Asia:

Crisis-stricken Sri Lanka on Tuesday defaulted on its 51 51 billion external debt, desperately calling the move a “last resort” after it ran out of foreign currency to import essential goods. Sri Lanka’s finance ministry said in a statement that lenders, including foreign governments, would be free from any interest payments on Tuesday, either in capital or in Sri Lankan rupees. Last month, Sri Lanka’s foreign exchange reserves fell 16% to $ 1.94 billion. The government was due to pay $ 36 million in interest on the April 18, 2023-dollar bond, as well as $ 42.2 million in the 2028 note, Bloomberg-compiled data show. A $ 1 billion sovereign bond maturing July 25 Sri Lankan dollar bonds in July 2022 fell 1.8 cents to the dollar on Tuesday, hitting a new record high of 46.07 cents. The rupee lost 0.5%. The country’s stock market is closed this week for a public holiday after trading for short hours due to daily power outages. The island nation has been hit by the worst economic recession since independence, with regular blackouts and severe food and fuel shortages.

Major Asian stock markets had mixed days today:• NIKKEI 225 decreased by 486.54 points or -1.81% to 26,334.98Shanghai rose 46.20 points, or 1.46%, to 3,213.33Hang Seng rose 110.83 points, or 0.52%, to 21,319.13• ASX 200 fell 31.20 points, or -0.42%, to 7,454.00• Cospy fell 26.34 points, or -0.98%, to 2,666.76• Sensex lost 388.20 points or -0.66% to 58,576.37• Nifty 50 decreased by 144.65 points or -0.82% to 17,530.30

Major Asian currency markets had mixed days today:• AUDUSD rose 0.00597 or 0.81% to 0.74753Z NZDUSD rose 0.00581 or 0.85% to 0.68754• USDJPY fell 0.256 or -0.20% to 125.268DC USDCNY decreased 0.01221 or -0.19% to 6.37649

Precious Metals:• Gold rose 18.12 USD / t oz. Or 0.93% to 1,971.55Silver rose 0.433 USD / t. oz or 1.73% to 25.507

Some economic news from last night:Japan:Bank loan (YoY) (Mar) has increased from 0.3% to 0.5%PPI (MoM) (Mar) decreased from 0.9% to 0.8%PPI (YoY) (Mar) increased from 9.7% to 9.5%South Korea:M2 funding (February) increased from 10.00% to 9.50%Australia:NAB Business Confidence (March) has increased from 13 to 18NAB Business Survey (March) increased from 9 to 18New Zealand:NZIER Business Confidence (Q1) decreased from -28% to -40%NZIER QSBO Capacity Utilization (Q1) increased from 92.7% to 97.1%External Migration and Visitors (February) from -26.00% to -1.20%Permanent / long-term migration (February) increased from -952 to -593

Today’s economic newsIndia:CPI (YoY) (Mar) increased from 6.07% to 6.95%Growing industrial production (February) increased from 13.70% to 12.50%Industrial production (YoY) (February) increased from 1.3% to 1.7%Manufacturing output (MoM) (February) increased from 1.1% to 0.8%

EUROPE / EMEA:

The UK’s economic growth slowed more than expected in February due to a slowdown in car production, with a sharp recovery in holiday bookings following the relaxation of travel restrictions. The Office for National Statistics said GDP grew by just 0.1% in February, down from a monthly growth rate of 0.6% in January when the economy was recovering from the coronavirus Omicron variant. Tourism has risen sharply since the epidemic was relaxed, leading to an increase in the number of people booking holidays in the UK and abroad, with a 33.1% increase for travel agencies and tour operators. The housing sector, which includes hotels, recorded a 23% increase as more people traveled in the UK, contributing to the positive growth in the first month for hotels and camping grounds since August.

Russia will take legal action if it is forced to default on its external debt, Finance Minister Anton Silvanov told the Russian newspaper Izvestia. Last week, Russia failed to repay more than $ 600 million in debt to bondholders in U.S. dollars because U.S. Treasury blocked payments. This prompted Moscow to separate the ruble instead, which could possibly be classified as Russia’s first default since 1998. Rating agency S&P Global Ratings on Friday night downgraded its rating on Russia to “selective default”, saying it did not expect it to be able to. To convert rubles into dollars within a grace period of 30 days.

