iFund- Daily Market Commentary

2019-03-26 01:23
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25/3/2019

British Prime Minister Theresa May suffered a setback, and three cabinet ministers resigned, resulted in the Brexit process controlled by the parliament. The data showed that global trade has turned down sharply, the biggest drop since 2009. The central bank of China has revisited the transparency of the middle price, opening the financial market or opening a new window for exchange rate reform.

  • The Dow Jones Industrial Average closed at 25,516.83 points, increased by 14.51 points or 0.06%. The Standard & Poor’s 500 Index closed at 2,798.36 points, decreased by 2.35 points or 0.08%. The Nasdaq index closed at 7,637.54 points, decreased by 5.13 points or 0.07%.
  • Federal Reserve officials said that shortening the average maturity of bonds held by the Federal Reserve will increase policy flexibility. But some officials believe that the possibility of the bond yield to zero will increase.
  • The data showed that global trade fell by 1.8% from the previous three months up to the end of January.
    • The UK’s FTSE 100 index closed at 7,177.58 points, decreased by 30.01 points or 0.42%. The Frankfurt DAX index closed at 11,346.65 points, decreased by 17.52 points or 0.15%. The French CAC40 index closed at 5,260.64 points, decreased by 9.28 points or 0.18%.
    • British Prime Minister Theresa May admitted that there were not enough votes to get the Brexit agreement to be approved by the parliament. On the night of Monday, the British House of Commons deprived the first control of the Brexit process with a vote of 329 votes to 302. The parliament agreed to conduct a series of votes for an alternative Brexit agreement.
    • The EU also said that the possibility of a non-agreement to leave the European Union has risen and that emergency measures are ready.
    • Japan’s Nikkei 225 index closed at 20,977.11 points, decreased by 650.23 points or 3.01%. The yen closed at 110.160 against the US dollar, increased by 0.272%.
    • Japan’s Ministry of Economy, Trade and Industry announced that after seasonal adjustment, Japan’s industrial activity index fell for three months in January this year, whose monthly decline narrowed to 0.2% (previously revised down 0.6%), reported at 105.5.

  • The Shanghai Composite Index closed at 3,043.03 points, decreased by 61.12 points or 1.97%. The Shanghai and Shenzhen 300 Index closed at 3,742.82 points, decreased by 90.98 points or 2.37%. The RMB closed at 6.713 against 1 US dollar, decreased by 0.001%.
  • CCTV reported that Chinese Premier Li Keqiang said that China will be able to withstand the downward pressure on the economy and will strengthen the protection of foreign tradesmen’s rights and interests.
  • Pan Gongsheng, deputy governor of the People’s Bank of China and director of the foreign exchange bureau, said that it is necessary to raise the level of regularity, transparency and marketization for the formation of the central parity of the RMB exchange rate and maintain the flexibility of the RMB exchange rate at the China Development Forum.



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