The National People’s Congress of China will start on Tuesday and Premier Li Keqiang will do a government work report. It is expected that the growth target of this year’s GDP is lowered to 6-6.5%, and the budget deficit rate may be raised to 2.8%. Trump faces the latest investigation from the House Committee on the Judiciary.
- The Dow Jones Industrial Average closed at 25,819.65 points, decreased by 206.67 points or 0.79%. The Standard & Poor’s 500 Index closed at 2,792.81 points, decreased by 10.88 points or 0.39%. The Nasdaq index closed at 7,577.57 points, decreased by 17.79 points or 0.23%.
- Nadler, chairman of the US House Judiciary Committee, said he is actively investigating evidence of whether Trump has committed illegal acts. He plans to require more than 60 individuals and entities, who should submit information on Monday, including the White House, Trump Group and Donald Trump.
- In the United States, construction spending in 2018 was the smallest increase for seven years, and housing construction slowed due to rising borrowing costs and oversupply of housing in some areas.
- The UK’s FTSE 100 index closed at 7,134.39 points, increased by 27.66 points or 0.39%. The Frankfurt DAX index closed at 11,592.66 points, decreased by 9.02 points or 0.08%. The French CAC40 index closed at 5,286.57 points, increased by 21.38 points or 0.41%.
- According to IHS MARKIT/CIPS data, the UK’s Purchasing Managers’ Index (PMI) of February Construction fell to 49.5 from the previous value of 50.6, which was below market expectations.
- According to the European Bureau of Statistics, the January Producer Price Index (PPI) in the euro zone rose by 0.4% month-on-month, slightly higher than the market expectation, increased by 0.3% month-on-month, and the previous value fell 0.8% month-on-month.
- Japan’s Nikkei 225 index closed at 21,822.04 points, increased by 219.35 points or 1.02%. The yen closed at 111.860 against the US dollar, increased by 0.000%.
- The data from the Bank of Japan shows that Japan’s base currency growth in February this year continued to slow down slightly to 4.6% (repeatedly lowest level at least five years), reporting 493.098 trillion yen.
- The Shanghai Composite Index closed at 3,027.58 points, increased by 33.57 points or 1.12%. The Shanghai and Shenzhen 300 Index closed at 3,794.10 points, increased by 44.39 points or 1.18%. The RMB closed at 6.70 against 1 US dollar, increased by 0.067%.
- According to the news website of the China Political and Legal Committee, the Chinese authorities said that Canadians Michael Kovrig and Spavor are suspected of engaging in espionage, and the case handling department will start the next judicial process in due course.
- Chinese Premier Li Keqiang will make a government work report at the opening meeting of the National People’s Congress on Tuesday. Bloomberg economists expect that the growth target of this year’s GDP will be set between 6 to 6.5%, indicating that the top leadership has moderated the economic growth rate, instead of a significant decline.