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Market Talk – March 1, 2022

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A top Chinese official warned on Tuesday that China’s economy faces multiple challenges at home and abroad this year, including “huge” pressure from uncertainty over global trade and from still-lackluster domestic consumption. Foreign trade, which helped drive the world’s second-largest economy last year, will be confronted by uncertain external demand and a high statistical base from 2021, said Commerce Minister Wang Wentao. He also mentioned that Foreign direct investment grew in the double-digits in January-February.


China’s factory activity expanded slightly in February as new orders improved, pointing to some resilience in the world’s second-largest economy even as downward pressure builds and Russia’s invasion of Ukraine heightens global uncertainty. The official manufacturing Purchasing Manager’s Index (PMI) registered 50.2 in February, remaining above the 50-point mark, which separates growth from contraction, and picking up a touch from 50.1 in January, data from the National Bureau of Statistics (NBS) showed on Tuesday.


The major Asian stock markets had a green day today:

  • NIKKEI 225 increased 317.90 points or 1.20% to 26,844.72
  • Shanghai increased 26.53 points or 0.77% to 3,488.83
  • Hang Seng increased 48.69 points or 0.21% to 22.761.71
  • ASX 200 increased 47.40 points or 0.67% to 7,096.50
  • Kospi closed
  • SENSEX closed
  • Nifty50 closed


The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00187 or -0.26% to 0.72463
  • NZDUSD decreased 0.00165 or -0.24% to 0.67546
  • USDJPY decreased 0.235 or -0.20% to 114.836
  • USDCNY increased 0.00554 or 0.09% to 6.31769


Precious Metals:

  • Gold increased 26.28 USD/t oz. or 1.38% to 1,934.18
  • Silver increased 0.817 USD/t. oz or 3.35% to 25.238


Some economic news from last night:


Chinese Composite PMI (Feb) increased from 51.0 to 51.2

Manufacturing PMI (Feb) increased from 50.1 to 50.2

Non-Manufacturing PMI (Feb) increased from 51.1 to 51.6

Caixin Manufacturing PMI (Feb) increased from 49.1 to 50.4


Manufacturing PMI (Feb) decreased from 55.4 to 52.7

South Korea:

Exports (YoY) (Feb) increased from 15.2% to 20.6%

Imports (YoY) (Feb) decreased from 35.3% to 25.1%

Trade Balance (Feb) increased from -4.83B to 0.84B


AIG Manufacturing Index (Feb) increased from 48.4 to 53.2

Manufacturing PMI increased from 55.1 to 57.0

RBA Interest Rate Decision (Mar) remain the same at 0.10%

Current Account (Q4) decreased from 22.0B to 12.7B

Home Loans (MoM) decreased from 5.3% to 1.0%

Invest Housing Finance (MoM) increased from 2.4% to 6.1%

Net Exports Contribution (Q4) decreased from 1.0% to -0.2%


Some economic news from today


Commodity Prices (YoY) decreased from 25.3% to 16.7%

New Zealand:

GlobalDairyTrade Price Index increased from 4.2% to 5.1%




Russia said on Tuesday it was placing temporary curbs on foreigners seeking to exit Russian assets, putting the brakes on an accelerating investor exodus driven by crippling Western sanctions imposed over the invasion of Ukraine. Russian assets went into freefall on Tuesday with London-listed ishares MSCI Russia ETF plunging 50% to hit a fresh record low and Russia’s biggest lender, Sberbank slumping 21% as investors raced for the exit.


Top asset manager BlackRock Inc (BLK.N) said on Tuesday it was consulting with regulators, index providers and other market participants “to help ensure our clients can exit their positions in Russian securities” where allowed.


