Market Talk – February 16, 2024

ASIA:

China is working to bridge the gap between scientific breakthroughs and market adoption by implementing plans to convert patent applications. The goal is to counter technological restrictions imposed by Washington while promoting sustainable economic growth. The state-run Economic Daily emphasized the need for Chinese universities and research institutions to expedite the issuance of high-value patents that meet industrial demands. This initiative follows the release of guidelines on patent stock inventory, urging universities and research institutions to disclose accumulated patents by the end of the year for evaluation by companies.

The major Asian stock markets had a green day today:

• NIKKEI 225 increased 329.30 points or 0.86% to 38,487.24
• Shanghai closed
• Hang Seng increased 395.33 points or 2.48% to 16,339.96
• ASX 200 increased 52.60 points or 0.69% to 7,658.30
• Kospi increased 34.96 points or 1.34% to 2,648.76
• SENSEX increased 376.26 points or 0.52% to 72,426.64
• Nifty50 increased 129.95 points or 0.59% to 22,040.70

The major Asian currency markets had a mixed day today:

• AUDUSD increased 0.0013 or 0.20% to 0.65370
• NZDUSD increased 0.00206 or 0.34% to 0.61266
• USDJPY increased 0.276 or 0.18% to 150.186
• USDCNY decreased 0.00522 or -0.07% to 7.21168

The above data was collected around 13:17 EST.

Precious Metals:

• Gold increased 8.89 USD/t oz. or 0.44% to 2,012.98
• Silver increased 0.526 USD/t. oz or 2.30% to 23.427

The above data was collected around 13:20 EST.

EUROPE/EMEA:

The European Central Bank (ECB) is addressing concerns about privacy in the development of the digital euro. Executives assure that the project will implement advanced privacy solutions, and only payment service providers will be able to identify individuals, while the data itself will remain pseudonymous to the central bank. The ECB aims to register those handling digital euro data to enhance security. Privacy concerns have arisen as the ECB faces backlash during the development of the central bank digital currency for the eurozone, with some arguing that it may grant state institutions access to more individual data.

The major Europe stock markets had a green day today:

• CAC 40 increased 24.76 points or 0.32% to 7,768.18
• FTSE 100 increased 114.18 points or 1.50% to 7,711.71
• DAX 30 increased 70.75 points or 0.42% to 17.117.44

The major Europe currency markets had a green day today:

• EURUSD increased 0.00042 or 0.04% to 1.07752
• GBPUSD increased 0.00027 or 0.02% to 1.26027
• USDCHF increased 0.0011 or 0.13% to 0.88100

The above data was collected around 13:25 EST.

 US/AMERICAS:

A group of 20 leading tech companies, including Microsoft, Meta, Google, Amazon, IBM, and others, have signed an accord to combat AI-generated misinformation ahead of the 2024 elections. The rise of AI-generated content has raised serious concerns about election-related misinformation. The companies are specifically targeting deepfakes, which use deceptive audio, video, and images to mimic key stakeholders in democratic elections or to provide false voting information. The accord reflects the industry’s effort to take on “AI-generated election misinformation that erodes trust.” This voluntary accord aims to address the potential threats posed by AI-generated deceptive content during the upcoming major elections worldwide.

US Market Closings:

• Dow declined 145.13 points or -0.37% to 38,627.99
• S&P 500 declined 24.16 points or -0.48% to 5,005.57
• Nasdaq declined 130.52 points or -0.82% to 15,775.65
• Russell 2000 declined 28.73 points or -1.39% to 2,032.74

Canada Market Closings:

• TSX Composite advanced 32.92 points or 0.16% to 21,255.61
• TSX 60 advanced 2.16 points or 0.17% to 1,283.19

Brazil Market Closing:

• Bovespa advanced 961.85 points or 0.75% to 128,865.98

ENERGY:

The oil markets had a mixed day today:

• Crude Oil increased 0.655 USD/BBL or 0.84% to 78.686
• Brent increased 0.506 USD/BBL or 0.61% to 83.366
• Natural gas increased 0.0261 USD/MMBtu or 1.65% to 1.6071
• Gasoline decreased 0.0025 USD/GAL or -0.11% to 2.3158
• Heating oil decreased 0.0277 USD/GAL or -0.98% to 2.7960

The above data was collected around 13:27 EST.

• Top commodity gainers: Copper (2.05%), Silver (2.30%), Feeder Cattle (1.77%) and Orange Juice (1.92%)
• Top commodity losers: HRC Steel (-1.82%), Palm Oil (-1.70%), Cocoa (-4.28%) and Rice (-1.83%)

The above data was collected around 13:33 EST.

BONDS:

Japan 0.734% (+0.5bp), US 2’s 4.66% (+0.091%), US 10’s 4.2949% (+5.49bps); US 30’s 4.45% (+0.025%), Bunds 2.394% (+4.2bp), France 2.868% (+2.7bp), Italy 3.882% (+2.4bp), Turkey 23.82% (-3bp), Greece 3.44% (+10.3bp), Portugal 3.070% (+4bp); Spain 3.291% (+1.9bp) and UK Gilts 4.107% (+5.1p)

The above data was collected around 13:37 EST.