Noble Apex-Daily Market Commentary

2018-11-20 01:08
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19/11/2018

Technology stocks dragged down US stock market, and Apple will cut all the production orders of the three new iPhone . The Governor of the Federal Reserve Bank praised the strength of the US economy and reiterated its insistence on a gradual rate hike. The cryptocurrency collapsed and Bitcoin fell below the $5,000 mark for the first time in more than a year. France and Germany warned the EU that the UK cannot claim victory in the Brexit negotiations.

  • The Dow Jones Industrial Average closed at 25,017.44 points, decreased by 395.78 points or 1.56%. The S&P 500 Index closed at 2,690.73 points, decreased by 45.54 points or 1.66%. The NASDAQ index closed at 7,028.48 points, decreased by 219.40 points or 3.03%.
  • United States Homebuilder confidence index in November decreased for the largest level since 2014, showing that the real estate market is cooling, and this will affect the Fed’s debate on the extent of interest rate hike.
  • John Williams, the Fed President said that the strong US economy has created lots of job opportunities. The Fed will continue its plan on raising the interest rate gradually in order to extend the current economic expansion and maintain the inflation rate at a low level.

  • The UK’s FTSE 100 index closed at 7,000.89 points, decreased by 12.99 points or 0.19%. The Frankfurt DAX index closed at 11,244.54 points, decreased by 96.46 points or 0.85%. The French CAC40 index closed at 4,985.45 points, decreased by 39.75 points or 0.79%.
  • The vote of distrust of Theresa May, British Prime Minister, has not yet started. It is believed that the key figure of 48 votes has not yet been reached. A Conservative MP suggested that it may not be the best time to launch the vote.
  • EU diplomats revealed that France and Germany warned the EU privately that it can’t let Britain to claim victory in the Brexit negotiations. The German and French governments worry that the EU will make too many concessions in the negotiations.

  • Japan’s Nikkei 225 index closed at 21,821.16 points, increased by 140.82 points or 0.65%. The Japanese YEN closed at 112.740 against the US dollar, decreased by 0.461%.
  • Japan’s Ministry of Finance announced that Japan’s trade deficit in October was 4,499.3 billion yen, reversing the September surplus of 139.6 billion yen, and the deficit far exceeded market expectations of 68.8 billion yen.

  • The Shanghai Composite Index closed at 2,703.51 points, increased by 24.40 points or 0.91%. The Shanghai and Shenzhen 300 Index closed at 3,294.60 points, increased by 36.93 points or 1.13%. The RMB closed at 6.943 against 1 US dollar, increased by 0.127%.
  • Xi Jinping, Chinese President, began a two-day visit to the Philippines on Tuesday and is expected to sign an agreement that worth billions of dollars. At the same time, Duterte, the Philippine President, will ignore the US warning about not accepting Chinese money diplomacy.
  • The pressure of RMB depreciation becomes larger under the trade war. The US one-year bond yield exceeded the ones of China for the first time in at least a decade.

 

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