iFund- Daily Market Commentary

2019-04-10 01:28
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8/4/2019

It is reported that the EU is closer to reach an agreement on the extension of the Brexit deadline. And it is reported that the Brexit draft proposed by Teresa May to the Labor Party excluded the terms of “Customs Union”. Libya’s civil war escalated, the United States further isolated Iran, and tensions between the two major oil-producing countries pushed oil prices to a five-month high.

  • The Dow Jones Industrial Average closed at 26,341.02 points, decreased by 83.97 points or 0.32%. The Standard & Poor’s 500 Index closed at 2,895.77 points, increased by 3.03 points or 0.10%. The Nasdaq index closed at 7,953.88 points, increased by 15.19 points or 0.19%.
  • US Secretary of State Pompeo warned Khalifa Haftar, the Libyan warlord, to stop marching into Tripoli. The UN Special Representative in Libya condemned the air attack of the Haftar forces against the Mitiga International Airport in Tripoli and demanded that such attacks be stopped immediately.
  • The United States identified the Iranian Islamic Revolutionary Guard Corps as a terrorist organization, a move aimed at further isolating Tehran. In addition, the EU countries decided to extend the targeted restrictions on Iran until April 13, 2020.
    • The UK’s FTSE 100 index closed at 7,451.89 points, increased by 5.02 points or 0.07%. The Frankfurt DAX index closed at 11,963.40 points, decreased by 46.35 points or 0.39%. The French CAC40 index closed at 5,471.78 points, decreased by 4.42 points or 0.08%.
    • British Prime Minister Theresa May will travel to Berlin and Paris on Tuesday to win the support from them on the issue of Brexit extension. It is reported that the EU is closer to reach an agreement on the issue of the extension of the Brexit period. The EU may proposed the Brexit deadline between June 30 this year and April 1 next year.
    • It is reported that the European Central Bank is not  interested on the call of Draghi on the assessment on negative interest rates. The central bank’s president call for a “reflective” negative interest rate policy to reduce the impact on banks, but policy makers have no other actions besides public debate.
    • Japan’s Nikkei 225 index closed at 21,761.65 points, decreased by 45.85 points or 0.21%. The yen closed at 111.470 against the US dollar, increased by 0.224%.
    • According to a survey by the Cabinet Office of Japan, after the seasonal adjustment, the current service industry index in Japan fell from 47.5 in February to 44.8 in March, while the market expectations are 47.8.
      • The Shanghai Composite Index closed at 3,244.81 points, down 1.76 points or 0.05%. The Shanghai and Shenzhen 300 Index closed at 4,057.23 points, decreased by 5.00 points or 0.12%. The RMB closed at 6.719 against 1 US dollar, decreased by 0.009%.
      • The People’s Bank of China announced that as of the end of March this year, China’s foreign exchange reserves were 309.861 billion US dollars, an increase of 8.581 billion US dollars per month, the fifth consecutive month of rising.
      • China and North Korea opened a new border crossing to connect China’s northeastern city of Ji’an and North Korea’s Manpo. The move shows that the economic relations between the two countries have deepened, though North Korea’s trade is still affected by international sanctions.






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