Noble Apex-Daily Market Commentary

2018-11-08 02:19
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05/11/2018

The American mid-term election will hold on Tuesday, with polls showing that the Democrats may regain the control of the House of Representatives, while the Republican Party may remain its majority in the Senate. The United States has lifted sanctions against Iran while China and Taiwan have temporarily obtained exemptions from the oil embargo. Trump said that China hopes to reach an agreement, but it is not a necessary. The EU Commissioner denied the reports that the EU would impose sanctions on Italy.

  • The Dow Jones Industrial Average closed at 25,461.70 points, increased by 190.87 points or 0.76%. The S&P 500 Index closed at 2,738.31 points, increased by 15.25 points or 0.56%. The NASDAQ index closed at 7,328.85 points, decreased by 28.14 points or 0.38%.
  • The United States has lifted sanctions against Iran, while China, Taiwan, and Turkey have temporarily obtained exemptions form the oil embargoes. The US believes that Iranian sanctions do not pose a risk to the energy market.
  • In October, the growth of US ISM non-manufacturing index is cooled down from 61.6 to 60.3, but the expansion momentum remained solid.

  • The UK’s FTSE 100 index closed at 7,103.84 points, increased by 9.72 points or 0.14%. The French CAC40 index closed at 5,101.39 points, decreased by 0.74 points or 0.01%. The Frankfurt DAX index closed at 11,494.96 points, decreased by 24.03 points or 0.21%.
  • EU Economic Affairs Commissioner claimed that the report of Politico on the issue of economic sanctions towards Italy is a “fake news.”
  • The UK plans to hold a cabinet meeting to discuss the issue of Brexit on Tuesday. It is reported that the Brexit agreement has not yet confirmed.

  • Japan’s Nikkei 225 index closed at 21,898.99 points, decreased by 344.67 points or 1.55%. The Japanese YEN closed at 113.240 against the US dollar, dropped by 0.344%.
  • According to Nikkei’s data, Japan’s service industry purchasing managers’ index (PMI) surged to a six-month high in October, rising from 50.2 in September to 52.4.

  • The Shanghai Composite Index closed at 2,665.43 points, decreased by 11.05 points or 0.41%. The Shanghai and Shenzhen 300 Index closed at 3,262.84 points, dropped by 27.41 points or 0.83%. The RMB closed at 6.925 against 1 US dollar, decreased 0.751%.
  • Trump said that China hopes to reach an agreement on imports, but it is not a necessary. The United States imposes tariffs on $250 billion of Chinese imports and it may be more later.
  • Shu Chang, chief economist of Bloomberg Asia, claimed that it may trigger a financial crisis in case China’s debt burden continues to rise.

 

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