iFund- Daily Market Commentary

2019-03-19 10:39
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29/1/2019

The two-day Sino-US trade talks will start on Jan 30. US Finance Minister Nuchin hinted that the two countries have the opportunity to end the tariff war. It is also reported that China will propose a structural reform plan in the negotiations. The British parliament tore up the Brexit agreement, and Teresa May will renegotiate with the EU.

  • The Dow Jones Industrial Average closed at 24,579.96 points, increased by 51.74 points or 0.21%. The Standard & Poor’s 500 Index closed at 2,640.00 points, decreased by 3.85 points or 0.15%. The Nasdaq index closed at 7,028.29 points, decreased by 57.39 points or 0.81%.
  • U.S. Treasury Secretary Nuchin said that if China makes enough concessions on trade, the US may seek to cancel all tariffs.
  • The Fed will announce its interest rate decision on Wednesday afternoon in the US East, and it is widely expected that interest rates will remain unchanged.
  • The UK’s FTSE 100 index closed at 6,833.93 points, increased by 86.83 points or 1.29%. The Frankfurt DAX index closed at 11,218.83 points, increased by 8.52 points or 0.08%. The French CAC40 index closed at 4,928.18 points, increased by 39.60 points or 0.81%.
  • The British parliament tore up the Brexit agreement and Prime Minister Theresa May will renegotiate with the EU.
  • The British Bankers Association (BBA) announced that after seasonal adjustments, the UK’s residential mortgage loan volume fell for two months last December, recording nearly 38,800, which was expected by the market.
  • Japan’s Nikkei 225 index closed at 20,664.64 points, increased by 15.64 points or 0.08%. The yen closed at 109.430 against 1 US dollar, increased by 0.018%.
  • Japan’s Ministry of Internal Affairs and Communications announced that Tokyo’s consumer price index (CPI) rose by 0.4% year-on-year in January 2019, higher than market expectations of a 0.2% increase.
  • The Shanghai Composite Index closed at 2,594.25 points, decreased by 2.72 points or 0.10%. The Shanghai and Shenzhen 300 Index closed at 3,193.97 points, increased by 10.19 points or 0.32%. The RMB closed at 6.735 against 1 US dollar, increased by 0.088%.
  • Huawei and its US subsidiary were required to attend the Seattle Federal Court Trial on February 28th, and they were accused of involvement in stealing T-Mobile US corporate secrets.
  • Alibaba will announce its third-quarter results before the US market on Wednesday. The third quarter revenue is expected to be 119.4 billion yuan, and the adjusted net profit per share is 11.39 yuan.

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