Market Talk – July 14, 2023

ASIA:

The major Asian stock markets had a mixed day today:

• NIKKEI 225 decreased 28.07 points or -0.09% to 32,391.26
• Shanghai increased 1.22 points or 0.04% to 3,237.70
• Hang Seng increased 63.16 points or 0.33% to 19,413.78
• ASX 200 increased 56.20 points or 0.78% to 7,303.10
• Kospi increased 37.07 points or 1.43% to 2,628.30
• SENSEX increased 502.01 points or 0.77% to 66,060.90
• Nifty50 increased 150.75 points or 0.78% to 19,564.50

The major Asian currency markets had a mixed day today:

• AUDUSD decreased 0.0043 or -0.62% to 0.68440
• NZDUSD decreased 0.00181 or -0.28% to 0.63729
• USDJPY increased 0.619 or 0.45% to 138.649
• USDCNY decreased 0.00268 or -0.04% to 7.14722

Precious Metals:

• Gold decreased 2.74 USD/t oz. or -0.14% to 1,957.45
• Silver increased 0.031 USD/t. oz or 0.12% to 24.891

No economic news from last night:

Some economic news from today:

Japan:

Industrial Production (MoM) (May) decreased from 0.7% to -2.2%

India:

WPI Inflation (YoY) (Jun) decreased from -3.48% to -4.12%

EUROPE/EMEA:

The major Europe stock markets had a mixed day today:

• CAC 40 increased 4.74 points or 0.06% to 7,374.54
• FTSE 100 decreased 5.64 points or -0.08% to 7,434.57
• DAX 30 decreased 35.96 points or -0.22% to 16,105.07

The major Europe currency markets had a mixed day today:

• EURUSD increased 0.00134 or 0.12% to 1.12374
• GBPUSD decreased 0.00192 or -0.15% to 1.31138
• USDCHF increased 0.00281 or 0.33% to 0.86141

Some economic news from Europe today:

Swiss:

PPI (MoM) (Jun) increased from -0.3% to 0.0%

Euro Zone:

Trade Balance (May) increased from -12.0B to -0.3B

US/AMERICAS:

The Biden administration has announced that it will forgive $39 billion in student debt for 804,000 borrowers. The debt relief will be automatically applied to borrowers who have remaining federal student loans and have already made 20 years of payments under the income-driven repayment plan. The plan is part of the administration’s efforts to address the student loan debt crisis and provide relief to borrowers who are struggling to repay their loans. To date, the Biden administration has approved more than $116 billion in student loan forgiveness for more than 3.4 million borrowers. The debt relief is expected to provide significant financial relief to borrowers and help stimulate the economy by freeing up funds that would otherwise be used to pay off student loans.

US Market Closings:

• Dow advanced 113.89 points or 0.33% to 34,509.03
• S&P 500 declined .62 point or -0.1% to 4,505.42
• Nasdaq  declined 24.87 points or -0.18% to 14,113.7
• Russell 2000 declined 19.8 points or -1.01% to 1,931.09

Canada Market Closings:

• TSX Composite declined 15.57 points or -0.08% to 20,262.07
• TSX 60 declined -0.4 points or -0.03% to 1,217.57

Brazil Market Closing:

• Bovespa declined 1,553.35 points or -1.3% to 117,710.54

ENERGY:

The oil markets had a negative day today:

• Crude Oil decreased 1.336 USD/BBL or -1.74% to 75.554
• Brent decreased 1.258 USD/BBL or -1.55% to 80.102
• Natural gas decreased 0.025 USD/MMBtu or -0.98% to 2.5200
• Gasoline decreased 0.0208 USD/GAL or -0.78% to 2.6578
• Heating oil decreased 0.0076 USD/GAL or -0.29% to 2.6028

The above data was collected around 12:39 EST on Friday

• Top commodity gainers: Wheat (2.67%), Corn (1.26%), Coffee (1.95%) and Sugar (1.42%)
• Top commodity losers: Crude Oil (-1.74%), Zinc (-1.98%), Rapeseed (-2.01%) and HRC Steel (-2.34%)

The above data was collected around 12:45 EST Friday.

BONDS:

Japan 0.485% (+1.5bp), US 2’s 4.74% (+0.127%), US 10’s 3.8126% (+5.36bps); US 30’s 3.92% (+0.025%), Bunds 2.48% (+1.5bp), France 3.067% (+5bp), Italy 4.169% (+1.5bp), Turkey 17.19% (+84bp), Greece 3.912% (+1.1bp), Portugal 3.229% (+2.3bp); Spain 3.53% (+2.7bp) and UK Gilts 4.448% (+2.6bp).