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Market Talk – March 7, 2022

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Chinese President Xi Jinping told the military to step up the use of law in military engagement with foreign countries, Chinese state-owned television CCTV reported. Speaking at the opening session of the National People’s Congress (NPC) at the Great Hall of the People in Beijing, he said he was aiming to “improve the laws and regulations governing military engagement with foreign countries.”

On the issue of ongoing war between Russia and Ukraine, Chinese foreign minister Wang Yi refrained from taking a direct stand on either side but said China’s friendship with Russia is “rock solid” and the prospects for co-operation are very broad. He also mentioned that the co-operation between the two countries brings benefits and well-being to the two peoples.


The major Asian stock markets had a negative day today:

  • NIKKEI 225 decreased 764.06 points or -2.94% to 25,221.41
  • Shanghai decreased 74.79 points or -2.17% to 3,372.86
  • Hang Seng decreased 847.66 points or -3.87% to 21.057.63
  • ASX 200 decreased 72.20 points or -1.02% to 7,038.60
  • Kospi decreased 62.12 points or -2.29% to 2,651.31
  • SENSEX decreased 1,491.06 points or -2.74% to 52,842.75
  • Nifty50 decreased 382.20 points or -2.35% to 15,863.15


The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00518 or -0.70% to 0.73222
  • NZDUSD decreased 0.00334 or -0.49% to 0.68271
  • USDJPY increased 0.598 or 0.52% to 115.413
  • USDCNY increased 0.00754 or 0.12% to 6.32784


Precious Metals:

  • Gold increased 10.6 USD/t oz. or 0.54% to 1,979.05
  • Silver decreased 0.236 USD/t. oz or -0.92% to 25.430


Some economic news from last night:


Exports (YoY) (Feb) decreased from 20.9% to 16.3%

Imports (YoY) (Feb) decreased from 19.5% to 15.5%

Trade Balance (USD) (Feb) increased from 94.46B to 115.95B


Foreign Reserves (USD) (Feb) decreased from 1,385.9B to 1,384.6B


AIG Services Index (Feb) increased from 56.2 to 60.0

ANZ Job Advertisements (MoM) increased from -0.7% to 8.4%


Some economic news from today


FX Reserves (USD) (Feb) decreased from 3.222T to 3.214T

Hong Kong:

Foreign Reserves (USD) (Feb) decreased from 492.50B to 490.90B


Foreign Reserves USD (MoM) (Feb) increased from 418.4B to 426.6B




European Union leaders will agree at a summit this week to phase out the EU’s dependency on imports of Russian gas, oil, and coal, a draft statement showed, marking a turning point in its policy towards Moscow prompted by Russia’s invasion of Ukraine. EU leaders will meet in Versailles on Thursday and Friday to discuss boosting their joint defense capability and Ukraine’s bid to become a member of the 27-nation bloc. Burned by the experience of supply shortages in microchips and pharmaceuticals during the COVID-19 pandemic, the leaders will also discuss how to make the EU more strategically independent of global suppliers in these sectors and food.

The major Europe stock markets had a negative day:

  • CAC 40 decreased 79.39 points or -1.31% to 5,982.27
  • FTSE 100 decreased 27.66 points or -0.40% to 6,959.48
  • DAX 30 decreased 259.89 points or -1.98% to 12,834.65


The major Europe currency markets had a mixed day today:

  • EURUSD decreased 0.00726 or -0.66% to 1.08608
  • GBPUSD decreased 0.01119 or -0.85% to 1.31095
  • USDCHF increased 0.00995 or 1.09% to 0.92684



Some economic news from Europe today:


Unemployment Rate n.s.a. (Feb) decreased from 2.6% to 2.5%

Unemployment Rate s.a. (Feb) decreased from 2.3% to 2.2%


Halifax House Price Index (YoY) increased from 9.7% to 10.8%

Halifax House Price Index (MoM) (Feb) increased from 0.2% to 0.5%


Manufacturing Production (MoM) (Jan) increased from -1.6% to 3.3%


German Factory Orders (MoM) (Jan) decreased from 3.0% to 1.8%

German Retail Sales (YoY) (Jan) increased from 0.8% to 10.3%

German Retail Sales (MoM) (Jan) increased from -4.6% to 2.0%


French Reserve Assets Total (Feb) increased from 224,650.0M to 232,616.0M

Euro Zone:

Sentix Investor Confidence (Mar) decreased from 16.6 to -7.0



Fear of war disrupted the markets this Monday as the Dow fell nearly 800 points. Secretary of State Anthony Blinken has warned that the US will enter the war if any NATO allies are attacked by Russia. The US is currently considering placing troops in the Baltics as a preventative measure, increasing fears.

The wholesale auto market is still red hot, with prices easing only 2.1% from January’s record high. Prices declined in February from the month prior but remain 36.7% above prices just one year prior. Cox’s data found that compact car prices rose 44.9% YoY in February, with vans and pickups rising 48.4% and 24.8% respectively. Automakers are still struggling to obtain semiconductor chips, which has prompted the global car shortage.


US Market Closings:

  • Dow declined 797.42 points or -2.37% to 32,817.38
  • S&P 500 declined 127.78 points or -2.95% to 4,201.09
  • Nasdaq declined 482.48 points or -3.62% to 12,830.96
  • Russell 2000 declined 49.57 points or -2.48% to 1,951.33


Canada Market Closings:

  • TSX Composite declined 98.03 points or -0.46% to 21,304.4
  • TSX 60 declined 5.47% or -0.42% to 1,293.02


Brazil Market Closing:

  • Bovespa declined 2,880.32 points or -2.52% to 111,593.46





The oil markets had a mixed day today:


  • Crude Oil increased 2.93 USD/BBL or 2.53% to 118.6100
  • Brent increased 5.04 USD/BBL or 4.27% to 123.1500
  • Natural gas decreased 0.149 USD/MMBtu or -2.97% to 4.8670
  • Gasoline increased 0.0661 USD/GAL or 1.87% to 3.6101
  • Heating oil increased 0.1644 USD/GAL or 4.35% to 3.9407


The above data was collected around 12:00 EST on Monday


  • Top commodity gainers: Heating Oil (4.35%) and Rhodium (6.47%), Bitumen (8.46%), Palm Oil (5.47%)
  • Top commodity losers: Rice (-3.49%), Copper (-4.00%), Natural Gas(-2.97%) and Oat(-12.96%)


The above data was collected around 12:09 EST on Monday.





Japan 0.1570%(+0.2bp), US 2’s 1.52% (+0.028%), US 10’s 1.7477% (+1.02bps); US 30’s 2.16% (-0.006%), Bunds -0.029% (+7.2bp), France 0.459% (+3.1bp), Italy 1.5910% (+5.8bp), Turkey 24.06% (+37bp), Greece 2.3980% (+1.6bp), Portugal 0.875% (+5.7bp); Spain 1.006% (+3.4bp) and UK Gilts 1.298% (+8.8bp).