iFund- Daily Market Commentary

2019-04-02 01:21
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1/4/2019

The Brexit crisis is more pressing, the British Parliament failed to select a plan B that could replace Theresa May’s agreement draft, and the cabinet will meet on Tuesday to discuss the next action. Draghi emphasized that large-scale stimulus measures are still needed to deal with various risks. The US ISM manufacturing index rebounded from a two-year low in March, boosting US stock markets rose to a six-month high.

  • The Dow Jones Industrial Average closed at 26,258.42 points, increased by 329.74 points or 1.27%. The Standard & Poor’s 500 Index closed at 2,867.19 points, increased by 32.79 points or 1.16%. The Nasdaq index closed at 7,828.91 points, increased by 99.59 points or 1.29%.
  • Reuters reported that the United States is considering to have more sanctions on Iran, aiming to weaken Iran’s economic sectors that have not been hit before.
  • The US ISM manufacturing index rebounded from a two-year low in March, boosted by strong employment and orders.
    • The UK’s FTSE 100 index closed at 7,317.38 points, increased by 38.19 points or 0.52%. The Frankfurt DAX index closed at 11,681.99 points, increased by 155.95 points or 1.35%. The French CAC40 index closed at 5,405.53 points, increased by 55.00 points or 1.03%.
    • The Brexit crisis is more pressing, the British Parliament failed to select a plan B that could replace Theresa May’s agreement draft, which further deepen the Brexit crisis.
    • European Central Bank President Mario Draghi emphasized that large-scale stimulus measures are still needed to deal with external risks that are driving down the economic growth and inflation.
    • Japan’s Nikkei 225 index closed at 21,509.03 points, increased by 303.22 points or 1.43%. The yen closed at 110.950 against the US dollar, decreased by 0.153%.
    • According to the Bank of Japan’s Tankan survey data, Japan’s first-quarter short-term small manufacturing sentiment judgment index dropped from 14 to 6, which was lower than the market expectation of 10.
    • The Shanghai Composite Index closed at 3,170.36 points, increased by 79.60 points or 2.58%. The Shanghai and Shenzhen 300 Index closed at 3,973.93 points, increased by 101.59 points or 2.62%. The RMB closed at 6.711 against 1 US dollar, increased by 0.019%.
    • As the People’s Bank of China continues to provide funds to support the economy through lowering interest rates, the financing balance provided by the central bank’s medium-term loan instruments has fallen to a two-year low.
    • Xi Jinping’s trip to Europe failed to dispel local concerns. European Commission President Juncker blamed China again and said that China’s investment in Europe may make it harder for the EU to reach an agreement on foreign policy.






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