iFund- Daily Market Commentary

2019-03-19 10:36
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Lighthizer, US Trade Representative, said in the Congress that the agreement will not reached if China only increases imports. The United States hopes China can have structural reforms and predicts that the exchange rate agreement with China will be enforceable. Federal Reserve Chairman Powell said that the agreement on the plan of reducing balance sheet will soon be reached and the Fed would not set a higher inflation target.

  • The Dow Jones Industrial Average closed at 25,985.16 points, decreased by 72.82 points or 0.28%. The Standard & Poor’s 500 Index closed at 2,792.38 points, decreased by 1.52 points or 0.05%. The Nasdaq index closed at 7,554.51 points, increased by5.21 points or 0.07%.
  • Lighthizer, US Trade Representative, said that the agreement will not reached if China only increases imports. The United States requires China to have structural reforms on its economic model and should include provisions that ensuring China will commit its promise in the agreement.
  • Federal Reserve Chairman Powell said in the House hearing that the agreement on the plan of reducing balance sheet will soon be reached, however, it will not set a higher inflation target.
    • The UK’s FTSE 100 index closed at 7,107.20 points, decreased by 43.92 points or 0.61%. The Frankfurt DAX index closed at 11,487.33 points, decreased by 53.46 points or 0.46%. The French CAC40 index closed at 5,225.35 points, decreased by 13.37 points or 0.26%.
    • The vice-chairman of the European Commission said that the EU is open to extending the Brexit process if it helps to reach a Brexit agreement. However, he did not say how long it will be delay.
    • The EU warned Italy again that Italy’s huge public debt and persistently weak productivity may pose risks to other countries in the EU.
    • Japan’s Nikkei 225 index closed at 21,556.51 points, increased by 107.12 points or 0.50%. The yen closed at 110.440 against the US dollar, increased by 0.389%.
    • According to data from the Cabinet Office of Japan, after the seasonal adjustment, the final value of Japan’s leading indicator in December last year dropped from the initial value of 97.9 to 97.5, which is far below the previous value of 99.1.

  • The Shanghai Composite Index closed at 2,953.82 points, increased by 12.31 points or 0.42%. The Shanghai and Shenzhen 300 Index closed at 3,678.39 points, decreased by 6.30 points or 0.17%. The RMB closed at 6.680 against 1 US dollar, increased by 0.195%.
  • China will announce the official manufacturing and non-manufacturing PMIs for February on Thursday. It is expected that the manufacturing PMI will be below the 50-point division line for the third consecutive month, and the non-manufacturing PMI will fall slightly.
  • The People’s Bank of China said that it will steadily resolve the shadow banking risks in 2019 and deal with the risks of high-risk financial institutions in an orderly manner.

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