Noble Apex-Daily Market Commentary

2018-11-23 03:18
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22/11/2018

The EU and the United Kingdom have reached a draft statement on future relations issue, it will be signed by the EU leaders on Sunday, and it seems impossible to get approval from the British Parliament. Morgan Stanley believes that the Fed will raise the interest rates only twice in the next year. China central bank’s foreign exchange holdings hit the lowest level of the past eight years, and it is expected that the China central bank will maintain the RMB exchange rate below the “7” level .

  • The Dow Jones Industrial Average closed at 24,464.69 points, increased by 0.00 points or 0.00%. The S&P 500 Index closed at 2,649.93 points, increased by 0.00 points or 0.00%. The NASDAQ index closed at 6,972.25 points, increased by 0.00 points or 0.00%.
  • Morgan Stanley believes that the Fed will raise the interest rates only twice in the next year.
  • The US Department of Commerce revealed the preliminary results of anti-subsidy investigation into China-made steel racks on November 20th 2018.

  • The UK’s FTSE 100 index closed at 6,960.32 points, decreased by 89.91 points or 1.28%. The Frankfurt DAX index closed at 11,138.49 points, decreased by 105.68 points or 0.94%. The French CAC40 index closed at 4,938.14 points, decreased by 37.36 points or 0.75%.
  • In principle, the UK and the EU reached an agreement on the draft statement on the future relationship between the two sides after the Brexit, and formulated a plan for “free trade zone, combined with in-depth supervision and customs cooperation”.
  • ECB officials warned that uncertainty and tension around Italy’s expansionary budget could cause long-term damage to the Italian economy

  • Japan’s Nikkei 225 index closed at 21,646.55 points, increased by 139.01 points or 0.65%. The Japanese YEN closed at 112.950 against the US dollar, increased by 0.151%.
  • Haruhiko Kuroda, Governor of Bank of Japan, said that the central bank’s bond purchase plan will change according to the market conditions.

  • The Shanghai Composite Index closed at 2,645.43 points, decreased by 6.07 points or 0.23%. The Shanghai and Shenzhen 300 Index closed at 3,214.43 points, decreased by 12.06 points or 0.37%. The RMB closed at 6.933 against 1 US dollar, increased by 0.088%.
  • At the end of October, China’s central bank’s foreign exchange accounted for 21.3 trillion yuan, decreased by 91.576 billion yuan from the previous month, the lowest level since January 2011. It may mean that the central bank has made “constrained intervention” in order to maintain the exchange rate of RMB below the level of “7” .
  • For the first time, Chinese officials have responded to the EU’s new foreign capital review rules. The Chinese mission to the European Union stated that investment is based on business-oriented activities. The direction of investment depends on factors such as the company’s own advantages and market conditions. There are no strategic considerations or political intentions.

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