iFund- Daily Market Commentary

2019-03-19 10:43
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The Fed minutes in December hint at dovish sentiment, and four regional Fed governors expressed a support view towards the suspension of interest rate hikes. The US government is still shutting down, and the latest meeting between Trump and the Democrats has broken down. The White House issued a statement, threatening to veto the four appropriations bills of the House of Representatives this week.

  • The Dow Jones Industrial Average closed at 23,879.12 points, increased by 91.67 points or 0.39%. The Standard & Poor’s 500 Index closed at 2,584.96 points, increased by 10.55 points or 0.41%. The Nasdaq index closed at 6,957.08 points, increased by 60.08 points or 0.87%.
  • The Fed minutes showed that policymakers views on the interest rate hikes issue were more cautious than those reflected in the policy statement. Many participants believe that they can be patient with further policy tightening in the environment with low inflationary pressures.
  • The White House issued a statement, threatening to veto the four appropriations bills of the House of Representatives this week. The speaker of the United States House of Representatives Pelosi said that Trump withdrew from the meeting directly after she express a  veto view on the the Border Wall issue.

  • The UK’s FTSE 100 index closed at 6,906.63 points, increased by 45.03 points or 0.66%. The Frankfurt DAX index closed at 10,893.32 points, increased by 89.34 points or 0.83%. The French CAC40 index closed at 4,813.58 points, increased by 40.31 points or 0.84%.
  • The EU Trade Commissioner said that the EU is willing to include the car tax issue in the trade negotiations with the United States, and it is expected that it will not face US auto tariffs during the talks.
  • The unemployment rate in the euro zone fell by 8% in November, indicating that the economic growth slowdown has not dragged down the job market.
  • Japan’s Nikkei 225 index closed at 20,427.06 points, increased by 223.02 points or 1.10%. The yen closed at 108.890 against the US dollar, decreased by 0.156%.
  • Japan’s Ministry of Health, Labor and Welfare announced that Japan’s average wages rose for the 16th month in November last year, and the annual unexpected increase was further accelerated to 2%, which is higher than the market expectation, 1.2%.
  • The Shanghai Composite Index closed at 2,544.35 points, increased by 17.88 points or 0.71%. The Shanghai and Shenzhen 300 Index closed at 3,078.48 points, increased by 30.78 points or 1.01%. The RMB closed at 6.832 against 1 US dollar, increased by 0.310%.
  • The Sino-US trade negotiations has ended and it conveyed a optimistic message. The Trump administration claimed that China is committed to sourcing more US agricultural products, energy and manufactured goods.
  • As the economic growth has slowed down, Chinese official media announced a small business tax reduction and credit support program on Wednesday night , which is expected it can reduce the burden of small and micro enterprises by 200 billion yuan in the next three years.

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