iFund- Daily Market Commentary

2019-03-19 10:39
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31/1/2019

Trump said that Sino-US trade consultations have made progress, but there will be no final agreement before he and Xi Jinping will meet. The US Treasury Secretary and trade representatives will visit China in mid-February for the next round of negotiations. The size of US Treasury bonds held by China fell to a one-and-a-half-year minimum in November. The Shanghai and Shenzhen Stock Exchanges are revising the rules for margin financing and securities lending, and intend to cancel the unified restrictions on the closing line.

  • The Dow Jones Industrial Average closed at 25,014.86 points, increased by 434.90 points or 1.77%. The Standard & Poor’s 500 Index closed at 2,681.05 points, increased by 41.05 points or 1.55%. The Nasdaq index closed at 7,183.08 points, increased by 154.79 points or 2.20%.
  • Trump announced the progress of Sino-US consultations in Washington. He may soon meet with Chinese President Xi Jinping to finalize the details of the trade agreement between the two sides.
  • Chinese Vice Premier Liu He said that China hopes to reach a trade agreement with the United States before the 90-day truce deadline. According to the Wall Street Journal, China suggested that Trump can meet Xi Jinping in Hainan after Trump having the summit with Kim Jong-un.
  • The UK’s FTSE 100 index closed at 6,941.63 points, increased by 107.70 points or 1.58%. The Frankfurt DAX index closed at 11,181.66 points, decreased by 37.17 points or 0.33%. The French CAC40 index closed at 4,974.76 points, increased by 46.58 points or 0.95%.
  • British Foreign Secretary claimed that the UK-EU negotiations on Brexit may proceed to the deadline of March 29, and the UK may need to delay the exit deadline to pass the necessary legislation.
  • The European Commission said that eight banks were suspected of collusion in purchasing and trading European government bonds in the period of 2007 to 2012.
  • Japan’s Nikkei 225 index closed at 20,556.54 points, decreased by 108.10 points or 0.52%. The yen closed at 109.400 against the US dollar, increased by 0.027%.
  • The Japanese Cabinet Office announced that Japan’s household consumer confidence index fell from 42.7 to 41.9 in January 2019, which is lower than market expectations of 42.4.
  • The Shanghai Composite Index closed at 2,575.58 points, decreased by 18.68 points or 0.72%. The Shanghai and Shenzhen 300 Index closed at 3,168.48 points, decreased by 5.49 points or 0.80%. The RMB closed at 6.715 against 1 US dollar, increased by 0.302%.
  • China Securities Regulatory Commission announced that the Shanghai and Shenzhen Stock Exchanges are revising the details of the margin financing and securities lending, and intend to cancel the uniform limit of the “closing position” of no less than 130%, allowing the security companies and customer to negotiate on the minimum maintenance guarantee ratio independently.
  • China intends to relax the access and expand the investment scope of QFII and RQFII domestic securities futures investment, and may combine the two systems.

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