iFund- Daily Market Commentary

2019-03-19 10:39
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24/1/2019

The European Central Bank kept interest rates unchanged at record lows, and President Draghi sounded the economic alarm. US Secretary of Commerce Ross said that China and the United States have a long way to go to resolve their differences. Trump and the Democratic Party’s government opening plan were not approved by the Senate. The People’s Bank of China has set up a central bank bill swap tool to encourage banks to issue perpetual bonds to replenish capital.

  • The Dow Jones Industrial Average closed at 24,553.24 points, decreased by 22.38 points or 0.09%. The Standard & Poor’s 500 Index closed at 2,642.33 points, increased by 3.63 points or 0.14%. The Nasdaq index closed at 7,073.46 points, increased by 47.69 points or 0.68%.
  • On the occasion of the US-China meeting in Washington next week, US Secretary of Commerce Ross said that the two countries still have a long way to go to resolve their differences. The trade is very complicated and there are many problems.
  • The US government partially stopped entering the 34th day, and neither the Trump and the Democratic Party’s government opening plans were approved by the Senate.

  • The UK’s FTSE 100 index closed at 6,818.95 points, decreased by 23.93 points or 0.35%. The Frankfurt DAX index closed at 11,130.18 points, increased by 58.64 points or 0.53%. The French CAC40 index closed at 4,871.96 points, increased by 31.58 points or 0.65%.
  • The European Central Bank promised to keep interest rates at record lows at least until the end of this summer. Central Bank President Mario Draghi called the economic alarm at a subsequent press conference, saying the risk turned to the downside, suggesting that the central bank will be more cautious about exiting the stimulus.
  • British Chancellor of the Exchequer Hammond rejected the corporate community’s call for a second referendum on the Brexit, which warned that a second referendum on the Brexit might trigger another vote for Scottish independence.
  • Japan’s Nikkei 225 index closed at 20,574.63 points, decreased by 19.09 points or 0.09%. The yen closed at 109.780 against the US dollar, decreased by 0.137%.
  • Stock markets in Japan, Australia and South Korea rose in early trading, and investors digested contradictory signals about US-China trade negotiations.
  • The Shanghai Composite Index closed at 2,591.69 points, increased by 10.69 points or 0.41%. The Shanghai and Shenzhen 300 Index closed at 3,158.78 points, increased by 17.73 points or 0.56%. The RMB closed at 6.739 against 1 US dollar, decreased by 0.074%.
  • The People’s Bank of China has set up a central bank bill swap tool to encourage banks to replenish capital by issuing perpetual bonds to further provide financing for a weak economy.
  • Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said that more foreign-funded banks will be approved to hold joint-venture securities companies in China in the next six months.


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