Europe’s major stock markets had a negative day:• CAC 40 decreased by 18.40 points or -0.28% to 6,537.41• The FTSE 100 fell 41.65 points, or -0.55%, to 7,576.66• DAX 30 decreased by 67.83 points or -0.48% to 14,124.95

Europe’s major currency markets had mixed days today:• EURUSD decreased 0.0044 or -0.40% to 1.08364• GBPUSD decreased 0.00069 or -0.05% to 1.30169DC USDCHF rose 0.00024 or 0.03% to 0.93177

Today’s economic news from Europe:United Kingdom:Average earnings ex-bonus (February) increased from 3.8% to 4.0%Average income index + bonus (February) increased from 4.8% to 5.4%Claim count change (March) from -58.0K to -46.9KEmployment change increased from 3K / 3M (MoM) (February) -12K to 10KUnemployment rate (February) fell to 3.8% from 3.9%Germany:German CPI (MoM) (Mar) rose 0.9% to 2.5%German CPI (YoY) (Mar) rose to 7.3% from 5.1%German HICP (YoY) (Mar) increased from 5.5% to 7.6%German HICP (MoM) (Mar) increased from 0.9% to 2.5%German WPI (YoY) (Mar) increased from 16.6% to 22.6%German WPI (MoM) (Mar) increased from 1.7% to 6.9%The current state of the German ZEW (April) has decreased from -21.4 to -30.8German ZEW Economic Sentiment (April) fell to -41.0 from -39.3Jemran Current Account Balance nsa (February) from 12.5B to 20.8BFrance:French current account (February) increased from -1.30B to -1.10B.French exports (February) fell from 47.6B to 45.7BFrench imports (February) increased from 55.6B to 56.0BFrench trade balance (February) dropped from -8.0B to -10.3B.Eurozone:ZEW Economic Sentiment (April) fell to -43.0 from 38.7

US / Americas:

The consumer price index rose 8.5% in March of the year, according to a report released by the Labor Department on Tuesday. Prices have not skyrocketed since Reagan came to power in December 1981. Excluding food and energy, CPI rose 6.5%, while core inflation rose 0.3% month on month.

Despite being wiped out by inflation, real earnings in the United States are also rising. Wages rose 5.6% in March, but below the rapidly rising cost of living, hourly earnings fell by a seasonal decline of 0.8%. Shelter costs, one-third of CPI, increased by an additional 0.5%. This represents the highest level of general housing costs since May 1991, and marks a 5% gain in the last 12 months

US market closed:

  • The Dow fell 87.72 points, or -0.26%, to 34,220.36
  • The S&P 500 fell 15.08 points, or -0.34%, to 4,397.45
  • The Nasdaq fell 40.38 points, or -0.3%, to 13,371.57
  • Russell 2000 is up 6.61 points, or 0.33%, at 1,986.94

Canada Market Closed:

  • The TSX Composite fell 75.08 points, or -0.34%, to 21,715.41
  • The TSX 60 fell 5.64 points, or -0.43%, to 1,314.91

Brazil market closed:

  • Bowespa fell 805.99 points, or -0.69%, to 116,146.86

Strength:

The oil market was a green day today:

Crude oil rose 6.35 USD / BBL or 6.73% to 100.640• Brent rose 6.09 USD / BBL or 6.18% to 104.57• Natural gas rose 0.004 USD / MMBtu or 0.06% to 6.6470Petrol rose 0.1397 USD / GAL or 4.65% to 3.1428• Heating oil rose 0.322 USD / GAL or 4.05% to 3.3999

The above information was collected on Monday around 14:06 EST পণ্য Top Product Gainers: Crude Oil (6.73%) and Brent (6.18%), Gasoline (4.65%), Hot Oil (4.05%)পণ্য Top products damaged: wood (-6.43%), coffee (-1.29%), cocoa (-1.19%) and palladium (-3.05%)

The above information was collected on Tuesday around 13:49 EST.

Bonds:

Japan 0.25% (+ 1.1bp), US 2 2.37% (-0.125%), US 10 2.7099% (-6.44bps); 2.82% (+ 0.012%) of US 30, Bunds 0.7940% (-1.9bp), France 1.298% (-1.8bp), Italy 2.404% (-6.2bp), Turkey 23.51% (-1bp), Greece 2.845% 2.6 bp), Portugal 1.687% (-2.5bp); Spain 1.743% (-1.9bp) and UK Gilts 1.796% (-5.1bp).

Market Talk – April 11, 2022

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