Market Talk – June 23, 2021

ASIA:

India’s antitrust watchdog on Tuesday ordered an investigation into allegations that Alphabet Inc’s Google abused its Android operating system’s position in the country’s smart television market. The Competition Commission of India (CCI), which last year began looking into a case filed by two lawyers against the U.S. tech giant, said its initial review found Google had breached certain anti-competitive laws.

 

Japan’s factory activity expanded at the slowest pace in four months in June, in a sign momentum in the world’s third-largest economy was levelling out before Tokyo is set to host the Olympic Games next month. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers’ Index (PMI) fell to a seasonally adjusted 51.5 in June from a final 53.0 in the previous month, largely due to a sharp decline in output. Overall orders and export orders expanded, but at a weaker pace than in the previous month, the survey showed.

 

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 9.24 points or -0.03% to 28,874.89
  • Shanghai increased 8.81 points or 0.25% to 3,566.22
  • Hang Seng increased 507.31 points or 1.79% to 28,817.07
  • ASX 200 decreased 43.70 points or -0.60% to 7,298.50
  • Kospi increased 12.31 points or 0.38% to 3,276.19
  • SENSEX decreased 282.63 points or -0.54% to 52,306.08
  • Nifty50 decreased 85.80 points or -0.54% to 15,686.95

 

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.00297 or 0.39% to 0.75859
  • NZDUSD increased 0.00345 or 0.49% to 0.70564
  • USDJPY increased 0.25 or 0.22% to 110.89
  • USDCNY decreased 0.00088 or -0.01% to 6.47543

 

Precious Metals:

Gold increased 7.5 USD/t oz. or 0.42% to 1,786.01

Silver increased 0.376 USD/t. oz or 1.46%% to 26.124

 

Some economic news from last night:

Japan:

Manufacturing PMI (Jun) decreased from 53.0 to 51.5

Services PMI (Jun) increased from 46.5 to 47.2

Australia:

Manufacturing PMI decreased from 60.4 to 58.4

Services PMI decreased from 58.0 to 56.0

 

Some economic news from today:

Japan:

Coincident Indicator (MoM) (May) decreased from 2.6% to 2.4%

Leading Index increased from 102.4 to 103.8

Singapore:

CPI (YoY) (May) increased from 2.1% to 2.4%

 

EUROPE/EMEA:

Britain’s economy has seen further strong growth in June despite rising inflation as COVID-19 lockdown restrictions continued to be eased, a joint survey showed Wednesday. The flash composite output index across the country registered at 61.7 in June, down slightly from May’s record reading of 62.9, but still pointing to one of the strongest monthly improvements in business activity across the private sector since 1998, said the survey compiled by IHS Markit, a London-based global information provider, and the Chartered Institute of Procurement & Supply (CIPS), a Britain-based global procurement and supply organisation.Figures revealed that marked increases in output were seen across both the manufacturing and service sectors, with the two’s flash purchasing managers’ index (PMI) hitting 64.2 and 61.7 respectively, signalling robust expansions in activities.

The major Europe stock markets had a negative day today:

  • CAC 40 decreased 60.43 points or -0.91% to 6,551.07
  • FTSE 100 decreased 15.95 points, or -0.22% to 7,074.06
  • DAX 30 decreased 179.94 points or -1.15% to 15,456.39

 

The major Europe currency markets had a mixed day today:

  • EURUSD increased 0.00059 or 0.05% to 1.19455
  • GBPUSD increased 0.0022 or 0.16% to 1.39730
  • USDCHF decreased 0.00115 or -0.13% to 0.91730

 

Some economic news from Europe today:

 

UK:

Composite PMI decreased from 62.9 to 61.7

Manufacturing PMI decreased from 65.6 to 64.2

Services PMI decreased from 62.9 to 61.7

France:

French Manufacturing PMI (Jun) decreased from 59.4 to 58.6

French Markit Composite PMI (Jun) increased from 57.0 to 57.1

French Services PMI (Jun) increased from 56.6 to 57.4

Germany:

German Composite PMI (Jun) increased from 56.2 to 60.4

German Manufacturing PMI (Jun) increased from 64.4 to 64.9

German Services PMI (Jun) increased from 52.8 to 58.1

Euro Zone:

Manufacturing PMI (Jun) remain the same at 63.1

Markit Composite PMI (Jun) increased from 57.1 to 59.2

Services PMI (Jun) increased from 55.2 to 58.0

US/AMERICAS:

The Centers for Disease Control and Prevention placed a nation-wide moratorium of evictions in September 2020. That policy is set to end on June 30, but there are numerous groups pushing to extend the grace period. The Consumer Financial Protection Bureau (CFPB) is finalizing a proposal to ban mortgage lenders from issuing foreclosures until 2022. “The economic recovery risks leaving some communities behind, and no one should lose their home without a chance to explore their options,” a spokesperson told FOX news. The Mortgage Bankers Association reported that over 2 million Americans are behind on their mortgage payments, with 1.7 million meeting their forbearance period in September.

Amazon Prime Day, one of the biggest online retail events of the year, pulled in disappointing figures. Although Amazon does not disclose total sales for their online event, the comany’s third-party sellers grossed $3.5 billion in 2020, but did not report the figure for 2021. Various estimates believe Amazon sold between $10 to $11 billion during Prime Day in the midst of the pandemic last year.

US Market Closings:

  • Dow declined 71.34 points or -0.21% to 33,874.24
  • S&P 500 declined 4.59 points or -0.11% to 4,241.85
  • Nasdaq advanced 18.47 points or 0.13% to 14,271.73
  • Russell 2000 advanced 7.52 points or 0.33% to 2,303.47

 

Canada Market Closings:

  • TSX Composite declined 36.26 points or -0.18% to 20,164.39
  • TSX 60 declined 2.97 points or -0.25% to 1,208.65

 

Brazil Market Closing:

  • Bovespa declined 339.47 points or -0.26% to 128,427.98

 

ENERGY:

 

The oil markets had a green day today:

  • Crude Oil increased 0.8 USD/BBL or 1.10% to 73.6500
  • Brent increased 0.84 USD/BBL or 1.12% to 75.6500
  • Natural gas increased 0.077 USD/MMBtu or 2.36% to 3.3350
  • Gasoline increased 0.0428 USD/GAL or 1.92% to 2.2671
  • Heating oil increased 0.0178 USD/GAL or 0.83% to 2.1688

 

 

Top commodity gainers: Natural Gas (2.36%), Canola (3.87%), Bitumen (2.45%), and Rice (4.03%)

Top commodity losers: Oat (-1.04%), Cocoa (–0.93%), Feeder Cattle (-1.37%), and Lean Hogs (-2.84%)

 

The above data was collected around 12:29 EST on Wednesday.

 

 

BONDS:

Japan 0.054%(+0bp), US 2’s 0.2543% (+0.02%), US 10’s 1.4886%(+2.2bps); US 30’s 2.1254%(+0.03%), Bunds -0.175% (-1.4bp), France 0.159% (-1.2bp), Italy 0.9000% (-0.24bp), Turkey 17.07% (-4bp), Greece 0.838% (-0.5bp), Portugal 0.455% (+0.6bp), Spain 0.454% (-1.31bp) and UK Gilts 0.783% (+0.2bp).

 

The post Market Talk – June 23, 2021 first appeared on Armstrong Economics.

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Author: Martin Armstrong


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