” and a “severe violation of basic norms governing international relations.” China has vowed to strike back at the US as relations between the world’s largest trading partners continue to deteriorate.

Indian Prime Minister Narendra Modi’s Twitter account was briefly compromised by hackers falsely promoting bitcoin on the nation’s behalf. India does not currently recognize the cryptocurrency as legal tender. “India has officially accepted bitcoin as legal tender. The government has officially bought 500 BTC,” a post from the PM’s handle read. It is unknown if the hackers could face legal repercussions if exposed. Last month, India stated it was considering banning all private cryptocurrencies in India with few exceptions.


The major Asian stock markets had a mixed day today:


  • NIKKEI 225 increased 202.72 points or 0.71% to 28,640.49
  • Shanghai increased 14.73 or 0.40% to 3,681.08
  • Hang Seng decreased 41.14 points or -0.17% to 23,954.58
  • ASX 200 increased 25.80 points or 0.35 to 7,379.30
  • Kospi decreased 8.57 points or -0.28% to 3,001.66
  • SENSEX decreased 503.25 points or -0.86% to 58,283.42
  • Nifty50 decreased 143.05 points or -0.82% to 17,368.25



The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.006 or -0.84% to 0.71124
  • NZDUSD decreased 0.00452 or -0.67% to 0.67468
  • USDJPY increased 0.14 or 0.13% to 113.52
  • USDCNY decreased 0.0004 or -0.01% to 6.37548


Precious Metals:

  • Gold increased 4.95 USD/t oz. or 0.28% to 1,787.46
  • Silver increased 0.127 USD/t. oz or 0.57% to 22.290


Some economic news from last night:


Tankan All Big Industry CAPEX (Q4) decreased from 10.1% to 9.3%

Tankan Big Manufacturing Outlook Index (Q4) decreased from 14 to 13

Tankan Large Manufacturers Index (Q4) remain the same at 18

Tankan Large Non-Manufacturers Index (Q4) increased from 2 to 9


Some economic news from today:


CPI (YoY) (Nov) increased from 4.48% to 4.91%



New German Chancellor Olaf Scholz met with French President Macron on Friday in what was hailed as a “convergence of views.” Macron said he sees “a desire to have our countries work together, and a firm and determined belief in Europe, which I knew already, which we will need in the months and years ahead.” As two of the top economic powerhouses in Europe, the two nations will need to collaborate to create a “Europe that is powerful in the world,” Macron stated. Scholz noted that two countries needed to “work on the solidity of our finances” to promote overall Eurozone growth.

The Bank of Spain noted that twelve operating banks experienced losses during the first nine months of the year. WiZink reportedly lost 26.5 million euros after paying 200 million euros to cover litigation expenses. Evo Bank saw a loss of 14.6 million euros vs a gain of 45 million in profit during September 2020, while Targo Bank saw a loss of 14.4 million euros. Singular Bank cut losses by 17% to fall in negative territory of -9.9 million euros, while Anbank Spain doubled its losses at 4 million euros. The report spells trouble for Spain’s banking system.

The major Europe stock markets had a negative day:

  • CAC 40 decreased 48.77 points or -0.70% to 6,942.91
  • FTSE 100 decreased 60.34 points or -0.83% to 7,231.44
  • DAX 30 decreased 1.59 points or -0.01% to 15,621.72


The major Europe currency markets had a mixed day today:

  • EURUSD decreased 0.00344 or -0.30% to 1.12827
  • GBPUSD decreased 0.00385 or -0.29% to 1.32260
  • USDCHF increased 0.00197 or 0.21% to 0.92252



Experts are warnings shoppers that the semiconductor shortage will create a gift shortage this holiday season. Smartphones, computers, gaming consoles, and other popular electronic gifts may not be available. Another aspect affecting the marketplace is online bots who buy large quantities of products once they become available and then offload them for a premium. Popular gaming consoles such as PlayStation 5 and Xbox Series S are already in short supply, and many smartphones are simply unavailable.

JPMorgan Chase Co. has come under fire by US regulatory agencies for failing to monitor employee communications. The US Securities and Exchange Commission and the Commodity Futures Trading Commission did not immediately comment, but fines could reach $200 million.


US Market Closings:

  • Dow declined 320.04 points or -0.89% to 35,650.95
  • S&P 500 declined 43.05 points or -0.91% to 4,668.97
  • Nasdaq declined 217.32 points or -1.39% to 15,413.28
  • Russell 2000 declined 31.31 points or -1.42% to 2,180.5


Canada Market Closings:

  • TSX Composite declined 142.17 points or -0.68% to 20,748.45
  • TSX 60 declined 9.11 points or -0.72% to 1,259.00


Brazil Market Closing:

  • Bovespa declined 375.02 points or -0.35% to 107,383.32





The oil markets had a mixed day today:


  • Crude Oil decreased 0.28 USD/BBL or -0.39% to 71.3900
  • Brent decreased 0.37 USD/BBL or -0.49% to 74.7800
  • Natural gas increased 0.037 USD/MMBtu or 0.94% to 3.9610
  • Gasoline decreased 0.0029 USD/GAL or -0.14% to 2.1343
  • Heating oil decreased 0.0049 USD/GAL or -0.22% to 2.2467


The above data was collected around 11:30 EST on Monday


  • Top commodity gainers: Methanol (1.87%) and Bitumen (3.64%), Lithium (2.77%), Aluminum (1.70%)
  • Top commodity losers: Orange Juice (-1.77%), Tin (-1.71%), Soybeans (-1.38%), and Palladium (-3.57%)



The above data was collected around 11:35 EST on Monday.





Japan 0.04%(-1.3bp), US 2’s 0.6405% (-0.01%), US 10’s 1.4241%(-5.79bps); US 30’s 1.8105% (-0.07%), Bunds -0.378% (-2.8bp), France -0.032% (-2.7bp), Italy 0.913% (-5.5bp), Turkey 20.58% (+19bp), Greece 1.348% (-3.4bp), Portugal 0.263% (-4.5bp); Spain 0.318% (-5.68bp) and UK Gilts 0.700% (-4.2bp).