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Noble Apex-Daily Market Commentary

2018-11-08 02:14
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The result of US mid-term elections are as expected, the Democratic Party occupied a majority in the House of Representatives, and the Republican Party retained a majority in the Senate. The US stock market went up and the market focus turned to the Fed’s local interest rate decision on Thursday, and it is expected to stand still. Jefferson Beauregard,  the US Attorney General, has resigned and is reported that the Acting Attorney General would take over his investigation on Russian issues.

  • The Dow Jones Industrial Average closed at 26,180.30 points, increased by 545.29 points or 2.13%. The S&P 500 Index closed at 2,813.89 points, increased by 58.44 points or 2.12%. The NASDAQ index closed at 7,570.75 points, increased by 194.79 points or 2.64%.
  • The mid-term elections in the US Congress were settled, the Democratic Party occupied a majority in the House of Representatives, and the Republican Party retained a majority in the Senate. This result implies that Trump will face enormous challenges in the future.
  • Trump said he is willing to raise the tax rates in order to make greater tax cuts for middle-class. He hopes that Burns, Vice President,  will be his 2020 campaign partner.

  • The UK’s FTSE 100 index closed at 7,117.28 points, increased by 76.60 points or 1.09%. The Frankfurt DAX index closed at 11,579.10 points, increased by 94.76 points or 0.83%. The French CAC40 index closed at 5,137.94 points, increased by 62.75 points or 1.24%.
  • Barnier, the EU’s chief Brexit negotiator, reiterated that it would not be possible to reach a Brexit agreement without resolving the Irish border issue.
  • Italy’s retail sales declined by 0.8% month-on-month in September, worse than the market expectation of 0.2%.

  • Japan’s Nikkei 225 index closed at 22,085.80 points, decreased by 61.95 points or 0.28%. The Japanese YEN closed at 113.070 against the US dollar, increased by 0.053%.
  • According to data from the Cabinet Office of Japan, the Japan’s leading indicator falling from 104.5 in August to 103.9 in September, hitting the 20-month low created in July, but it is still in line with the market expectation.

  • The Shanghai Composite Index closed at 2,641.34 points, decreased by 18.01 points or 0.68%. The Shanghai and Shenzhen 300 Index closed at 3,221.91 points, decreased by 21.24 points or 0.65%. The RMB closed at 6.915 against 1 US dollar, increased by 0.039%.
  • Pan Gongsheng, deputy governor of the People’s Bank of China, asked the city commercial banks to do a good job in financial services for private and small and micro enterprises. Banks should be good at using technology and information technology to keep up with the financial needs of private and small and micro enterprises.
  • Chinese brokers are rushing to increase capital in case the market crash would affect the market of stock pledge loans. The current pledged stock size has reached $640 billion.

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