iFund- Daily Market Commentary

2019-03-19 10:36
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Federal Reserve Chairman Powell reiterated that we be patient with future interest rate adjustments. Also, he pointed out that the US economy is facing some “conflicting signals”. British Prime Minister Theresa May promised that if the Brexit agreement was vetoed next month, the parliament would have the right to decide whether to postpone the Brexit deadline, the speech lowered the biggest risk of Brexit.

  • The Dow Jones Industrial Average closed at 26,057.98 points, decreased by 33.97 points or 0.13%. The Standard & Poor’s 500 Index closed at 2,793.90 points, decreased by 2.21 points or 0.08%. The Nasdaq index closed at 7,549.30 points, decreased by 5.16 points or 0.07%.
  • Federal Reserve Chairman Powell said at the Senate hearing that the US economy faces some “conflicting signals” and the public need to be patient toward future policy adjustments.
  • Hoyer, the majority leader of the US House of Representatives, told Finance Minister Mnuchin that he would urge the Democratic Party to support raising the debt ceiling, and he does not need any policy concessions in exchange for raising the debt limit.
    • The UK’s FTSE 100 index closed at 7,151.12 points, decreased by 32.62 points or 0.45%. The Frankfurt DAX index closed at 11,540.79 points, increased by 35.40 points or 0.31%. The French CAC40 index closed at 5,238.72 points, increased by 6.87 points or 0.13%.
    • Theresa May, British Prime Minister, promised that if the Brexit agreement was rejected, the parliament would have the right to decide whether to postpone the Brexit deadline in order to avoid the potential economic downturn caused by the absence of an agreement.
    • According to data from the Confederation of British Industry (CBI), the UK’s CBI retail sales gap in February this year only maintained zero, far below the market expectation of 5.

    • Japan’s Nikkei 225 index closed at 21,449.39 points, decreased by 78.84 points or 0.37%. The yen closed at 110.870 against 1 US dollar, decreased by 0.126%.
    • According to the data from the Bank of Japan, Japan’s corporate service price index rose by 1.1% year-on-year in January 2019, similar with market expectations.

  • The Shanghai Composite Index closed at 2,941.52 points, decreased by 19.77 points or 0.67%. The Shanghai and Shenzhen 300 Index closed at 3,684.69 points, decreased by 44.79 points or 1.20%. The RMB closed at 6.693 against 1 US dollar, decreased by 0.133%.
  • The People’s Bank of China reiterated that it would keep promoting the credit bond issuance and improving the loans conditions to small and micro enterprises.
  • The China Securities Regulatory Commission will introduce the establishment of the science and technology board and the capital market on Wednesday. Yi Huiman, the chairman of the China Securities Regulatory Commission, will participate in the reporter’s question and answer session.

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