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Market Talk – November 24, 2021

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Shares of China Evergrande New Energy Vehicle Group Ltd rose 11.1% to HK$3.92 on Monday, after the company said it planned to raise around $347 million in a share placement. Embattled property developer China Evergrande’s electric vehicle (EV) unit said it would issue about 900 million shares, or 8.3% of the enlarged capital, at HK$3 apiece through a top-up placement. The EV unit already did a top-up placement earlier this month, raising HK$500 million ($64.17 million) by issuing 174.8 million shares at HK$2.86 apiece. Evergrande’s total holdings in the EV unit will drop to 58.54% from 63.84% after the new fundraising.

India is looking to bar most private cryptocurrencies when it introduces a new bill to regulate virtual currencies in the winter session of Parliament, the government said late on Tuesday. The government will allow only certain cryptocurrencies to promote the underlying technology and its uses, according to a legislative agenda for the winter session that is set to start later this month. No official data is available, but industry estimates suggest there are 15 million to 20 million crypto investors in India, with total crypto holdings of around 400 billion rupees ($5.39 billion).

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 471.45 points or -1.58% to 29,302.66
  • Shanghai increased 3.61 or 0.10% to 3,592.70
  • Hang Seng increased 33.92 points or 0.14% to 24,685.50
  • ASX 200 decreased 11.20 points or -0.15 to 7,399.40
  • Kospi decreased 3.04 points or -0.10% to 2,994.29
  • SENSEX decreased 323.34 points or -0.55% to 58,340.99
  • Nifty50 decreased 88.30 points or -0.50% to 17,415.05



The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00325 or -0.45% to 0.71905
  • NZDUSD decreased 0.00851 or -1.22% to 0.68662
  • USDJPY increased 0.28 or 0.24% to 115.45
  • USDCNY increased 0.00724 or 0.11% to 6.39740


Precious Metals:

  • Gold decreased 4.99 USD/t oz. or -0.28% to 1,784.74
  • Silver decreased 0.186 USD/t. oz or -0.79% to 23.466


Some economic news from last night:


Manufacturing PMI (Nov) increased from 53.2 to 54.2

Services PMI (Nov) increased from 50.7 to 52.1

South Korea:

Manufacturing BSI Index (Dec) increased from 87 to 88


Construction Work Done (QoQ) (Q3) decreased from 0.8% to -0.3%

New Zealand:

RBNZ Interest Rate Decision increased from 0.5% to 0.75%


GDP (QoQ) (Q3) increased from 3.4% to 5.2%

GDP (YoY) (Q3) decreased from 15.2% to 7.1%


Some economic news from today:


BoJ Core CPI (YoY) remain the same at 0.6%



The Confederation of British Industry (CBI) ministers said that leveling up cannot be left to the free market, with regions suffering from decades of a “benign neglect,” leaving the country with a “branch-line economy.” Too many companies are centered on London and the south-east. Speaking in Port of Tyne at the start of the business group’s three-day annual conference, the CBI director general, Tony Danker, will argue the UK now has a “shot at redemption” if the high-quality jobs needed to move the economy towards net-zero are created in former industrial heartlands. The CBI speaks for 190,000 businesses, which between them employ 7 million people, about a third of private sector staff. Under the theme of leveling up, its conference will be held in several locations for the first time. The hybrid event will be livestreamed, with sessions held in front of audiences of business leaders in places including Birmingham, Yeovil and, Swansea.


The major Europe stock markets had a mixed day:

  • CAC 40 decreased 2.39 points or -0.03% to 7,042.23
  • FTSE 100 increased 19.63 points or 0.27% to 7,286.32
  • DAX 30 decreased 58.61 points or -0.37% to 15,878.39



The major Europe currency markets had a mixed day today:

  • EURUSD decreased 0.00456 or -0.41% to 1.11980
  • GBPUSD decreased 0.00452 or -0.34% to 1.33295
  • USDCHF increased 0.00087 or 0.09% to 0.93432


Some economic news from Europe today:


French Business Survey (Nov) increased from 107 to 109


ZEW Expectations (Nov) decreased from 15.6 to -10.8


German Business Expectations (Nov) decreased from 95.4 to 94.2

German Current Assessment (Nov) decreased from 100.2 to 99.0

German Ifo Business Climate Index (Nov) decreased from 97.7 to 96.5


CBI Industrial Trends Orders (Nov) increased from 9 to 26


The American workforce is recovering, as suggested by data from the Labor Department. Only 199,000 jobless claims were filed last week, marking the lowest number of claims since 1969 when claims fell to 197,000. The level far surpassed analysts’ expectations of 260,000, and was well beneath the prior week’s reading of 270,000. Continuing claims fell by 60,000 to 2.05 million, a new post-pandemic low.

US GDP experienced a rise in Q3 at 2.1%, after seeing a 6.7% increase in Q2.  The Bureau of Economic Analysis noted a decrease in consumer spending during Q3, which decelerated the recovery. The agency also voiced how new COVID restrictions have impacted businesses throughout the country.

Numerous US stores will close for the Thanksgiving holiday. After closing last year for COVID-related reasons, many stores found that staying open on Thanksgiving took away from Black Friday shopping, which is the biggest commercial event of the year. Target, Home Depot, Dick’s, Costco, Walmart, and others will close their doors this Thursday, while others will host limited hours. Certain states such as Maine, Massachusetts, and Rhode Island are banning department stores from opening on the holiday.

US Market Closings:

  • Dow declined 9.42 points or -0.03% to 35,804.38
  • S&P 500 advanced 10.76 points or 0.23% to 4,701.46
  • Nasdaq advanced 70.09 points or 0.44% to 15,845.23
  • Russell 2000 advanced 3.6 points pr 0.15% to 2,331.46


Canada Market Closings:

  • TSX Composite advanced 94.66 points or 0.44% to 21,548.43
  • TSX 60 advanced 5.94 points or 0.46% to 1,302.47


Brazil Market Closing:

  • Bovespa advanced 860.37 points or 0.83% to 104,514.19






The oil markets had a mixed day today:


  • Crude Oil decreased 0.23 USD/BBL or -0.29% to 78.2700
  • Brent decreased 0.17 USD/BBL or -0.21% to 82.1400
  • Natural gas increased 0.11 USD/MMBtu or 2.21% to 5.0770
  • Gasoline decreased 0.0207 USD/GAL or -0.89% to 2.3165
  • Heating oil decreased 0.0043 USD/GAL or -0.18% to 2.3800


The above data was collected around 14:50 EST on Wednesday


  • Top commodity gainers: Natural Gas (2.21%) and Bitumen (2.59%), Tin (2.84%) and Rubber (2.84%)
  • Top commodity losers: Orange Juice (-2.04%), Wheat (-2.04%), Rhodium (-3.15%), and Sugar (-0.94%)


The above data was collected around 14:55 EST on Wednesday






Japan 0.086%(+1.6bp), US 2’s 0.6417% (+0.03%), US 10’s 1.6445%(-3.1bps); US 30’s 1.9699% (-0.06%), Bunds -0.223% (+0.5bp), France 0.1410% (+1.5bp), Italy 1.0820% (+1.7bp), Turkey 20.32% (+0bp), Greece 1.354% (+5.9bp), Portugal 0.459% (+2.4bp); Spain 0.54% (+2.25bp) and UK Gilts 0.996% (-0.1bp).