The major Europe stock markets had a negative day:

  • CAC 40 decreased 262.34 points or -3.94% to 6,396.49
  • FTSE 100 decreased 128.05 points or -1.72% to 7,330.20
  • DAX 30 decreased 556.17 points or -3.85% to 13,904.85


The major Europe currency markets had a mixed day today:

  • EURUSD decreased 0.01006 or -0.90% to 1.11177
  • GBPUSD decreased 0.01008 or -0.75% to 1.33211
  • USDCHF increased 0.00169 or 0.18% to 0.91919



Some economic news from Europe today:


Manufacturing PMI (Feb) decreased from 56.3 to 55.9


Spanish Manufacturing PMI (Feb) increased from 56.2 to 56.9

Swiss: PMI (Feb) decreased from 63.8 to 62.6


Italian Manufacturing PMI (Feb) remain the same at 58.3

Italian CPI (YoY) (Feb) increased from 4.8% to 5.7%

Italian CPI (MoM) (Feb) decreased from 1.6% to 0.9%

Italian HICP (YoY) (Feb) increased from 5.1% to 6.2%

Italian HICP (MoM) (Feb) increased from 0.5% to 0.8%


French Manufacturing PMI (Feb) increased from 55.5 to 57.2


German Manufacturing PMI (Feb) decreased from 59.8 to 58.4

German CPI (YoY) (Feb) increased from 4.9% to 5.1%

German CPI (MoM) (Feb) increased from 0.4% to 0.9%

German HICP (YoY) (Feb) increased from 5.1% to 5.5%

German HICP (MoM) (Feb) remain the same at 0.9%

Euro Zone:

Manufacturing PMI (Feb) decreased from 58.7 to 58.2


BoE Consumer Credit (Jan) decreased from 0.817B to 0.608B

M4 Money Supply (MoM) (Jan) remain the same at 0.1%

Manufacturing PMI (Feb) increased from 57.3 to 58.0

Mortgage Approvals (Jan) increased from 71.22K to 73.99K

Mortgage Lending (Jan) increased from 3.97B to 5.92B

Net Lending to Individuals increased from 4.4B to 6.5B



All eyes are on the Federal Reserve as Jerome Powell is expected to announce the latest changes to monetary policies later in the week. The markets had anticipated the central bank to approve a 50 basis point jump in rates to curb historically high inflation. However, with the volatility from war and tanking energy sector is causing analysts to believe that the Fed will take a more cautious approach. The markets are now pricing in a 25 basis point hike, but it remains to be seen how the Fed will respond to the current events impacting the global markets.

US Market Closings:

  • Dow declined 597.65 points or -1.76% to 33,294.95
  • S&P 500 declined 67.68 points or -1.55% to 4,306.26
  • Nasdaq declined 218.94 points or -1.59% to 13,532.46
  • Russell 2000 declined 39.58 points or -1.93% to 2,008.51


Canada Market Closings:

  • TSX Composite declined 121.85 points or -0.58% to 21,004.51
  • TSX 60 declined 9.77 points or -0.76% to 1,268.65


Brazil Market Closing:

  • Bovespa remained unchanged and closed at 113,141.94




The oil markets had a green day today:


  • Crude Oil increased 8.87 USD/BBL or 9.27% to 104.5900
  • Brent increased 7.83 USD/BBL or 7.99% to 105.8000
  • Natural gas increased 0.173 USD/MMBtu or 3.93% to 4.5750
  • Gasoline increased 0.1799 USD/GAL or 6.13% to 3.1124
  • Heating oil increased 0.235 USD/GAL or 8.02% to 3.1663


The above data was collected around 13:01 EST on Tuesday


  • Top commodity gainers: Crude Oil (9.27%) and Brent (7.99%), Heating Oil (8.02%), Coal (9.65%)
  • Top commodity losers: Rubber (-2.49%), Oat (-0.93%), Cocoa(-3.11%) and Rhodium(-2.00%)


The above data was collected around 13:10 EST on Tuesday.





Japan 0.1490%(-3.5bp), US 2’s 1.31% (-0.125%), US 10’s 1.7207% (-10.09bps); US 30’s 2.11% (-0.047%), Bunds -0.091% (-25bp), France 0.355% (-26.1bp), Italy 1.394% (-34.7bp), Turkey 23.06% (-1bp), Greece 2.3130% (-22.4bp), Portugal 0.734% (-29.8bp); Spain 0.862% (-27bp) and UK Gilts 1.109% (-30.2bp).