Noble Apex-Daily Market Commentary

2018-11-09 01:13
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08/11/2018

The Fed maintains interest rate unchanged and reiterated that it will gradually raise the interest rate. The Italian finance minister said that the EU’s forecast on Italian national deficit is not accurate, Italy will insist that the deficit rate target remains unchanged. The British Foreign Secretary said that it is too optimistic to have an expectation of reaching a Brexit agreement within seven days.

  • The Dow Jones Industrial Average closed at 26,191.22 points, increased by 10.92 points or 0.04%. The S&P 500 Index closed at 2,806.83 points, decreased by 7.06 points or 2.12%. The NASDAQ index closed at 7,530.89 points, decreased by 39.87 points or 0.53%.
  • The US Department of Labor announced that the number of US initial claims for unemployment benefits dropped by 1,000 per week to a total of 214,000, but is is still higher than market expectations of 213,000.
  • The Fed decided to keep interest rate unchanged by a 9-0 vote and reiterate that it will gradually raise the interest rate. . The Fed acknowledged that the unemployment rate has fallen, and it is expected that the inflation rate will remains unchanged.

  • The UK’s FTSE 100 index closed at 7,140.68 points, increased by 23.40 points or 0.33%. The Frankfurt DAX index closed at 11,527.32 points, decreased by 51.78 points or 0.45%. The French CAC40 index closed at 5,131.45 points, decreased by 6.49 points or 0.13%.
  • The European Commission warned that the global trade situation is tight, the Italian budget dispute and the overheated US economy lead to a risk to the Eurozone economy. It is estimated that the economic growth of the 19 countries in the Eurozone will be 2.1% this year, and the growth rate will slow down to 1.9% in 2019.
  • The Italian finance minister said that the EU’s forecast for the deficit in Italy is not accurate, and the Italian government will maintain a deficit rate of 2.4%. This figure has been approved by the Italian parliament.

  • Japan’s Nikkei 225 index closed at 22,486.92 points, increased by 401.12 points or 1.82%. The Japanese YEN closed at 113.700 against the US dollar, decreased by 0.554%.
  • According to the TokyoShokoResearch, the number of bankruptcies in Japan in October rose by 17.55% month-on-month to 730 cases.

  • The Shanghai Composite Index closed at 2,635.63 points, decreased by 5.71 points or 0.22%. The Shanghai and Shenzhen 300 Index closed at 3,212.77 points, decreased by 9.14 points or 0.28%. The RMB closed at 6.932 against 1 US dollar, decreased by 0.252%.
  • China will release the data of inflation today. It is expected that the CPI will remain at a level of 2.5%, while the PPI growth rate will fall from 3.6% in September to 3.3%.
  • Xinhua News Agency reported that Xi Jinping claimed China and the United States should have a accurate judgment on each other’s strategic intentions. Xi Jinping and Trump agreed to meet during the G20 summit, and they would exchange views in the meeting.

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