iFund- Daily Market Commentary

2019-03-19 10:35
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The euro fell to a lowest level for 20 months after the European Central Bank kept interest rates unchanged, lowered forecasts of economic and inflation, and European Central Bank will implement more stimulus measures. The Fed’s director said that economic risks require a softer interest rate path. China will release trade data for February today, which expected the exports of US dollar to fall year-on-year and trade surplus to narrowed.

  • The Dow Jones Industrial Average closed at 25,473.23 points, decreased by 200.23 points or 0.78%. The Standard & Poor’s 500 Index closed at 2,748.93 points, decreased by 22.52 points or 0.81%. The Nasdaq index closed at 7,421.46 points, decreased by 84.46 points or 1.13%.
  • Fed Governor Brainard said that the weak economic outlook for the US and overseas shows that the interest rate path should be softer than the policymakers had previously envisioned.
  • The report of Fed showed that US family wealth shrank in the fourth quarter of last year due to stock market turmoil.
    • The UK’s FTSE 100 index closed at 7,157.55 points, decreased by 38.45 points or 0.53%. The Frankfurt DAX index closed at 11,517.80 points, decreased by 69.83 points or 0.60%. The French CAC40 index closed at 5,267.92 points, decreased by 20.89 points or 0.39%.
    • The European Union allegedly issued a new proposal to the UK on the Irish reserve plan in an attempt to break the deadlock in the Brexit, but did not meet the requirements of the United Kingdom.
    • The European Central Bank, kept interest rates unchanged, lowered forecasts of economic and inflation, which will provide long-term loans for the first time since 2016.
    • Japan’s Nikkei 225 index closed at 21,456.01 points, decreased by 140.80 points or 0.65%. The yen closed at 111.660 against the US dollar, increased by 0.188%.
    • According to data from the Cabinet Office of Japan, after the seasonal adjustment, Japan’s leading index for January 2019 fell for the fifth consecutive month, from the previous value of 97.2 to 95.9, just hitting the low level created in May 2016, which is lower than the market expectation of 96.1.

  • The Shanghai Composite Index closed at 3,106.42 points, increased by 4.32 points or 0.14%. The Shanghai and Shenzhen 300 Index closed at 3,808.85 points, decreased by 39.24 points or 1.02%. The RMB closed at 6.769 against 1 US dollar, increased by 0.006%.
  • China will release its trade data for February today. Since export growth in January was unexpected, the February trade data is crucial to judge whether the strong momentum can last.
  • According to Shanghai Securities News, officials of the China Securities Regulatory Commission said that they did not consider raising the upper limit of foreign investment holdings.

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