Noble Apex-Daily Market Commentary

2018-11-27 01:20
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26/11/2018

US President Trump hinted that the United States may raise tariffs on Chinese goods. He will also impose tariffs on all remaining imports from China in case China and the United States fail to reach a trade agreement. GM will lay off more than 14,000 staffs and shut down seven factories. Draghi, European Central Bank President, expects Italy and the EU to reach a budget agreement.

  • The Dow Jones Industrial Average closed at 24,640.24 points, increased by 354.29 points or 1.46%. The S&P 500 Index closed at 2,673.45 points, increased by 40.89 points or 1.55%. The NASDAQ index closed at 7,081.85 points, increased by 142.87 points or 2.06%.
  • US President Trump hinted that the United States may raise tariffs on Chinese goods. He will also impose tariffs on all remaining imports from China in case China and the United States fail to reach a trade agreement. The offshore renminbi fell sharply.
  • The inflation target of Fed seems to have been reached, but one of the researcher of San Francisco Federal Reserve questioned that the increase in inflation this year, mainly due to price fluctuations in goods and services driven by temporary factors, rather than the stimulation of commodity categories closely related to economic conditions.

  • The UK’s FTSE 100 index closed at 7,036.00 points, increased by 83.14 points or 1.20%. The Frankfurt DAX index closed at 11,354.72 points, increased by 162.03 points or 0.94%. The French CAC40 index closed at 4,994.98 points, increased by 48.03 points or 0.97%.
  • Draghi, European Central Bank President, said that he believes Italy and the EU can reach a budget agreement. Dimayo, Deputy Prime Minister  of Italy, said the government can reduce the budget deficit.
  • The British Parliament will vote on the Brexit Agreement on December 11. But the Brexit Minister said that the Brexit agreement may be rejected by the House of Commons.

  • Japan’s Nikkei 225 index closed at 21,812.00 points, increased by 165.45 points or 0.76%. The Japanese YEN closed at 113.230 against the US dollar, decreased by 0.327%.
  • According to Nikkei/Markit data, Japan’s PMI hit the two-year low in November, falling from 52.9 in October to 51.8,  which is lower than the market expectation of 52.9.

  • The Shanghai Composite Index closed at 2,575.81 points, decreased by 3.67 points or 0.14%. The Shanghai and Shenzhen 300 Index closed at 3,141.24 points, decreased by 2.23 points or 0.07%. The RMB closed at 6.940 against 1 US dollar, increased by 0.115%.
  • The one-cycle USD/RMB risk reversal rate hit the lowest level since June on Monday, indicating that the market is preparing for the possibility of RMB appreciation after the Sino-US Summit.
  • China Securities Journal reported that the Shanghai Stock Exchange recommended the industry to focus on aerospace military, big data and other fields.




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