Market Talk – November 8, 2021

Spread the love

ASIA:

China posted a record monthly trade surplus in October as exports surged despite global supply-chain disruptions. Exports rose 27.1% in dollar terms last month from a year earlier to $300.2 billion, data from the General Administration of Customs showed Sunday. That was the 13th straight month of double-digit growth, and exceeded economists’ expectations of a 22.8% gain. Imports increased 20.6%, leaving a trade surplus of $84.54 billion. China’s coal imports almost doubled in October from a year earlier as Beijing scrambled to deal with power cuts caused by a shortage of the commodity and surging demand for electricity, especially from export-oriented manufacturers.

India will utilize a big jump in revenue collection to fund welfare programs instead of trying to beat its fiscal deficit target or lower borrowing, Reuters reported. The country is set to exceed its 2021/22 revenue collection target of 15.45 trillion rupees ($207.77 billion), the first beat in four years, but a big chunk of the extra cash will go to a rural job program and to provide free cereals to the poor.

 

The major Asian stock markets had a mixed day today:

 

 

 

  • NIKKEI 225 decreased 104.52 or -0.35% to 29,507.05

 

  • Shanghai increased 7.06 or 0.20% to 3,498.63

 

  • Hang Seng decreased 106.74 points or -0.43% to 24,763.77

 

  • ASX 200 decreased 4.70 points or -0.06 to 7,452.20

 

  • Kospi decreased 9.07 points or -0.31% to 2,960.20

 

  • SENSEX increased 477.99 points or 0.80% to 60,545.61

 

  • Nifty50 increased 151.75 points or 0.85% to 18,068.55

 

 

 

 

 

The major Asian currency markets had a mixed day today:

 

  • AUDUSD increased 0.00233 or 0.31% to 0.74215

 

  • NZDUSD increased 0.0047 or 0.66% to 0.71632

 

  • USDJPY decreased 0.13 or -0.12% to 113.26

 

  • USDCNY decreased 0.00673 or -0.11% to 6.38736

 

 

 

Precious Metals:

 

  • Gold increased 8.77 USD/t oz. or 0.48% to 1,825.50

 

  • Silver increased 0.29 USD/t. oz or 1.20% to 24.460

 

 

 

Some economic news from last night:

 

Japan:

 

Foreign Reserves (USD) (Oct) decreased from 1,409.3B to 1,404.5B

 

Indonesia:

 

Consumer Confidence (Oct) increased from 95.5 to 113.4

 

 

 

Some economic news from today:

 

Japan:

 

Coincident Indicator (MoM) (Sep) decreased from -3.1% to -3.8%

 

Leading Index (MoM) (Sep) increased from -2.8% to -1.6%

 

Leading Index decreased from 101.3 to 99.7

 

Singapore:

 

Foreign Reserves USD (MoM) (Oct) increased from 416.8B to 419.0B

 

EUROPE/EMEA:

British Foreign Secretary Liz Truss will travel to Malaysia on Sunday as part of a week-long visit to southeast Asia aimed at deepening economic and security ties in the region, her office said. Truss will also visit Thailand and Indonesia, chosen to reflect their “growing economic and diplomatic heft,” as post-Brexit Britain looks to strengthen relations with nations and regions beyond Europe. The Foreign Office said Truss would look to build closer ties on infrastructure investment into the region.

British businesses reported faster growth in October, helped by fewer curbs on foreign travel, but the Bank of England is likely to be worried about record rises in the costs faced by businesses, which are being passed on to consumers. A day before the BoE is due to announce whether it is raising interest rates, the IHS Markit Composite Purchasing Managers’ Index (PMI) rose to 57.8 in October from 54.9 in September, its highest since July and well above an initial flash estimate of 56.8.

 

 

 

The major Europe stock markets had a mixed day:

 

  • CAC 40 increased 6.69 points or 0.10% to 7,047.48

 

  • FTSE 100 decreased 3.56 points or -0.05% to 7,300.40

 

  • DAX 30 decreased 7.84 points or -0.05% to 16,046.52

 

 

 

 

 

The major Europe currency markets had a green day today:

 

  • EURUSD increased 0.0018 or 0.16% to 1.15859

 

  • GBPUSD increased 0.00625 or 0.46% to 1.35566

 

  • USDCHF increased 0.0013 or 0.14% to 0.91340

 

 

 

Some economic news from Europe today:

 

Swiss:

 

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

 

Unemployment Rate s.a. (Oct) decreased from 2.8% to 2.7%

 

Norway:

 

Manufacturing Production (MoM) (Sep) increased from -0.6% to 0.6%

 

France:

 

French Reserve Assets Total (Oct) increased from 213.268.0M to 216.645.0M

 

Euro Zone:

 

Sentix Investor Confidence (Nov) increased from 16.9 to 18.3

 

US/AMERICAS:

US Market Closings:

  • Dow advanced 104.27 points or 0.29% to 36,432.22
  • S&P 500 advanced 4.17 points or 0.09% to 4,701.7
  • Nasdaq advanced 10.77 points or 0.07% to 15,982.36
  • Russell 2000 advanced 5.66 points or 0.23% to 2,442.74

 

Canada Market Closings:

  • TSX Composite advanced 100.72 points or 0.47% to 21,556.54
  • TSX 60 advanced 4.46 points or 0.35% to 1,294.47

 

Brazil Market Closing:

  • Bovespa declined 43.1 points or -0.04% to 104,781.13

 

 

ENERGY:

 

The oil markets had a mixed day today:

 

 

 

  • Crude Oil increased 0.41 USD/BBL or 0.50% to 81.6800

 

  • Brent increased 0.56 USD/BBL or 0.68% to 83.3000

 

  • Natural gas decreased 0.028 USD/MMBtu or -0.51% to 5.4880

 

  • Gasoline increased 0.0021 USD/GAL or 0.09% to 2.3230

 

  • Heating oil increased 0.0073 USD/GAL or 0.30% to 2.4629

 

 

 

The above data was collected around 13:39 EST on Monday

 

 

 

  • Top commodity gainers: Methanol (2.29%) and Steel (2.45%), Coal (3.93%) and Platinum (2.35%)

 

  • Top commodity losers: Coffee (-1.42%), Milk (-0.56%), Soybeans (-0.92%), and Oat (-3.87%)

 

 

 

The above data was collected around 13:50 EST on Monday

 

BONDS:

 

Japan 0.065%(+0.5bp), US 2’s 0.4386% (+0.03%), US 10’s 1.4897%(+3.49bps); US 30’s 1.8843%(

 

-0.00%), Bunds -0.24% (+4bp), France 0.0990% (+3.7bp), Italy 0.894% (+1.4bp), Turkey 18.44% (-4bp), Greece 1.09% (-0.9bp), Portugal 0.35% (+4bp); Spain 0.451% (+4.62bp) and UK Gilts 0.873% (+2.5bp).