iFund- Daily Market Commentary

2019-04-17 01:09
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16/4/2019

The White House chief economic adviser Kudlow said that the progress of Sino-US negotiations are good in terms of enforcement mechanisms. Qualcomm and Apple reached a settlement and agreed to abandon all litigation on a global scale. Bank of America’s quarterly profit reached a record high, and consumer business outperformed the trading business for the second consecutive quarter.

    • The Dow Jones Industrial Average closed at 26,452.66 points, increased by 67.89 points or 0.26%. The Standard & Poor’s 500 Index closed at 2,907.06 points, increased by 1.48 points or 0.05%. The Nasdaq index closed at 8,000.23 points, increased by 24.21 points or 0.30%.
    • The White House economic adviser Kudlow said that there will be more negotiations with China this week. He also claimed that the progress of trade negotiations are very good in various aspects, such as the implementation mechanism aspect.
    • On Tuesday, the US 10-year government bond yield rose to 2.585%. According to data compiled by Bloomberg, it basically returned to the original point of 2.5889%, the level of the day before the Fed issued its policy announcement.

    • The UK’s FTSE 100 index closed at 7,469.92 points, increased by 33.05 points or 0.44%. The Frankfurt DAX index closed at 12,101.32 points, increased by 81.04 points or 0.67%. The French CAC40 index closed at 5,528.67 points, increased by 19.94 points or 0.36%.
    • The UK’s employment growth reached its highest level within the last three months in February, and the unemployment rate remained at a low level of 3.9%.
    • The criticism towards the merger negotiations between Deutsche Bank and the Commerzbank increased. Besides, according to informed sources, ING Group has already tested the possibility of mergers with Commerzbank.
      • Japan’s Nikkei 225 index closed at 22,221.66 points, increased by 52.55 points or 0.24%. The yen closed at 111.900 against the US dollar, increased by 0.045%.
      • Japan’s Ministry of Economy, Trade and Industry announced that after seasonal adjustment, Japan’s third industry activity index fell by 0.6% month-on-month to 106.6, exceeding market expectations of a drop of 0.2%.

      • The Shanghai Composite Index closed at 3,253.60 points, increased by 75.81 points or 2.39%. The Shanghai and Shenzhen 300 Index closed at 4,085.79 points, increased by 110.27 points or 2.77%. The RMB closed at 6.710 against 1 US dollar, decreased by 0.036%.
      • China will release the data of first-quarter GDP and others major economic activity indicators for March today. It is expected that the GDP growth in the first quarter may slow down to 6.3%, indicating that the deceleration momentum has not stabilized.
      • The Shanghai Stock Exchange requires the IPO sponsors of the Science and Technology Board to invest 2%-5% of the shares, and the sponsors and related subsidiaries should commit to hold the shares for at least 24 months. Analysts say this rule will greatly limit IPO pricing.

 







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