iFund- Daily Market Commentary

2019-04-30 01:41
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29/4/2019

The US-Sino new round of trade negotiations will be held in Beijing today. The US Treasury Secretary said that there are still major issues to be resolved between the two sides, but the implementation clause is closely completed. The increase of US core PCE price index in March was the lowest since January 2018, and it is expected to strengthen the Fed’s patience position on interest rates. China’s official and data of Caixin PMI  were released today, and they are all expected to rise in China’s manufacturing gauges.

    • The Dow Jones Industrial Average closed at 26,554.39 points, increased by 11.06 points or 0.04%. The Standard & Poor’s 500 Index closed at 2,943.03 points, increased by 3.15 points or 0.11%. The Nasdaq index closed at 8,161.85 points, increased by 15.46 points or 0.19%.
    • A new round of US-Sino trade negotiations will be held in Beijing today. US Treasury Secretary Mnuchin said that there are still major issues to be resolved between the two sides, but the implementation clause is closely completed and only needs to be slightly adjusted, saying that the next two rounds of negotiations are crucial for the US-Sino agreement.
    • US Treasury Secretary Mnuchin said that if Trump wins re-election in 2020 and invites him to stay, he is willing to continue to serve.
    • The UK’s FTSE 100 index closed at 7,440.66 points, increased by 12.47 points or 0.17%. The Frankfurt DAX index closed at 12,328.02 points, increased by 12.84 points or 0.10%. The French CAC40 index closed at 5,580.98 points, increased by 11.62 points or 0.21%.
    • According to GfK data from European research institutions, the UK consumer confidence index continued to stabilize at minus 13 in April, confirmed to the market expectations of 14.
    • According to data from the European Commission, the Eurozone’s economic sentiment index fell for the tenth month in April, after the previous value was slightly revised to 105.6, and continued to fall to 104, less than market expectations of 105.
    • The Japanese market is closed for holidays.
    • The Ministry of Land, Infrastructure, Transport and Tourism announced that after seasonal adjustments, Japan’s housing starts unexpectedly rose for two months in March, but the monthly increase was significantly narrowed to 2.3% (previous value of 10.9%) and continued to increase to 989,000 per annum. The market was originally expected to fall back to an annual rate of 951,000.

    • The Shanghai Composite Index closed at 3,062.50 points, decreased by 23.90 points or 0.77%. The Shanghai and Shenzhen 300 Index closed at 3,900.33 points, increased by 11.05 points or 0.28%. The RMB closed at 6.732 against 1 US dollar, increased by 0.061%.
    • PMI data in China will be released today. The official manufacturing PMI is expected to remain stable at 50.5, and the Caixin manufacturing PMI is expected to rise slightly to 50.9, both of which are expected to rise in China’s manufacturing gauges, but considering the strong seasonal factors boosted the rebound in March, it doubts whether PMI will continue this strong momentum by Bloomberg Economic Research.
    • The State Administration of Foreign Exchange of China promulgated the management measures for foreign exchange business of payment institutions, improved the management of foreign exchange business of payment institutions, and further facilitated the settlement of cross-border e-commerce.




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