Market Talk – March 15, 2022

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ASIA:

India will issue at least 240 billion rupees ($3.3 billion) in sovereign green bonds as the country marks a shift towards a low-carbon economy, Reuters reported. The debut sale may take place in the first half of the fiscal year that starts on April 1, and a decision to sell more green debt will depend on the response to the initial issuance. The South Asian country’s maiden foray into the green bond space comes as it plans to fund renewable energy projects that will help meet its goal of net-zero emissions by 2070.

The major Asian stock markets had a mixed day today:• NIKKEI 225 increased 38.63 points or 0.15% to 25,346.48• Shanghai decreased 159.57 points or -4.95% to 3,063.97• Hang Seng decreased 1,116.58 points or -5.72% to18.415.08• ASX 200 decreased 52.00 points or -0.73% to 7,097.40• Kospi decreased 24.12 points or -0.91% to 2,621.53• SENSEX decreased 709.17 points or -1.26% to 55,776.85• Nifty50 decreased 208.30 points or -1.23% to 16,663.00The major Asian currency markets had a mixed day today:• AUDUSD decreased 0.00179 or -0.25% to 0.71816• NZDUSD increased 0.00067 or 0.10% to 0.67569• USDJPY   increased 0.084 or 0.07% to 118.346• USDCNY decreased 0.00029 or 0.00% to 6.39317Precious Metals:• Gold decreased 30.36 USD/t oz. or -1.56% to 1,920.76• Silver decreased 0.099 USD/t. oz or -0.39% to 24.917Some economic news from last night:China:Fixed Asset Investment (YoY) (Feb) increased from 4.9% to 12.2%Industrial Production (YoY) (Feb) increased from 4.3% to 7.5%Chinese Industrial Production YTD (YoY) (Feb) decreased from 9.6% to 7.5%Retail Sales (YoY) (Feb) increased from 1.7% to 6.7%Chinese Retail Sales YTD (YoY) (Feb) decreased from 12.46% to 6.72%Chinese Unemployment Rate increased from 5.1% to 5.5%South korea:Export Price Index (YoY) (Feb) decreased from 22.0% to 20.3%Import Price Index (YoY) (Feb) decreased from 30.5% to 29.4%Exports (YoY) (Feb) remain the same at 20.6%Imports (YoY) (Feb) increased from 25.1% to 25.2%Trade Balance (Feb) decreased from 0.84B to 0.83BAustralia:House Price Index (QoQ) (Q4) decreased from 5.0% to 4.7%Some economic news from todayNew Zealand:GlobalDairyTrade Price Index decreased from 5.1% to -0.9%EUROPE/EMEA:
Average wages in Britain have fallen at the fastest rate since 2014 as annual pay growth fails to keep pace with rising inflation amid Britain’s cost of living crisis. The Office for National Statistics said that annual growth in regular pay, excluding bonuses, fell by 1% in the three months to January after adjusting for its preferred measure of inflation – the biggest fall since July 2014.

The major Europe stock markets had a negative day:• CAC 40 decreased 14.94 points or -0.23% to 6,355.00• FTSE 100 decreased 17.77 points or -0.25% to 7,175.70• DAX 30 decreased 11.84 points or -0.09% to 13,917.27The major Europe currency markets had a mixed day today:• EURUSD decreased 0.00003 or 0.00% to 1.09399• GBPUSD increased 0.0025 or 0.19% to 1.30331• USDCHF increased 0.00336 or 0.36% to 0.94179Some economic news from Europe today:UK:Average Earnings ex Bonus (Jan) increased from 3.7% to 3.8%Average Earnings Index +Bonus (Jan) increase from 4.6% to 4.8%Claimant Count Change (Feb) increased from -67.3K to -48.1KEmployment Change 3M/3M (MoM) (Jan) increased from -38K to -12KUnemployment Rate (Jan) decreased from 4.1% to 3.9%Norway:Trade Balance (Feb) decreased from 91.8B to 84.2BNorges Bank regional network Survey increased from 0.95 to 1.65Swiss:PPI (MoM) (Feb) decreased from 0.6% to 0.4%PPI (YoY) (Feb) increased from 5.4% to 5.8%France:French CPI (MoM) (Feb) increased from 0.3% to 0.8%French CPI (YoY) increased from 2.9% to 3.6%French HICP (YoY) (Feb) increased from 3.3% to 4.2%French HICP (MoM) (Feb) increased from 0.2% to 0.9%Germany:German ZEW Current Conditions (Mar) decreased from -8.1 to -21.4German ZEW Economic Sentiment (Mar) decreased from 54.3 to -39.3Euro Zone:Industrial Production (YoY) (Jan) decreased from 2.0% to -1.3%Industrial Production (MoM) (Jan) decreased from 1.3% to 0.0%ZEW Economic Sentiment (Mar) decreased from 48.6 to -38.7Reserve Assets Total (Feb) increased from 1,056.89B to 1,091.82BUS/AMERICAS:

Wholesale inflation in the US rose 0.8% in February, largely due to soaring energy prices. Final demand prices for goods rose 2.4%, the most significant advancement on record, according to the Bureau of Labor and Statistics. Core PPI rose 0.2%, a pleasant surprise compared to analysts’ estimates of 0.6%. However, headline PPI increased 10% YoY. The data was compiled shortly before the war in Ukraine began, and the real figure is likely higher. Around 40% of the increase in prices came from gasoline, rising 14.8% in price, and diesel rose by an additional 8.2%.

US Market Closings:

  • Dow advanced 599.1 points or 1.82% to 33,544.34
  • S&P 500 advanced 89.34 points or 2.14% to 4,262.45
  • Nasdaq advanced 367.4 points or 2.92% to 12,948.62
  • Russell 2000 advanced 27.25 points or 1.4% to 1,968.97

 

Canada Market Closings:

  • TSX Composite advanced 7.06 points or 0.03% to 21,187.84
  • TSX 60 declined -0.88 of a point or -0.07% to 1,285.41

 

Brazil Market Closing:

  • Bovespa declined 968.32 points or -0.88% to 108,959.3

ENERGY:The oil markets had a negative day today:• Crude Oil decreased 7.56 USD/BBL or -7.34% to 95.4500• Brent decreased 8.09 USD/BBL or -7.57% to 98.8100• Natural gas decreased 0.084 USD/MMBtu or -1.80% to 4.5740• Gasoline decreased 0.2113 USD/GAL or -6.67% to 2.9576• Heating oil decreased 0.2792 USD/GAL or -8.52% to 2.9971The above data was collected around 14:56 EST on Tuesday  • Top commodity gainers: Wheat (5.37%) and Corn (3.88%), Aluminum(2.21%), Palladium (1.28%)• Top commodity losers: Oat (-8.80%), Bitumen(-11.05%), Heating Oil(-8.52%) and Brent(-7.57%)The above data was collected around 15:06 EST on Tuesday.BONDSJapan 0.2140%(+2bp), US 2’s 1.86% (-0.008%), US 10’s 2.1616% (+1.97bps); US 30’s 2.50% (+0.021%), Bunds 0.329% (-4.4bp), France 0.808% (-3.1bp), Italy 1.9120% (-5.6bp), Turkey 24.36% (-11bp), Greece 2.659% (-3.9bp), Portugal 1.181% (-4.5bp); Spain 1.317% (-4.3bp) and UK Gilts 1.588% (-0.8bp).