iFund- Daily Market Commentary

2019-05-09 01:17
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8/5/2019

China and the United States will launch a two-day economic and trade consultations on Thursday. The two countries have issued different signals on trade issues. Trump said that China wants to reach an agreement, and China claimed that it will counter the US tariff escalation. Iran requires Europe to fulfill its trade commitments within 60 days, otherwise it will no longer comply with uranium enrichment restrictions.

      • The Dow Jones Industrial Average closed at 25,967.33 points, increased by 2.24 points or 0.01%. The Standard & Poor’s 500 Index closed at 2,879.42 points, decreased by 4.63 points or 0.16%. The Nasdaq index closed at 7,943.32 points, decreased by 20.44 points or 0.26%.
      • China and the United States have issued different signals on trade issues. Trump said that China hinted that it hopes to reach an agreement on the two-days consultation on Thursday and Friday in Washington. The Chinese Ministry of Commerce warned that if the US really raise the tariff, China will take countermeasures.
      • Iran has asked Europe to fulfill its oil and banking-related commitments within 60 days, otherwise it will no longer comply with uranium enrichment restrictions. And less than a day later, Trump issued an executive order prohibiting the purchase of Iranian steel, iron, aluminum and copper, which escalated the tension between countries.

      • The UK’s FTSE 100 index closed at 7,271.00 points, increased by 10.53 points or 0.15%. The Frankfurt DAX index closed at 12,179.93 points, increased by 87.19 points or 0.72%. The French CAC40 index closed at 5,417.59 points, increased by 21.84 points or 0.40%.
      • European Central Bank President Mario Draghi defended the central bank’s inflation target and said wage pressures are increasing, which will help the central bank to achieve its responsibilities.
      • The British Prime Minister’s Office claimed that both the government and the opposition party, Labor Party, treated the Berxit negotiations seriously. In the next few days, the working groups of the two sides will have more talks.

      • Japan’s Nikkei 225 index closed at 21,602.59 points, decreased by 321.13 points or 1.46%. The yen closed at 110.010 against the US dollar, increased by 0.518%.
      • According to Nikkei/Markit data, after seasonal adjustment, the Japanese service industry purchasing managers’ index (PMI) fell from 52 in March to 51.8 in April.

      • The Shanghai Composite Index closed at 2,893.76 points, decreased by 32.63 points or 1.12%. The Shanghai and Shenzhen 300 Index closed at 3,667.46 points, decreased by 53.21 points or 1.43%.The RMB closed at 6.783 against 1 US dollar, down 0.230%.
      • China will release inflation data for April on Thursday. The year-on-year  CPI growth is expected to rise from 2.3% in March to 2.5%. Driven by soaring pork prices, Bloomberg Economic Research believes that the inflation rate without food may still be less than 2%. Due to low demand.
      • China’s Ministry of Finance claimed that it will investigate and improve the subsidy policy for new energy bus operation, and implement the policy of exempting vehicle purchase tax and vehicle and vessel tax on  new energy buses.





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