iFund- Daily Market Commentary

2019-03-19 10:35
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6/3/2019

It is reported that Trump urged US trade negotiators to reach a US-China trade agreement as soon as possible, in order to boost the stock market. The monetary policy decision of European Central Bank today is expected to remain unchanged. It is reported that the economic outlook will be lowered. China will announce the balance of foreign reserves at the end of February today, which is expected to be generally flat, and the capital inflows may offset the impact of the strengthening of the US dollar.

  • The Dow Jones Industrial Average closed at 25,673.46 points, decreased by 133.17 points or 0.52%. The Standard & Poor’s 500 Index closed at 2,771.45 points, decreased by 18.20 points or 0.65%. The Nasdaq index closed at 7,505.92 points, decreased by 70.44 points or 0.93%.
  • Informed people said that Trump urged US trade negotiators to reach an agreement with China as soon as possible, in order to boost the stock market, because he is increasingly worried that the absence of the agreement may drag the stock market.
  • The Beige Book of Federal Reserve lowered its assessment of the US economy. In the first two months of this year, economic growth in most parts of the United States was described as slight to moderate.
    • The UK’s FTSE 100 index closed at 7,196.00 points, increased by 12.57 points or 0.17%. The Frankfurt DAX index closed at 11,587.63 points, decreased by 33.11 points or 0.28%. The French CAC40 index closed at 5,288.81 points, decreased by 8.71 points or 0.16%.
    • According to sources, the EU is pessimistic about whether the Brexit negotiations can make a breakthrough this week, and believes that London’s expectations are becoming more and more unrealistic.
    • According to informed sources, European Central Bank officials are expected to lower their economic expectations, which is enough to make the central bank have a reason to provide a new round of loans to the banking industry.
    • Japan’s Nikkei 225 index closed at 21,596.81 points, decreased by 129.47 points or 0.60%. The yen closed at 111.870 against the US dollar, increased by 0.072%.
    • Nikkei/Markit data showed that after the seasonal adjustment, the purchasing managers’ index (PMI) of Japan’s service industry rose for two months in February, from 51.6 in January to 52.3.

  • The Shanghai Composite Index closed at 3,102.10 points, increased by 47.85 points or 1.57%. The Shanghai and Shenzhen 300 Index closed at 3,848.09 points, increased by 32.08 points or 0.84%. The RMB closed at 6.707 against 1 US dollar, decreased by 0.057%.
  • The People’s Bank of China will announce the balance of foreign exchange reserves at the end of February today, and the inflow of funds may offset the impact of the strengthening of the US dollar.
  • China’s former finance minister Lou Jiwei said that the balance of tax reduction and fee reduction is more difficult. The space for more tax reduction and fee reduction is also limited. It is expected that China-US trade negotiations can reach an agreement, because many US requirements and China’s development direction are consistent.




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